Member Info for JP2000

Plus £2.5m of CLNs&coupon in Aug, call it 3.1bn shares in issue. Don’t think they exercise the Nara option but $4m if they do around June.

Phoney: you’re talking rubbish. First drill under Lampson lake has been submitted for assays, the soils in that area do contain gold but the primary target is copper given massive ppm in lake sediments. Results expected around Christmas.

Last RNS mentions gold but this is in relation to drills 2&3 and the 2021 drill. The prime targets of drills 2&3 are nickel & copper in an ultramafic extrusion & Darren has verbally said these were very good drills, assays won’t come through until late Jan. The gold zone in the RNS is not entirely new as the area had extensive soil testing but what is new is that drills 2&3 have also intercepted gold prior to the ultramafic zone. The 2021 drill didn’t find standalone commercial gold grades, disappointing given high grade trench sample. If they have found 0.5-1g/t relatively shallow then it opens up the possibility of bulk mining, 1400m x 200m so reasonable size. Anything over 1g/t then happy days. However, primary targets are those highly magnetic ultramafic zones prospective for nickel/copper/cobalt/chrome/zinc/PGMs. This is thought to be an extension of GT Resources Tyko1/2. In the last interview Nick O’Reilly says they found “exactly what he was expecting” i.e Dotted is analogous with Tyko.

The recent sell off is simply traders moving money around, they know next to nothing about the company.

Established operators (eg Caledonia Mining) with multiple income streams can raise debt via international development banks but very little debt financing within Zim, which is why the mining sector is relatively small & fragmented. The greenstone belts are all claimed & much of the easy mining done by artisans. The bulk mining comparison to Australia has been grossly over hyped.

Putting KCB elephant to one side, the issue is dilution in 2025 which I estimate at 45% to 225% & there are scenarios at 500%. This is fine for insiders/strategic investors but it wipes out LTHs as has been long predicted. 2026 could be good if KAV is net cash generating & doesn’t issue anymore shares but I suspect the empire building will continued.

The other issue is risk to return, the returns are mediocre when they need to be 5-10 bags to warrant country & geological risk.

Https://www.youtube.com/live/BaiU9ATx_p4?si=HjzoDOsJF1ZiEHR

Listen after 1.40.30

Can someone post a link to interview which starts at 1.40.30

Probably most important interview this year.

DH said “we’ll know by Christmas” which is not the same as assay results by Christmas. My interpretation is they’ll have all the cores cut & examined visually & XRF analysed & in that context DH will know with 75-80% certainty. Historically assays take 2-3 months from submission to market announcement so Jan/Feb seems more likely. An interesting snippet from one of the interviews is drilling rates $ are very cheap at the moment i.e. they’re not that busy, meaning the assay labs might not be that busy either so hopefully assays will be quicker than average.

In previous drills DH has released photos and third party comments which ended up wide of the mark. He currently uses the word “mineralisation” which in absolute terms is meaningless although DH is saying the industry knows exactly what he’s saying.

KAV currently on its 5th drill campaign in BW. To date not a single decent drill core from any of those 25 drills, not one.

BHP may be interested in Obonga (Wishbone) & Glencore @ Dotted Lake. Listening to the interview, DH wants top dollar & is not looking to sell out too early. There will be corporate deals but majors are interested in known quantities because they need scale.

Generally very upbeat, thought the interviewer could have been more challenging. Current drill programme could potentially get extended depending on what they find. Currently drilling over on the eastern side. Core being processed at Thunder bay.

No, that was £2m.

$20m is the next phase beyond June 25. Guy at the Zim British Embassy is quoted.

For a 6 month window it did look positive, Purebond & PWB invested considerable sums & most would say they're not stupid. Unfortunately a lot of things have not gone well in last 6 months. There will be two nails in the coffin, not finding anything at Karakubis & the plan to raise $20m for Hillside reported in the Zim press which unfortunately is true.

At least 7. The last photo was drill 6 (duster) & they were drilling the next one at that time. That was 5 weeks ago & no news since. Suggest that had they made even a marginal find the CEO would have announced it as watching the share price crumble is in nobody's interest. Of course it would be nice to think the new geophysics & vectoring will lead to a discovery but they've not found anything commercial in Botswana in 5 campaigns.

Depends what DH puts into the public domain & how many targets are positive, there's 4 & each has the potential to be a standalone mine. I've always thought if they show a few cm of Chalcopyrite be sceptical until the assays as DH has form, but if they show 5-10m of core with description alluding to XRF then it might be a signal to buy. The acid test is assay results which take anything from 1-3 months. I'm more inclined to think 250-300p with further rises on good assay results.

Drilling speed in Canada is phenomenal

Stan: why is Christian Horner still in a job at Red Bull, because the 51% owner keeps him there regardless.

Turney is on very thin ice & he'll be out latest next summer. Its all gone pear shaped in the last 6 months;

Karakubis is looking distinctly like the first KSZ campaign, a bleb but not much else. If it were a prolific copper area then they would have found copper by now. KAV needs 1mT of Cu equiv to transform the company.

Hillside in Zim looks ok, not massive, worth 0.2p to the share price on forward PE of 1

Nara, gone very quiet, grades did not come close to 500k-2.6m oz resource.

VFEX, small & illiquid.

Other deals not come through & as murky as hell.

Given the inherent geological/country risks KAV isn't offering decent returns.

Dilution so high that even if KCB comes off not much leverage on share price.

What is the risk to reward ratio?

Two teams of geologists on site has to be a good thing.

Https://x.com/darrenhazelwood/status/1849809128106905944

Drilling starts in the next 48 hours so lets call it Monday.

Picture of Lampson Lake & a "huge copper anomaly", its potentially 1000m long by 200m & open at depth. There's also anomalous gold & cobalt. I've done some back of the envelop calculations & suffice to say this target alone could be worth a lot of money.

Is this assays from old cores/samples? was anyone expecting fireworks?