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The Morocco venture is a strategically significant critical minerals project. Should attract a lot of attention. We will hopefully hear more from CB next week as Kevin Hornsby will set one up.

Latest appraisal from Archer

https://open.substack.com/pub/thatstocksguy/p/amaroqs-black-angel?utm_campaign=post&utm_medium=email

Maybe we will get a latest health check and analysis of latest q3 report from him to follow.

Hi Ben I’m not defending him, I resent these remarks as by doing so it implies you don’t see any substance to my posting and are disregarding the context in which it was meant to just use it to suit your own view which is just different to mine.

I can appreciate the importance of the down stream opportunity and further value it will ‘theoretically’ create for me and why I should be proactive as a buyer to get my average down to have the best chance of making money.

When Cb last mentioned in a podcast about ‘not’ raising money, it was ‘categorically’ in response to progressing with phase 3 drilling at Bushranger, after me banging on about increasing the resource and sticking a hole or two in the other side of the saddle/ the untested big anomoly west of Ascot. That is the fact! Unless you can point me toward another occasion he has disputed needing to raise in general I am not aware of.

>> “I didn't realise that reverse circulation drilling rigs 'dug holes'

The RC rigs are not being utilised for anylitical evaluation, they are simply being used to dig out the untargeted mineralised/unmineralised covering rock to allow practical and more economic access to the anomaly below that has been identified at depth for the DD rig to then drill out..

So in that respect they are essentially just digging out, with the term used making it clear what they were deployed for to not mislead.

Sorry you feel that way Jez I’m not any one’s lackey just stating back some facts and telling it how I see it. The dilution is no worse than what your investment case would have had to have been based on had there been a sale of BR that would have no doubts seen share option strike prices triggered with all those warrants and options issued in ‘20-‘’21 that ended up lapsing, which was circa 1 billion potential shares.

I’m not saying you are no worse off please don’t get me wrong, more swings and roundabouts.

This investment, buying into small scale mining will become centre stage if all goes well and to plan, which should be the focus, not the blinkered, narrow minded view around the shock they dare to raise at a discounted rate for his mates when we already have income.

That will only go so far to scope out the best potential assets to take forward, pay all company costs and toward AIM listing requirements and fees and any liabilities so there’s a chunk gone. Income has provided optionality, without it we would have probably tried to throw everything at just one asset again hoping the dilution was worth it. But income doesn’t guarantee we can produce feasibility studies and build mines without needing more cash.

Whoever they are, they have stumped up the cash when sentiment is rock bottom amongst many/most PI’s. We have to do whatever we can to make the most of the situation whether we like it or not if we want to keep up. It sucks.

Your friend, Guy

Been out all day first I’ve seen of it, yes the dilution is hard to stomach but it really is not that much of a surprise, I wasn’t. I’ve hinted many times have I not, about a fundraise that isn’t necessarily considered as working capital but a fundraise to invest in a genuine growth opportunity. Which it cannot be denied is the case.

The additional investment ‘now’ can start to bring in much needed revenue to ‘re-invest’ toward a bigger operation and plant in time that will put us in a stronger financial position and potentially be far less dilutive in the long run. Or worse still see the company being left behind stuck with a minority interest in another mine that I’m sure nobody wants. These small plants revenues will have the potential to fully fund our commitment to larger operations to retain greater involvement and bigger share of profits.

Some of you guys were moaning the other day when you heard on the Sunday roast from cb that Cooperlemon were building a small plant and were annoyed that XTr were not funding it ourselves. Well now we are!

Colin did give us all fair warning that they might buy into or farm into that small plant at SK and Amghas also.

Many may not have expected a fundraise toward working capital. Well I see this as being far outside the realms of just working capital, but as an investment toward a more certain growth pathway than what could have been the case if they not had made the decision to invest.

Another really good point that I think is largely understated or even misunderstood, is the overall diversification across all of its assets, not only in terms of having multi minerals to target, it continues across the assets in terms of their varying evolution of how advanced they are from early reconnaissance led, to later stage exploration from different ore types and mineralisation styles and also in size. Through to a mining hub being re-developed, then onto its primary asset, the one that all the others will initially be born from, it’s operational mine and processing facility. Which will in a relatively short timeframe lead the company to being a multi mine operator in just a few years seeing Black Angel brought back into production if all’s well.

It’s overall a really strong suite of assets to have in their portfolio and all within a safe stable highly prospective mining jurisdiction that gives such broad optionality on final product and unique protection at corporate level with ongoing operational flexibility and longevity with multi decade production and good potential for new mine developments due to the rich mineralogy, against an ever increasing and changing world and geo political climate that has historically and still drives majors to pull out of particular asset types or target mineral or further still, forced to close down a mine or have to exit an unstable jurisdiction as political agenda changes or even drop everything to pull out of a whole continent through their own internal political reasons deciding they want to just shift their focus somewhere where political landscape has changed to a more mining friendly one.

The Greenlandic legacy…..💡

E1, wouldn’t doubt your findings. Opens up a whole new subject of discussion in that case. It’s a real teaser for sure. Block caving is certainly a more capital front end loaded method of extraction than more conventional methods. With a far longer lead time to first ore. But with Havieron being a significant source revenue driver it could essentially mitigate a lot of the risks involved surrounding the economics that the additional lead time for WDU ore body to be developed and the higher capital cost outlay involved to prepare UG infrastructure for block caving.

My assumption would be that Havieron would have to carry a lot of the economics. Which I don’t see that working. Generally as Telfer and Havieron, will be run as seperate mines they would each carry their ‘own’ economics to be sustainable having seperate AISC

As always it will be the economics that would dictate the most efficient method of extraction , but if it could be caved it will eventually drive a far lower AISC for Telfer as is a really cheap bulk mining method.

So the funding of block caving WDU would be a really good place to start.

Despite if geological conditions were even perfect for block caving, the risk of eventual surface subsidence, it would be ruled out due to proximity of overground infrastructure

What is so evident is the exceptionally high potential for yet untapped world class high grades and overall high prospectivity wherever you look across the region. For example, bringing in a world renowned porphyry and epithermal specialist! Companies don’t tend to do that for the sake of it. These systems can produce a tier 1 with one discovery.

Any one of the cornerstone ventures would be very desirable and potentially lucrative to monetise to advance them through a subsidiary and be separately listed if they desired. I’m sure all could have successful oversubscribed IPO’s.

That is the quality I see in all the individual projects. Then add everything else they have to the mix, the logistics, supply chain, technology, expertise and first mover advantage and geo political positioning and interest.

Yet together, they currently command a market cap of just in excess of £400m. The upside could be huge given time.

What generally makes a project so investable other than its quality, are the company that are developing it. Particularly the management team that have a proven track record.

Eldur - “The development of Black Angel will follow the same proven approach that we successfully implemented at Nalunaq, where we inherited a high-grade resource supported by existing infrastructure and advanced it systematically toward production.”

Also worth a reminder and noting from the RNS that the Western Greenland hub will be 100% owned by AMRQ. Free from any JV going forward.

Can be agreed that the company is now well on its way on the path to growth inline with their stratergy. Where mitigation of exploration success and development risks are concerned, surely at a certain stage in the development and evolution of the ‘corporation’ would it not be better to focus the next phase of growth toward brownfield sites ‘beyond’ satellite opportunities to service Telfer like O’Callaghans, Camp Dome etc.

Greenfield projects like EG for example, where plant development would typically involve a far longer lead time due to design, permitting and construction ‘if’ a viable operation exists, giving a far longer timeline to any first concentrate production and revenue generation from an investment point of view, than going on an M&A offensive to acquire another operational or previously operational mine with processing infrastructure that the management team have a wealth of experience in doing at Northern Star previously and now Telfer.

I cannot see where EG will fit into their growth plans and stratergy as even throwing the kitchen sink at it will bog them down for many more years, and not exploit to the best of their abilities, the wealth of expertise and experience of the current management team to streamline the path toward further, major revenue stream generation.

Attention to last sentence from highlights in the same offtake agreement RNS.

Highlights

· The Financing and Offtake Agreements are subject to completion of the acquisition of a 90% shareholding in Namib Lead and Zinc Mining (Proprietary) Limited ("NLZM") (as announced by the Company on 14 August 2025), customary closing (including completion of standard final due diligence) and execution of full-form definitive agreements. The Financier will be named when the full form definitive agreements are signed.

Bingo! 🥳

A 10 year mine life will be a good target as an operational buffer for forthcoming MRE’s as they get into the stride of routine annual updates after FY26 saturated drill campaign to push up the mine life ahead of FY28.

Drilling intensity should tail off a bit from FY27 as more ore consistently comes in and toward the reserves and mine plan by upgrade drilling from much of the delineation drilling that has been done since aquisition.

So I little clearer on how Martyn Churchouse was able to confidently state ‘firm’ contract agreements to be signed, as deposits have been paid to them stated in the 31oct RNS concentrate offtake and prepayment facility agreed.

…..The framework ideally suits our project development schedule and, is an important part of our financing arrangements for the advancement of the Hope and Gorob Project including the downpayment to the Vendor of the NLZM Processing Plant, payment of deposits to suppliers of key components of both the NLZM plant upgrade and the construction of the mine site crushing and ore sorting facility."

Did wonder…

Yes was particularly informative of how the operation would advance and could grow. Showed a genuine enthusiasm all round. The importance of the ore sorting being a critical component of the flowsheet and economic driver of mining the remote desert conditions was highlighted, with Cb coincidentally stating Martyn wouldn’t put his name to it without the pilot plant testing I mentioned as being at DFS study level input.

So if we try to cut down on all the distracting forward looking fluffy stuff, letters of intent are going out to all parties to get ‘firm’ contracts signed, had impression the roadway could need some upgrading in part toward haulage size options to utilise the last third of the route that is a ‘tiled’ or paved roadway.

But no question or hint as yet on any amount of final funding required toward the us$12.8m CapEx for contractual obligations etc for mining. Was hoping they would throw us a bone there so it could be broken down a bit more. Any one more clued up have more of an insight?

Canary - Now it would seem that the entire thrust of the company has been changed and the main driver is Telfer and Haverion has been 'slowed’

You couldn’t be any wider off the mark. Until Havieron is up to full commercial production Telfer ore is supplementary. From there on Telfer higher grades will likely now augment Havieron ore.

In the case case mining plan it states with the aquisition of Telfer-

Any opportunities at Telfer to identify additional economic ore sources, in both underground and open pit mining areas, which could potentially extend the mine life of Telfer beyond the 15-month Telfer Initial Mine Plan and/or supplement Havieron ore when it reaches production;

Since then the outlook for bringing in further high grade ore has led to the intention now that they would target and mine the highest grades to now ‘augment’ those from Havieron as Shaun has repeatedly stated now.

Yes there will be significant resource/reserve growth at Telfer but will be very much alongside Havieron which remains the real proven commercial prize.

Page 82 within the ‘financial summary’ in the technical report has a mention of the preferred mining contractor -

“To ensure the pit design and scheduling accurately reflected current cost assumptions, the mining input costs were sourced from a cost proposal by the preferred mining contractor, Unitrans”

Interesting read thanks for the pointer chaps, still undecided on how much more cash to put in just yet as is a summarisation of all the FS inputs consolidated together for the first time. Once there is a funding solution it could quickly advance to final feasibility or certainly as an update which will then provide the all important project development schedule and timeframe to proceed with the decision to mine declared. It’s all there!

For example, Ore sorting test work with pilot plant testing is up to DFS input standard which is a really good indicator of intent and a proof of how advanced the project is in reality.

Just an observation on my part but am still reading through so if I am missing something…..

There are many legitimate reasons why we get these late reported unknown trades. Need to consider that all buys and sells are matched and how they are reported is at which side of the bid and ask they were executed, with unknown trades being those executed at the mid price.

One legitimate reason why delaying the disclosure of unknown trades is to prevent immediate fluctuations in the stock price based on the limited information. By consolidating such trades and reporting them at once, it minimizes disruptions in market liquidity and reduces potential volatility toward seeing wild swings in the share price throughout the trading day.

It’s volatile enough as it is, far prefer a steady, maybe slow but sure rise.

So not sharing a similar agenda to yourself, you consider them not to be sincere.

Never mind

Best

Guy