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Keeping an open mind on this, and certainly from the info today Icewine is far from written off. It would appear there is oil and the new data makes it more likely of finding the right spot for future wells.

The difficulty I have is understanding why the Charlie 1 location was chosen by PMO. If our farmout proposal had already identified a better location and backed up with better evidence from Heavenly rather than Malguk, then why not go for this? Would seem like they weren't convinced by our case which is now being remarketed. Perhaps the new data will better support that original location DW wanted and make the next farmout easier.

Maybe there's also the BP influence to take into account, a few PMO board members have past experience in BP. Did they think they had extra insight into Malguk which BP drilled, or maybe they just wanted to prove up a discovery that BP left behind?

So what its seems to be saying is that we knew where the oil is all along, PMO wouldn't listen and wanted to pay for drilling a location we weren't so positive about.

lol 3card, there do seem to be some similarities there.

DCM started for the sole purpose of producing PGMs. All we produced was chrome. (Although producing chrome was always in the plan, we just weren't expecting to earn from it in the beginning)

Kabwe started with the sole intention of producing zinc and lead. All we've produced is copper, so far.

I would be more worried if it wasn't for our other projects delivering profits and producing what was originally intended. Copper is a bonus at kabwe, we'll get there eventually with the zinc and lead, just not on the origional timetable.

Wouldn't say DCM has been a bad decision. Its been a useful stepping stone to get LCs strategy off the ground, but its served its purpose now. The latest part has got us a new process for fine chrome, and a plant that can be used elsewhere at one of our larger operations to save on capex.

Having thought about this more, I still have doubts that we're ever going to see PGMs processed there. We've been told too many times that work has or is about to start on the PGM plant, if it was going to be as profitable as our other operations we'd have found a way to do it by now. Delays and changing circumstances always have to be expected, but its been going on for over 5 years. And now we're pulling out of the chrome operating, it just seems less likely the PGM project will start there.

8.25 - Yes hopefully the latter. The big unknown in all of this is the Charlie 1 results, we must have some sort of idea by now on what its looking like even if the results are complete enough to be disclosed yet. Maybe if XCD are feeling a need to promote the value of their leases a little more it is a positive sign.

Or maybe a third option, its just preparing us for the XCD leases to take centre stage in the short term.

There's an XCD announcement been posted on 88e's website.

http://clients3.weblink.com.au/pdf/88E/02236898.pdf

It's not really saying anything though, some very minor updates on Peregrine.

I think currently we would have 100% of the PGM profit at DCM, (may be wrong on that), the deal changed several times. I guess whether we are giving up it depends on the economics, its small compared to what we've moved on to since the deal was first done. It may the case that the capex required to build the DCM plant will be better used elsewhere to give a better return, I have no issue with that if that's what's happening. And no real explanation has ever been given as to why we're still waiting for the permit to build for the PGM plant there, that was the sole purpose of the project 5 years ago. Rather leads me to think that we're not going to be seeing PGMs from DCM, especially now we're moving the chrome plant.

Edzi, I'm just not feeling the RNS is telling us the full story. The fine chrome plant was reworking the tailings we'd already processed for coarse chrome, it was always going to be a time limited project, it rather looks like we've cut it short to either save costs or increase revenue elsewhere, which is no bad thing. Our other tailings projects resumed operations on the basis that they're not mining, so I don't really see why DCM would be different to Hernic. Maybe it is, difficult to say for certain.

Looking back to the Shard note from 4th March 2019, its stated "JLP has contractually secured the right to all PGM tailings
material at DCM". This isn't really the same as owning the material, we've got the rights to it, but only if we process it under the contract. Now we're in a position where we've terminated an agreement, and its not clear just what we've terminated. So we still need to know whether or not we've given up on the PGMs there. I suspect we have, and no problem with that if that means greater earnings overall. But it'd be nice to have LC give us the full picture on what our future operations will be including.

I rather take that as meaning we're leaving DCM and won't be going back. They only mention the fine chrome operation being terminated, but that's all we're doing at DCM with our stockpile of course chrome tailings having already been processed. A question mark on the PGM rich tailings we've been creating though. Assuming it wouldn't be economical to transport them to one of our other sites. Do we own these, can we sell the pile? It was already sounding doubtful that we would ever process them, small scale compared to what we've progressed onto and countless holdups on getting a licence for it.

Maybe the reason for all these small trades we keep seeing here and other stocks. Found there’s a freetrade app, lets you buy commission free and JLP is on their list, no. 167.

Not a recommendation, just for info as a possible reason for all these small trades for the past few months. Never used it and no idea how safe it is to put your money in.

https://freetrade.io/universe

Jof, my thoughts exactly. Hindsight is a wonderful thing. In fairness to DW, I do believe he has tried taking us along a similar path to what you've suggested. That was winx, low cost to us, and could have helped fund the bigger prize. It didn't work out, but thats exploration.

I'm not convinced a horizontal drill from Icewine2 would have given a different result. The simple fact is the well was in the wrong place and the theory about the sweetspot location was wrong. The purpose of the vertical test was to work out the best place for a horizontal, going straight for it would have cost more and very likely given the same result. And then we'd still be left questioning whether they just put the horizontal in at the wrong depth or in the wrong direction.

https://oilprice.com/Energy/Energy-General/Is-Hydrogen-The-Jet-Fuel-Of-The-Future.html

I wonder if CB got a 'buy one get one free' offer from Hot Stocks, lol

Yes copper tailings came with sable, after all Glencore were using it to process copper ore. As far as I know no details have ever been given on the quantity or how much metal is in the tailings, but LC has confirmed in interviews that’s what we’re processing. LC has also stated the intention is to bring in 3rd party copper ore, but little detail on that either.

Would appear so Tbtt. Apparently their last 500k raised 6 months ago is enough to last them through to production, its been said by CB according to some comments on a BB, so it must be true.

Don't really care how GLR raise the money to get into production tbh, as long as the ore is dug up and trucked to us when we want it. But could be some time, copper/cobalt looks to be the focus for growing earnings now, at least in the near term.

Has someone been on the GLR board daring to suggest that they might need to raise funds to take anything forward?

The only reasonable explanation for the takeover of XCD does seem to be that it'll be a more viable prospect that Icewine. Can't see any other reason myself for why we would want such a large increase in acres when we've no money to do anything with either current acres or the new additions.

Not really sure if thats means Icewine is written off completely, difficult to know without any results. Maybe its just too expensive at present while Peregrine may be more likely to get a deal with someone in the near term. Will find out what DW really thinks about Icewine if we start relinquishing leases

There may be other processors in Zambia, but GLR can't send the ore to be processed anywhere other than Kabwe/Sable. As has been pointed out, JLP have 'enforced' our rights to the ore, and it sounds like not only at star zinc but anything mined at any of the old BMR prospects GLR bought.

Not really seeing why GLR holders are viewing this as such good news. As we now know, work on the Zinc circuit is on hold and we're using the plant to produce copper/cobalt, meaning that we won't be processing any zinc ore for some time. If GLR do start mining they've got nowhere to send the ore to until we want it.

But with CB at the helm of both, I think we can assume he'll be timing any work at Star zinc to coincide with when we want the ore at sable. And at the moment its not really huge problem, GLR still don't have a licence to mine star zinc.

Sumo, it depends on who you believe. LC has given the impression that the ore is not essential to the process, but will complement the tailings and processing 3rd party ore will expand the life of the project. BMR previously said blending star zinc ore with kabwe tailings would be necessary, however its possible that was only said to create a justification for purchasing star zinc. Remember BMR have said many things in the past that were not necessarily true, such as 'not receiving' correspondence to tell them that the kabwe licence was revoked, and building a processing plant that mysteriously disappeared.