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Was doing some research on ‘real world’ data on another company which certainly applies here too. It states in the SK new mining JV they will commission and optimise the processing plant with freshly broken ground which provides the first real-world material feed to the processing plant.

What this actually means is that by comparing this actual feed in terms of its true grade, geology and continuity, against the resource model which is still made up of low level data, the mining engineers can more accurately calibrate the resource model with the new data and knowing the ‘actual’ ore characteristics also allows the on site team to adjust the grind size, reagent dosages and flotation settings to maximize recovery and throughput, enabling more accurate, data-driven process control from the outset, which leads to a quicker ramp up to steady state production.

An ‘additional’ new mill has also been purchased in case there is issues with bottlenecking leading up to steady state.

Confirmation of start up first and I will then be confident steady state should follow within the next 3months as stated by the company, which I would think would be the more overly optimistic timeframe made of the two. I don’t think 3month ramp up is overly optimistic once start up.

What we need is an RNS to say first concentrate has been delivered to a local smelter. The understanding from Colin is they will pay on delivery at gate which means cash flow will be immediate and not have to wait months for a pure product to arrive in China before getting paid.

Be happy to wait a bit longer for that news. Even though shareholders would probably like to know when first ore goes through the plant.

One other interesting point I noticed is that ‘part’ of their approach to build confidence toward producing a mineral resource, is by tunnelling of the gold vein which allows the Company to compare drill results with the gold actually mined.

This is real time data they can also use to optimise processing. By comparing this actual feed material in terms of its ore distribution, against the resource model, the mining engineers can more accurately calibrate the resource model and knowing the ‘actual’ ore characteristics also allows the on site team to adjust the grind size, reagent dosages and flotation settings to maximize recovery and throughput. Enabling more accurate, data-driven process control from the outset of the inclusion of the flotation circuit. Which would lead to a quicker ramp up to steady state production in H2.

Just to recap, the cut off to allow for inclusion in MRE5 will be from all of the Nalunaq ‘25 drilling programme with data from approx 7800m of surface drilling and 2127m of surface and underground infill drilling.

62% of this resource conversion drilling intersected mineralisation in the Main Vein giving it that weighted average grade of 87.6g/t which verifies higher grades than the resource model predicted which will have a positive uplift in resource grade altogether and convert more resource to ore reserve.

Amaroq’s technical team has also developed the bespoke Dolerite Dyke Model, which has improved the effectiveness of drill targeting from surface, looking to  counterbalance 

the nugget effect, in order to achieve more consistent drilling results.

So the success of this will have an influence in the overall grade and tonnage of the resource estimate.

A 51% uplift from MRE3-MRE4 was outstanding which included a maiden indicated category. A 100% uplift in MRE5 when it lands is easily possible with resource growth from the extension drilling with considerably more conversion to reserves this time.

I would agree with Culpepper in that they would want to incorporate every drill result possible into MRE5 with the upcoming transition to the uk main market in ‘26 to attract and broaden its investor base where there will be far more market liquidity to access.

Not to defend what was maybe said in podcasts as I haven’t listened to any, but sorry, I defy the greatest most experienced geologist to accurately determine grade from drill core analysis regardless. Even using XRF is only an on site guide that will only give a spot reading, which is not indicative toward average grade of hole drilled across the length of mineralised core.

The resulting grades were disappointing but cannot stress it is impossible to distinguish the average grade from a length of core without assaying and fool hardy to believe anything ‘’any ceo says without supporting evidence to back up and for impartiality through third party validation.

The early PR doesn’t surprise me, results of which they managed to raise ‘26 exploration funds with a far reduced dilution to the current stakeholders and investors alike.

It’s how it works unfortunately.

Resources of 500k tonnes of contained copper have to become the new benchmark for majors in the coming years toward M&A activity. Less than 2m ton contained copper and the majors are not interested, that bar will become lower, particularly with a sustainably higher copper price and the need to have new inventory on their books.

By fast tracking H&G mining and production, that infrastructure will be in place to then have the benefit of making it an operating brownfield asset where existing infrastructure reduces startup costs compared to a greenfield venture, making the mining operation and its expanded resource so much more desirable.

Once producing revenue, Bzt can generate value through systematic resource expansion drilling to ‘hopefully’ define a resource big enough, with over 500k tonnes of contained copper., with the most important point being that all of this resource drilling will be non dilutive from now on, which for a junior is rare.

It’s far more than just about scale when comparing with other projects.

Nah, EV’s are just a small part of the demand side, the electrification of the planet to supply the near 1billion people that don’t have electricity infrastructure and the green energy transition as a whole is what will drive demand for a generation.

F…Elon, if you want Billionaires,

KoBold Metals is a privately held, AI-driven mineral exploration company backed by a consortium of major billionaires, venture capital firms, and institutional investors focusing on identifying materials necessary for the clean energy transition, such as copper, lithium, nickel, and cobalt.

BEV, a climate technology fund founded by Bill Gates, which also counts Jeff Bezos, Michael Bloomberg, Ray Dalio, Richard Branson, and Mukesh Ambani among its backers.

BEV is a principal investor in KoBold who are Xtract’s near neighbours in Zambias WF along with another billionaire Robert Friedland with Ivanhoe mines who also are near neighbours.

These are all seriously players with skin in the game already who Xtract are slap bang the middle of.

Welcome eyesofblue 👋

In addition also to, “it would be true to say that funds would not be buying shares in a FTSE Small Cap let alone a company on AIM”, could add, nor do they wish to pay top price upon entry. Historically when companies move up and as example more recently, when Greatland moved to main Oz market,

there was a period of volatility that followed. Would expect to initially see a similar period on main index listing where the spread is moved around quite a bit, which would create another buying opportunity before it settles.

Hi insertwittynane

“when will BZT be worth £0.5 billion?”

Never say never, the fast tracking of development at H&G will allow a more progressive exploration programme to build on the resource and increase scale of operation within a few years.

It has always been CB’s vision that decent projects in quality jurisdictions that have feasibility studies will be sought after by the mid tiers and majors. H&G will tick all the boxes and I believe will be the first from the CB stable to be subject to M&A activity putting £0.5b not too unrealistic a target MC

H&G by then will have proven production revenue over a period of a years to allow a DCF model to be used toward a valuation which really ups the ante.

Imminently (adverb):

The vague promise of doing something very soon, as interpreted by a person who considers “soon” to mean “whenever I eventually get around to it, which could be minutes, hours, or possibly never.”

Asda be a bigun this time Zak

Agree with that, focus on market cap not the share price and with dilution events, try to keep up you existing ownership percentage of the company to keep your original investment case. Just how much longer will this opportunity continue below a penny to continue to do so?

One thing I would be certain of is that once they have permission for the new access road and exploration camp, the cost savings will then allow the ‘26 drill program to likely be extended beyond the planned 9000 metre, 25 holes.

Just to clarify, the proposed new collar locations for ‘26 campaign are highlighted in figure 2 of 16 Mar RNS.

Key word being ‘proposed,’ which does ‘not’ mean permitted yet.

Drill locations?

At this point in time, we may get a plan of first few hole positions just based on the fact that I can’t see any mention of new drill positions have been permitted, or are have been applied for. So maybe they will kick off by reorienting from previously collared hole positions that are already permitted while applications are processed for remainder as the campaign progresses. Sometimes the geology from analysis of the cores can send you from A to B which then sends you to C so to speak. So they may wish to allow some flexibility in their targeting later in the campaign depending on where it sends them or allow for access road outcome.

The two other anomalous targets picked up by the geophys will likely be permitted and drilled sooner than later.

Until rigs are mobilised and market is informed , cannot know for sure.

Can categorically say the bar talk was not about WSBN

‘25 campaign results all returned.

‘26 campaign starts in May

Some bloke down the pub told me that , so it must be true.

Why 9 months? 👶😉

Not uncommon to see these type of award schemes that are designed to incentivise and retain certain directors and employees critical to enhancing the future market value of the Company.

A little different how the awards are structured, noticeably without an exercise price target to what I recognise but essentially have the same purpose by awarding, if time and performance targets are met that are attached to the awards.

The schene should be viewed as being positive as I understand.

Very doubtful is institutional while there is still the execution risk, OpEx funding unconfirmed and essentially with the mine development being fast tracked without a DFS ( was a summarised FS)

Is more likely to be a HNWI, but let’s not split hairs I don’t care where it comes in from 😊

Hi Manifesto, it will not be a roadway that will be constructed in the civil engineering sense. The heritage survey they are doing is necessary in Australia toward protecting culturally significant sites, including Indigenous heritage. The sand dunes that the ‘access’ road has to go through is potentialy a culturally and environmentally sensitive site.

Once a designated route is permitted, the actual roadway will be an unsurfaced track. The only engineering works would be to make any areas safe like reinforcing any bridges on route. But this should not be the case as the determined route is flat through the sand dunes.