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Hi JDAU, sorry we seem to be talking over each other in two seperate debates we simply shouldn’t be having to participate in after what was a very positive ‘Amghas’ RNS.

Just a reminder, we are debating a revised guidance given in an RNS for SK, that I have substantiated with a third party testimonial who has directly spoken to Oval mining where that guidance would have originated from, we were not debating comments coming from Colin in a podcast.

As for jamyesterday and regarding legacy guidance,

Don’t have to search Manica I have a good memory to know why fairbride plant took so long beyond guidance.

The delay was driven by plenty of factors totally outside of Xtracts control.

The DFS highlighted a misalignment between the project's timeline and the construction/upgrades of the power supply network by Electricidade de Mozambique.

Progress was also heavily dependent on collaboration agreements and third-party contractors, which saw turnover and logistical bottlenecks slowing overall construction

One of those bottlenecks was very significant when much of the plant was stuck in containers at the port during covid.

There have been a couple of videos posted on TG many months ago of the SK plant that is very much , not stuck in a container overseas.

Your opinion Andrew, just seems to be based solely on legacy projects, nothing related to the guidance for SK or any technical reasoning that you have highlighted to support your view.

I’m at least trying to put some weight behind my support that the revised timeframe the company had issued in February is likely to be reasonable and more accurate. Referring back, Kev Hornsby had reported at that time when he visited Gambia, that Silverking was ‘progressing at pace’ after speaking to Oval mining in Lusaka. Oval being ‘the’ mining contractor.

“All good so far looking to be on track for delivering first concentrate and plant commissioning within what should be now a fairly reliable timeframe given, considering the bulk of the plant and tailings dam has already been built.”- KH

Kev took the time to visit and see progress for himself, you haven’t visited the site and reported back, you just seem to want to dig your heels in and I think you actually want to be proven right. I would respect your opinion if you could back it up with something actually project specific.

Hi Andrew if an apology is what you want then I apologise profusely if that helps. You were right and I was wrong. I just don’t agree with the whole rigid timeframe with a RNS before the ‘cut off’ date when there is no evidence to prove otherwise that they are not already commissioning the plant. We just dont know how they will use any information or in what capacity to update the market. Switch it on, feed it with low grade material, run it through, test all systems and ancillary’s, iron out any problems before they begin ‘toward’ commercial production with ramp up through the commissioning phase thereafter.

Yes, this has had an RNS update in Feb stating then, 3 months to production, which supersedes any previous timeframe as the plant gets closer to accepting ore and firming up the final development schedule, with a better idea of when they can finally confirm actual production has/had begun.

With the time that has passed, it must be very close now, the plant is certainly not sitting there idle, put it that way. Let’s not make this a competition who is right, but perhaps agree that SK and Amghas are now a step closer, being a positive.

Every podcast offers extra pieces to the jigsaw in this great big guessing game.

My take, 70ktpa gravity plant that would not see a long ramp up period toward that rate, unlike a flotation circuit.

So from the off, looking at an average feed of about 3%.

Recoveries should not be too bad with the very dense nature of the Antimony relative to the host rock, say 75-80% The 10-20% intermediate product from the gravity circuit is not to do with the recovery v losses, but through separation of the product from just rock and other deleterious or non deleterious elements, that has to go through more processes to reach a full ingot.

LW- The flotation circuit when built will upgrade the product by further chemical processes to a 65% final concentrate for sale at a much higher premium. Tailings from the gravity step can also go through flotation to extract more of what was left behind from which they will be stockpiling.

Give it a rest Andrew still posting for fecking likes I see. We would all value your opinion on the more immediate projects that are now at the forefront.

You ‘can’ believe what is said in interviews if you take the time to listen carefully, against what has been RNS’d

It is clear now why the original 9 month timeframe had not been met.

The original idea was that ore from Amghas and or Ighoud would have been simply trucked to Casablanca for gravity processing there, to produce their intermediate product for sale. But Colin said in a previous interview they decided against doing that. Moving forward they are now ‘relocating’ the plant to the mine site for obvious economic reasons and from evaluation of the site.

Stop banging on about BR (usually that’s me I know) please apply your valued opinion in a positive way on what is clearly a positive RNS

Hi cyberiachas I know how you feel , I try to look on the deal being positive it will be signed off as is a good deal and reciprocal for ‘both’ parties with funding for Bzt and off take margins they will make from the concentrate. Their investment would ultimately be based on the technical and economic feasibility of the project which is second to none, its stonking and with soaring copper price it would be more difficult to actually fu ck this up now.

Wouldn’t argue with that lucky, I think as soon as can prove sustainable revenue to the market over a few quarters on one mine , others projects across the group would have probably already started to gain huge interest. Beginning to prove his scalable mining model can work through fast tracking production will be the major catalyst for the bird group with quality copper gold silver REE assets that have the potential to be delivered similarly.

Forgot you were in XTr irishdemon! Hope your Kendrick investment has got you your capital back overall. Wish I had put more in, timing was ok just my smallish stake. 🤬

They wouldn’t try to fund it themselves, the prepayment facility of up to USD 7 million for project funding is conditional on an associated concentrate offtake agreement with this globally recognised commodities trading company which ‘is’ the financier all in one. The offtake agreement is incredibly important for future sustained and regular cash flow which reduces market and price risk.

Copper prices can be volatile. While an offtake agreement does not always fully lock in price, it often gives more predictability around sales terms, delivery schedules, and buyer demand. That can make cash flow forecasts more credible, which will be crucial for Bezant which will be starting out with limited balance sheet strength but can then more carefully budget and allocate FCF funds within the project or elsewhere in the company.

There is no doubt there is some risk mitigation with starting with two smaller mining and processing operations in SK and Morocco targeting different metals in different jurisdictions being developed that are easier to get their permissions in place and particularly as both are former operating mines, which I like more than if there were the reliance on a single larger development that carries more risk in both cash burn and ESG which is more stringent the bigger the tailings facility required are. So It feels like they are in the sweet spot with the scale, toward future financing capability, and project manageability to grow both mining operations.

Be interesting to see how xtract market cap is performing alongside BZT’s fantastic H&G in 5 years ‘all’ going well. Considering BR too

It is excellent indeed!

70,000 tonnes per annum gravity plant positioned as the first step in a larger flotation processing hub

Was anticipating that the final flotation plant would be around a minimum 60ktpa so this is a big scale up from that.

Piecing it all together now through the various interviews they could clearly not give away too much.

Does mean the flowsheet has been designed and of course the throughput rate. The MRE will be interesting.

I’m kind of on the fence, I don’t doubt the company are advancing at pace toward their objectives, but can understand the frustrations with lack of RNS updates. However, on their own they could be just sold into, creating volatility in the share price with traders having a field day, but as part of an upcoming and ongoing PR strategy to release a ‘succession’ of updates across both assets when there is more chance of a sustained rise in share price from solid progress on both mine developments to report, will be far better in the long run and will restrict volatility and not encourage the market makers to keep widening the spread to create their own market to manipulate. Exactly what we have seen with Kendrick and in the past with BR.

Listening back through, the list of potential RNS’s they can potentially deliver already are increasing, but until they have an end game in sight I am more than happy to wait until then, but appreciate others may not agree, am just as desperate for material news as the next person though.

Thanks for digging that out JDAU, I couldn’t find it, that is the most significant one of all in terms of revealing scale of resource, mining and the flotation plant.

Martyn mentions a rate of between 5-10kt per month with 3-5% grade. Whether dry ore sorting is a factored into that at this point to upgrade the ore feed is unclear as still at that point to send a sample for sorting test work to Steinhert. Plant to produce a 65% Antimony concentrate for sale that could be sent to Europe. Plenty there for a rough estimate on revenue.

Resource tonnage to be reported could be quite considerable to put some weight behind the operation with further option to toll process others ore, through a network and by upgrading it and sending it to the centralised plant. (For later)

Couple of other points picked up on from the various interviews. On the second blast they ‘were’ into the ore and were still sourcing a plant. In the latest interview Colin mentioned being on 4th blast so would be likely stockpiling for run of mine. Plus confirming a plant has now been sourced.

As the plant has been sourced it would indicate that throughput has been determined from the resource and the flowsheet has been designed with final inputs that Martyn mentioned required to obtain the mining license now in place ??? Reading between the lines of coarse.

Initial small scale mining with basic gravity processing equiptment ( maybe with wheelbarrows) will prevail to start to produce revenue from high grade pickings which they can start with that doesn’t require permitting, whilst the ‘already secured’ larger but transportable flotation plant that is in 6 containers is waiting on final assessments and a flowsheet designed for permitting and putting together CB expects to be producing a concentrate from this before year end.

Sound right to you JDAU?

Short summary- Colin comments on expected income from Antimony mining with flotation plant they have secured to match that or more of their ‘small mine’. That assumption, being Silverking with annual income from SK of around £5m+ initially, with both having growth opportunity. Particularly silverking to double throughput to cover 1000tpd in relatively short timeframe. Within 1 year was mentioned on another occasion.

https://audioboom.com/channels/5064437.rss

“I sincerely doubt Howezap has taken me pointing out the mathematical error of someone else’s calculations personally.”

😊 just glad it was you JD and not James again.

Didn’t think you were being combative at all, do recall either Martyn or Colin saying they will look at getting Steinert in with an ore sorter to pre concentrate.

Anyone has links to interviews where Martyn spoke about Morocco please share.

Do agree JDAU re guidance. Chasing the high grade veins is one thing, the quarriabke bulk mining of the surrounding breccias is where the 3-4% averages comes from.

*Never even considered checking any of mikes figures as they were unchallenged at the time but clearly flawed and overly speculative. Only posted for debate here, never any intention to mislead so thanks for pointing out their mistake.