Member Info for Metalhead25

Fair question fbrj, and I don’t know what he was referring to there

Only you could try to turn bothering to reply to PIs into a bad thing. Actually there’s one other guy

From BT: “ Hi. Yes, it’s for the placing warrants. It was in the announcement in October we need to do this. We’ve had a lot on in the last few months on the corporate side, but we’ve now had time to do the necessary housekeeping”

Mystery solved. Nice to be able to send the CEO a message and get a reply 5 minutes later.

Seems possible they’re expecting a transaction which requires shareholder approval and are giving the requisite notice of the necessary meeting, but are not quite ready to announce the transaction yet?

I also agree, marts. I have my views on what the share price could/should do, given certain catalysts, but obviously the market will decide. I won’t be too disappointed if the market comes up short of my view. The key thing is for the business to progress

I agree. Should see a gap up to the 20s on announcement of MDA and then should double on finance in my opinion

What a load of twaddle. It’s only going to take a year or a bit more of full production at high gold price to get the debt right down

PS I do think Boots on the Ground is well-intentioned

I think the problem with Boots on the Ground is that, market rules being what they are, it’s impossible to say anything really significant by email. Therefore, the emails don’t say anything really significant. Despite the inevitability of this, people naturally find it disappointing each time

I think raising this money was a sensible option. The runway to Koroussa being cashflow positive was looking a bit touch and go. Obviously it might have been fine, given strong gold price and no issues at Yanifola. But one can’t guarantee those things. I think it makes sense to get some safety margin cash in while the gold price and Yanifola are good. It’s a cushion against any adverse issues in the coming months, and much better than having to find money in (hypothetically) worse circumstances in a month or two. Doesn’t mean there will be a problem with either XAU or Yani, but prudent management prepares for suboptimal outcomes. The key with this company is, of course, getting both mines online and producing stably at reasonable cost. Everything else follows from that

Had a quick look at locations - seems to me we are quite likely not affected at all?

Roger, for my part I’m certainly not assuming the results are “bad”. As I said, they could be bad or moderate or fairly good. The only outcome I’m personally (almost) ruling out is “excellent” - because I think an excellent outcome would have been visible in the core and would have been shouted from the rafters already. Personal opinion, everyone will form their own view

I’ll be amazed if the graphite thing is anything other than a complete non-starter. Graphite projects need to be measured in the tens of millions of tons.

IMO the nickel target at Dotted is now the best PALM target by some distance, and I’d be tempted to whack a quick couple of holes in there with current funds (if sufficient)

My thinking is only that the 7 Dec RNS showed a desire to report any nickel sulphides detectable visually or by XRF straightaway, rather than keeping schtum and awaiting assays. That 7 Dec RNS reported about 7m of nickel sulphides but that was out of several hundreds of metres and there was no suggestion it was massive sulphide. I think if they had drilled big intersections of massive nickel sulphide we’d have heard about it. This is just my instinct, could be wrong

At this stage there remain a range of possible outcomes from quite good to quite bad. However, the hope of a rocket to the moon was based on the enormous blue blobs on the electromag surveys turning out to be blocks of massive sulphide. Seems to me it’s pretty safe to assume that hasn’t turned out to be the case?

The good thing right at this moment is that the balance sheet is fairly well underpinned by PNT and hopefully FMET. However, PNT will need to raise money soon (they announced a failed attempt some time last year as I recall) and FMET’s listing is currently an unknown quantity (how much will they raise at what valuation). We also need to see what PALM will do about funding now, as a standard raise is clearly not going to be attractive. I suspect Darren will try to raise some money on an option/earn in arrangement at Dotted. We’ll see

On your first point about cherry-picking, the company’s published info does refer to a high grade core of the deposit. According to my understanding, it would be normal to design a mine plan on the basis of mining the high grade material first, so that you pay back the capex quicker. Then later you mine the lower grade stuff, but by that stage you’re funding opex only so lower grade is fine.

As to your thought on the release of the deep drill result, I’m afraid I simply don’t know

Levi, I think you’re right that the predictability of quarterly updates is having an impact here

Excellent results from FQ. So much going on here. Looks like we have economic grades of shallow mineralisation at Turaco. Plus two more exciting prospects. And then the Sandfire JV, the Nambia projects…

Such an incredible package for a £7m market cap

On 2, what grade you need depends a lot on how you’re going to mine it. If we’re talking open pit, then Panton is a fairly high grade resource and some of the new drill results are fairly high grade results. For example, if we take the PS408 result, 0.49 g/t PGE3 is worth about $25/t and 0.25% Ni is worth about $75/t so a total of $100/t. Open pit mining only costs about $2.5/t, so there’s plenty of scope to make money there. Obviously you end up having to dig up other tons of dirt that don’t pay as well or at all and there are other costs etc. But it all depends on how much mineralisation you’ve got and how a mine can be designed around it. That’s why we need the scoping study which is coming up soon. My sense is that for exploratory drills outside the main resource the new results were pretty good