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The 2 shift working and its ability to increase the throughput is fully dependant upon the leaching process within the cells and the time to reach the point when the company determines the leaching within a cell to be complete. I would suggest the team are working 2 shifts to fill a large number of the cells to get them in to leaching but if were build heaps that take 6 weeks to fully leach we will soon be in a position of cells full and waiting for leaching completion. I'm sure the 2 shift working will be on final installation and commissioning of the gold room an activity which we hope will bring us the gold pour very soon.
Note : I have a cyanide spray intensity of 12 litres per square meter and to attain this over 6 or 7 cells would require a massive tank farm and recovery system which is something I have not seen in the photo's, that's not to say its not there.
All the communications infer gold in November but don't say that they leave us to make assumptions and I'm happy with that and will be happy with a potential 2000oz in 2021 even if its at the end of December.
Not as yet buying in to the doubling up of throughput, but If the 73,300oz P.A in the SP Angel publication is potentially correct and with inflation and other market forces pushing gold to new highs of a conservative $2000 then T/o could reach a heady $147m against a Mkt cap of £61m as of today, whats not to like ? only the word if or should that be when ?.
The plant is looking good and I would comment they have seemed to have used european (german) equipment and not Chinese equipment. A premium may have been paid but the quality will be seen through the life of the plant, nice to see some sizable vessels as well giving me increase confidence for the rerating of throughput. I may find it hard not to average up again tomorrow, So Golddd no ramping before 0900hrs tomorrow :-).
Bridgedogg1 - your correct the RNS says recommencement of production not gold pour.
However, working double shifts would be a silly expense if you were only building up crushed material and not processing it through to finished product. I'm sorry to say its one of those RNS's that leaves things open ended again !!
I have to say though if Emma came out and said gold pour by 30th November 1500hrs that would be deemed somewhat sensitive and potentially an own goal.
Im guessing when the team kicked off the placing that they were in a different confidence position than today.
I do not think the first pour will be that big as its a commissioning run i'm being optomistic with 2000oz.
2000oz at $1800 - costs =$1200 x 2000 = $2.4m less mineral tax @ 35% leaves you with $1.5 so they have derisked the potential of no gold pour
Thinking a bit more bout the £1m raised today and I have to say well done to Bill Trew and the project management team. I think they have looked at the production situation and asked "what if" we do not get to production in 2021 or what if there's only limited production on 2021 and the answer would be we run out of money so lets derisk that possibility by having a small fundraising and if production is good (2000oz) its a win win and we develop a larger proven resource.
Again well done the team.
Thinking aloud here but why now ? The RNS indicated they are still looking to pour gold in November so why not wait 3 weeks and get the shares away at 17p and take £1.5m. The only answer I have is that the placing takes time to organise and its sods law that its come just as plant is supposed to be in production. I'm not meaning to sound negative I have said many times the build has been on a shoe string and thought this would happen, I've also banged on about a new DEP so I'm happy they have acted positively and are getting on with it.
Gilo - If dad is so sure on this share ask him to lend you £20k for an ISA and inform him he can have his £20k back in 2026 if the share has gone up. Dads happy with what your investing in and getting his money back in full and there is the chance you could have a £180k house deposit so dad wins again !!! Simples.
Not sure how long a heating and soaking process takes, but would be very happy with a November pour of 2000oz to commission. look forward to seeing 10 not so shiny billets knocked out and perhaps the management team could record the process so we can all see what we have invested in. Now that would be good comms.
Just like to say in football past performance is no guarantee of future performance and I suppose i should go back to sitting on my hands. Hope we have a blue day today and sorry to those who were not on line yesterday and seen me include Bournemouth in a small footy wager.
CB1 - I am struggling to filter the RNS I thought another part of the jigsaw would see 9-10p, I don't know the fine print of the terms with the banks but given the market reaction I'm seeing scrabble this morning and not a part of the jigsaw which I'm sure it is its just my simple brain is struggling to process the information in to a 1,2 &3 format prior to bang we are funded.