you would expect that there is going to be lots of news outlets stateside chucking Ironridge into sentences in very positive ways today, tomorrow and moving forward... the response should then follow from those brave ones that bypass everything and go straight to IRR with their dollar bill y'all.
the hilarious part is that (unless i misread) they confirmed in the RNS this morning they have £30m in the bank as a result of this. So lop that off the MCAP and you're then left with a number that is apparently the value of all their gold and lithium assets. c£80m apparently..... not sure how this doesn't become a £200-300m business very quickly.
i think we will see some monster orders being filled after lunch or after markets close
we wont be waiting long for some blockbuster gold news too.... i get a sense they've been lining things up behind the scenes with demerger news and JVs etc. we are due gold news and have a hunch it'll drop quickly... #ducksinarow
Lock in on the subscription shares preventing and short term sale is a brilliant move too
Wow
i didnt get vibe Africa was sucking away at funding, but of course I may be wrong.
Drilling paid up front would kill it for sure... however its a net : net I suppose.
we either have money in bank, 21m MCAP and a massive drilling programme ahead which is exciting but needs paying for
or
we have pre paid drilling and have a 29m MCAP which could and should go one way only once the programmes forecasted results start to arrive
there was a bit of chat a while back (remember Ella being involved) around how much their bank was drained with phase 1 which was funded for the initial holes but the placing then helped them expand to the extra holes... i seem to remember it being concluded (speculatively) that there could be c3m left from the total they had to spend... using the indicative drill price per metre
guess work though.
am neither in the know nor an expert... hence fag packet comment.
seems we agree loosely on the sentiment I had here re where things are. which is encouraging (to quote big col)
good to see us up. i was thinking through some numbers this morning which i thought might be worth sharing.
following placings (5+5.5), after Phase 1 drilling, we have c£8.5m sat on our balance sheet in cash. call it £8m to be safe.
we have a MCAP of £29m at current level.
which when reconciled actually means our non cash MCAP is £21m. that's £21m for all the African portfolio of assets and every bit of revenue they already produce and the increase that will happen later this year and into the future. Along with the entire Bushranger asset - racecourse, footrot, etc - which includes everything we know already and what it could become.
£21m is absurd IMHO. and makes me very excited about what lies ahead after this "quiet before storm" period of lull and frustration passes and the summer for XTR really kicks off.
a Friday thought there for anyone who may benefit or be interested. am sure many know this already and also know a lot more.
again good luck to all. am gonna take a back seat chat wise for the ride but really appreciate everyone's insight and am looking forward to following this board over the summer as i get a lot of value from the contributors.
havent we got Eureka assays in the next week or so (according to Colin after Zaks use of the word imminent)
to go with the 3D modelling
both in the next 2 - 3 weeks before drilling starts I thought/felt/believe?
have added far more than I had funds to given these prices... been some tinkering going on to free up ££ as I cant quite believe the price is where it is
good luck to every holder for the riot of a summer that awaits. hoping everyone makes at least double if not triple or more
you are right there. your image is the more recent. the point I was making is about the grades at the bottom end of 5 and 6 and where that is location wise in comparison to other holes drilled, their directions, intersections etc. so both images serve the same purpose on this.
https://www.rns-pdf.londonstockexchange.com/rns/7985Z_2-2021-5-25.pdf
perhaps the visual will help when reflecting on viability of both shallow and deep mining as one will lead to the other and there's copper every step of the way. Also the significance of increase in scale of resource (so far) as a result of holes 2,3,5,6.
yesterdays results showed not only that there is lots of copper up top but if you follow that 1km long cigar, you'll still have significant volume up to 0.38 (or perhaps better) once you are at the other end of it and some 600m underground. And that is just what we know so far.
From what i can tell the plan is simple. start at the top. Dig, find the copper. keep digging. find more. don't stop digging till you've raked out the significantly increase tonnage all the way down that 1km hole 1 plunge. Happy days.
whether its AA, XTR or anyone else - in the world as it is today with demand for copper and scarcity of resource... its pretty straightforward given where Racecourse is located.
meanwhile - explore around the sides and surrounding area as all data suggests there's even more.
i really don't understand the slander but it usually precedes what is a 'busy season' for a stock so i expect its par for the course, and will be ongoing for a while as the volumes increase and news flow accelerates...
here goes
just to try and spin the negative subject on its head.
hole 1 proved the length of strike is extremely long
2 and 3 proved that surrounding the strike the copper starts earlier (shallower) and finishes later (deeper) than previously expected or anticipated
5 and 6 went into new territory and proved that the deep crossover with the hole 1 strike is actually a big range of strong copper which increases at depth, which is (quite frankly) as good a result as we could have hoped
the "overall tonnage" is therefore increased with literally every holes results.
perhaps the image of the holes, angles and strikes needs to be shared again so all holes can be put in context..... as these results are very strong.
expecting to see some big orders filled and/or some stop loss pain for a few who had triggers set around 3.8/3.9
definitely surprising to see these prices.. but its really an irrelevance versus the long game prize here. those that can and are researched will be topping up am sure.