Member Info for elir71

As a skint Oik myself, perhaps I can count on your support for the full restoration of shareholders pre emption rights when the time comes.

Small PIs recently successfully stopped QFI board from yet another placing as a spur for them to bring an imminent project to fruition. There are parallels

What I like about the concept of Green MSAR is that it has a lifespan past the post oil period. I see at as potentially being the marine fuel of the future. I presume its going to be something like sugar cane converted to fuel ?

In any case ..... it looks like Utah is the barn door to hit

My assumption of Henson's reason for appointment is her past career of serving the interests of the very high net worth.

My objection is that people who have made a career out of serving the high net worth may not have much regard for the interest of the more modest net worth ... like me.

My issue with Henson's appointment is that she is brought in to introduce v wealthy investors at the cost of existing shareholders through undevalue dilutive placings. I'm generally opposed to erosion of pre emption rights of existing shareholders, unless there is a pressing need. It's not my intention to meekly bear the risk of embryonic pre revenue enterprises only to serve the goose up on a golden platter

Does anyone else notice an odd but regular candlestick pattern when put on 15 min or 30 min intervals
Looks like something quite automated .... not enough to make a day trade on it though

I know nothing about this share, but its recent rise has brought it on to my radar.
Does anyone care to give me the short version ?
Which asset is giving rise to the interest ?

The bulk of our unrealised assets are in Greenland (imo), however, the SP barely reflects Wales assets. Ive previously valued our minority interests in Horse hill as +/- 0.01 p and the judicial review is on the long manyna. The asset I know the least about is Ireland, which I need to correct my ignorance of.

Greenland was due to be explored in more detail this year (2020) however covid put that , understandably on hold. As Wales was able to progress there has been the added benefit of the possibility that restarting an already developed mine, with greater degrees of certainty (underground drilling) and considerably less cost (adits already driven) may start yielding revenue in about 18 months which may either 1. JV for Wales or 2. provide a consistent revenue stream, which would reduce the requirement for further dilution, hopefully covering the cost of some Greenland exploration taking the assets to fruition.

Which Greenland asset would you want pushed forward as a priority ? There are good arguments for all, however in my view the Graphite resource, given Tesla's appetite for Graphite supply chains. Countering that are the well established markets for iron ore.

I doubt we'd see director buys before assay results as they've probably had sight of the draft assay report so that would be insider trading.

Henson appointment :
access to high net worth .......... why ? ........... to exclude existing PI from future fundraising , while selling shares at discounts to some "buddies" ? I can't say her appointment fills me with joy

Brunner
Good appointment with respect to 2021 Greenland campaign

Its not the daily ups and downs that concern people, but the drift down in shareprice over the past month or so despite the drilling report and aquisition of exploration rights on Gwynfynydd. These are strong encouraging fundamentals yet each day a marked drop resulted.

With the recent ulilateral dispensing with Bergen's facility, the placing came as a considerable surprise to many, including myself given the company is not in a cash strapped position. I believed that a placing would have been better done after the assay results to get more funds per share. Furthermore, I would pefer to see mechanisms that allow the participation of existing investors in future fundraisings.

So far , that last placing is the only GF decision I have disagreed with

At the time of completion of the extended bulk sampling I guessed the results would take between 2 weeks and 2 months. The 2 months being the time from completion of fieldwork to receipt of lab report the last time the company did bulk samples.

I would expect that the BOD would have a copy of draft report and results in their hands by now. The lab would have to finalise their report first, but I doubt the BOD would delay in publishing it, once it is finalised by the independent lab.

on another note ...
where's the rest of the processing gear ? I'm expecting that to be the next RNS

My view is that the operators will "cherry pick" high grade zones as opposed to work the whole vein.
I'd take a different strategy and work it all at a higher volume, as gold bullion in the company's possession is itself an asset you can raise money against, without actually selling it.

I'd also point out that my calcs assume no welsh gold premium

"Gold–quartz reefs are often characterized by localized, erratic high grades and, in many cases, coarse free gold. They typically display a high to extreme nugget effect, and the sampling of these deposits for resource evaluation presents a corresponding challenge. Core drilling is generally an effective measure of geological continuity,

*** but reliable grade data and confirmation of its continuity can only be obtained from underground development. ***

Generally it will be possible to estimate only an inferred mineral resource from drill data alone; underground development with closely spaced infill drilling and bulk sampling will be required to delineate indicated and measured mineral resources"

("Bulk sampling as a tool for the grade evaluation of gold–quartz reefs" December 2001 Applied Earth Science IMM Transactions section B 110(3):176-191 DOI: 10.1179/aes.2001.110.3.176, Dominy, Johansen & Annels.

Repeated for benefit of new investors. Does not take into account recently found vein.
"According to historical records, there is 1 ounces of gold per 2.1 tons of gold ore. 78507ounces of gold were produced in 49 years. The average annual production of 1602.1ounces of gold. Is the gold content too low? If the content is low , then is there any mining value?"

1oz per 2.1 tonnes is about 13.3 g Au / T

I've previously published my analysis of a grade's contribution to share price with a brief explanation of method and assumptions.
grade in Au g / T impact on SP at assay result + 18 months ... assume 50% of that impact upon results in p

5 Au g / T 0.67p
10 Au g / T 1.35p
15 Au g / T 2.02p
20 Au g / T 2.69p
25 Au g / T 3.38p
30 Au g / T 4.05p
35 Au g / T 4.72p
40 Au g / T 5.4p
50 Au g / T 6.75p

so your expectation of 13 g Au / T would correspond to a share price increase of about 1.8 p
so if you discount the value of all the other assets Greenland etc an increase if SP of (1.8 - 0.47)p = 1.33p
1.33p / 0.47p = 283 %

the above is for Clogau using similar methodology as ...

Mining memoir 1996 for Gwynfynydd
https://www.nmrs.org.uk/assets/pdf/BM57/BM57-70-91-gwynfynydd.pdf

I conservatively value Gwynfynydd in production on its own at contributing 1.17 p per share value and here is why :->

Annual ore mined 10000 Tonnes
Grade 13 g Au / T ore
Annual gold mined 130000 g
Royalty 5200
Gold mined after royalty 124800 g / Annum

Gold price over 5 years 1000 £ per oz no premium, average last 5 years
35.2739907229 £ per g

Annual revenue £4,402,194.04

P/E ratio gold miners 16.78

Capitalisation of project £73,868,816.03

Shares in circulation 5570453989
Warrants un exercised 722080897

Shares warrant exercised 6292534886

Added Value per share 1.17 p

Following assumptions are conservative :-
No premium attached to the gold price
Gold price used is based on a rough average of the last 5 years less cost of production estmated at £200 per oz
Rate of production is as was using low tech

Factors that proportionally increase this :-
Premium for Welsh Gold
Higher world gold prices
Higher rates of gold production

naturally the converse would also be true

No disagree with the workings, will post later why

I'm past the point of bothering to correct some of the twaddle Ive heard on here from very new posters. If anyone wants to read any of my research then search my past posts. I'm personally going to spend my time to get to know LImerick and Greenland assets better. Im confident the Gwynedd assets will all work out fine with active mines in about 18 months financing an ongoing opening up of the gold belt and our other projects. The main "risks" are going to be getting planning for full mine reopening. Ive every faith that the bod will take care of this, so I have put my value on Welsh assets, which Ive published. Id add about 25 % to my previous Clogau final SP impact as the new lode discovery.

Best wishes everyone, dyor believe your eyes not your ears

Placings only dilute shareholder value if the money is used only to maintain the overhead. Search my past posts for the reasoning of why. Personally I'd rather see rights issues, but I'm not even sure how that would work with nominee accounts.

More ore from existing workings, untapped ores and a new gold mine. What's there not to like.

Fundamentals are stronger than ever

Spend the weekend dyor

Utah ... the POSP is being turned on now. 2 weeks of tweaking and there is no reason why they cant send a sample to QRF. 2 weeks by container and its in England for testing. that takes us to 04 Jan 21. Lets assume a month for lab testing 04 Feb 21. The msar equipment can be sent from QRF to Asphalt Ridge at the same time, assume 2 weeks so setup and commercial trial could start second week of February. It is possible to have a 500 bopd in commercial production by the end of February 2021. I agree Morocco is also close and the kit is on site, however NDIs make the monitoring of progress to the same degree as Utah difficult. I hope that by the end of August 2021 we have Greenfield and Morocco in commercial production and the marine trials well under way.

For new potential shareholders who want a better understanding of the geology of the Dolgellau gold belt and specifically the mines who Alba have rights over which have existing workings.

Clogau St Davids
https://www.researchgate.net/publication/272224017_Gold_mineralisation_and_ore_controls_at_the_Clogau_mine_Dolgellau_north_Wales_United_Kingdom

Gwynfynydd
https://www.nmrs.org.uk/assets/pdf/BM57/BM57-70-91-gwynfynydd.pdf