NTVO – What I’m Expecting Over the Next 3 Months17 Oct 2025 08:47
Things are finally lining up here. The Tesoro restart looks on track for November / December with the contract mining partner already flagged and the £400k raise in September likely covering the working capital needed to get the trucks moving. The “subject to funding” line in the last few updates now feels largely ticked off.
Once they’re up and running, we should start seeing production and grade updates pretty quickly. Historical recoveries were above 90% with average grades around 15g/t, so any early confirmation of that range will get attention fast.
On the tailings, the company’s already said the approach there is different — they’re planning a formal Feasibility Study before making a final investment call. That first study will be circa $500k IMO and should give a proper JORC/NI-style resource number. Wouldn’t be surprised if we see that FS award announced before year-end.
I’m also expecting a bit more TR-1 activity. We’ve already seen Richard Edwards up to 6.48% and Adrian Crucefix around 5%, so a few more holdings crossing thresholds wouldn’t shock me, especially if liquidity picks up with restart news. Don’t rule out some director buys either – they’ve got the headroom from the September GM and it would be a good signal to the market.
The Boku buyout cleaned up the structure nicely, so going forward we’ll get a simpler “one-company” story in Peru. I’d expect the next RNSs to focus on the restart, early production figures, and progress on the tailings Feasibility.
Rough timeline in my view:
• Late Oct / Early Nov: More TR-1s, final contractor details, mobilisation update
• Nov: Official restart announcement, maybe some visuals/video
• Dec: First production / grade data, Feasibility Study award news
• Jan: Follow-up production update, early tailings data
The story’s now down to execution – funding box ticked, grades proven historically, structure simplified, register tightening. It’s shaping up well. GLA
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