Member Info for HarChris

Expecting a £5b buyout on the 19th.

Didn’t expect that much of a sell off after a positive open.

Also happy to see them sticking to their timelines, that’s a positive sign that hopefully continues.

Call it luck or whatever but the good news is that the new jig plant will be profitable at current tin price even without the higher grade ore. So ATM will still be in a position it’s never been in before, profitable and at much greater scale (perhaps 1400T contain a year with second jig plant without Goantagab ore).

Of course to see the returns we want we need this higher grade ore, 11 times higher grade is transformational but if it takes a few more months for that whilst ATM continues to generate modest cash it won’t be the end of the world.

It’s a really good question… the RNS makes it seem like the most one-sided agreement ever!

Daemaneng assumes full responsibility for all capital investment (£21.6m), logistics, labour, compliance, marketing. Obliged to supply all ore required by DMS plant, with no upper limit on supply volumes. Daemaneng Takes no equity position or ownership.

Actually all it states is that Daemaneng ‘will recover verified expenditure from the proceeds from realised sales of mined material’ -

What’s not being shared?!

He also dismisses claims that he had sold his mining claims to Andrada for US$15 million, saying the claims still belong to him although he had entered an agreement to process his ore at Andrada mine "to reduce the noise footprint at Goantagab". This has been confirmed by Andrada spokesperson Josephine Clarklin who says allegations that Andrada had bought Goantagab are not true.

"Andrada reached an ore supply agreement with Goantagab in June with an option to buy in the future. Goantagab still belongs to its original owners," she says. Seibeb urges Ultimate Safaris to engage with Mashuna to find a solution that will accommodate mining and tourism.

He says the Dâure Daman Traditional Authority, under whose jurisdiction Sorris Sorris and Goantagab mine fall, wants tourism and mining to co-exist.

"Young people in my community are unemployed and it is unacceptable for me as a leader to oppose projects that can bring gainful employment for my people," the chief says.

Speaking at the Africa Keystone Protected Area Partnership Reception, held on the sidelines of the United Nations General Assembly, president Netumbo Nandi-Ndaitwah highlighted Namibia's strong record on conservation.

"Today, over 46% of Namibia's land is under conservation. This includes national parks, communal conservancies, community forests and tourism concessions. It is a remarkable achievement, made possible only because Namibians believe in the co-existence of environment protection and development as at the heart of our conservation efforts," she said last week.

This followed a notice to conduct the first blast at the mine that Mashuna gave to Sorris Sorris conservancy and other stakeholders. The conservancies and Ultimate Safaris have opposed the reopening of Goantagab mine, saying the use of heavy machinery would scare away the rhinos, a tourism drawcard.

The matter is pending in the High Court and the applicants have instituted an urgent hearing scheduled for 8 October, or thereafter, according to court papers filed. Naobes also took issue with the environment commissioner in the Ministry of Environment and Tourism, Timoteus Mufeti, for giving Mashuna permission to conduct the blast "when there was an interdict".

On 24 August, acting judge Kobus Miller ordered Mashuna to stop mining activities pending the "decision of the second respondent (Mufeti) in respect of section 42 of the Environment Management Act". Naobes says they had written to the executive director, the Kunene governor and the minister of environment, to give them an idea of what is happening on the ground.

"The area in question had been officially withdrawn from mining for environmental reasons. Despite this status, the environmental commissioner issued an ECC," she says. Naobes says the conservancies will lose income if mining operations continue.

Natural resources manager of Doro !Nawas Don Andrew says he is not against mining, but is opposed to Goantagab mine because it is in an area designated for wildlife. "The ministry of environment designated different areas for different uses and that area is not for mining," he says, adding that they were not consulted over the reopening of Goantagab mine.

TIN HUNTERS

At the heart of the concerns is a long-standing feud between Goantagab tin mining claim owners Mashuna and Otille Ndimulunde on one hand, and conservation and tourism company Ultimate Safaris, Doro !Nawas and Uibasen Twyfelfontein conservancies on the other.

Mashuna has confirmed conducting the blasting, saying they had obtained authority to conduct the exercise.

"I was at the site and due diligence was conducted to ensure there were no animals within the locality of the mine," he says. He disputes the presence of endangered animals near the mine. "If there were any animals, we were prepared to postpone the blasting to ensure their safety."

Mashuna says the blasting exercise was witnessed by representatives of tourism company Ultimate Safaris and committee members of Doro !Nawas and Uibasen Twyfelfontein conservancies who strongly oppose the reopening of the tin mine.

Ultimate Safaris managing director Tristan Cowley and the company's spokesperson, David Bishop, could not be reached for comment. Mashuna says he has done nothing wrong as he has used the correct channels in pursuit of his mining venture.

"When I was interdicted, I stopped all mining activities at my claims, despite losing a lot of money. I conducted the blasting after I had obtained authority to do so," he says. 2/3

This article from the is about the most balanced I've seen:

The large-scale blasting at the Goantagab mine in the Sorris Sorris conservancy near Khorixas last Friday has reignited debate over the potential threat to desert-adapted rhinos, tourism and the interests of traditional leaders. On Tuesday, Dâure Daman Traditional Authority chief Zacharias Seibeb threatened to relocate three rhinos from the area to Etosha National Park to make way for tin exploration.

"If Ultimate Safaris and all others are not willing to co-exist with mining, I will request the Ministry of Environment and Tourism to relocate these alleged three black rhinos to Etosha Pan in the interest of generating 300 jobs for my people," he told one of the critics of the mining activities in the conservancy.

Seibeb, who has publicly backed mining in the conservancy, is himself facing possible removal by urban and rural development minister James Sankwasa.

The mining exploration is being led by Timoteus Mashuna, a rare earth mineral explorer who allegedly profited from a controversial N$50-million deal near Uis, where a mining licence was sold to Chinese company Xinfeng. Now, he has set eyes on finding tin at Goantagab near Khorixas for a possible future sale deal with Andrada. But his ambition is opposed by tourism and wildlife operators who fear conservation will be damaged by ongoing blasting, which could chase wildlife away in north-west Namibia. Chief among conservationists' complaints is that the mining proponents are allegedly violating their environmental clearance certificate (ECC), the permit allowing companies to explore for minerals. They argue that the current scale of operations constitutes large-scale mining, which by law cannot be conducted under the pretext of mining claims.

Mining claims, they say, are intended for small-scale, artisanal operations and are subject to only minimal environmental oversight. In contrast, they believe large-scale mining operations require a mining licence, which comes with a completely different regulatory framework and far more stringent environmental, social and economic requirements, including public consultation and full-scale assessments.

According to Doro !Nawas conservancy manager Laurencia Naobes, last Friday's blasting at the mine generated noise and dust which made the animals scurry in all directions.

"The mine is in part of the joint management area (JMA) which incorporates parts of Sorris Sorris, Doro !Nawas and Uibasen Twyfelfontein conservancies and as part of the JMA, we are concerned with what is happening at the mine," she says.

BLAST AFTER BLAST

The blasting took place after High Court judge Boas Usiku dismissed an urgent application by Ultimate Safaris, Doro !Nawas and Uibasen Twyfelfontein conservancies, as well as the #Aodaman Traditional Authority on Friday last week to halt the blasting. 1/2

Like I said last week it’s absolutely crucial that GRL show some progress before the year is out. IRS over a month now since the last pour and so far this week nothing, no update. Maybe it comes tomorrow, or Friday, but it needs to come and it needs to be unequivocally back in the right direction.

Honestly though I do feel for those who feel they can’t sell here and move on, gold’s at $4k and almost every gold business (explorer or producer) is rising right now whilst GRL does absolutely nothing. I hold THX, JAN, ECR, NEO (suspended) currently for gold exposure.

There’s not a lot of use of an interview until the gold loan is successfully renegotiated… it’s not going to attract any investors with the near term risk of default so high.

There was reasonable margin to be had at $2700/oz gold so it doesn't take a rocket science to work out that the margin will be exceptional if gold can remain as elevated as this for some time to come. May actually start utilising those tax losses sooner than we thought!

This week or next.

No such thing as a categorical yes if a ceo is genuine, the future is impossible to predict. That reply would at least suggest there’s cash for now and if all works out then they will make it to cash generation with current funds.

If share price does pump I’d expect an opportunistic snap placing but buyers at 0.5p would still make money.

It never made sense and yet this hit a £6.25 high with mcap far exceeding £1B with only a relatively small amount of bitcoin owned.

Crypto is never logical and goes in cycles, i suspect there's at least another one or two cycles to come for a company like SWC to see quick huge moves.

That's a fair post. I've not personally called her a liar but she has, by every measurement, failed against the targets she herself set. Miserably. There is only a slim chance of survival because gold has gone on a rally beyond anyone's expectations, that is perfect external backdrop and still just about clinging on. If gold hadn't played ball they'd have run out of money in Q1 or Q2 and who knows if they'd have managed to raise enough to make it to today.

And it's absolutely not the same situation as six months ago when I was investing heavily. Back then we were expecting 1000 ounces very near term which meant 7 or 8 months of significant profitability to either pay off the gold loan or at least meaningfully reduce it and make finding a new debt partner or renegotiation a lot simpler.

Instead they are two months from needing to recover the loan in full and at sky high gold prices meaning almost a $10m debt.

The risk is 10 times greater than when I was putting the investment case forward in Q1 and Q2.

Again, what an odd comment. Where am I bitter? I've stomached my loss like an adult and take responsibility for it. Of course I'd prefer to have made a profit here instead of a loss but i'm hardly scathing or coming across as incensed am I? I'm calmly and maturely sharing what I've learnt from the process and making sure those who come across GRL today are at least full aware of the looming debt situation and the risk that poses.

If this goes ti*s up soon (it might, it might not) I do expect a full apology. If Emma pulls off a successful renegotiation I will certainly be on here saying well done for keeping the faith against all odds.

@corrumpo, I took a big loss on this so it’s not like I got away with it.

I see no reason why the next cash raise can't be higher than the last 0.045p placing, which they pulled off in June without today's good news and with AIM on its ar*e.

Soo people were buying shares yesterday before this news at 0.045p and buying into the placing in June at 0.045p and yet shares are going now for barely 0.05p? That doesn’t seem right.