Member Info for Iaintittle

Plenty of good stuff in the presentation, much of it reported here already.
A couple of extra’s if I may.

When the CEO was talking about the company cash being circa £37m within the context of sales of LFT’s he said ‘will strengthen this position further’ the implication being that he is anticipating that sales of our LFT's will cause our cash position will go up…..

Delta variant now dominant on the planet and AS believes that Avacta are globally unique in publishing their LFT performance data derived from fully sequenced Delta samples. He commented that this should allow us to win market share in a crowded market.

AS has been surprised by how much interest there has been in the biotech of the affimers that underlie the Covid LFT diagnostic. Avacta has come to market will one of the best tests using a novel platform; that is attracting interest.

AVA3996 should be the second pro drug in clinic by the end of the year.

Tony, he didn’t say.

Don’t know what was said in London.
Manchester was a small quiet affair over dinner with
4-5% of the shareholders represented.
The company expect to get the balance of the assays over the next few days, ideally before the weekend but there will be work to do before any ‘drill’ RNS is released so unlikely this week but don’t rule it out.
The bulk of the work will be to compile all the results of the 40,000m, lay them over the historic drill assays and come up with a new ‘resource’. Nothing that we didn’t know. Lots to do.
More important to me was to learn more about our major shareholders and what their strategies have been in other successful mining projects. If you read up on that you will find out that they invest for the long haul. They don’t like dilution so they pay their corner at every raising. They like to see early and efficient progression to cash flow. They see the fastest way to value is re-investment of early revenue into the expansion of resource and production.
All in all I would say that their aims and ambitions are aligned with mine…… don’t know about you lot.

I don’t know anyone who went to both.

Dave….. definitely off takes part of a bigger jigsaw and all pieces need simultaneous negotiation

Tom, I agree that no company would want to renegotiate with a new government however, the politicians will want their pound of flesh. Investment and job creation is a vote winner, Babis will exploit that.

Jim, you are right, Howard and Rodney are all over it. (have you seen some of the stuff they have done with Ivan?)
As I am sure you know, but others might not, they represent the company and are share holders. In previous output they have 'bigged' us up a bit more. I am not sure whether they were more subdued about EMH because the piece was a 'whole industry' piece as opposed to a European or a Tesla story or whether they are being discreet before the events that will unfurl over the next 3 weeks....... one thing for sure, they will know more than we do.

Evening Major (evening Fawlty!)
Babis is two weeks before an election; he will do or say anything that gets him votes; don't confuse politics for business.
He will back coal (in Poland) if it gets him the mining vote. He will **** Brussels if it wins him the separatist vote. He will back the electric future of vehicles if it wins him the ICE supply sector vote (10% of CR's GDP)..... and he will back the EU on Friday when they promise him all sorts of grants and hand outs
For VW, Skoda, L&G,CEZ etc this is business, they have to make decisions now that will last for 20 rears, not just a 4 year parliament.

Jim, there are two other really good Klein preso's that have come to my attention over the weekend; apologies if already posted.
https://www.youtube.com/watch?v=jRyoe7QWnyE&t=127s Howard Klein 'fair pricing' 25/9

https://www.youtube.com/watch?v=ihm3uUWAt9M Pilbara minerals interview 11/9

Manchester meeting in person.
I don’t really think that the new term sheet is a problem, especially if the rank and file are allowed to take part in it. What is more important to me is that, subject to DFS, we are good to go. There was always going to be dilution to fund the mine, there are other explorers with larger resources than ours that are struggling to finance a build, I would rather be in our shoes.

Billy;

'Did anyone ask why the term of the term sheet are (so) inferior to the previous term sheet?'

I can ask Monday but.....
The previous term sheet was constructed from what they knew then...... new term sheet relates to what they know now...... and we don't know any details but this smells like an equity portion on a bank raise. Ratios might suggest $25m equity/convertible (as publicised) with $45m bank loan to build a scaleable plant that can produce 60 koz pa and grow ....... not only scale-able but gets 90+ gold recovery........ from my understanding if you are a big enough player you can buy into the term sheet as Bert does not want to exclude rank and file investors

Bert hasn't 'put the 1-2 Moz in a shareholder presentation'.........It is the same wording as Dec 2019..... as yet, nothing has changed.
There is a massive difference between a Mineral Resource Estimate (1-2 Moz) and an Inferred Resource

Tony, the company have not mentioned a new target of 1-2moz. This number is in the original RNS dated 5/12/19 in which we announced our maiden resource and it is the ‘exploration target within 100m of surface’.
Within this number was the Maiden Inferred Mineral Resource of 265koz. The company as yet have not changed either of these number but I am expecting them to do so when all the drill results are in. (As these numbers are market sensitive they will be released within an RNS and there will be no leak from the company and hopefully, none from the nomad nor regulator). I would be staggered to get an inferred resource of 2 moz, even 1 moz is optimistic (but I live in hope).

Yes Q&A
No, no chance of either request for silence or inside info.
The fact that Paul Quirk was due to be there might be an effort by the company to help demonstrate to other shareholders the confidence Paul has in the project

Happy for AG to answer that Rum but my two peneth….. the 35k metre drill program got extended to 40k. There is around 10k left to report. Originally the company hoped to reveal a new MRE at the end of September but because of the extended drill program this will now be in Oct. The last few holes were finished a week or two back and will take about 4 weeks for the assays to be done. Bert has presentations on the 22nd and 27th so may RNS further assays early next week however the last RNS covered a substantial amount of drilling (~10k metres) so there may not be much more than 3k available to report right now.

Dan, you are correct with the JORC. My understanding is that Bert was disappointed with this number as the consultant was very conservative with pit walls and depths at the time. It is my opinion that the new JORC will be significantly higher as much of the drilling has been ‘stepout’ finding new mineralisation at width and depth from known deposits. ‘Infill’ drilling will move the contents of planned pits up the JORC curve.
You mention 1 of 3 projects, do you refer to Senegal and West Mali along with Sanankoro? I think the first two will be on the back burner after this drill
program; I feel that there is still much more drilling to be done in Sanankoro (Grid 4 and Target 3) plus an area called Tekeledougou (Yanfolila) before Cora will put cash resource into the other two areas…… I think they will want to get to cash flow rather than fund raise with dilution to pay for new exploration programs.

Best guess is DFS Q1 2022 followed by fast track build for production Q1 2023 (or optimistic Q4 2022).
The big shareholders will be keen to get to cash flow asap but when that is will depend on how much bank debt we take on top of the equity/convertible money that is already agreed in principal. In my opinion the bigger the project the longer it will take.

https://twitter.com/cora_gold/status/1437677561606201347?s=21

Bert clearly likes the latest batch of results.
I suspect one more drill RNS before presentations on the 22nd and 27th.

Observer……Rodney Hooper commented (after hearing that bid price) that for the Chinese processor to make 15% profit on the conversion of the spod concentrate they will have to retail the battery grade at $30,000 p/t

Some markets match buyer with seller but on the AIM the MM’s act as an intermediary and buy and sell everything so there isn’t a commission as such, but a profit margin. Also the MM’s don’t like getting left with shares at certain times and they also are accused of manipulating prices so as to maximise profits on a known buy or sell