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“But this deposit does not need to be huge to make it an attractive bolt on for Greatland”

If we were to take a close look at Antipa’s Minyari Dome project as a benchmark. Proximal to Telfer, although doesn’t have a feasibility study yet it has a scoping study with NPV7 of A$1.8b from a reasonable existing mineral resource containing 2.7 Moz of gold,  90,000 t of copper, and 700koz of silver from multiple deposits over a 3.6km corridor. Yet is failing to attract interest from GGP, with a reliable source stating Shaun Day had said it was too small for Greatland.

RS could well exceed that in time, getting their first MRE on the board which they will ultimately be aiming for is the first milestone for which they can then begin to understand what needs to be done next after that.

So yes there is confirmed gold, the next job now is to understand scale. Beginning to try to prove it can be economically exploitated comes much later.

That is the thing, the only real way they can leverage Telfer is by using them in WSBN marketing. That’s not a bad thing. But that is it.

Realistically they cannot just build a resource around the hope that one day Greatland will want it. Any project follows traditional lines of resource development toward a standalone mining operation.

All of the nearer surface grades which will be typically lower, will not be economic for toll processing regardless. Plus Greatland do not require, or have any desire to outsource just complimentary ore feed, to supply Telfer train 2 as it would be incompatible for the Havieron train. So the only ore that GGP will want are the ‘potential’ deeper much higher grade sulphides that will augment Havieron and west dome underground high grades through Hav train 1 if there is available spare throughput capacity.

A collaboration with GGP would never happen. On a significant discovery with a feasibility study and economic assessment then maybe they might aquire it. But WSBN would need to JV with a partner long before to help fund and get RS to feasibility.

Let’s hope WSBN drill right down the throat of a high gold concentrated parcel of rock they can start to build a resource around to attract a partner with deeper pockets.

Yes definitely take that Ai nonsense with a pinch of salt. For a starter mine to be economically viable, it would need gold to be found in far higher concentrations, which is what they are hoping to find by scoping the whole mineralised 4k strike. Current grades and depths are not anywhere near to being initially viable.

A starter mine isn’t a small open pit just to kick things off. It refers to an initial mining capital payback phase. For infrastructure, full processing plant and facilities, initial working capital, pre stripping of overburden would cost anywhere between 2-10billion Oz dollars depending on the throughput rate, that the economics from the mineral resource/reserves would have to initially carry.

It is not until this phase is completed with capital payed back after a 3-5 years, that those grades it suggests will be viable as they only then have to carry just ongoing OpEx.

MRE2 will see a big uplift as the inaugural estimate which we know only focused on the active mining areas. Had far too many other areas to assess to be included at the time after acquisition. MRE2 will see far more included to quantify as said, but also much more upgraded.

The reserve statement that follows is the more important one and will be the real driver, the one that pushes out the mine life that de risks the mine further.

“Wont be coming to the market with our begging bowl”

Ouch!

Re. Incentivised options, I deserve a f****** bonus!

For me got to be “won’t be the death of a thousand lashes” as has used it on other company projects.

Quite liked “ it’s so big, this little fat chap probably couldn’t even get his arms around it.”

Do you mean ‘must be imminent’ jez?

No lock up stage to worry about this time either, with no shaker tables and filling all those little nooks and crannies in the plant. Thank the lord we don’t have a gold mine.

See what I did there? 😉

Solid set of results but with one glaring omission from the operational highlights and ‘26 outlook is from the wider Gardaq strategic minerals JV beyond Stendalen which was mentioned, but from across the copper belt.

There was a suggestion by Eddie Wyvill I think it was in an old interview, the geological teams essentially need to put the best 3 or 4 projects forward to focus on advancing. Could just be the case as they allocate available funds.

Black Angel still looking positive to stay on track for re commissioning of the mine in ‘28. Great news there.

You have to agree with MH01 to a fair degree, Pi’s late to the party have to fight for scraps and should have an exit strategy they should stick to. This is not for the faint hearted, it will need multiple drill phases and more financing to establish its inaugural MRE. So averaging to keep your ownership stake on par is also an important part. But understanding what you are buying into is really important. The junior explorers that have no other means of income have to rely on raising funds from the market through allocating new shares, it is their only means of finding the next commercial discovery that will justify a bigger partner to get involved. But that time will certainly not be anytime soon.

The project is in the right geological setting which interests me, not the company specifically, the current project progression is more aligned to what the RNS updates have given. So far they are delivering on their exploration strategy to understand the ‘global’ resource potential of red setter.

A MRE will be a really important milestone to understand what needs to happen next from a geological perspective.

Agree with you MH01 for the risk averse, it is essential to protect your capital by investing in lower risk but lower reward options. This isn’t the place for that.

Have just trawled back through every Red Setter drilling update and can honestly say there is not one overly forward looking statement made. It’s obvious most of the market had likely been sucked in by their promotional media to warrant the brutal rerate. They are not surprised by the reaction, a placing of £4m needed to be done with reduced dilution as possible. The LTH that got in early with aquisition have witnessed a master stroke in how to deliver shareholder value.

I think it has been clearly demonstrated now that Ground/airborne EM geophysics is not a golden ticket that lights up gold and copper signatures. It only highlights the magnetic susceptibility of rock that has the potential to host mineralisation. That card has been played now, but it has set up the next leg of exploration to be funded from their existing cash flow.

Is such a frustrating one this, usually a quality exploration project in a good jurisdiction would be enough incentive to buy into when there is an opportunity. Quality is usually a top criteria, but the transition from explorer to producer can throw up all sorts of stumbling blocks, why I mentioned they do, or certainly did have a good handle on ESG.

There is an appropriate saying that fits here. The top three criteria for ‘any’ mining investment.

It’s management first, management second; and management third and then it goes from there.

Good management can take a mediocre asset and make it work. Bad management can’t generally make a bad asset work. And bad management can even screw up a good asset.

There is enough to be interested, will be watching more closely. The project will be highly investable if they can sort the corporate matters as the far more significant geological associated risks have already been largely overcome.

Final desk studies, design, optimisation, ESG should be the easier bit now, generally down to funding and management experience to best commercialise.

Appreciate the pointers, will trawl right back and try to digest it all. Had phoenix on watch for good few years, but lost touch more recently with focus elsewhere. Fundamentally I’ve always liked it, known it to be a quality project, PFS was a fantastic milestone for company, all aspects from simple flowsheet, multi ore type flotation design, favourable metallurgy with good recoveries and I recall the economics were really good with IRR being comparable to anything already out there, still got some notes I made on it.

Shame it’s got so bogged down in financing. Did see they are intending to recoup those unauthorised payment’s back from the sacked exec Chairman and CFO which will no doubt go some way toward working capital, as long as they don’t dump any shareholdings to pay it back. Likely to factor in some way? Working with them doesn’t sound like they will just write a cheque though.

So Empire is at pre feasibility with decent ore reserves, in engineering and final development stage toward its DFS, majority ownership operator, well established ESG framework with final decision to mine pending review under US National Environment policy.

Ok, I see they are having to do some house keeping to get their 5hit in order, but currently now under 3m market cap???. How much cash has been invested in this project since they took it on?

Will have to take a closer look, seems bargain territory now.

The raise to finance toward purchasing a further 20% of H&G has to be more value accretive overall. Increase in free cash flow from 90% ownership will be considerable.

Regarding financing,

CB stated this only 9 business days ago in last RNS-

"We are delighted to be working with Unitrans Namibia and extending our involvement with Namibian contractors and suppliers as we move towards project completion and commissioning. A considerable amount of work remains to be completed but we remain on schedule to commence commercial operations during H2 2026".

Why the concern?

The Financier will be named when the full form definitive agreements are signed. Have they been signed yet? This aquisition would have impacted the T&C’s no doubt. Perhaps now it can be finally resolved.

Touché Lucky 😂 though was implying more toward the Hokey Cokey strategy that many use.

Hasn’t that got to be worth a punt at this snapshot n time at this more palatable market cap?

I found it odd that roast PR would bother to comment on a company that is not on their client list.

Bit of a dig, fair game I suppose, maybe in justification if they had turned WSBN down as a client as they were still just scoping Red Setter and felt was too early stage to put their name behind them, or just don’t see eye to eye with DL. They do pick and choose clients, some go onto be winners, others not so. They are paid to promote and provide a platform to do so. So call it a bit of free advertising.

Phase 1 completed confirms continuous mineralisation.

Phase 2 underway shortly, 25 hole, 9000m programme with drill permitting, drilling crews, geological team and assay lab one would have to assume now booked.

Funds would need to be in place to cover those contractual obligations prior to commencement so if they say they are funded then there is no reason to doubt them. Best say nothing than shoot yourself in the foot!

Located in prime real estate, proximal to a major operating mine and one of the best quality undeveloped ore bodies discovered in Australia.

Hi manifesto, anyone that has done their due diligence would be well aware of the upper management’s reputation that precedes them.

They would also had been aware from the visuals of those cores released that they were not going to provide the significant grading suggested by them, if not first hand then from Bamps21 analysis that was shared here by some, including myself.

WSBN will need access to the capital market, it is to be expected. Suggest don’t listen to what is said in podcasts.

The road is due to have heritage survey done in April, any update is pointless until this is concluded. Any objections may have been in relation to ESG. A survey is just one step toward an environmental impact assessment. I don’t envisage any road/track/accessible route to be straightforward. When there is something important to report on that, the company will inform the market accordingly and not spoon feed so called investors just to appease.

This is a very normal junior explorer exhibiting normal junior explorer behaviour burying not so good results at the bottom of a release all toward exploiting the capital market. Anyone can participate in fund raises if they so wish, they need to open a broker account with WSBN’s nominated broker.

We are all basically onboard the equivalent of a mystery coach trip, and manifesto is complaining that the driver of the coach is seeing the same things but being payed to drive the coach. C’mon

We ignore all these factors or don’t buy in. When we do we accept the risks and evaluate. We are in the highest risk sector with the highest volatility on the market, high risk, high reward when successful.

If company is fully funded through ‘26 campaign then there will not be any ‘real’ urgency for an overly saturated PR drive through media promo. But nether the less, a 25 hole programme offers substantial opportunity to deliver a constant flow of RNS updates to rally the share price. It is naturally in their interest to see a higher market cap regardless of whether additional funding will be sought later this year or not.

Phase 1 has fulfilled a primary objective in confirming continuous mineralisation at RS. Next phase will be much of the same as they start to build a resource around the historic data, coupled with the new information.

Is still early days, Red setter has a big signature, with so far, two further anomalies being targeted in the next phase also. Most exploration is boring, projects need a story behind it or to support it. Being proximal to Telfer, sharing the same geology and then finding a feeder zone or hitting some thicker intercepts will be all it takes for interest to peak again.

Whatever your perception is of a typical lifestyle company, this is how the junior explorers have to operate on AIM to gain access to its capital market.

Attention span of a fly 🪰