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The recent interview which was the subject of an RNS suggested production steady and all fine

Agreed on the spread and also on believing SK or not. I have indeed thought back to that interview he did in December where he was really bullish on the peakers and asked myself whether I trust him and back him. And the answer is yes I do. He said we had a pipeline of FGS projects and we acquired Avonmouth and Tring Road. He said we’d swap Wowo Gap for the RMI debt and we did. He said we’d look for an offtake to China for the nickel and we’ve got one. The guy has earned my trust and I believe we’ll be moving further up before long. All the best to you too, and everyone on the board. Nice board this - distinct shortage of idiots

Sniper, agree. I’ll admit I have wondered about trading a slice of my holding at these levels in case it falls back, but it just isn’t worth it when the peaker RNS could be any day and launch us into a whole new range. Come to think of it, so could the Mambare mining permit RNS. Time for a bit of good ol’fashioned holding

The covid thing seems like an excuse to me. The real issue is that they somehow managed to get a whole year into the execution of their turnaround plan before anyone noticed that they needed a functioning fire escape, and when someone did notice that they had to completely stop production for *ages* in order to deal with it. Is there any defence to a charge of mismanagement over that?

I have just gotten round to listening to the Stockbox interview and thought it particularly notable that it sounds like they targeted a magnetic high, and that chalcopyrite does not generate a magnetic high. I have had a look online and sphalerite is not magnetic either. On this basis, it seems almost inevitable that they would have hit iron sulphides with this drill, since that is effectively what their method was targeting. But, as Darren says in the interview, and as the diagram on Twitter shows, copper and zinc are likely to be nearby.

All this strongly reinforces the view which I came to when I first read the RNS this morning, namely that the key bit of news here is that we have hit a large VMS deposit full stop, and that the finding of economic copper and zinc deposits is likely to follow

Oil tap, that’s totally fair enough - I’m not questioning anyone’s personal assessment or belief

Q4 was pretty similar to Q1 of last year. And yes you can say more stopes are coming, see the RNS - but we were all saying that in September/October as well! This is what I mean about this being more and more a question of pure faith. We keep being told more stopes are coming, despite which they don’t. In fact, I think in Sept/Oct we were all expecting 6 stopes by year end, whereas now we’re only aiming for 4 by April. So, will this be the time when they promise more stopes and deliver, or another time when they promise them and don’t deliver? That’s the key question really

Hi djryan. Enjoy your posts and respect your view. I do think it basically amounts to keeping the faith that it’s going to get better. And of course it may do. But I wonder what the actual evidence is for that, given that we were told, and all believed, that it was on the point of getting better throughout most of last year, despite which it didn’t, and given also that (contrary to Oiltap’s reference to positive trajectory) there is not a particularly clear upward trend in production

Hmm, basically every time there is an update we’re told “production is bad but should get better”. Then the next update: “production is still bad but should get better”. From an investment merits perspective, the current level of production is of no interest, so as a bull one is pinning everything on the assurance that it will get better. So, what to make of the fact that it keeps on not getting better? I guess one view is that as we spend longer and longer in the development / screw-up phase the closer we must be getting to it being better. For myself, I think that’s rather a charitable outlook on what is basically tranche after tranche of bad news, in spite of which we are invited to believe in a better future

You can’t tell from surface whether a VMS deposit is mostly iron but 5% zinc or mostly iron but 1% or lower zinc, obviously. What the company has proven today is that (a) we have a sizeable VMS deposit and are likely to have more, and (b) they have (so far) a success rate of 100% in finding them from surface. The likelihood of this company making a commercial discovery in the medium term has gone up dramatically

A fairly common phenomenon in AIM explorers. Always some people geared up to sell on results “either way”

These are the first two holes, returning intersections of tens of metres of massive sulphide is a great outcome. Yes, there is more hunting around to do to find some greater concentrations of zinc/copper etc, but as the RNS explains there is every reason to be confident in that

Hitting VMS on first two holes, size of intersections

Amazing intersections of massive sulphide mineralisation. And as the RNS states, the most exciting thing is that the discovery of this massive sulphide deposit implies a strong likelihood of further such deposits across what is a very large project area

I feel like a bit of a broken record with this, but for anyone with at least a medium term outlook a seller should only be a possible cause for concern if (a) it’s a PDMR, (b) you think it’s someone with inside info, or (c) you think they’re going to keep selling for ages and that this is will hold the SP down. In our current situation, it’s not (a), it can’t realistically be (b) because we’re not close to target depth, and I don’t think there are any grounds for worrying about (c), partly (but not only) because any positive news on B1 should render this minor level of occasional background selling irrelevant. Seems like nothing to me

This is a company whose value has been trending higher while its share price has, until recently, been trending lower (we have how had about 6 weeks around this level so may have found the bottom). When value trends up while price trends down, the case for buying or holding improves. The case for selling worsens. Yes it’s deeply frustrating for those who bought higher, but as the mismatch between value and price grows, so does the likelihood that at some point soon the trend will turn, and anyone selling now will realise they sold at the bottom

Thanks Keith - as always, greatly appreciate you taking the time to share your understanding with the board. If you’re ever in the UK you will have no shortage of people to buy you a pint (or, if we’re developing a new Norilsk by then, several magnums of champagne…)

Meanwhile, back in the real world, the prospect of a mega resource is the strongest it has ever been and the prospect of a JV is the strongest it has been for 8 months or so. This share has no shortage of people trying to talk it down.

In recent comms the company often emphasises that conductor B1 appears to be cross-formational and is unlikely to be formational? Does anyone understand the significance of this?

@sniper, fully agree things are looking positive and we shouldn’t have dips from here. On the other hand, you know what these AIM shares are like. I’m feeling good either way. As long as the projects are progressing I’m happy and if there are dips will take advantage