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And the presentation still states end Q2, fully expecting the MRE update this week, I was just musing whether they have to e batch 3 samples.

I don’t see them going back to the hill, over 100 holes drilled there and yet most of the licence still to explore. They even extended the drilling strike on the hill east and west so I think they are finished with drilling the hill…

*thinking aloud

Thanks APG, that was my understanding that batch 3 would be in the June 22 MRE update.

But there has been no RNS with the batch 3 lab results, so IF they haven’t received the results yet is there enough time to update the MRE if they get the batch 3 results today or tomorrow? So my message was thinking allowed of what alternatives there are.

Of course, it could just be they have the results and they haven’t released by RNS…. Maybe just save money and release the MRE with the batch 3 results results in one RNS?

I’m maybe overthinking things. I am relaxed about the ultimate goal, that they will find enough gold to justify the mine expansion.

Yes- the presentation released end of last week still states ‘MRE scheduled for end of Q2 2022’.

I suspect that they already have a revised MRE, with the batch 1 and 2 samples. Perhaps they will release that if the batch 3 results from the lab are running late, then a further RNS in a week or two with the batch 3 results.

Or maybe they have the batch 3 results and we don’t know this yet. Either way I’m relaxed, they seem confident that the MRE will be good enough to continue with the plant upgrade…

Russian gold exports were £12.6 billion last year…

https://www.reuters.com/article/ukraine-crisis-gold/uk-u-s-japan-and-canada-to-ban-russia-gold-imports-idINL8N2YD01B

Meanwhile the following suggests Russia contributes 4%

https://www.worldstopexports.com/gold-exports-country/

I suppose it doesn’t stop Russia exporting to plenty of other countries, however if gold is being used to prop up the Rouble then it’s just yet more demand on gold to push the price up

@APG - have you reconciled the production numbers in your spreadsheet against the numbers in the presentation?

Thanks Bebeto

Last post, I need to get back to work

-582,500t ore x 50% recovery x 1.62 g/t / 31.1 = 15171oz
- presentation states 15196oz

Low recovery and grades are assumed as well as low throughput (limited by ore mining capability)

I think they are (hopefully) under promising …..

Oh- and no discussion of a new elution plant, that seems to have gone away?

I really am confused about the production numbers. We’ve been told they have managed to hit 1000oz (or close) in 1 month using the existing plant.

The planned production for 22-23 is 15,196oz (1266oz a month with the plant1, plant 2, plant 3 and plant 4. I feel the numbers are very conservative.

Or, is it a realistic reflection of being able to mine enough ore?

Kilimepesa Resource

- the 3D block modelling is impressive to see.
- I wonder what the software is, and I wonder how quickly they can plug in the results from batch 3
- . presentation still states EMR update end of June
- they also state a second EMR update before 2023
- but that the final phase of production expansion is before the 2nd update to the EMR……
- so there is enough confidence in the resource to go ahead with the full production expansion with the current EMR (due next week)
- and they don’t need the additional EMR to secure any funding needed

Kilimepesa Production

- The numbers look odd - 2281oz from plant 3 (190oz a month). We were anticipating more like 800oz a month from the 20kt HL pads?
- So we’re our assumptions wildly out?

- Then the ore required for 15000oz is 582,500 tonnes, or 48,542tonnes of ore a month. In all of Q1 well they mined 44,846tonnes. So ore being mined needs to treble, which APG has already stated as being an issue. They are to open to addits in Q3 to help… and the open pit number is increasing quarter to quarter..

- struggling to reconcile the gold production numbers against what we were expecting.
- The 120kt HL plant 4 will produce 800oz a month?

Hmmm
- Heiko Thomas is mentioned in the prospectus, and held 10.85% of the share capital on admission

- Heiko Thomas 10.85%
- Goldplat held 7.17%
- Sylvia Schmidt 3.97%
- Theseus Enterprises 3.82%
- Mayflower Capital 3.68%

In the previous presentations
- DEM hold 11.6%
- Orca capital 9.32%
- Goldplat 9.12%

June 22 presentation
Heiko Thomas - 8.37%, No Goldplat, no Orca.

- Are DEM and Heiko one and the same?
- Goldplat and Orca could still hold but less than 6%.

It would be good to know a bit more, but we can conclude Goldplat and Orca have been selling and private investors have bought in, massively.

I first bought at just over 1p, and was happy as Robbie bought soon after.

The share price dropped and the Q1 gold sales were underwhelming. I’ve researched more as a result of the SP drop and along with some cracking posts on this board I can say I’m aware of all risks but I am not concerned. I’ve bought more including below 0.7p and I am relaxed.

The Rick Rule interview was very useful.

I don’t know how long it takes to use the assay results to rework the EMR numbers, but to announce the EMR by rhe 30th (a week today) I was thinking we would get the assay results this week.

It would be fantastic for a second buyer with sticky hands to emerge from the shadows but I think it’s same investor that has bought more.

At least we know the shares have gone to a good home.

Robbie is running out of days (this week) to issue the final set of assay results …

Well someone is keen to buy…. Just wish the 500,000 or 600,000 sells would stop.

Ahhh ok. It’s a skill of mine looking a bit daft sometimes : )

Well, yes Bebeto. I’m just giving possible reasons for the selling and to my mind any reasons specific to the company are being well managed by the company

I think the JORC measured gold is holding the price back. Management have completed drilling on this and the updated MRE will change the measure oz next week.

I think not hitting 1000oz a month constantly is holding the price back. Management have commissioned HL pads and at some point the existing CIL and tailings will begin to work more reliably as the repairs make a difference.

I think the share price is being held back as funding is needed for ph3 of the mine expansion and there is a fear of dilution, however some great posts on here have demonstrated that this can not happen until next year. And Robbie et al are still committed to 2000oz by the end of the year, so funding is not by a placing.

Then there are the over riding market conditions. Most shares I watch are down.

Take your pick, however the first 3 reasons are not of a concern to me and the value will be realised. Eventually.

I would agree convb, but I dread to think what that would mean for those of us left in Scotland.

Anything else I write seems to become a political rant, so it’s probably best I leave it there. I’m pretty sure this BB is for better things than my complaints about the SNP.

ATB

Alistair, as a Scot living in Glasgow, working (currently) in shipbuilding but having worked 8 years on Rolls Royce projects….. I wish the SNP and Green Party would be removed.

I agree, APG

The wording of my message, by ahead of the upgrade to the MRE. I mean today.

To host this conference (today) they must already have significant confidence in the increase in resource to the MRE (which will be released before the 30th).