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Ur 3rd paragraph 👍 yes agree was my point.

Wouldn’t disagree there, but market sentiment to seek value where there is current undervalue over cb credibility is completely subjective. There have been no reported corporate level actions or major shareholders bailing to suggest the latter so a few/ many PI’s are not going to have a great influence over sentiment if and when the company produce ‘material’ results that can be backed up with a podcast or two.

There is a difference there, opposed to a full on marketing push to purposefully drive up the market cap in pursuit of a fund raise.

Fair synopsis from Andrew, would add on top of that are assets that have been bought in at pre development stage that have potential to bring in revenue within that time period stated, that have been suggested will not need a lot of capital to start up.

But as of yet we await for more material updates on those.

Just on face value and the basic understanding that junior exploration is driven by news, with the income they have that after company running costs are covered, listing fees etc, all else is going into the ground, but keeping a healthy enough cash balance for contingency, further aquisition oportunitues etc

There will surely be a point when news flow will pick up. There are far too many gaps in the reporting for whatever reason.

Well funded with no need to seek more money from the market must have some bearing to that end.

It’s hardly jam tomorrow considering most LTH’s invested pre acquisition of Telfer et al (yes on AIM 6months is considered a long time investment) way back to early Hav discovery would have done so in the very good understanding, I would hope, of the ever increasing investment case for the potential of Hav toward being a viable mine prospect that can be economically exploited to a very high free cash flow margin by leveraging Telfer infrastructure and processing plant.

So all of the early reconnaissance-desktop studies, mapping, sampling, airborne geophysics, ground geophysics, reconnaissance drilling, environmental management and community consultation, target definition, extension and close spaced drilling, prospect testing, project development studies, have provided a vast, high quality data pack that along with its ESG framework and a funding solution will culminate in the release of the single most important and expensive document so far; the DFS.

At a loss to understand why anyone who doesn’t specifically need access to their capital would not wait for its release before deciding to stay or go.

Have some patience, everything is coming together and on track.

Cautious optimism leading up to full commission of plant, any slips or trips to that though, will be punished by the market as just seen with GGP.

Amazing indoor processing facility, modular design, all weather, will operate to capacity all year round in the harsh arctic tundra will be efficient and see minimal down time restricted to essentially just maintenance. Proper cash cow when they provide its outlook for the full year run rate in 2026

For fun you say? Thing is in what world would you see an offer made at a premium of over 125% of the current share price! That, really isn’t funny!

So yes please thank you very much at this precise moment in time it pains me to say!

What’s the point billy, rather just sit back and watch the doom crew being victims of their own demise. It’s hilarious! While genuine investors that do believe in the longer game, some of which I’m sure are more than happy to sit back and accumulate. So while the company don’t need additional funding from the market, why should they anyway, when they know many are so open about wanting to offload and potentially undo any initial gains from PR.

There still isn’t the liquidity in the junior sector yet.

Hi James didn’t mean to mislead, was actually referring to the original JORC 0.064g/t Au. Typical missing an 0 out honest mistake. But agree could be lower across the whole resource. But looking at the BR pit optimisation summary for example scenario 4, mined at 20mtpa using 11k copper from just 167m ore tonnes yields 242,768 oz of ‘payable’ gold from the concentrate after recoveries etc. that is a bit clearer.

So 242,768oz × 1,900USD/oz (base case) =460,000,200USD

Against 242,768oz × 3,390.23USD/oz =823,000,000USD

Building materials have generally gone up around 50% since ‘21. Is a crude example but would not be too far off I would imagine over that extended period. This was in response to other members suggestions they felt any uplift from pre concentration would be wiped out as increases in Opex and Capex have out run any gain made by the ore sorting. You simply have to take into consideration the increase in gold value since the last study.

Wonder if and when they will redo the economic model for BR taking into account amongst other things the price of gold which has more or less doubled since last base case.

RC is copper dominant but has quite significant gold @ 0.64g/t which the increased price alone would easily absorb the increases of 50% odd in building and development costs since the down turn.

Where is our resident math guru when you need him most?

I did say it’s the least we can hope for. Is that not your sentiment then gixxer? If not, can appreciate that but why?

Can appreciate Colin responding in last podcast to what could only have been from my recent posts on potential phase 3 further BR drilling. Has been consistent now in stating ‘no more drilling’ on a couple or 3 occasion’s so can only surmise that they believe the latest round of pre concentration will have the desired effect to get the economics where they are happy for them to be which is a really positive sign they don’t need to increase the resource as they now just wait for copper to rise as has gold.

Even if BR was sold tomorrow, work toward feasibility and any subsequent development roadmap would still see it being about 10 years away from producing. What will copper and gold prices be at then?

Cheers for the feedback colin, can only hope that by the time the income from Manica disposal dries up, BR project economics can then be in the best position for its potential disposal to mitigate the risk of any further fundraising if other income streams are not in regularly by then.

That’s the ‘least’ we can all hope for. But suspect there will be more positive progress on other assets particularly throughout ‘26 if not H2 ‘25.

BR was forecast to be profitable at 10k copper based on current study with mining rate of 20Mtpa. With the apparent positive remarks now from the year report on the second round attempt of pre concentration test work using CPF looking to be successfull has big implications toward being more optimistic.

The knock on effect from that will be they can now look at the economics of a reduced scale plant with smaller mill and concentrator that I think the estimates for CapEx were 750mil down from 1.2b

Output from the same mining rate of 20Mtpa still applies but after sorting, up to 10Mtpa will only go through to the more cost intensive downstream processing that estimates would see a potential 20% reduction in overall operating costs as well as the higher head grades producing improved recover rates to give a better yield. Since the Racecourse MRE further mett test work was also completed prior to the sorting studies to improve recovery rates as one of the original 4 samples gave an anomalous reading reducing the resource average.

There will be gains in the new model now from all angles, so sub 10k break even is looking easily achievable, with or without additional resource drilling to the north to bolster the economics further.

If they decide to do this too, then it could well be to simply push the project way further up the value curve.

Cheers lucky, fair and measured re bzt

Much appreciated

The company name change better reflects the broader spectrum of the 4 pillars of operations that will all see an equal focus toward them going forward from treasury once Nalunaq is fully commissioned. Exploration division, development and mining, logistics and servicing along with its renewable energy division that looks into hydro electric and wind opportunities across southern Greenland.

What made you invest in BZt lucky? Do you like jumping out the frying pan into the fire 🔥

Soz couldn’t resist

We shall see but the fact remains it only has inferred resource against it, however they hope to finance it. . It’s the only reason I am holding off for now. The technical report I have seen is really encouraging though.

I’d like to point out lucky that hope and gorob does not have any ore reserves so whoever they bring in to finance the plant will have to drill to convert the resource to reserves first. Or… Bzt drop a placing to finance it themselves. Sceptical it will go into development without.

Maybe so, gixxer at that point, Colin was prob gutted as anyone it fell short of expectations on first attempt. But that would not be the case after positive optimisations and a reboot of the economic model.

Jez that’s true they haven’t yet released further specific information so anyone is free to base assumptions on the old study.

But you answer your own critique as to why it has not been sold in that it is not yet viable. That is not in dispute. And I don’t think it will be sold until it has a pre feasibility study. XTr can’t afford that so will ‘need help’ doing so by equity funding or a JV partner which he told us about!

Along with, or certainly following all of Colin’s comments you pointed out, 10p etc. With the above, Colin had also given massive clues as to what will be happening going back over two years ago regarding going to pre feasibility. It’s what I chose to take more notice of, along with Colin also saying just after phase 2 at the agm that they will probably end up with a targeted drill phase. I believe phase 3 will happen when they can fund it because drill permits have already been approved on TMS well over a year ago!

So if the magnitude of that is really understood by LTH’s or anyone else , they would not be under any illusions now. Don’t appreciate the head in sand comment btw, I assume that was aimed toward me, I don’t make out it’s rosy I tell it how I see it based on what I actually know.

But going back to updating the economics study. I doubt it will be released until if, or any phase 3 has been included as this is still part of the resource optimisation.

Jez i would also prefer it if you would have followed up with some reasoning why you think it would still be unloved and last to be picked if you already knew all that I pointed out.

You or any other LTH could not possibly know the potential outcome of any update in the economic study unless you are simply basing your opinion on the current study available, which is of course fair enough, if only that was made clearer. But otherwise it came across as just another negative post.