Member Info for lootgaloot

Some good context @news. I remember watching a youtube video with Colin Bird in which he said that high copper prices will make many of the small/mid size copper mines more attractive. It really stuck in my mind because he pretty much described the profile of Big One in terms of size and proximity to downstream processing. Who am I to disagree with CB.

I'm glad you made the point here because I needed reminding of it. There's a poster on advfn who likes to put down Big One regarding size. It's never bothered me because I believe the Big One is big enough to be commercial and may even provide the cash flow needed to develop Arya.

Fund raise will be at a huge discount as management have zero credibility now. Can't say the warning signs weren't there.

@MisterPositive, you correctly say “Back in Jan hole 301 had 44 metres @ 1.19% Cu including 14 metres @ 3.55% Cu.”

But this may be why the market was disappointed…

301RC only had a depth of 53 meters (relatively shallow) so today’s assays from 315RC and 316RC examine the same area but to go deeper (80m and 155m) and either side of 301RC (see figure 2 in RNS). The fact that neither hole returned results to match 301RC suggests the high mineralisation that exists in the vicinity between 301RC and 303RC is relatively shallow.

It would have been nice to find wide intercepts at mineralisation above 3% by drilling deeper but we didn’t. This shouldn’t blind us to the potential of the whole project. 317 RC for example found 9 meter intercept at 1.42% and this confirms commercial levels of mineralisation (previously seen from 213RC) to the west along the lode. Future drilling will continue westwards and we are still only at the beginning of the 26 hole campaign.

Another reason for optimism is the Geophys has proven to be a pretty good indicator of mineralisation and has shown a very interesting bedrock conductor in an unexplored region to the north of the line of lode which could be several times bigger than the current area of interest.

Maybe the market was expecting today’s results to be better but I’m still looking at the project as a whole. Taken together, 301RC, 315RC, 316RC and 303RC are a very small (albeit interesting) section of the lode. There is still so much more to be explored.

Quoting headline grabbing mineralisation for 1 meter intercepts really is cherry picking and creates distrust. I’d much rather see many intercepts of > 5 meters at 1% mineralisation as this is not only a truer reflection of the ‘Big One’ resource but it is also what investors look for. Nobody cares about the occasional 1 meter here and there; what’s needed is a medium/large resource with average mineralisation above 1% and which forms a continuous minable body.

The ‘Big One’ may never materialise into a big hitter but it can be a commercially viable and profitable short/medium lifespan mine. So far, the resource is getting bigger with each drill and maybe this will become a significant resource. It’s time for management to tone down the hype. The campaign is going very well so far but the bigger picture is getting lost in managements desire to sell the Big One as something it isn’t.

The 9% figure is only over a 1 meter intercept. Nevertheless, there are very nice, minable intercepts of 9m @ 1.42% and 5 meters at 1.06%. We need to see more of these kind of intercepts in the next assays. Steady as she goes and the resource looks more attractive with every drill.

No indication on how big the fire was. Could be localised damage requiring a few weeks shutdown; or it could be total devastation. I think the RNS was written by this guy...

https://www.youtube.com/watch?v=1EBfxjSFAxQ

The difficult decision is which shares to sell to raise the cash to buy more BION. The spread on BION is too wide to trade so buying has to be a long term hold.

You gotta love a Friday afternoon RNS...

It's just as well that I see this as a long term 'green economy' share in my SIPP. At it's current market cap it will be volatile and I may even top up next week.

CCZ seem to like to do it this way; release visual copper intercepts then two weeks later release the assay results. I believe investors are too fixated on mineralisation when it is the size and shape of the resource that determine production. Mineralisation is the icing on the cake.

In the fullness of time, people will look back at 15th July RNS as a huge milestone. To establish the presence of mineralisation at depth, both within and external to the trachyte dyke, is very significant as it shows mineralisation is not just constrained within the trachyte dyke.

We still do not know the full extent of the resource at depth. Before the last RNS we had only drilled to 100 meter depth, and mineralisation was only found within the trachyte dyke. To find 34m and 17.5m intercepts at depths ranging from 130m to 180m is very significant.

Next weeks assay results will add to our understanding but we still have another 19 drill holes to complete. There’s so much to learn about the extent of the resource but it’s important to remember that only time will tell if ‘the big one’ lives up to it’s name.

The last two assay results were released on Sunday night (or Monday morning in Oz). Also they may wish to release the assays before the EGM which is scheduled for Friday next week. So my hunch is that today is the last trading day before we get the next lot of assay results.

Even the best performing AIM shares hover round the same price or drift lower for years. Most price rises happen over the course of only a few weeks. If you could time those short periods of rising share price you would be very rich. This is why patience is so important.

Another 4.8% fall today. Management has history with unexpected announcements and that doesn't help sentiment. This has been a bit of a disaster for me but production is always just around the corner.

The results expected ‘imminently’ are for BO_315RC, BO_316RC and BO_317RC. Don’t expect high mineralisation from BO_316RC and BO_317RC as these two holes do not intersect the trachyte dyke. The point of these two holes is to go deeper than the previously drilled 201RC-03RC1 to explore the potential for underlying mineralisation.

Last weeks RNS was significant due to the presence of mineralisation at depth, both within and external to the trachyte dyke; this extends known mineralisation and confirms mineralisation is not just constrained within the trachyte dyke.

I’m not saying the assay results are not important, I just wouldn’t get too hung up on hitting big percentages for BO_316RC and BO_317RC. However, BO_315RC does intersect the trachyte dyke so it is reasonable to expect high mineralisation; the important thing here is the size of the intercept.

The story as it emerges is of good mineralisation; wider and deeper than previously thought. I still don’t think we have a huge resource but we have a single massive body with rich mineralisation which is growing larger with every drill.

2.4p on ASX so expect 15% drop tomorrow.

RNS clearly states halt is due to exploration results.

From 4th June RNS –

Castillo will issue a total of 278,395,961 New Shares at $0.042 (£0.023) per share. 140,592,523 New Shares will be issued using the Company's existing 7.1 capacity, 97,502,707 New Shares will be issued using the Company's existing 7.1A capacity and 40,300,731 New Shares will be issued upon obtaining shareholder approval in a General Meeting to be called in due course.
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@CopperOn, sorry but it looks to me like addicknt is correct. Only Resolutions 8 and 9 relate to the second tranche of shares. Resolutions 5, 6 and 7 relate to the main tranche issued under Rule 7.1 and 7.1A.

And yet it is clear from today’s RNS that all resolutions still need to be approved by shareholders!

I have never seen this before, Can somebody explain what would happen if resolutions 5, 6 and 7 were rejected? Is this why the share price dropped like a stone immediately after the fund raise was announced?

Surely it’s unlikely the resolutions will be rejected? but the June 4th RNS makes it sound like shareholder approval is not needed for shares ‘issued using the Company's existing 7.0 and 7.1A capacity’. Today we are told that shareholder approval is required.

Anyone?

I think you're referring to BrewDog. Do Barrs (owners of Irn Bru) also own BrewDog? Both are Scottish companies. Happy to see any of these 'craft beer' companies fall on their ar$e. Disgusting hoppy flavoured water dressed up for virtue signalling hipsters as 'woke' at several times the price of a real pint of beer. I guess if you have the brass neck to pull that off then your arrogance truly knows no bounds. Could not have happened to a more deserving bunch of self-absorbed *****s.

I leave this link here as a reminder of previous accounting irregularities...
https://www.investorschronicle.co.uk/tips-ideas/2019/07/10/renold-discloses-accounting-error/
It will be interesting to see if history repeats.

Ridiculous to suggest a company like Deloitte are tardy/disorganised. More likely they uncovered something and challenged management to give a satisfactory answer; it's probably been going over and back between management and auditors for a few weeks. Clearly management have failed to provide a satisfactory explanation hence the delay.

I have no complaints about the 11% discount; as you said, it’s not bad at all. I’m also not complaining about dilution which is a normal requirement of any early stage company. However, I’m not comfortable with the amount of options required to sweeten the deal and I don’t agree that a 4.4p exercise price represents good value. It may be, as you say, twice the subscription price but a confident investor should expect to pay at least twice that again by July 2024.

However, today feels like a day to look forward and the terms of the fund raise are what they are. No doubt the £6m cash will take us well into the execution phase. My portfolio is heavily geared towards copper and every penny invested in CCZ could have gone into my other holdings in JLP, PXC, ANTO. So it’s frustrating to see this languish while others have prospered.

I welcome our ‘sophisticated’ investors aboard; even if the cheap seats are more comfortable for the journey ahead. If July 2024 turns out to be a nice pay day for them then I’ll be the first to raise a glass of champagne in celebration. Until then it’s cheap beer and hopeful expectation.

£6.4m raised at 11% discount to market price sounds good until you dig a little deeper…

One option for every two shares subscribed for is a lot of future dilution. Clearly required to sweeten the deal and a strong indication of how unloved this company is.

Also, could they not find anyone prepared to underwrite the placement? And was this over or under subscribed? And by how much? This is not mentioned yet important to know imo.

Focusing on the positives; we now have the funded needed to prove the resources. The next couple of years will be down to geology. Good or bad, there’s not much management can do to influence that. I only hope we can focus on Mount Oxide and avoid too many distractions in Zambia.

Management remain unproven. They got this fund raise over the line albeit at great cost in terms of future options. So far they have ridden on the coat tails of good drilling results but the share price remains where it was on day 1 of it’s London listing. The price of copper has risen 60% in that time.