Member Info for news

P.S.
It is a saving grace that MMIH never got 100% in the agreement but only 80%.
That means that BZT still owns 20%.

I have been looking up MMIH and they still list Mankayan as one of their assets.
Of course, they can still have it if they pay the FULL SUM THAT WAS IN THE LISTING DOCUMENTS FOR THE RTO in Singapore of U:S$ 5 0 0 Million? That is an OFFICIAL VALUATION and often it is done by a Tier 1 Investment Bank and a minimum requirement for listing. As said, Mr Bird can confirm or not the US$500m valuation as this is from recall only?

Newcrest bought Red Chris and further enhanced it via drilling.

I am sure MMIH is cognisant that there is MUCH MORE THAN MANKAYAN than their UPDATED 2012 JORC.

If the STRIKE is DOUBLE + and helped by HIGHER GRADES AS FOUND BY GOLDFIELDS per the Mining Journal article in this thread, a potential GOLD deposit of SAY, in theory of 9.6 MOZ currently x 2= 19.2 MOZ is the stuff of legends. Often, one see that further drilling can increase a deposit by 2 to 3 times. Only Mr Bird can tell us more given the data is from long ago.

Mankayan known as Guinangong was discovered first and then only Far SouthEast.

The Times of London , 2 days ago reported that SARA DUTERTE is the next presidential candidate ie in the Times headline of the "Philippines Dynasty."

DYOR.

Tues, 8 June 2021

prickly
Thank you for the courtesy of a reply. Yes, it is crystal clear given what you convey is in line with commercial reality. As for MMIH, their case is absolutely weak given that NO consideration ie legal term for money or in kind has changed hands and NO Court in the world will award a Tier 1 asset with NOTHING PAID. Moreover, the AsiaPhos RNS/ANN to the Singapore Stock Exchange is clear and legally that will form the basis of a potential win for BZT. Why? It was dependant on the Reverse Take-over of AsiaPhos in order to insert Mankayan into the co as the other 2 assets are early stage small projects from what I perceive only.

I have tried to look up the OFFICIAL VALUATION DONE by AsiaPhos/MMIH for the MANKAYAN listing [RTO] . This is commonly known that this is necessary for an official listing. If I recall correctly, I think it was for US$500 MILLION. I tried to look it up to re-check but cant find it and perhaps Mr Bird would oblige as this is public info.

Thankfully, Laurence Read worked the RTO etc out of SINGAPORE. I cited an Australian co that got their ASSET BACK VIA SINGAPORE TRIBUNAL HEARING. In fact, the co that was held the Philippines asset [copper/gold project] had to pay out a big sum in default. So, this is the precedent for such cases.

As for by end July 2021 to know what they will do, that is fine because it means they have a STRATEGY or in discussions. As one can see from BZK [Indonesia], the doors are opening even for funding copper-gold projects. I am sure Mr Bird can tap the various people who can open doors ie the heads of major mining co*s to whom they would pick up the phone to rather than cold-calling which may elict no reply.

I am not surprised relating to a potential ASX listing as the Australian Chamber of Commerce etc + Australian govt is keep to help their Australian co*s to progress in the Philippines.

I am hopeful that Mr Bird will bring Mankayan to a successful outcome even if it means FURTHER DRILLING at the HIGH GRADE ZONE that Goldfields did as due diligence. Those grades were fantastic relative to what is seen elsewhere. It would not cost a lot.

I am QUITE SURE THAT NEWCREST WILL BE INTERESTED. Why? It is hard to know what is going on in the Philippines except on the ground ie to be there. One does not get much reporting on the discoveries there as Mining Journal etc does not cover the local co*s etc.

Given that MANKAYAN was once the "DARLING" of the market, there is nothing to stop it from once again, a fav. Nick Holland, CEO of Goldfields talks of Far SouthEast in such glowing terms via his interview to press etc, so MANKAYAN will also be in the same league. I am sure that with CHEAP DRILLING, there is NOTHING to prevent a BIGGER DISCOVERY -often depending on THE STRIKE OPEN [+DEPTH], THE RESOURCE COULD IN THEORY EVEN DOUBLE.

At this time, MANKAYAN *s gold resource alone at 9.6 MOZ GOLD surpasses HAVIERON*s 4.48 MOZ GOLD. DYOR.

P.S.
A TIER 1 like Mankayan is worth a lot of money. No Tier 1*s especially with an UPDATED JORC 2012 with:
9.6 MOZ GOLD
20 MOZ SILVER
2.8Mt Copper

will sell for less than US$200 MILLION vs VALUE-IN-SITU of around US$48 million region currently.
This REPRESENTS SOME 0.4%. Goldfields offered US$70m for VALUE-IN-SITU per Edison of US$12 bn which is SOME 0.5%.

Even if it is sold for a song at say, US$140 MILLION [double of Goldfield*s offer with an old JORC 2004 + copper/gold prices less then], this is still a LOT OF MONEY VS £12 MKT CAP.

PHILIPPINES LIFTED THE MINING BAN ON 15 APR 2021 - IT IS NOW 8 JUNE 2021 and that is now almost 2 months now @15 June 2021, 1 wk to go.

Things are moving on in the Philippines with even TAMPAKAN & OCEANA getting their agreements which signals that the govt is moving to approving HUGE PROJECTS like Tampakan, SILANGAN & KING KING of which Mankayan sits in this sort of category [Silangan & King King as shown].

Hence, why CNN Philippines shortly after 15 Apr 2021 said THAT TAMPAKAN AND OTHER MAJOR PROJECTS like Silangan and King King could "STRIKE GOLD." Why? There is NO MORE IMPEDIMENT to progressing mining in the Philippines given that they need the revenues post COVID as they stated.

Hence, we would be appreciative and grateful if Mr Bird would LET US KNOW WHAT HE INTENDS.

Everyone has now SOLD AND LEFT. All the familar names have disappeared.

So, we who are left would like to know which is reasonable to ask.

Thank you.

News, Tues, 8 June 2021.
I have never invested in Mr Bird*s co and hence I do not know his style, hence why I am asking.

prickly [Head of BAGS]
Since you are the Head of BAGs Bezant Resources, you have constant communication with the Big Chief, Colin Bird, could you kindly ask him on behalf of all of us, what he intends to do with Mankayan?

It is worth a lot of money on the open market -Gold Fields paid US$9m non-refundable when they offered US$70m for Mankayan at a time gold and copper was priced much lesser than today and the JORC had NOT been updated.

Usually, it is well known that one leaves something at the table for the major/s if they are interested. So, no surprise that Goldfields, in doing due diligence DRILLED and DISCOVERED AT HIGHER GRADE ZONE at Mankayan [Mining Journal article within this thread refers. Those were fantastic grades].

Mankayan is NOT OPEN PIT and therefore NOT opposed to even in the past.

The licence to be RENEWED is a procedure as it was the last time. One can search to see if ANY MINING CO HAS EVER BEEN REFUSED A RENEWAL OF THEIR LICENCE. I have posted that UNLESS a co has violated certain rules, the licence is renewed.

We do NOT have Laurence Read on board which is a pity as he has a lot of CONTACTS in the mining world. His forecast for Mankayan was SPOT ON but he was early in his prediction for copper in the green revolution. Many MAJORS are now SEARCHING LIKE MAD FOR LARGE COPPER PROJECT ie TIER 1*s.

Whilst you have heard from Mr Bird relating to the licence,it is nevertheless a PROCEDURAL matter.

However, in terms of strategy, what is Mr Mr Colin Bird vision for Mankayan. THIS IS NOT A PRICE SENSITIVE QUESTION. Mr Bird sold Kiwara [not 100% owned] to First Quantum [Zambia project] for some US$250m. Mr Bird was formerly from Anglo-American and Kiwara & Bushranger are former Anglo-American projects/property.

All Mr Bird*s ventures and co*s are AFRICAN focused except for Bushrangers which is a recent venture. Bushranger needs to go on to Phase 2 drilling and even at 440Mt will NOT qualify as TIER 1 ?

Does Mr Bird intend to JV Mankayan? Or sell Mankayan as Mr Nealson did? The normal method is to OPEN a data room or instruct a Tier 1 investment bank to do so. However, if one has the contacts to all the majors etc, then there is no need to go that route. For example, Macarthur*s Chairman could get a fab $4bn deal for their iron ore project with GLENCORE via DL. The Chairman himself tweeted his going to their offices in London from Canada. He was also introduced to the "Millionaire Factory" ie Macquaire Bank as he tweeted.

Elon Musk recently said he sent an email to Apple*s T.C but received no reply.

This is the way of business ie one needs the contacts and hence it is reasonable at this stage to ask Mr Bird if he intends to sell or JV and this is a QUESTION OF STRATEGY which he can UPDATE US given all co*s post on their WEBSITE what their strategy is. It would be KIND OF MR BIRD IF HE COULD LET US KNOW HIMSELF in an interview.

Time is running on. Thank you.

Even in those years, Laurence Read, CEO of BZT got the licence renewed at Mankayan.
Given the LIFTING of the MINING BAN in the Philippines on 15 Apr 2021, the whole situation has changed. Further, even the TAMPAKAN & OCEANA AGREEMENTS HAVE BEEN GRANTED further to this lifting of the mining ban. Tampakan & Oceana were T H E most opposed by the anti-mining Minister who is no longer there and even then, with the lifting more changes have come with the new atmosphere post Covid.

History of the past and current.
Tues, 8 June 2021

From Neil Hume, Natural Resources Editor of Financial Times:
"Should have included this fact in our Big Read.
In the LAST 5,000 YEARS, 5 5 0 tonnes of C O P P E R were produced.
We will need to produce THAT MUCH to meet PROJECT DEMAND according to the World Bank."
Tue, 8 June 2021 [Chart shown]
https://twitter.com/humenm/status/140215250858167300
===
Bezant is all about COPPER in:
Namibia
Zambia
& MANKAYAN Tier 1.
Thus far, MANKAYAN is the JEWEL in this co as it has reached the stage of JORC, hence why it could be sold to Goldfields then who paid US$9m non-refundable deposit [sale price then US$70m prior to the prices of copper and gold rising and UPDATED JORC 2012 which DOUBLED the resource of copper and gold plus newly added silver. For Colin Bird, this is the ONLY TIER 1 in his portfolio of companies that are exploration co* currently.

KING KING
From an article, it was said they have recently appointed JP Morgan to progress the capex. As shown from the King King link, Mankayan*s grades compare favourably as well as the deposit size - this includes the other big project SILANGAN whom Chinese investors are interested in.

NEWCREST
I had provided a link to show that Newcrest has a Philippines office in Makati, Manila. Makati is an upmarket area in the capital and city of Manila [suburb]. In fact Newcrest formed a Philippines subsidiary office called Newcrest Phils.

Goldfields said via Nick Holland that they had been in the Philippines for 3 years and did due diligence for nearly 1 1/2 yrs before they bought Mankayan*s neighbour Far SouthEast. Goldfields in doing due diligence at MANKAYAN found the HIGHER GRADE ZONE.

Can think Newcrest is therefore NOT interested in the Philippines given that it is the world*s 5th most mineralised place on earth.

So, COPPER is now in the news and so much will be needed per Neil Hume this morning. Silver is for solar.

News, Tues, 8 June 2021
DYOR.

-------MANKAYAN TIER 1
{MMIH Updated JORC 2012: 9.6 MOZ Gold, 2.8Mt Copper & 20MOZ Silver}---

Latest news out: "NEWMONT is targeting several COPPER M E G A projects."
https://twitter.com/RRR_RedRock/status/1401861506870939655 3 hrs ago, Mon, 7.6.21

Latest news out: "Stockhead.com.au quotes NY Fund Manager, Goehring & Rozencwajg as eyeying COPPER at US$ 3 3 ,000/t by the latter part of this decade and ABOVE US$ 1 5, 000 within the next 12 months a/c to Peak Asset Management."- 7.6.21
https://twitter.com/Rockfireplc/status/1401849134877876225

==
My Comment:
Newmont is known to be a GOLD producer. So, it is interesting to note the CEO saying in a conference call that they are going to target SEVERAL [not just 1] M E G A COPPER projects.
Not hard to see why given that the copper price is expected to rise. Currently, the copper price is around US$10k+/t.

Mankayan is NO LONGER in the same place as at the time Laurence Read got the MMIH deal. Why? At the time, the UPDATED JORC 2012 for Mankayan was NOT done which DOUBLED the resource as above. Secondly, the price of copper had not reached US$10,000/t nor gold at US$1,850-90. The Mankayan 2019 Economic Study used a copper price of some US$6,600 /t and US$1,250/oz for gold.

The MANKAYAN NPV was around US$1.181 BILLION withe TOTAL REVENUES US$11,647 BILLION and capital raise of US$896m.

This is very SIMILAR to the Silangan capital raise at A$1bn [see the Australian govt website info I posted in this thread]. A HK co is the investor.

King King*s capital raise is $2bn and the NPV is US$1.8bn.They have just appointed JP MORGAN to obtain the capital raise. This is a JV with AUGUSTINE [Canadian listed with a mkt cap of C$100m given King King is their only project but NOT 100% owned].
Link: https://www.sagcmining.com/project/the-king-king-copper-gold-project/
It shows that their PROVEN RESOURCE is 0.35% CU copper AND 0.514 g/t for gold. The PROBABLE is 0.29% cu copper and 0.37% g/t gold.

MANKAYAN*S GRADES:
In EXCESS of 0.64% CU EQ.
HIGH GRADE PRODUCTION AVERAGE: 0.77% CU EQ.

My Comment:
Therefore, with the UPDATED MMIH 2012 Mankayan JORC, it sits BETWEEN SILANGAN & KING KING as originally it had an NPV of US$1.181 Million BUT with the Mankayan resource MORE than DOUBLING, it may now be more than Silangan and towards King King.

PHILIPPINES LIFTING OF MINING BAN: 15 Apr 2021 [MMIH deal terminated 8 Apr 2021]
1 month ago, AFTER the Philippines lifted the mining ban, MANKAYAN is NO LONGER in the same place as at the time of the MMIH deal. Why?

"EXCLUSIVE: TAMPAKAN AND OTHER GIANT MINES COULD STRIKE G O L D."-CNN Philippines.
[To read and check, call up the title]
The giant mines named in the article were SILANGAN with Chinese interest and KING KING.

So await Mr Bird*s [Executive Chairman, BZT] decision on his strategy for Mankayan, a Tier 1 per Mr Nealon, CEO of BZT and Laurence Read, CEO, BZT. Majors are now going to enter the copper space even

------------MANKAYAN Tier 1 [BZT]------------
SUMMARY:
In short, the copper and gold prices are NO longer the same as in the Mankayan Economic Study of 2019. They are some 48% higher and therefore EVEN MORE PROFITABLE. The resource has INCREASED by MORE THAN DOUBLE per MMIH and therefore,it would be NO longer $11 BILLION + REVENUES IN TOTAL. IF, say, the mine life is 10 yrs, then every yr, the mine will throw up nearly $1.1 BILLION IN REVENUE [example only]. Mines lives are usually for a big longer.

Majors are interested in Tier 1*s because the revenue figures are usually in billions and can move the needle for them. The top tier majors need Tier 1 projects like Tampakan which will cost US$5.9 billion as start-up capital. Hence, no surprise that Tampakan was once a GLENCORE-XSTRATA asset.

Mankayan appears more like SILANGAN in terms of start-up cost although Silangan figures are in A$ which will be a bit cheaper than US$.

So, Mankayan is the JEWEL IN BZT. From what I read, BZT*s Mankayan was the "darling" of the market then. It appears that with DECLINING GRADES to some 0.3-0.4% cu seen, Mankayan by comparison is excellent as Laurence Read, CEO, BZT said. In terms of depleting resources, Mankayan sits with SILANGAN which has been mentioned as one of the big major projects in the Philippines.

Over to Mr Bird, Executive Chairman, BZT as what he intends under his stewardship of Mankayan?

News, 5 June 2021 [Sat]
DYOR.

P.S.
EDISON BROKER REPORT
It was recently posted that the Edison report at the time on BZT*s Mankayan showed a total of US$12 billion for VALUE-IN-SITU for both copper and gold at the prices quoted then. This is based on the old Snowden JORC 0f 2004.

2019 ECONOMIC STUDY OF MANKAYAN COMMISSIONED BY LAURENCE READ, CEO, BZT
"Option 4 : US$1.181 BILLION NPV
U S $ 1 1 . 6 4 7 BILLION TOTAL REVENUE.

My Comment:
Based upon the NEW UPDATED MANKAYAN JORC DONE BY MMIH [2012 JORC], the resource has more than DOUBLED. From initial cals of the current copper, gold & silver prices, the SITU-IN-VALUE COMES TO SOME US$48-50 B I L L I O N. That is nearly 3 . 5 TIMES + MORE given that the silver was NOT taken into account then for the Snowden JORC of 2004.

This is REAL MONEY, not fairy money because it will TRANSLATE INTO REAL MONEY REVENUES which will be far more than what was in the 2019 Economic Report for Mankayan. Mankayan was JV with MMIH on 4 Oct 2019. This will be the report they saw.

As with all Tier 1*s, the matter of the start-up cost is relevant. I recall that the cost was higher PRIOR to this 2019 Economic Report [BZT Mankayan]. Hence, why Laurence Read said they CALLED IN ALL THE EXPERTS, GURUS ETC to produce this report.

I have to FIND OUT HOW MANY YEARS THE MINE WILL LAST AS I COULD NOT FIND IT STRAIGHT AWAY given I am busy currently. ONE HAS TO THEN TAKE THE TOTAL REVENUE SHOWN IN THE SAID ECONOMIC 2019 REPORT AND D I V I D E IT BY THE NO OF YEARS THE MINE WILL RUN TO. That will given R E V E N U E P E R Y E A R.

It was US$11 BILLION THEN, IT WILL BE IN THE REGION OF US $48-50 BILLION NOW . Mr Bird said he reads the forums hence, he will be a good balance as he will have MORE PRECISE FIGURES ON HAND given that they take LIFE-OF-MINE PRICES.

Sat, 5 June 2021.
News DYOR. Kindly check.

-----MANKAYAN 2019 ECONOMIC STUDY----
Commissioned by Laurence Read, CEO of BZT.
https://www.bezantresources.com
SHOWS ON THE LANDING PAGE OF BEZANT CURRENTLY.
At the end of the page, it said, FIND OUT MORE and it give more details. Link: https://www.bezantresources/philippines.

"2 MAIN BLOCK CAVE ROUTES : Total of 11 scenarios routes.
AVERAGE PRODUCTION GRADE IN EXCESS OF 0. 6 4 % CU COPPER EQUIVALENT
AVERAGE PRODUCTION HIGHER GRADE IN EXCESS OF 0 . 7 7 % CU EQ.

OPTION 4
US$1.181 BILLION NPV
US$ 1 1 . 6 4 7 BILLION R E V E N U E
US$19.1/t average cost.
US$ 8 9 6 MILLION START -UP COSTS.

OPTION 8
START UP COST US$ 6 3 3 MILLION.

OPTION 9
START UP COST US$529 MILLION.

MORE DETAILS PAGE:
US$1, 250 per ounce GOLD
US$3/lb COPPER"
[Assumpation prices for the economic study above].

MY COMMENT:
MMIH 2012 JORC UPDATE HAS MORE THAN D O U B L E D THE MANKAYAN RESOURCE. SO, THE START UP COST COMES DOWN SIGNIFICANTLY. Of course, if one*s resource has doubled, then cost is at least 50% LESS?

Also, GOLD is currently US$1,850+ and COPPER is US$10,000 per tonne [Mining Journal said that if copper were to go to US$9,000/t, then it would be "STATASTROPIC" for Mankayan. Mining Journal used US$6,600/t for the study and not in lb. Roughly, it would be 4 8 % MORE for gold and roughly the same for copper. MANKAYAN COSTS WOULD COME DOWN MORE by A N O T H E R 48% + -?

No wonder why BZM in Indonesia owned by a London listed AIM co is going to go to production. Same situation given the rise of gold and copper prices from then to now currently. Per their twieet, it would bring in some US$100m revenues a year. From my cursory info, this project is much smaller than Mankayan as it is NOT a Tier 1 from recall.

No wonder why MANKAYAN IS NOW ON THE LANDING PAGE OF BEZANT. Laurence Read could NOT tell when COPPER PRICES WOULD GO UP - NOW PER HIS FORECAST, IT HAS DONE SO and
the Mankayan project is an ASSET which Mr Gerry Nealson said is TIER1 and Mr Read said Low Tier 1. With the MMIH new updated JORC, there is appears to be NO QUESTION IT IS TIER 1.
From the official Australian site on Philippines mines per this thread I posted yesterday, one can see SILANGAN, KING KING AND TAMPAKAN are world class. Mankayan COMPARES FAVOURABLY with Silangan and somewhat with King King.

DYOR. I am rushed for time so the cals are just roughly sing some simple maths, NOT NEW CALS but merely updating for CURRENT price of copper and gold.
News, Sat, 5 June 2021

AWAIT FOR MR COLIN BIRD, EXECUTIVE CHAIRMAN, BZT TO COMMENT FURTHER GIVEN HE SAID HE READS FORUMS AND WHAT HIS SHAREHOLDERS HAVE RESEARCHED.

St Augustine [TSX listed in Canada]- Mentioned by the Australian Govt re: Philippines project ready for FDI [Final Direct Investment] decision.
Google Finance lists the MKT CAP AT C$100 MILLION.

From St. Augustine websie:
Link: https://www.sagcmining.com [SAGC]
St Augustine DOES NOT OWN KING KING 100% but has a JV.

From the website, St Augustine*s ONLY ASSET-PROJECT IS KINGKING COPPER AND GOLD PROJECT IN THE PHILIPPINES. So, the mkt cap is for an undeveloped asset which is NOT 100% owned.

"Proven & Probably Mineral Resource:
618Mt
4.09B lbs cu copper
7.85 MOZ au gold."
===
Comment:
BZT*s resource tonnage is MORE THAN KingKing per MMIH*s 2012 JORC Update [Mankayan].
See earlier post.
In terms of gold, Mankayan has 9.6 MOZ gold vs KingKing 7.85 Moz gold.

So, it would appear that BZT*S MANKAYAN APPEARS TO BE POTENTIALLY WORLD CLASS AS IS KING KING & SILANGAN which is about to receive an FDI [Final Investment Decision] per the Australian govt website.

4 June 2021
Please check. DYOR.

From the official AUSTRALIAN webite: "MINING TO THE PHILIPPINES"
https://www.austrade.gov.au/australian/export/export-markets/countries/philippines/industries/mining

"Philippines of the 5TH MOST MINERALISED COUNTRY IN THE WORLD with the 3RD LARGEST DEPOSITS OF GOLD, 4TH FOR COPPER, 5th for nickel and 6th for chromite.

The nation*s mineral resource is valued at A$1.32 Trillion, but those remain largest untapped. The country has 44 mining co*s of which 37 are operating mines - 6 gold mines, 3 copper mines and 28 nickel mines as well as 65 non-metallic mining co*s."

"NEW MINING PROJECTS:
2 MINING PROJECTS ARE CLOSE TO GETTING A FINAL INVESTMENT DECISION [FID]. These are the KINGKING Mining Project and the SILANGAN Mining Project. KingKing is a A$2 B I L L I O N
- Mineral Production sharing between NADECOR & ST AUGUSTINE GOLD [TSX listed, Canada] and expected to produce 3.2 billion lbs of COPPER, 5.4 MOZ GOLD and 11.7 MOZ SILVER.

SILANGAN is a copper gold project- estimated reserves of 5 Billion lbs of copper & 9 MOZ GOLD , 25 yr life , COST A$1.2 billion....subsidiaries of HONGKONG First Pacific Co Ltd.

TAMPAKAN: potential investment $5.9 billion- 15 MILLION TONS OF COPPER & 18 MOZ GOLD.
Investors Alcantra family and SM Investment Corp.

OPPORTUNITIES:
AUSTRALIAN CO*S REMAIN WELL PLACED TO CAPITALISE ON FUTURE DEVELOPMENTS IN THE PHILIPPINES MINING AND RESOURCES SECTOR."

--Comment: Looks like SILANGAN & BZT*S MANKAYAN are somewhat close ie 9moz gold vs 9.6 moz gold [BZT] etc.

So, the Australian govt has provided some IN-DEPTH info on what PROJECTS ARE COMING ON-STREAM POTENTIALLY NEXT.

Tampakan as said has just had an agreement signed including Oceana.

Fri, 4 June 2021.

Part 2:

Ref: "Bezant*s Mankayan back in the spotlight."-Mining Journal , 29.10.18
https://www.mining-journal.com/resourcestocks-company-profiles/resourcestocks/1349900/bezants-mankayan-back-in-the-spotlight

MANKAYAN, 4 JUNE 2021
1] Gold is NOT US$1,250/oz cited in the Mining Journal article but US$1,890/oz. Copper is NOT US$6,000+ cited in the Mining Journal article. Mining Journal said "statospheric"[for Mankayan] if copper reaches US$9,000/t per Citi*s forecast by 2028. Copper is ALREADY US$10,000+ /t CURRENTLY.

2] MMIH UPDATED the Snowden 2004 to 2012 which DOUBLE MANKAYAN*S RESOURCE to 9.6 MOZ GOLD [millions of ounces], 2.8 MILLION TONNES COPPER & 20 MOZ SILVER. Silver was not taken in earlier.

3] Not only has the President of the Philippines [Duterte] LIFTED the MINING BAN [15.4.21] but further to that they have in fact GRANTED an agreement with TAMPAKAN [Glencore-Xstrata, IndoPhil & Saggitarius] together with Oceane. From my understanding of the events, the agreement appears to be a RE-INSTATEMENT?

4] On 8 Apr 2021, Bezant terminated the MMIH deal. Nearly, a few days later, the mining ban in the Philippines was LIFTED on 15.4.21. Now, more progress with Tampakan.

5] Gerry Nealon described Mankayan as TIER 1. Laurence Read, CEO of Bezant called Mankayan low Tier 1. Now, with the updated JORC 2012 which more than DOUBLED the resource , it is in the Tier 1 class? Mr Nealon passed away during the negotiation with Goldfield from what I understand.

6] Bezant was paid US$9m for Mankayan as a non-refundable deposit from Goldfield.

7] Well published now that GRADES are falling so no wonder why Laurence Read said that Mankayan grades are gold. Not only does Mining Journal describe it as that but Tampakan*s grades are shown via my post a few days ago. Tampakan is RANKED in the top 10 projects.

8] Majors reserves are depleting.

9] Mining Journal said that Goldfields considered their Philippines asset COMPELLING which they have kept and taken to reserves as I posted.

10] With the above ie grades falling, reserves depleting, it was a no wonder that Tampakan is progressing which appears to be a big move.

11] We, shareholders now await Mr Colin Bird, Bezant Resources Executive Chairman to UPDATE US ON MANKAYAN [100% owned] given his last recent interview stated;
" N O SHORTAGE OF SUITORS." Does appear to be correct given that Mr Bird said this BEFORE the Tampakan news + Oceana.

News, Fri, 4 June 2021
There appears to be NO TIER 1 IN THE LONDON MKT WITH A £12M MKT CAP.
Alpala *s co has a mkt cap of £802 million with 23 MOZ gold, 9 Mt copper & 90 moz silver with only a MAIDEN RESOURCE STATEMENT. So, co*s mkt cap are on assets given many have not progressed further than maiden resource statements. Many exploration co*s without drilling have mkt caps of more than £25m - wont name them but I am sure many know who they are.
DYOR.

" At a mining through put of 20 Mta, Mankayan is calculated to have a potential past pre- tax PRESENT VALUE of $ 7 9 3 million [at a 8% discount rate] and a total post tax NET CASH FLOWS of US$ 3 . 7 BILLION.

These figures are based on a long term COPPER PRICE of $6,614/g and would head into the STRATOSPHERE if Citibank baseline copper forecast of US$9,000/t BY 2028."

"Bezant has cleared the way by conducting a bottom up review of drill core to engineering reports as well as PERMITTING and community investment. During its active years at Mankayan, Bezant maintained a SPOTLESS record with local communities and is already back on the ground working with local communities SINCE the RENEWAL of its MRSA."

"The excitement was justified. A 9 hole programme by Bezant between 2007-09 conffirmed the results of the historical drilling & led Snowden to publish a JORC 2004 of INDICATED resource estimate of 2 2 2 Million Tonnes AT 0 . 4 9 % COPPER & 0.5 2 GRAMS GOLD PER TONNE.
Inferred resources lift the total tonnage to 260Mt with CONTAINED COPPER OF
1 . 4 5 Mt OF COPPER & ALMOST 4 M I L L I O N OUNCES OF GOLD."

"THE HIGH GRADE OF GOLD FOR SUCH A LARGE PORPHYRY COPPER DEPOSIT MAKES MANKAYAN STAND OUT AMONG ITS PEERS. The gold content THE COPPER EQUIVALENT GRADE TO 0. 8 2 % [at a US $1,250 gold price]."

"The tonnage figure are also NOT THE FULL STORY AT MANKAYAN.
The deposit which STARTS at about 300m & is therefore suited to underground mining , is
O P E N ALONG S T R I K E & DEPTH.""

"Goldfields- its FIRSTT HOLE outside the SNOWDEN RESOURCES AREA, INTERSECTED
ANY EYE-POPPING 3 4 2 METRES AT 0 . 6 % COPPER & 1.10 GPT GOLD "

"The future for Bezant could NOT have looked brighter but the tide turned in 2012...policy shift ..Acquino govt..."

"by that stage, GOLDFIELDS HAD PAID BEZANT US$9.5M ...returned to shareholders."

contd Pt 2

I posted recently from the BZT archives [other forum] relating to a possible JOIN-UP
of BEZANTS MANKAYA with LEPANTO-GOLDFIELDS FAR SOUTHEAST, Philippines [both the deposits are near each other. Also, I posted that the broker Mirabeau suggest that Mankayan & Far SouthEast shared a SHAFT between the two deposit to save costs].

GOLDFIELD-LEPANTO FAR SOUTHEAST, Philippines
From Lepanto*s website: "Preliminary INFERRED 891.7 MILLION TONNES
@0.5% cu copper and 0.7 g/t gold EQUIVALENT to 1 9 . 8 MILLION OUNCES OF GOLD &
4. 4 5 MT COPPER."
httpls://www.lepantomining.com/our-company

MANKAYAN
MMIH 2012 JORC
793 MT =
9. 7 MILLION OUNCES GOLD
2.8 MT COPPER
20 MILLION OUNCES SILVER
==
MANKAYAN + FAR SOUTHEAST
19.8 MOZ GOLD [FSE] + 9.7 MOZ GOLD [Mankayan] = 2 9 . 5 MOZ GOLD
4.45 MT COPPER [FSE] + 2.8 MT COPPER [Mankayan] = 7.25 MT COPPER
20 MOZ SILVER [Mankayan]

versus
TAMPAKAN [Glencore-Xstrata/IndoPhil and managed by Saggitarius]
2.94 Billion Tonnes @ 0.51% cu copper & 0.19g/t gold
EQUIVALENT TO:

1 5 MT COPPER & 17 . 6 MOZ GOLD
===
FSE & MANKAYAN [JOINTLY FOR EXAMPLE] HAS MORE GOLD THAN TAMPAKAN and 1/2 of Tampakan*s copper. Look at FSE*s grades vs Tampakan.

For perspective:
Alpala [ranked in the world just like Tampakan]:
23 MOZ GOLD
9 MT COPPER
90 MOZ SILVER.

My comment:
In a recent interview, Mr Colin Bird, Executive Chairman, Bezant Resources told Zak that "MANKAYAN - N O SHORTAGE OF SUITORS."

Well, looks like today*s news about Tempakan*s RENEWAL agreement with the Philippines govt does appear to support what Mr Bird said ie things appear to be moving post LIFTING OF THE MINING BAN.

News, Wed, 2 June 2021.
DYOR

https://opinion-inquier.net/1407861 dated Wed, 2 June 2021
"Mining not recovery."- Inquier.net

Quote:
"..mining...on the heels of his ORDER, E0-130 came TWO ANNOUNCEMENTS for the R E N E W A L of 2 AGREEMENTS with LARGE MINING CORPS, Oceana Gold in Didipio, Nueva, viscaya and
SATITTARIAS MINING INC [SMI] in T E M P A K A N, South Colabato."

Background:
The word, "on his order" is Duerte [President of the Philippines] and E0-130 is the recent LIFTING OF THE MINING BAN in the Philippines. Now, the govt has signed TWO AGREEMENTS ie Oceana & Tempakan.

TEMPAKAN
A/c to Mining Technology, Tempakan has:
2.94 Billion tonnes @ 0.51% COPPER & 0.19g/t GOLD.
It will cost $5.9bn to develop.
Contains 15 MT COPPER & 17.6 MILLION OUNCES OF GOLD.
https://mining-technology.com/projects/tampakangoldcopperpr/

Tampakan has an FTAA with the govt.
The project was SUSPENDED following the provincial BAN on OPEN-PIT mining. The Municipal of Tampakan TERMINATED THE PRINCIPAL AGREEMENT WITH SAGITTARIUS IN AUG 2020."
Sagitarius {SMI] was the developer of the project on behalf of its shareholders GLENCORE XSTRATA & Indophil."

BEZANT MANKAYAN
MMIH 2012 JORC:
793Mt

2.8 MT COPPER
9.7 MILLION OUNCES GOLD
20 MILLION OUNCES SILVER
https://www.mmih.com/mankayan/

My Comment:
Just imagine, not only has the MINING BAN BEEN LIFTED IN THE PHILIPPINES, one of the WORLD*S LARGEST UNDEVELOPED COPPER-GOLD PROJECT has now had the AGREEMENT GRANTED [or more accurately restored]. Oceana was also in the same position - from recall they have a large mine going etc.

Have a look at TAMPAKAN VS MANKAYAN. Laurence Read, CEO of Bezant said the grades for Mankayan were good [para phrased]. Looking at the Tampakan grades as above, one would tend or appear to agree.

DYOR.
News, Wed 2 June 2021.

Olderandwiser,
In answer to your question: By way of explanation, I did NOT want Lexion to think that ALL 0.25% cu copper are EQUAL or necessarily equal. By saving grace: If Racecourse was drilled at a time copper was US$6,000 or less, then it would not be as attractive or there were tons of copper projects around ie non-depletion situation or depleting. If Racecourse was at Ernest Giles, again, it would NOT be ideal as it was said to be a bit off course then. If Racecourse was NOT near infrastructure, again, not ideal. If the STRIKE of Racecourse was ONLY 1km [Straits said it was 1.5km] vs 2.5KM now, again, it appears to make QUITE A LOT OF DIFFERENCE given one needs SIZE if the grade is NOT exceptionally high and so forth. All explained by the trio yesterday at Zak*s interview of what a porphyry is etc.

However, QUALIFIED by IF the 2.5KM strike is mineralised and the drills confirm the new GEOPHYSICS and if the copper price continues to hold etc. The PLUM would be a surprise which at this stage is NOT known by us who do NOT have the full data.

But Racecourse appears to be at the RIGHT PLACE, AT THE RIGHT TIME and hence the grade is also somewhat acceptable given the CUT-OFF via the Scoping Study helps.

If Lexion thought ALL 0.25% cu copper was a go everywhere, then he may find that there may be other factors to consider as I said.

Hope that clarifies.

Thur, 27 May 2021

Lexion
The only saving grade for XTR*s Racecourse at the moment is the price of copper which is still around US$10,000 per tonne. As mentioned by Mr Bird , Executive Chairman, XTR in his previous interview, the copper price has almost doubled from the then time.

As the Racecourse Scoping Study showed one needs 0.2% cu copper CUT-OFF if the copper price is US$7,500 and 0.15% cu if the copper price is US$10,000/t as the CUT-OFF.

In addition, Australia is a Tier 1 jurisdiction and hence would be less likely to incur a discount rate that is norm for NON-Tier 1 jurisdiction plus other benefits etc?

Lastly, as Mr Bird pointed out, Racecourse is 100km from SYDNEY. It is situated in the Lachlan Fold, NSW, Australia and per the XTR Bushranger Presentation of May 2020, there is INFRASTRUCTURE IN PLACE given that Newcrest*s Cadia Ridgeway is some 80km away from recall.

Hence, given the above merits, the grade you mentioned is tolerable and was also mentioned in yesterday*s XTR video interview with Dr Quinton, Mr Jeremy Read, Former BHP Head of Exploration Australia/Africa and Mr Bird.

Thought I had better mention it given that it may not apply to every prospect especially if there is no infrastructure or in the middle of some jungle that is hard to access etc.

Hence, for that reason, XTR is commissioning a report from an independent relating to the prospect of an OPEN-PIT at Racecourse. This report will be more revealing and will be more definitive. This is needed to show the economic aspectS as is norm. So, one awaits that report and the new IP etc.

Thur, 27 May 2021

P.S.
At RACECOURSE itself, as is common with many porphyries , there are higher grades and lowest grades including the mean grades if the area strike is extensive. One can only find out with drilling matched against GEOPHYSICS [old and new]. In the end, it is the OVERALL GRADE of the potential deposit that is of interest rather than hole by hole grades etc.

Bushranger itself per the only Presentation [XTR] of 2020 shows that it has a total strike length of 10km. Hence, my comment about a longer period, whether under XTR or another co.

That clarifies everything. As to what Mr Read, Former BHP Exploration Head meant about higher grade zones, he was NOT referring necessarily to RIDGEWAY in particular but rather what I said in my first para above. That is my understanding of what he said. Finding a Ridgeway would be like hitting the jackpot? Hence, history will tell us what happened at RACECOURSE-BUSHRANGER when the total story is told. Until then, we can only go on the Racecourse story for the time being as it was with Cadia etc. One cant tell if there is a Ridgeway at Bushranger at this moment from the outside ie from our perspective as we do not have the data to see etc.

Thur, 27 May 2021

Stevemocal

I would like to add that I am UNCERTAIN how RACECOURSE-BUSHRANGER will turn out at this MOMENT. What I mean is that is there a RIDGEWAY at XTR*s Bushranger? Ridgeway is the deepest part of the licence area. Yes, the FLUID went through Cadia-Ridgeway and appears to have also hit XTR*s Bushranger? However, the $36,000 Question is: HOW WAS THE FLUID DISTRIBUTED AT BUSHRANGER? TO WHAT EXTENT? AT WHAT GRADES? IS THE HIGHER GRADE DEPOSIT AT BUSHRANGER AND IF SO, IS IT HIDDEN AS WITH RIDGEWAY?

In terms of STRIKE, it was pretty obvious it would EXTEND given what Tooday said.

I assume that the LATEST RNS RE: 2.5KM STRIKE LENGTH OF RACECOURSE [26.5.21] may or could EVENTUATE in a prospect that is MINERALISED if the geophysics [old and new] indicates this. So, for me, it is a matter of OVERALL GRADES per my hypothesis only.

The rest, if found, could be LEGENDARY, whether under XTR or any co should they choose to go all the way.

I have been on the Alpala story and Havieron. However, BOTH of these had CLEARER data especially the former.

Hope that clarifies.

DYOR.
News, Thur 27 May 2021
Please pardon the typos as the page keep freezing so I have to just post without being able to edit etc.