Member Info for lordsidcup

That's just a criminal drop designed to catch people out it will bounce straight back up again I hope no one gets caught

It is part of the application process and contains exploration results and an analysis of whether the results indicate that mining the resource will be economically viable

I literally explained in the first post that our share of drilling costs is miniscule and we have another £530k coming through warrants is it reading you have trouble with or understanding?

Even at this price raising more than a few £k would be criminal dilution for current shareholders - £150 plus the £530 from warrants is more than enough for the forseeable future

Again people are getting confused between an MRE which will take months and the mineralisation report which is to be submitted as part of the mining lease application "early this week"

We only pay 20% of costs after the JV is formally concluded and these drills are incredibly cheap, around $100k so even then we'd only be paying £10k or so for our share.

We just raised £150k which covers costs for several months. We also have £530 coming through warrants at .032p which I believe have already been substantially forward sold with the volume recently.

In short we do not need another cash raise right now

So I imagine all the major gold miners will be taking a very close look at the project and will have enough data to decide if they want to make a farm in offer now?

Just showed up from earlier that was why it suddenly jumped

Just keeps ticking up - feels like MMs having trouble keeping a lid on it - buyers in control!

Well we know there is news imminent - looks like the bounce is on - I wouldn't want to be left behind with this one as it tends to jump back up again very quickly - oversold and still very very undervalued. I'm still thinking updates on other project like Green Hydrogen and copper/gold in Australia are very likely before Xmas

lots of potential updates as well as gold. just over a month ago the grid interconnectivity study was completed and submitted to the government for approval.

" this milestone marks the culmination of extensive investigative studies and sets the stage for the next phase of detailed engineering design (feed). the findings of the study provide a solid foundation for securing potential off-take agreements for power. our strategic focus remains on ultimately seamlessly integrating renewable energy into the national grid, thereby enhancing energy security and promoting sustainable development in ****stan."

also a month ago plans being developed to further the new copper gold project with more surveys leading to a drilling campaign.

surely we hear more about these before xmas

We had that early estimate of 2.5-4.8 MOz and all the drilling to date continues to validate that presumably at the higher end since the footprint keeps expanding. This was all based on the bulk low grade deeper gold.

We haven't had any estimate yet of the new high grade shallow gold that seems to be everywhere. There must be a detailed analysis of this in the mineralisation report as it's key to the increased commerciality of the project. I really hope it's going to be fireworks when it's released and it has some eye catching figures in it!

Riversgold agreed to invest the money and take the risk that the project wasn't commercial in return for 80% of the project that's a done deal. Standard farm out agreement I should imagine and Lenigas is no fool. It's turned out the risk paid off for them and we were not in a strong negotiating position at the time - it took ages before this deal was done I assume Naheed was trying to get something better for months.

Moving forward, our 20% is still worth multi millions I'd rather focus on what we have gained rather than what we could have had - this still translates to a MCap of conservatively 20M right now so many multiples from the current SP.

It is confusing why the JV agreement hasn't been executed yet when we know Riversgold must have fulfilled the spending requirement, here is an article from January that says that: https://www.sharecast.com/news/aim-bulletin/oracle-power-partner-makes-progress-with-northern-zone-exploration--15826068.html

So it's not clear if we're already contributing to the cost of drilling.

I guess if a major like Northern Star wanted to JV to develop the project everything would be up for negotiation and they could offer to buy out Riversgold?

obviously i've filtered and reported the uneducated ******. let's not engage with her drivel

No that's not what I said at all! She has stated the facts I have no reason to doubt it, we own 100% of the asset but are legally obliged to give away 80% if certain conditions are met that's all!

Hang on nothing she said changes the fact that we've entered into a legally binding agreement to give up 80% of the project. Now I personally have no problem with that, there were few choices at the time and we're going to do very well out of it, if the financial situation had been better it could have been better for us but it wasn't, that's tough! But effectively we own 20% that's the facts

There would be penalties for pulling out of the farm in agreement and we definitely haven't got the cash to go it alone!

Someone asked Lenigas how much had been spent the other day on Twitter and he said it wasn't public knowledge yet - the JV hasn't been triggered to my knowledge

Really looks like they don't want anyone buying here and don't want to take it up - hopefully the road block gets smashed maybe people will have to do fill or kill orders