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Hey Cyberbub, there is sure to be execution risk in recommissioning the 100% owned black Angel mine, but the high free cash flow margin generated by Nalunaq mitigates against a lot of the development risk going forward with Nalunaq growth. High diesel costs will not be sustained, conflict will see resolution at some point and costs will stabilise. There are no concerns with supply as Greenland import from Denmark regardless.

“Twelve months ago, this was a development story with execution risk and a market that did not believe Greenland mining was possible.

Today, it’s a cash-generative gold producer with a net profit on the board, grades beating the model, flotation commissioning one quarter away, a world-class exploration programme kicking off in June, a Citi-backed Main Market uplisting imminent, and a critical minerals portfolio that Western governments are actively seeking to fund.”

Hi Redmoor, all here, unfortunately, exclusive to Greenlanders.

https://www.lse.co.uk/rns/AMRQ/amaroq-minerals-announces-launch-of-single-mine-origin-gold-sales-from-nalunaq-mine-greenland-qkccdk8flbsfk40.html

It is true that bulk tonnages are what make a sustaining mining operation. Miners want the simplest and cheapest method of mining, with uncomplicated metallurgy, simple processing and to become a cash cow that will last for decades.

But for any mine to be economically viable, they usually need an economic kickstart from a concentration of gold/copper that reports ‘nearer’ to surface with some potentially higher grade alteration or veining for example, they can define a resource around to mine first in the CapEx payback phase first years of mining. This is essentially what one of their main objectives are in the drill campaign to “Target zones of strongest alteration and sulphide mineralisation”

Last on the list of objectives but vitally important. Early identification of the best zones will allow them to start to concentrate efforts to begin to build the resource around, with the first milestone being a Maiden MRE.

The JORC will quantify the contained gold /copper and give an economically mineable cut off grade.

To help understand the significance of finding shallower higher grades they need to identify that would be mined first, the cut off grade in ‘any’ JORC classification, only takes into account mining costs to sustain mining and not any CapEx outlay to build the mine.

Once the plant is paid for in those early ‘kickstart’ years then lower bulk tonnage grades only have to carry ‘ongoing’ OpEx and CapEx to be very profitable.

Beginning to wonder Bob, if all those ducks we have been waiting for to line up have all come down with Coccidiosis

A raise will be at the price participants will be comfortable to pay, no more. If you want to participate in any fundraising, contact their broker Shard Capital directly. Speak to the capital markets team and ask to be put on their list for ‘capital fundraising’ to receive offerings

They are not just for them and their mates, anyone can join the party.

https://shardcapital.com/

Furthermore, if they are now processing oxides from multiple open pits it could well mean the oxides and transitional ore at Fairbride are close to or have depleted pointing to a sulphide plant could be in the planning stage. 🤔

Hi Ben,

Don’t know why he would do that , they are in a legally binding agreement after all. But to be fair there are a lot of things he needs to update us with.

If of any help though, as of April ‘26 Empress Royalty presentation on their Manica royalty stream they state;

“The plant is now actively processing oxide gold from multiple open-pit

sources, generating consistent output and revenue.”

So MMP are still clearly feeding the mill and expanding their operation now from satelite mines.

On Manica sale, income outstanding

Taken from Archers substack, edited taking into consideration March payment recieved.

Looking forward from January 2026, Xtract is due to receive ‘up to’ $4.925 million more. This includes now three remaining quarterly payments of $750,000 each, running from June 2026 through December 2026, which will bring in $2.25million.

On top of this, there’s a $3 million payment that has now been split into three installments of $1 million each, due in March, June, and September of 2027.

There is then a final $3 million is ‘contingent’ on the buyer’s decision to build a sulphide processing plant. This amount will be paid in six installments ranging from $250,000 to $750,000, triggered either when specific construction and production milestones are achieved or by backstop dates between December 2026 and December 2028, whichever comes first.

So (to cut a long story short) there’s millions in cash to come in.

https://open.substack.com/pub/thatstocksguy/p/xtract-resources-349?utm_campaign=post&utm_medium=email

“The last fundraise was primarily to acquire the additional 20%, rather than to add to working capital. As such, it's only a matter of time before Colin and pals roll up with another low-ball fundraise with additional 1-for-1(!) warrants.” - Pricey

Not true and is misleading. The Fundraising price was done so there is funds to cover the cash element of the acquisition of the additional 20% ownership, to continue to fast track development and for general working capital requirements.

Open pit optimisation for dummies

I previously mentioned it’s not all about the grades at Red Setter but the resource. Long runs of mineralisation and how it can be shown it can be economically mined.

Here is a simple to follow X thread well worth reading for the keen rock hounds , for understanding resource modelling and in particular open pit strip ratios and their effect on the economics.

https://x.com/NeilRingdahl/status/1526444705734696961?s=20

Open pit optimisation for dummies

Really easy to follow X thread makes understanding strip ratios quite easy.

https://x.com/NeilRingdahl/status/1526444705734696961?s=20

Hi RMC the market cap has stagnated since earlier rerate yes, in relative terms the BZT share price has fallen more due last fundraise to increase ownership and provide extra working capital to fast track the mine. But generally has been a combination of profit taking, warrant churn and arguably legacy trust issues over CB granted.

But, the numbers don’t lie come straight from feasibility-level engineering, with quoted mining costs from Unitrans, metallurgical test work from SGS and Steinert, and plant conversion engineering from MetalX using really conservative copper/gold prices.

Add to that 7x increase in open pit tonnage in ‘26 MRE over previous MRE , all has a profound effect on the economic model increasing NPV and IRR improving the business case and increasing the geological confidence. MRE was a game changer Final funding will be signed off if not already. It all happens in H2.

Sorry RMC we will ramp harder next time. Had to compete with Kendrick today siphoning money out here, what did you expect.

Be rude not to. The last placing although will certainly be value accretive, stole about 40% value from previous share value so desperately trying to rebalance to get my average back in line.

Https://open.substack.com/pub/thatstocksguy/p/bezant-resources-929?utm_campaign=post&utm_medium=email

Once Kendrick market cap has been pushed up to a desired level without having to compete with the rest of the Cb stable then I can see attention turned to Bzt/Xtr once again. But as for the mc it’s a bit of a dark art having to second guess. I think once they can show a few quarters of production in line with expectations and resource growth will see the optimum share price with a true underpinning of the market cap with actual revenue. Before the next major (potential) leg up.

Is just opinion I’m sure there are many other different views and willing to put a price to asset value.

I stay away from the financial aspects and rely on others, can only offer Archers breakdown as a base case as he is a professional financial analyst and writer.

Bezant Resources

He will revisit Hope economics once the funding terms are announced has said on TG

Re. blending,

So with first year of pre stripping waste and targeted ore extraction of 430,000 tonnes, primary crushing of ore with 25% going as fine crush straight to the plant, why does it upgrade to 2.76%Cu?

This phenomenon due to “preferential breakage of friable chalcocite” is typical where softer, valuable minerals break down more easily than others concentrating in finer size fractions and increasing the grade in those fractions relative to the original ore. The ore contains various copper minerals, with chalcocite, a common copper sulfide mineral.

After crushing, if 25% of the ore reverts to a grade of 2.76% copper, then the remaining 75% of the ore will have its contained copper grade reduced to approximately 0.48%copper.

This is because of the redistribution of copper, where the finer fraction becomes enriched, and the coarser fraction still retained is reduced accordingly.

So that leaves 323,250 tonnes of ore now at a contained copper grade of 0.48% that goes through the ore sorter that reduces the mass by 55% but loses 15% of the contained copper, the resulting contained copper grade will be upgraded back up to approximately 0.91% cu just shy of the virgin grade, against the fines at 2.78% cu

Hence the grade imbalance delivered to NLZM

China is beginning to aggressively ramp up its imports of Silver to build up its reserves 16,000 tons in Q1 with over 800 tons of that in March alone which is nearly triple than normal. This increasing surge will almost certainly see Q2 imports higher and drive Silver price back up again.

Silver is not just a marginal credit at SK but far more supplementary so will also drive up revenue on production.

Am confident too it will remain on track, don’t get me wrong. The very first paragraph in last RNS update;

“The Project remains on schedule for the anticipated delivery of first copper - gold - concentrates during the second half of 2026.”

This is the final copper sludge, concentrated to 26.7% delivered to the smelter. ‘Not’, first lorry load of fines to be delivered to the plant while they still wait for the ore sorter to be installed. These fines that bypass the sorter which will actually average 2.76% copper and trucked separately, will be blended with the pre concentrated ore to form a consistent head grade of run of mine material to go into the concentrator at NLZM and to keep throughput rate up to nameplate capacity to be most efficient.

They have procured all the critical path lead items that could delay progress already, so the scheduled start of production looks promising.

Hi Hubstar, as with any mining project the biggest trade off toward a rerate is execution risk. Is very real and also carries that risk burden beyond the build, commissioning and ramp up toward a self sustaining operation. Is essential to deliver continuous feed to the ROM pad. Or it could go south quite quickly considering the company are taking on 90% of that risk burden and without obvious contingency in the FS report during the execution phase. The financing agreement though will likely allow for this I would think.

There are environmental and safety risk that could halt mining, so stockpiling ore feed to keep the plant going if that happens is also important for operational flexibility, but also toward their blending strategies to keep a consistent head grade to maximise recoveries, so replenishing these stockpiles is also critical.

The risks go on, but this is why we invest in mining, high risk, high reward.

Don’t take notice of £14m market cap in header. It is actually £16.4m after latest fundraising. LSE are typically slow in updating. I still think x5 is achievable if they can show at least 3 quarters of production are on track to hit guidance.

Best, Guy