Member Info for ID78

I’m expecting 15 months - but time will tell.

Anyway, another £9.6mill paid off the debt in 3 months.

SP 3 months ago was about 1.5p (MCAP £30mill)

SP now 1.9p and MCAP £39mill….. up £9mill…

Schlum - debt $69mill and paying down $12mill a quarter

In 4 quarters $48mill will be paid leaving $21mill.

So debt free in 15-18months

Thanks curiouser- appreciated

And yes, activists posting in this was is a good sign. Having them really annoyed (not this post) is a better sign. But they won’t know what’s going on within central government.

Poor WOS - getting a pounding here today.

My take -

WOS you do have knowledge and info and your posts are useful.

But when I can back to the board I quickly started to ignore you as a blatant over zealous ramper and not to be taken seriously. Which was a shame given the point above. It took me time to start reading me accept some of what you say.

I don’t have FB - what is it?

MRE update says it is JORC compliant:

https://www.lse.co.uk/rns/GCAT/increased-mineral-resource-estimate-for-kilimapesa-tegrtxlsorip1pj.html

I’d also ask if $15mill would be offered up if it wasn’t independently verified.

At the same time there is nothing that has stated it has been independently verified and by whom (or if there is I’ve missed it).

One of those ones again where maybe a bit more information would be welcome.

Suggins - that then feeds back to

The hill is low grade relative to Vim Rutha. Find gold there and it all changes… indeed the hill is low grade relative to all other regions in the licence.

Note the word relative before I get shot down for saying it’s bad grade. It’s good enough to make money, clearly.

I don’t think that’s it but happy to be proved wrong. My thoughts..

- part of the total oz is low grade HL ore, HL, that’s unchanged (can’t remember what % of the 24,000oz)

- some of it is high grade ore but doubling the grade = double the ore 24,000 -> 50,000oz would mean all the gold would have to come from the high grade CIL plant and none from HL.

- also whilst the grade has doubled from what they did before Xmas (approx 1.8g/t), I think the scoping study model assumed better grades than 1.8g/t… more like 2.5g/t (and that is averaged with the low grade HL, so they were assuming >2.5 g/t for the high grade stuff)

Part of what had me confused before Xmas was the poor grade going through the CIL (high grade circuit), it was so poor compared to what they did in Q1 2022.

Who knows Apro…. but does ordering additional CIL equipment mean they anticipate more high grade ore? Or is it simply that money saved from more efficient equipment (higher RF) pays for itself.

As ever … guesswork.

I’m still left thinking about the $15mill finance vs 24000oz expansion / 50,000oz expansion.

I think the expansion IS to 24,000oz - at first. Once ramped up to there phase 2 will be additional expansion to 50,000oz. To be fair 50,000oz was occasionally hinted at in the past. It was always the potential end goal.

I think the additional $5mill (before Xmas it was $10mill I’m finding, it’s now $15mill) is to help clear the CLNs. That’s my gut feel.

I hope so at least. I just can’t see them going from where they are now to 50,000oz. It would make sense to ramp up in phases.

If RM could just come out and clear up the CLNs and what is planned or needed to clear them. By not talking about it, by just ignoring this topic, it leaves us guessing, causes uncertainty, introduces potential risk, and this reflects in the SP.

Legal - was it you? Honestly my memory is shocking

Well … all I can say is well done. Shame I didn’t pay more attention to what you were saying. But again, that goes in hand with not realising the process and that the funds needed to be drawn down and RNSd. I assumed it was all done and dusted.

Lesson learnt.

Thanks anyway for posting.

Good to see you posting Apro.

I never did understand plant 2… used to treat low grade tailings - so why not just chuck it on the HL? I assumed I was missing something but maybe I wasn’t.

With regards recovery from plant 1 - did RM suggest recently they’ve bought new CIL plant and this will improve RF. (newer, improved equipment = better recovery factor or that rubbish, the process is the process and can not be improved).

As you say, quite a few things are unclear. That’s always been the way. To be fair they can’t put everything into these presentations, but all along we’ve picked at the information and been left not knowing exactly what’s happening.

All the best

Ohh - and two more things;

JC - on the HL: Heap leach increasing from 15tons to 65tons. So the larger pads combined are 50tons - so … 2 x 25tons? Maybe?

Also bringing in an outside company to develop a plan to mine the higher grade ore. I suspect TRX may have suggested this… and I welcome it. I think it’s a good move. That’s another tick for Robbie

Thanks SW.

This board has always been one of the better ones. None or little of the trolling and bickering you get elsewhere and more knowledgeable posters happy to share what they know.

Legalwolf initially annoyed me as he posted negatives, but to be fair those posts are not inaccurate or incorrect. I remember we all got annoyed at someone before Xmas repeatedly saying ‘why is there no RNS on the funds drawdown’ - if I’d paid attention I might have done better with my investment choices! We all gave that poster little time for those opinions.

Meanwhile we have guys like TrekMadone, never met but I follow his posts. He is no mug, and a pretty skilled investor. He has walked away, lost trust. If I followed his choices I’d be more wealthy.

But - RM has shown tenacity and resilience. The company has weathered the storm. He got funding (CLN) to keep the company going. He (has now said) was aware of this high grade region and targeted it. Back to basics, mine gold, make money and make the company financially robust. He has his faults, biggest being he is a miner/engineer and my knowledge of engineers is they are a friendly bunch with little ego and honest. He comes across the same. But sometimes he says things that a more savvy CEO wouldn’t and these things are picked apart on these boards. But as I say he’s a miner/engineer and not a lawyer or practised CEO.

I’d also say the Q3/Q4 numbers (ore mines vs gold poured) made no sense. Genuinely I think gold has gone missing and RM has brought a way to measure the gold at each stage of the process. So that has been sorted. Another tick for Robbie, identifying the problem and sorting it.

Now to the company. Mining high grade ore for over a year and cash is not an issue. That cash could perhaps find the mine expansion but RM is not looking to do that. He wants finance to make it happen more quickly. Or is there another reason? To help clear these CLNs?

The CLNs I don’t fully understand Trek would, legalwolf clearly does. The possibility of doubling the shares in issue and these being sold off, this is concerning me (legalwolf posted yesterday).

Finance - I think it will happen. There is no doubt the company can pay it back, as I say they could maybe almost self fund the expansion (or half of it) with this high grade ore. The economics are more robust then before Xmas.

Clearly Gary McConnell thinks this or he wouldn’t have bought more. To be fair he couldn’t sell either - selling would have spread more panic. But he didn’t need to buy more…

So - my questions / thoughts…

The latest presentation (24,000oz) doesn’t match his interview (50,000oz) - so which is it (he did mention 50 in the past, I think it’s the end goal and the first target is 24).

We don’t know current AISC - could we know that?

Could we get clarification of the CLNs and if there is a plan to deal with them. As mentioned the potential churn of clearing 100% more shares added to the book is a worry.

I posted at the time, along with my reasons for selling. Safe to say they did sail close to the wind, stopped production as they couldn’t afford to run the mine in Jan.

No rusty, sold out when the Q3/Q4 production numbers were woeful and the company in danger of not having the cash to keep going.

Thinking of buying but a bit more wary now

Dec RNS ‘Meetings held at the Matad district and Dornod provincial levels of citizens' committees resulted in voting that did not to support the central government's certification proposal. ’

No mention of the LP, and there has been no mention of the LP just the special certification by central government.

Maybe the LP is still in play, but I don’t see it working for us.

Which regards comments about the central government wanting to please the people of the country. If half the population live in the capital they won’t care about a local issue in MATAD province. Same with many other people that don’t live in MATAD province, they won’t care much either.

Appreciated JC, thank you.

If you mean me (iamagoldbuyer) - I’ve posted here for quite a long time and was all in at one point. Even posted here and said when I sold out (at a loss).

Anyway - mine economics - I think this is what we had released before Xmas in the scoping study - so nothing new. And I had the AISC wrong if that is the case (apologies to whoever’s numbers I corrected today! - although again we don’t know the current AISC)

- $118mill FCF over 10 years, so $11.8mill a year
- 24000oz gold a year

Only thing that leaves me confused is the mine expansion yesterdays 50,000oz or is it 24,000oz? If 50,000 can we have the scoping study updated (is the AISC even lower??)

So… unlimited RNS but cost £20k a year?

Or am I reading that wrong.

I read on a BB (so this is not necessarily fact!)

£5000 for an RNS.

Is this true - not a clue. But I wouldn’t be surprised.