Member Info for molarcanine

Yes, I have to agree. High-grade intercepts at depth (like 600–750m) are exciting, but they’re expensive to chase. Each deep drill hole can cost £200K–£500K and if the mineralisation isn’t continuous or scalable, it risks becoming a “bottom drawer” asset—like Rudall. 

Wishbone's recent raise was £1.5m. Just to keep running with one rig would cost £250k per month, introducing a double shift £400k, jumping to two rigs would cost £500k.

So, sticking with a single rig they'd have a 6 month runway, introducing a double shift or a second rig they'd have 3 months. 

For those who are comparing Red against Hav:

Red's 750m is deep for a juniour explorer with very limited cash and no JV backing. Hav took hundreds of drill holes and years of funding (via Newcrest) to just reach pre-feasibility. 

If, as some are claiming, Wishbone's target is bigger than Hav, the scale of drilling and capital required will multiply dramatically. 

Bamps is right to be sceptical, depth adds cost, complexity and inevitable delays. So unless Wishbone's results deliver exceptional continuity and grade - and a JV partner can be found very, very quickly things will grind to a halt - and in my view investors will start cashing in.

Of course, they could always go for another raise, what was the discount last time - 52.37%!

Maybe Poulden knows something nobody else knows? 

Congratulations to those who are in profit - I don't have that sort of nerve.

As has been mentioned - lock in your profits!

Would it be wrong to suggest this 56 blocks application if granted, would extend Greatland's footprint to more than 105km of holdings that are bordering or connected to each other? 

Although it would be logical to secure ground near emerging anomalies, pre-empting competitors in a geophysically promising corridor - I reckon SD is creating a strategic corridor from Telfer to Paterson South. I don't think this is just about the geology, we are not just chasing another Havieron, we are building a regional pipeline of targets. This is about logistics, infrastructure and long-term control of the province. This corridor could support: Ore trucking routes, exploration staging, infrastructure expansion and regional consolidation.

I accept this is probably yesterday's news to some.

Thank you Bamps.

It seems Wishbone, or Mining Equities have done a clever land-grab. As far as I can tell they haven't publicly mapped each tenement’s exact distance from Telfer. They produced a list of the 12 new exploration tenements totalling ~174 sq km, and said that “several” are within a 6 km radius of Telfer.

Tenements 145/7138 to 145/7149.

I'm guessing if these were overlayed on Landtracker then we'd see what's what. 

Although some might say it's disappointing that we didn't secure the vacant tenure, we have Telfer and as such we call the shots. Unless of course they spend Billions on a new mill - very unlikely I would think! And even if they did, it would be many years away - not to mention the amount of money they will have to spend on drilling and proving and what not.

It's easy to see we are King of the Hill.

Hi Bamps -  "Something is going on at the Redsetter licence, parts of it have been applied for by Mining Equities Party Ltd " 

I've hunted high and low for info on this but can find absolutely nothing. Might it be that they have applied for adjacent or overlapping ground - If so, I can't find anything on that either. A nudge in the right direction would be much appreciated.

With the announcement date being the 5 Sep (I think), I would have thought Arrowstreet are unwinding as we speak.

But who knows?

Https://www.finnewsnetwork.com.au/archives/finance_news_network2352230.html

https://www.livewiremarkets.com/wires/mark-your-calendar-the-2-3-billion-reshuffle-that-could-move-asx-stocks

Yes, I agree with Matty, if we miss out on this opportunity I most certainly would expect the SP to plummet.

However, I'm confident they will be included, as are many market analysts.

Morgan Stanley think we are one of the top candidates for inclusion.

I think I'm correct in saying that if we are included in the 200 we will join the 300 and small ordinaries?

Greatland Resources to Join ASX 200 | Finance News Network

Mark your calendar: The $2.3 billion reshuffle that could move ASX stocks - Vishal Teckchandani | Livewire

Jiffy, I personally wouldn't rely on anything that shorteurope produces. No idea who actually runs it and as such unable to check credentials.

I reckon they are using outdated scanning software and the fact they run on donations (buy me a coffee) suggests, to me at least, it's a passion project rather than a professionally audited platform.

Elcobbledore "For anyone who has shorted, how quickly can it be closed? Is it something that takes a few days to close or can do inmediately?"

Arrowstreet’s short is significant but not overwhelming. After our announcement in July, trading volumes dipped, which could make a rapid cover more noticeable and potentially push the price up - there are savvy investors out there who attempt to front run any buy-backs. Any drop in Arrowstreet's position will attract their attention.

That said, there are brokers, especially prime brokers who have several ways to help unwind short positions:

There are institutional lending pools that the brokers can tap into, pension funds, ETF's and other long term private investors - all of whom will assist - for a fee!

Arrowstreet could negotiate a large off-market purchase through a broker to avoid moving the SP on open exchanges.

And then of course you have the Dark Pools - the secret trading venues that allow large trades to be executed anonymously, which minimizes market impact.

If shares can't be sourced on AIM, perhaps if liquidity is tight, brokers can source shares from the ASX and settle then via custodians who support dual-listed entities.

If Arrowstreet wants to exit quietly, they’ll likely buy back gradually over several sessions whilst at the same time using brokers to source huge blocks off-market.

ActusRay's covering seemed to go very smoothly for them - relatively short lived but hugely profitable I would guess.

And of course Spade.

That settles it for me, thank you Jerry and Tom.

You're absolutely right to clarify that Spade—thank you for pointing it out. As generous as you are in suggesting it may have been an oversight on my part, I must admit, it was a total lack of attention when putting together the figures.

Indeed, the AU$435.6M was a secondary transaction paid directly to Newmont and that money never touched the coffers of Greatland as you say.

Bit late in the evening for me Spade but would appreciate knowing where the AU435.6M paid to Newmont came from, if not through the raise?

I think it's because we are probably still in the price discovery phase, investors are still reconciling valuation differences between the UK and Australian markets. Perhaps price stabilization has been slowed because liquidity is split across the two exchanges?

I read somewhere that the major reorganisation which preceded our ASX listing disrupted historical price anchors - making technical support levels unreliable (New parent entity, the 1:20 consolidation and the AU$490M raised at AU$6.60/share).

It's only been 2 months since we began trading on the ASX - hardly any time for the chartists and algo traders to build enough data to be able to define strong support/resistance zones. 

Our investor base is also likely changing, or evolving if you like, the Australian institutional funds are/will be looking for shares from UK retail holders - and they will want them as cheap as they can get them imv.

The PFS for Hav includes plans for an underground crusher and ore haulage system, which suggests primary crushing underground will be the likely approach come the DFS. 

The closest comparison I could find was Mineral Hill's Southern ore zone. Like Hav, the Mineral Hill project benefits from high grade mineralisation that reduces the need to pre-concentrate. They are focussing on targeted stoping and efficient underground crushing.

Yes, going back over my research notes, I would agree with Bamps. Havieron's mineralisation (gold and copper) sits well above the threshold where pre-concentration is usually necessary - economically speaking. As Bamps says, if the dilution is around 6%, then the ore feed is already relatively clean. There really is no need to invest in pre-concentration infrastructure. 

Interestingly, as noted on here some time ago, there's mention of selective blasting at Hav, which is a form of pre-concentration in itself. If that's the case, we'll optimise fragmentation and considerably reduce wear on the underground crushers. 

Again as Bamps mentions, at Telfer we are using a sequential flotation circuit. I believe the process begins with copper flotation and the concentrate contains a significant proportion of the gold. Next, the pyrite is floated from the tailings - the process of which is beyond me. The pyrite concentrate is then treated using chemicals to extract any remaining gold. This two process approach allows as much gold as possible to be extracted. 

I could be a little wrong on some things here but I'm just passing on my thoughts/views/understanding. More than happy to be educated - which of course would help us all in our understanding.

Interesting stuff Toby, any chance of providing a link(s) to where you got this info from?

Cheers

Just a quick interjection, I shan't resurrect the original post title. I don't follow this board as avidly as others, but just wanted to thank those that responded positively to my somewhat panicky post. Those that suggested otherwise couldn't have been more wrong. I get it that Bamps et-al were somewhat miffed at having to go over old ground but like I said, I'm not avidly following... Just wanted to say thank you. I really hope to one day make one of the meets and thank the guys personally.

I might be behind the times here, but would appreciate a bit of reassurance, if possible.

After reading a post earlier this week from a chap called Ninetopwhatever, I had to take a delve back into our company statements. Unless I'm looking at outdated stuff, I think this is where we are at - Our BOD are telling us that underground development at Hav is currently paused until we can get through the lower confined aquifer.

A further three evaporation ponds need to be constructed to manage the dewatering of the lower confined aquifer. (cost?)

As far as I'm aware, no approvals have been given for these ponds despite our BOD saying "Opportunities to bring forward approvals for these are being progressed"

Our BOD are telling us that recommencement of the underground development of Hav is not currently on our overall project development critical path under our mine(s) development plan.

To be honest, I feel our company is using vague and confusing language, which in my view spills into the realms of plausible deniability.

Reassurance is all I seek and I really do hope someone can say I'm looking at outdated stuff.

It's my belief that we should all be prepared. The cross listing is good, but the ASX buyers will kick up a stink about the manipulations that are allowed to happen on AIM. Only a matter of time before AIM is dumped.

Hi Badger, not looking to start some sort of conspiracy here but a friend of mine - who watches this sp like a hawk - for his own reasons, called me earlier to say he has witnessed something odd at 15:42 today.

To him it looked like a multi million sell followed immediately by a multi million buy - in the blink of an eye so to speak.

He can not track what happened and after taking a look at todays print on the London Stock X neither can I.

Just wondered if anyone else had spotted it?