The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"More drilling required before bulk sampling at TR"
Then how do you explain this Tweet?
https://twitter.com/BotswanaDiamond/status/1410526647951015939?s=19
The cavitate in that article of course that the entire gold district has the 'potential' to contain 8.8 million oz of gold. Of course nowhere near that amount has been proved up in reality.
However that doesn't mean that the 8.8 million estimates are wrong, just that proving it up will take even more time and money. Money Demir will front if the due diligence yields positive results (hopefully).
I used to hold here but I sold out shortly after Dart sold the majority of his holding. He used to hold 76 million shares but now he only holds 4.6 million. If he was that confident about the companies future then surely he would vote with his wallet rather than doing the exact opposite.
Oh well looks like a ramp is in full force and the company has finally caught the punter's imagination so short term gains could be made here. Medium to long-term though I somehow doupt it. That's putting it very politely by the way but each to their own.
That's with twice as many shares in issue. I have no idea how many shares will be issued to fund the takeover or how 'the market' will rate a successful conclusion to the proposed acquisition.
Someone did some 'back of the fag packet' calculations on Telegram to work out the NAV of the mine and came up with:
211 kg gold (open pit)
1233 kg gold (underground)
367 kg silver (open pit)
2216 kg silver (underground)
Gold total kg = 1444kg - value = 46,682 x 1444 = $67,408,808 / £48,728,674
So assuming a 50% discount to the NAV and 100% dilution gives a share price of 3.92p. That's not including their existing exploration assets in Ireland.
It was obvious from the glacial pace of negotiations with AAZ that the new JV would also take some time to conclude. However (in my opinion only), the JV should be concluded by the end of May / early June, i.e. the start of the summer drilling campaign. If nothing has announced before the end of May, then I would start to worry.
I don't think that it was the share issue as they only issued approximately 430,000. More likely people selling through boredom as there won't be any more drilling at Mount Isa until mid April.
The 14 day forecast for Mount Isa looks good, however I'm presuming that the ground will take some time to dry out before drilling can resume:
https://www.theweathernetwork.com/au/14-day-weather-trend/queensland/mount-isa