Member Info for JP2000

On D3 if they do find something in the 700-900m zone, there’s always a chance it will get extended to 1000m which at that point is 2-3 drilling days.

An important thing to mention is DHEM on drill 3 needs to be completed and interpreted so it wouldn’t be a surprise if there’s a small delay starting GRS drill 4. BT said they would inform the market if they find anything like drill 2 results on drill 3 and below 700m was more interesting so hopefully some good news next week.

Can someone clarify a point on the conductor, BT has said they've found 2 conductive zones then a third 760-780m which is more pronounced but is the top of something bigger.

Is the conductor in the horizontal, either within the blue magnetic model area or to the side outside of the magnetic model?
and/or
Is the conductor in the vertical below 780m?

Trying to understand if A2 was drilled in the wrong place (accepting drilling is risky and a learning process) or if the DHEM just needs to go deeper?

AGM has announced approval in Nov so a case of when not if

What he's also showing you is a box of blurry sulphide core at least 30m thick (which was never in doubt) looking very similar to Wishbone 1. The small core is showing veins of chalcopyrite (copper) or gold, most likely the former but its very different to tell from photos.

Photo's are great but I feel there's a gap in the comms starting with geological and magnetic models though to actual results because I don't get any real sense whether the 3 drills are delivering good bad or indifferent results whereas the professionals on the ground know exactly and there are various ways of expressing this to audiences.

20p is quite conservative but of course you've got to get there first.

Near term news flow:
1) Dotted Lake assay
2) Wishbone drill 1 assay
3) Wishbone drill 2 core visuals (the BHP priority target)
4) Wishbone drill 2 assay
5) ASX IPO
6) Merolia drill (gold)
7) Coglia drill (Nickle)

Re Core & Assays: the cores get visually reviewed, photographed, XRF, and are halved so the co retains a physical record.

BT's been sitting on preliminary results for quite some time considering 14th Sept, 682-3m looked excellent and yesterday BT mentions 760-780m is the conductive tip which in drilling terms is 3-4 days later and photos are not in the public domain. Are they using the conductivity testing to prioritise assay testing or is something else going on?

14th Sept twitter:
https://twitter.com/KavangoRes/status/1437760199658459143

Legal: BT is now saying today the cores are cut but have not been sent to SA. Overall news from KAV is positive but this snippet from BT is disappointing.

The assay results will be key, firstly for drill 2 and whether the Proterozoic sulphides contain commercial levels of mineralisation? if yes then it opens up the distinct possibility of a new large mining district. BT talks about 350m of sulphides but it could be open at depth. Drill 2 assay results could be anytime in next 2-6 weeks.

Drill 4 on the great red spot is much shallower and drill 3 should be at TD now and then DHEM needs to be done which will hopefully inform fine tuning on drill 4 but its not clear how long the DHEM will take as there's been 4 week lead time with todays announcement. Once drilling commences then c3weeks to complete and a further 4-8 weeks for assays so its feasible to get drill 4 assay results by Christmas but it could be well into January.

The results are going to drip out over the next 1-12 weeks so hopefully a series of step rises culminating with the Great Red Spot

Keith, there's no stock from HL regardless of what L2 says.

Any ideas when they'll start drilling as Ben wasn't saying?

Waiting for assay results and its been less than a week since Darren posted core photos on Twitter, results normally take at least a month because they have to go though assurance and then Palm geos would need to review.

Suspect we'll get Dotted and Wishbone from 20th Nov onwards is my guess but it really depends on how busy the laboratory is. The geologists will likely have access to handheld XRF (not infallible) and will have a good opinion from visible core inspection so it will be interesting to see if there's radio silence or Darren gets back into IR presentations & interviews before the results.

Any similarities with KAV?

https://www.youtube.com/watch?v=TIk3nCBtuC4

Panther needs more cash for Canadian drilling in 2022, perhaps £5m to conduct 30-40,000m (CAD $250/m) of drilling across the various targets so 'interesting' results won't cut the mustard, they've got to be good or we'll get diluted. To be fair Darren knows this and doesn't want dilution.

I suspect the AA offer was conservative and the PI market valuation of ARCM unrealistic. I had shares in Amerisur (Colombia oil), they went up to 26p based on a strategic review but MMs quickly knocked the price down to 19p and lower, PIs thought this crazy for months whilst market waited for the final deal and everyone said 'we woz robbed' when an offer came in at guess 19p but in hindsight it was very cheap but about right given the country risk. I don't particularly like investing in Zambia because govt has klepto tendencies and miners need periods of excess prices to compensate for the lows.

They certainly showed a good section of core on the 18th Oct, fingers crossed it has commercial potential and wasn't just "interesting"

https://twitter.com/darrenhazelwood/status/1449811583794823172/photo/1

Listened to the TMS interview and whilst I agree a big deal is imminent, Humphries' presentation is dreadful to the point of being uninvestable, has it really taken 13 years to get to this point when it should have taken 3 years, the guy needs to sign a deal and bow out gracefully.

The market reaction to this news is embarrassing and plainly wrong on thin trading perhaps one or two people.

The acid test is the assays which could take a month but the visual results albeit from one section of core look pretty spectacular if not bonanza grades.

CAPEX c$80m a bit odd because ACP's estimate for a 60kt nameplate phase 1 is only $38m and <2 payback vs 4 years for BRES. The other difference is WACC 8% BRES vs 10% ACP, lower financing costs is a good thing but it also massively inflates NPV, 8% seems a ridiculously low figure for a project near to South Sudan whereas 12% would be prudent.

So ACP is quite advanced, has a lower CAPEX requirement and is using prudent financing costs and has a 2 year back, which company is the winner?

Before someone says the plan is to flip project when the price of graphite is high, the initial metrics from BRES in the PEA look distinctly dodgy.

Darren's heading to Dotted Lake Thu or Fri and I'd expect a core photo with some basic news. There's been radio silence on DL since the drill started 3 weeks ago so keen to hear how the visible results compare to the pre drill geological models. There'd been quite a bit of historical near surface exploration but this drill is c540m long & 400m deep so testing different trends/structures. If the managed to drill 25m/day with a single shift then should reach TD any day.