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Glad it's a small raise. Disappointed with the warrant strike price but all in, not a bad funding. Glad to see the funds progress all the Rudny-Altai projects. As you say, multiple low-hanging fruit opportunities.
Could accept a small placing to keep things ticking over. Needs to be minimum dilution and hopefully strongly backed from existing TR-1 holders. Seen it down by a couple juniors just to reassure the market over against a funding crisis. I feel like its too heavily backed here by mgmt/large holders to see your usual AIM dilution...
That's true but that only relates to open pit portion. I would also argue that a lot of AIM NPV mean close to zilch as they are never becoming mines. A lot of the pre-work here has been done and factoring infrastructure as well as EBRD hunger for projects, finances look favourble of actually going somewhere as long as the drillbit does its job.
Whilst we wait for summer drilling to kick-off, worth noting some valuations based on resource estimates. A common valuation is 7c/lb of copper in-situ. If we take the lower end of JORC explo target (19mt @ 1% Cu - no credits).
190kt = 41.8m lbs
41.8m lb Cu @ 7c = $29.3m = £23.6m
At 182.25m shares, that gives 12.95p share price.
And that's with no polymetallic credits either.
Markets can stay irrational longer than "investors" can stay solvent - here is no different. We're in one of the worst small cap resource environments so just wait patiently. Day to day "market actions" won't get you very far in an illiquid market.
What an outcome. I'm on a free ride now - big congrats to all those the held there nerve over the last 12-18months.
8-9mins: More deposits where they are digitising the data before releasing them tio the market "next to mines running 3 - 8% copper".
We could very well be looking at upto 6 Verkhuba-like JORC exploration targets by 2024. The market is absolutely sleeping on this one.
We've been waiting a longtime here. Glad market finally seeing the value Bernard has built.
Looking great here. Look forward to the company detailing their exploration campaign as well as word on a transformative acquisition.
If you consider Phoenix Copper have a ~23Mt deposit at 0.77% CuEq and there market cap is £25m, our deposit (once JORC standard) should give us a value close to that (if not better). At a £25m m/c, that would be equivalent to 13.7p. Obv that is a very rough idea as it undervalues the higher metal content of Verkhuba + potential satellite targets against an overvalue on funding (future dilution) & PXCs more advanced project.
Gives you an idea tho of what we could be looking at.
Agree. That cash-burn also relates to their 5,000m DD campaign as well as 1,000m REE drilling campaign. Should be much leaner this year with 2,500m being drilled. I expect with the forthcoming up lift in SP a raise towards year-end but at amuch higher price.
To add to Nomlungu's point, how many explorers do you know Dudemug that have successfully transitioned into producers? Two completely different skillsets between them. A better question would be how quickly can we turn random drill holes into a compliant resource? The answer should be around 6months from now. Once we have a resource, if it's half decent then we'll likely draw attention from bigger players in the region.