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One word Englishwonderer. Havieron !

And like Bzt will now be doing that Greatland has managed to now with Telfer LOM secured beyond Havieron coming online , Greatland has now put some serious weight behind the Telfer resource increasing the critical mass fully de risking the ongoing mining operation. Routine MREs now from BZT will have the same effect.

“When funding is sorted, re-rate will happen quicker than you think”.-Titaniumboy

Agree 100%, is a known fact that a project with a funding solution is worth inherently more than one without. Rerate has to happen!

Https://m.youtube.com/watch?v=iqvWERKrClQ

That really is a good, timely MRE upgrade. From the previous economics, what are material step change gains on the here and now that will matter most to free cash flow is that reduction in mining costs to reduce AISC.

Add to the investment case what the 7x increase in open pitable tonnage has done to bring forward phase 2 development of a 25ktpa copper ‘output’ flotation plant generating USD290m revenue at still a conservative USD11,500Cu per ton by 5 yrs for me, turns this investment on its head. Seriously now have to re evaluate and look to do a bit of strategic rebalancing sooner than I had anticipated. Question is when!

There is always execution risk and with taking on 90% ownership, they are effectively taking on 90% of that risk burden the only real consideration.

The drill, build and expand model will rely on execution and re investment. The geology has been largely de risked with the company now likely to begin to do annual MRE upgrades to bring more prospective unclassified material into the resource and convert more resource to reserves routinely to push out the mine life further to de risk the mine which is very normal.

Get phase 1 commissioned and the rest will follow. It’s about whether to take that leap of faith before, or after phase 1 commissioning I guess.

Now where can I siphon some money from?

Hi NtM, warm welcome to you. Is a quality company, their PR is really slick and professional, the CEO and management team are of the highest calibre with a growth strategy that is very aggressive, starting with their former producing and one of the highest grade gold mines on the planet that is now ramping up to nameplate capacity and recoveries by H2 in their indoor all weather modular processing facility and with a recent broker target from Cavendish of £2.04 I hope your small entry turns into a bigger stake in time.

Check out the promo videos on website if not done so already, particularly for black Angel to appreciate the scale of this other former producing mine they are recommissioning.

There’s a certain irony with wanting to let it be known of having an association with Colin .

I have repeatedly had to deny I have any association with him, including being accused of being him, being one of the project directors, being on one of his BOD’s or just being on the payroll a favourite. But yet, nobody listens to me now. Is that what you really want Irish? 😉

Difference being the ongoing work at Telfer is on site resource expansion drilling and underground drilling that is relatively unaffected by the rains.

The issue with the wet season is more mobilisation related, travelling with wheeled, heavy trucks across unsurfaced terrain with risk of getting stuck and causing heavy rutting and ground compaction.

The oz have some of the most stringent environmental legislation which part of drill permitting is the reinstatement from drilling activities and so doubtful permissions would not allow them to mobilise until out of the rainy season.

‘Independent’ Geological study released in Feb from Black Angel district.

Couple of highlights, confirm what we already know and cites likelihood of high prospectivity and potential to host far higher grades than grades recently reported from the mine site by AMRQ

“The Black Angel mine in central West Greenland, active from 1973 to 1990, produced 11.2 Mt with 12.3 % Zn, 4.1 % Pb and 29 ppm Ag from ten marble-hosted ore bodies. While major base and precious metals contents were reported during production times, the critical element distribution was never evaluated. New whole rock data of massive sulfide ore from the South Lakes Glacier occurrence in the Black Angel district show mean Ge grades of 120 ppm and mean Ga grades of 130 ppm, indicating a significant, previously unrecognized Ge and Ga endowment, and making Black Angel an ideal place to study the formation of Ge-bearing Zn-Pb deposits.”

Concludes,- “The mean Ge grades of 120 ppm and mean Ga grades of 130 ppm from South Lakes Glacier are higher than mean Ge whole rock grades published for many Ge-producing and Ge-sulfide bearing deposits like Tsumeb (50 ppm), Khusib Springs (40 ppm) or Kipushi (<60 ppm) (Höll et al., 2007, Ivanhoe Mines, 2015). Germanium occurs almost exclusively in a discrete Ge-mineral and not in sphalerite, where it is typically hosted in. The Black Angel district therefore constitutes a prospective exploration target for high-grade Ge-bearing Zn-Pb deposits.”

https://www.sciencedirect.com/science/article/pii/S0169136826000168

Next phase, although is to map geological architecture and test extensions to the known mineralised trend, the 25 hole program will only be testing down to 400m, which are within open pitable depths.

The overburden is the waste rock that has no economic worth that has to be pre stripped in an open pit to gain access to the ore body. So the shallower to surface the ore is, the better the economics are due to less volume of non pay material that has to still be mined incurring the same mining costs as the pay material.

The deeper the ore body the further the pit shell needs to be pushed back to retain the optimum pit wall angle as the mine gets deeper.

That relationship is called the strip ratio and would play a really important factor in economic viability of any surface starter mine.

Hope that helps.

“……don't know if you really think things will be different or are just holding on to the hope that things will be different this time?…..”

To be concentrating on whether Oval or Wildstone stick to time frames given, like they are on trial, is not that important in the scale of what the bigger objectives are for these projects.

I wouldn’t call it hope, more conviction in the companies ongoing strategy which anyone can see is slowly beginning to materialise. As well as conviction in my own research, understanding and belief now to continually buy into it that strategy as projects across companies further de risked.

Just to add.

From the company website, first port of call for anyone wanting to understand objectives.

“…..Processing of the significantly high-resolution magnetic datasets, by VAR, has revealed that the magnetic bodies occur much closer to surface relative to their previous reported 150m-250m depth that was modelled on the wider spaced regional magnetic datasets. The relatively shallower target depth is strongly advantageous both from an exploration and future development potential perspective……”

In case folk were wondering what I was referring to in my previous post.

Autumnleaves and Thenorseman, both make a fair argument for WSBN to go down the JV route. But you are both off the mark in different ways.

The next round will, as said, only begin to understand the wider resource potential. But until they can find and delineate an ore body within the Red Setter system that has a higher concentration of gold that also has the propensity to be nearer to surface, they don’t really have anything. When and if they do find what they are ‘actually’ looking for, they can then begin to build confidence in it with a further round of drilling to quantify what they have found and legally report against that resource with a JORC.

Without an initial JORC ‘at the very least’, they simply do not have a hand to play to be able to market Red Setter toward a M&A.

They will not be able to attract anyone to the negotiating table until they have either a preliminary economic assessment or a conceptual open pit mining and economic study to be able to start to put a valuation behind any kind of collaboration.

Pinning hopes on a Hav type deep discovery hole and picking up a JV partner is dreamland, forget it.

But finding a higher concentration of gold nearer to surface and building an initial open pitable resource, is well within the realms of possibility.

Talk of a JV/sale may come, but is way too early still yet.

How much weight can the release of the incentivised options add to the schedule for first concentrate being given as a realistic timeframe which would appear to coincide with the new options that vest in 3 staged tranches.

“One-third vests immediately on award; one-third vests upon the commencement of production at the Silverking Mine; and one-third vests on 1 November 2026.”

It does lead one to innocently believe these would occur in order and coincide with production but granted, it is open to interpretation. What relevance does the exercise price of 1.40 have?

Just trying to offer a more tangible reason to be more confident in their timeframe than just ‘because of legacy issues’ and a forum culture from some now, to not believe anything that is stated in an RNS as accepted lore.

Neither of you have commented on Oval Mining I notice. It is their baby, they are developing the site, they are the mining contractor. What benefit is there for CB to exaggerate their schedule?

That is for once, a fair Ai synopsis.

Those close spaced resource drills are the real important ones that increase resource category of which am expecting MRE5 to see some measured this time. Only measured and indicated can be converted to ore reserves that go into the mine plan.

These, now routine annual resource updates will begin to show major new investors the confidence of sustainable mining operation at Nalunaq dispelling old myths of Greenland being a difficult place to operate efficiently. It’s also not just about the confidence required to succeed, but also having the confidence in the ore grades you are delivering to the plant.

I was reading an old technical report on Nalunaq that stated -

….Minor problems continued with the processing plant. During February 2013, for example, 2,917

tonnes were milled at an average head grade of 18.5 g/t gold. However, during this period the

grade of the tailings averaged 3.3 g/t with tailings samples ranging from 0.9 g/t to 34.0 g/t gold.

These high grades indicate a significant loss of gold due to a combination of factors. These

included the fact that the plant was receiving material that graded above its designed head grade of 13.5 g/t gold, meaning that a proportion of the gold was not being recovered from the leachate.

Sorry but 34gt Au going to waste dump is just f***** insane !

Andrew - “I'm expecting SK to be in production by Q4 and not in June as implied. Antinomy production by mid 2027”

Is the basis of your expected time for first production , particularly so for SK from CB’s past performances or of the wider African mining ministry unhurried more relaxed pace? Would hazard a guess on both!

But throw in Oval mining’s Tony Lukonde’s determination to bring small scale mining to SK, the plant build, tailings dam and infrastructure that was started 9 months prior and mostly complete when XTr announced they were buying into it.

Which being honest was a real surprise to many I’m sure to see it was very real and had progressed so far in the video that was released by an Oval employee.

Small scale mining was in the planning stage well back in ‘24 possibly the year earlier (not checked) when he announced on the Roast pr Zambia copper special they would be mining within 18-24 months stating they already had the mining licence at the time. It was the wider exploration license they needed to get (back then )

I’m a bit more confident Oval will deliver first concentrate within the timeframe given by Colin. What would he gain by being over optimistic on their schedule?

I would be more open to your opinion for antimony production as there are more unknowns. But remain hopefull too.

Fair comment Andrew.

What happened to, you will only believe what is written in RNS’ ? 😉

I get your point re results, but not sure there is any benefit to sharing any results recieved, it will be hardly, or overly price sensitive information until they plan to act on their investment where then any news will have more impact and be have more relevance.

Hi James, I think to make assumptions until either an update or an announcement they have impaired the costs, tucked away at the bottom of the full year report is unfair i think before then. In the latest sept ‘25 half year operational highlights the language used is very positive.

“The company also acquired dump material (announced 6feb ‘25) from various sites in the Zambian Copperbelt, valued at US$1.15 per tonne, for a total investment of US$300,000, representing an ‘attractive investment’ for the company”

Let’s wait to see if the language changes in the upcoming full year report to give any kind of indication of their plans.

Best, Guy

Could well be x4 income streams by end of year.

First priority is for the small mines to get income from, next priority should then be to start getting income from the circa 1%cu ore dump material they purchased with option to increase.

Is an interesting read thanks for sharing flipper.

Highlights how important flowsheet optimisation is with tailoring plant design specific to project needs and not a one size fits all approach that was normal from old mines of the past. Most importantly, ‘toward’ maximising recoveries in that final concentrate to send as little of the copper to tailings as possible where it will likely be lost for good.

Also highlights how this new tech will drive economic efficiency, when they could have spent half on used reconditioned equipment which would not have the same flexibility to tackle the hardest rock efficiently where lower quality ore goes to the processor.

Cheaper to run and maintain as well which translates to lower AISC and more efficient production.

Will all be worth the wait.