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Yes, the State hydro power supply is coming to Palito which will replace diesel for power generation which is Serabi's second highest cost after labour. Then the electric supply will be going in to Coringa. This will reduce AISC for the company by a significant amount. AISC of $1400 is expected giving a $600 margin per oz with gold at $2000.
Road from Coringa to Palito has been recently paved which makes trucking of ore to Palito quicker and a lot easier.
Palito production of 30k oz can go on for however long! 400k oz resource 20 years ago. That has been mined and now the resource is 500k oz which is the most it has ever been.
Coringa is similar. It could be a 1 million oz resource with grades 10 to 12 gm/ton. Production could be up to 70k oz pa to get production to 100k oz organically but that would require capex that is not available currently.
Ore sorter for Coringa is on the water from Poland heading to Brazil.
Segun in 2011 acquired shell company, TSXV listed, Thor Explorations and became CEO at the age of 32. The business had a mine site in Senegal and not much else. Fast forward to today when Thor has a 100k oz pa mine at Segilola in Nigeria that started construction n 2020 and is now in its 3rd year of production. In a few months it will be fully paid for, debt free and throwing off mega cash. LIsting on AIM came in June 2021 as mine construction was nearing completion.
The Senegal project is still there but exploration has proved up nearly 2 million oz gold so far with an MRE due now and a PFS due by end of this month. And there is likely to be much more resource when exploration over a 30 km trend comes to bear. Recently there has been acquisition of large acreage gold and lithium leases in SW Nigeria with promising early drill results.
Share price. C$0.22, 13.5p. For the last 7 years the sp has been in the range of c.14c to 40c but is recently off a low of 17c. The sp is around the lows for the past 3 years and half of the highs of 40c. Almost no reward for so much company development and transformed finances.
Kkkrrr. Thor. No company that I'm aware of shows an accounts payable balance of zero.
Should be net cash positive by end of H1/24.
PFS for Douta this month. Guidance Q1/24. Likely 2 million oz MRE due imminently.
Kkkrrr. Thor Ex (THX). As at 30/9/23 from their published accounts, Thor had $23.7 million current liabilities (mainly loan repayments to AFC), $3.8 million in non current liabilities (more than 1 year) and $8.2 million in cash. With gold at $2000 plus, production $90-100k oz and AISC of $1150 Thor should be debt free in H1/24.
Current mine life is 3 years but this has not been a priority until recently. It is being addressed with current resource drilling incl first ever drilling beneath the main pit and regional exploration which is expected to confirm resource that is truckable from within 20km of the mine. So resource is expected to extend mine life as new drilling results come in this year.
Noel. Yes, there is at least 20p value in SHG right now but the market is not interested as we have seen since the Patel's made their offer before Xmas. I don't see a rival bid coming at this relatively late stage.
I held 2 million plus SHG but have reduced to 250k now as I believe the gains to be made here are very limited whereas the gains on selected under valued goldies in this gold price take off is multi bag territory.
I placed some of the funds released into SRB and THX.
........... Mkt Cap Sp Today Sp 1 week.
Serabi SRB. £42 million 56p. +16%. 40k oz producer this year, 60k oz next year, no net debt.
Thor Ex THX. £88 million 13.5p. +32%. 100k oz producer, no net debt from H1/24.
Shanta SHG. £140 million 13.3p. +1.9%. 100k oz producer.
So the possible 12% gain going back into SHG over the next 4 weeks (15p revised offer) can be made in a few days if good choices are made in alternatives. There is no way I'll be repurchasing the SHG shares I've sold as I'm much better off in the alternatives which have good prospects, massively under valued sp's and are likely to outperform SHG by a country mile!
Sp 58p so we are back to the prices of 2 years ago. Massive buying interest with few sellers so with gold breaking above $2100 and moving higher the sp gains are likely to continue until fair value is reached.
Mkt Cap: £44 million for production of 40k oz this year and 60k oz next with net cash and funds to pay for expansion. Serabi is set fair to start to fulfil its potential The Vale JV funding copper/gold exploration is the icing on top!
Friday 1/3/24. Gold $2082. +$42. There was a spike to $2150 on 4th December which was thought to be lift off but disappointment set in and has largely lasted until the past few days. The general public lost patience and has been liquidating gold ETF's and selling off miners. BUT ...... but ...... it looks like the 3 month consolidation of gold in the range mainly $2000 to $2050 is now over. We will see what happens in the coming week.
Alistair Macleod: There is massive demand from Asia, from Comex traders standing for delivery and from Central Banks. When gold goes over $2100 the market will start to take notice and realise they have no exposure, at the same time the market is very expensive, leading to a sell off in tech with gold and the miners being bought. But the public so far continues to take no notice. We might look back and see that this past week is the point at which it all turned.
Super Bull Market in Gold About to Start - Charles Nenner. The wait for this gold bull market is about over. “The dollar’s buying power could possibly be cut in half. . . . That’s the reason why we expect a super bull market in gold and silver when the cycle bottoms. He cautions there may be one last down turn before gold moves into this new super cycle proper.
We are due an updated MRE for Douta any day now. Q1/24 is current guidance. This is expected to increase both the resource to c. 2 million oz gold and the average grade.
This is to be followed by the PFS for Douta delayed from Q4/23 to Q1/24 with only a month now left in Q1. With this information in the public domain there will be visibility of the valuation of the asset and development issues and costs. Segun thinks Thor can build a mine there without dilution of shareholders but Endeavour's huge mine, Sabodala, is just trucking distance away from Douta, and other predators incl possibly the Chinese will no doubt take a close interest when this PFS is released.
At the moment Douta is valued at zero in the THX share price which gives the AISC $1150, 100k oz producing mine at Segilola a derisive valuation. THX sp has recently been smashed even lower by a further 20% by a large seller wanting out at any price over a 3 day period but the shares should start to bounce back on news or before.
Rogue. That HOC analysis video you put up today is fundamentally flawed. The guy says Mara Rosa production in H2/24 instead of this month. He compounds that by expecting production there of 100k oz over 4 years instead of 90l oz this year and 100k oz pa for the first 4 years of mine life. No mention of high AISC coming down after this year. No mention of Pallancata being now closed and high costs there replaced by low cost Mara Rosa etc etc. So the financial analysis is just plain garbage!
2024 guidance: New Mara Rosa mine set to produce 83,000-93,000 ounces of gold at AISC of $1,090-$1,120 per oz
Mara Rosa video:: https://vimeo.com/889422278
no one/the market has any interest in this company. it's all down to the directors and lack of communication.
the company can increase production, increase profits but still no one will care. until the ******ed management do what is expected of any listed lse company which is to communicate with shareholders and the market instead of hiding away for 364 days in the year in kazakhstan. a minimum requirement for pr would be:
regular updates
quarterly production results delivered within a month of the quarter end with more than a few lines of text of activities
presentations to institutions and analysts in london
visibility of the ceo answering questions via proactive or other interviews
slide presentations for interim/fy results with active on line shareholder participation eg investor meet company.
agm participation made available on line.
it's very apparent that this management ie assaubeyevs don't have the will or the skills to perform as required. they should bring in someone with good english and russian in a position of authority eg general manager who can provide this interface and isn't a shrinking violet.
otherwise they are just talking to themselves and running a business for themselves that has little market value as has been the case for many years now since they came on board.
Haven't we been through all this before?
!6 months ago there was an avalanche of posts with everyone here speculating on offers between 20p and 30p plus as the Chinese would place a high value on the WK assets as well as the production at NLGM and the then soon to start up Singida.
Result; No offers and the sp collapsed from 13p to 9p.
The valuations PI's here put on the company were way out of line with what the market was actually prepared to pay. Deja vu.
So far, after 7 weeks, no higher offers. So 13.5p or 15p is the likely outcome but not agreed and paid out for some months. It seems the Chinese don't want the whole company although they may be interested in WK. They want scale which the two present mines don't provide whilst NLGM is a mature mine - scratching around to keep resources about level with depletion but for how much longer?
I agree the Patels are attempting to steal this company and the complete injustice of the offer. But emotionally and mentally I moved on long ago, reducing my holding here for greener pastures.
Segilola mine life is being addressed with recent drilling at high grade Kola which, if a resource is proved up, could be trucked to Segilola. Also first ever deep drilling at Segilola for resource beneath the main pit and surrounds.
Segilola underground exploration drilling program to commence in H1 2024.
The greenfield discovery at Kola located 23km to the south returned several high-grade encouraging drill results and has opened up a new front of exploration potential to the south, an area which is now of priority.
Southern Prospects located 25km south of Segilola was drilled during Q4 2023 and returned encouraging high-grade intercepts, including at the Kola Prospect:
o SGRC188: 4 metres at 30.2g/t Au from 14 metres
o SGRC 189: 8 metres at 3.0g/t Au from 56 metres
o SGRC 190: 7 metres at 26g/t Au from 49 metres
o SGRC 194: 7 metres at 34.2g/t Au from 49 metres
o Previously unreported drilled in Q4 2023
o SGRC 236: 2 metres at 12.61g/t Au from 49 metres
o SGD 295: 5 metres at 11.25g/t Au from 15 metres
o SGD 296: 3 metres at 2.49g/t Au from 55.5 metres
FY 2024 outlook
Strong exploration focus on Segilola near mine drill targets and underground drilling program in H1 2024 with an initial 5,000 metre drilling program delineated
Gold $2055. It's been slow climbing all year so far and is now not far off highs in November and December.
Gold’s Big Move
Graddhy out of Sweden: Posted this very big picture chart first time back in 2019. Still on track.
And, it now has another blue consolidation pattern breakout.
My minimum price target is still the same as back in 2019:
Gold $10,000 – $15,000
Get ready for a global shift.
https://kingworldnews.com/price-of-gold-headed-to-10000-15000-but-look-at-silver/
Thor. Some early drilling results have been announced confirming the existence of high grade lithium viz.
Significant drill intersections to date include 11m grading 1.53% lithium oxide (“Li2O”), 9m grading 2.42% Li2O and 11m grading 2.61% Li2O.
Orosur. Mapped pegmatite systems were noted over substantial strike lengths of several km's and of varying widths from sub-metre to over 30m in one massive example. Numerous pegmatite samples returned high levels of lithium, with several over 2% Li2O.
Grades of about 1.6% lithium oxide, which are seen at Firefinch’s world-class Goulamina project in Mali, are pretty much the “gold standard”. “It’s really hard to see grades much higher, you do get grades up in the twos and so forth, but the average grade, if it’s less than 1%, it’s going to struggle,” If it’s getting closer to 1.5% then it’s pretty interesting.
Lithium exploration in Nigeria is hotting up with Orosur now involved as well as Thor.
31/5/23. Thor announced formation Of Nigeria Focused Lithium Subsidiary With Acquisition Of Over 600km2 Of Prospective Lithium Pegmatite Exploration Tenure. Since then exploration has started and some early drilling results have been announced confirming the existence of significant lithium.
16/10/23. Orosur announced a lithium JV in Nigeria. Initially 4 licences were announced but subsequently two additional licences have now been confirmed, taking the total area of prospective land under title to 533km2, representing one of the most dominant land positions in Nigeria. Orosur is to spend $3 million over 3 years on exploration to earn 51% and another $2 million over 2 years to earn 70%. Exploration commenced immediately on one of the licences.
Orosur CEO Brad George commented: "These outstanding results from our first field program in Nigeria are exciting but not surprising. We pegged these licences with a very clear understanding of the geological processes in play and so we expected to find lithium. To then confirm this confidence and to find so many lithium bearing pegmatites, some extremely thick, is very positive and bodes well for work on the next 5 licences that is underway now."
Simms45 has learnt nothing from the back tracking and disasters of the past few years here. Unjustifiably he makes assumptions and puts a positive gloss on nearly everything as he has done throughout and will not cease these misleading posts.
Shame on him.
No mention of the WK FS in the text because they don't want this information to come forward ahead of the takeover and which may question the value of the offer.
Eric's presentation is technically worthless (by design) as it's without slides which are referred to but not shown.
The presentation they have hidden in the 'news' section instead of 'presentations' so people looking for it will give up (as I did!).
The last slide (slide 12) shows expected news flow up to May. Again no mention there of the WK FS or further drill results for WK which are both due in Q1. They are ignoring this subject for obvious reasons to the benefit of themselves, the Patels and Saturn.
Withholding information pertinent to a takeover is an offense under the Companies Act?
Why not address any of the points I raise instead of attacking me which is the sign of someone who has lost the argument. DP has shown himself to be someone who is all about PR but with no substance. Those who have put trust in him and this company have lost their investments.
The future reflects the past. All the concealment and lies we have had since DP came on board we are now expected to believe a word he says? He is concealing all the relevant facts about the Italia MDC.
If that doesn't worry you then you shouldn't be investing here. DP has zero credibility and has proved himself to be worse than a cheap used car salesman!
Like I said it's not in the public domain and not worth a pinch of salt. EQT has shown itself to be incapable of financial forecasting and management. Previous projections here have had to be revised because nothing here has gone to plan and after a year from start up "additional performance improvements" are still required.
If you're so clever in your research, what were the performance criteria set and what are current operations producing:
energy generated,
continuous operating hours,
feed costs
operating costs,
sales
for the past 6 months
incl during the recent period that that it has supposedly now passed the performance criteria required?
"additional performance improvements" are still required at what further cost?.
It is possible that this project will NEVER BE VIABLE.
What are the implications of all this on the Greek plant at Larissa where EQT has been refusing to support commissioning because it claims funds owing to it have not been paid? EQT does not want to talk about this which is Plant no 2.
Then there is Plant no 3. North Fork due to be commissioned soon. Will it also take a year to operate at a profit? And at what extra cost for modifications and running losses?
Plant 4. Croatia MDC it seems has not got out of the blocks due to incomplete funding. Will the modified build ever happen and to what standard and at what extra cost following this Italia MDC disaster?
These are all issues that EQT should be disclosing to shareholders but does not want to talk about. Instead we get yet another pie in the sky project "an integrated, waste-to-liquid fuel solution" that probably will never work and never happen.