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I think they have used g/bcm to try and make the grades look better than they actually are. If the specific gravity is 3 then each bcm weighs three tonnes so if the grade is 1g/bcm then it would be 0.33g/tonne so divide g/bcm by 3 to get the g/tonne

'Sanjay Bowry has stepped down as CEO of Eco Buildings Group PLC effectively immediately and is no longer a director of the company.'

That seems very abrupt 🤔

I think people may not want to risk being caught by a terrible fundraise by Bixby after the one announced yesterday at his other company CYK.

It's also worth noting an institution managed to sell out just before the fundraise was announced

I just checked the numbers and the £2.8m raised from warrants at 0.12p will lead to 2.333billion shares being issued. This comares to only 490million shares in issue currently. Whichever way you look at it, existing shareholders have been completely wiped out to make way for the new investors.

I would be ver cautious about investing in any other companies that Bixby is involved with as the same type of facility will probably be used to fund them. TIR could be next as that is being sold down by institutions, like the TR1 issued by Cykel yesterday, and it could make way for a similar cash warrant facility

Hope you made the most of today's liquidity Kutzzz

The 0.25p warrant holders will need lots of exit liquidity. They don't have long to cash them in

This must be a very attractive price for the holders of the 153million 0.25p warrants to sell into, especially since they expire in a few months

How are the grades massive? You need to study all the results in the drilling campaign and not just the nuggety one today which will be ignored as an anomaly when calculating the MRE.

I note that nearly all the gold reported is within the 1m interval and not much in the other 5.15m so it could just be a nugget that has been intersected. The result will likely be top-cut when calculating the MRE due to it being high-grade outlier assay sample to prevent it from disproportionately inflating the resource grade as it doesn't reflect the overall distribution of mineralization

Good post H5O and I totally agree with that. The current CEO has had more than a fair crack at the whip and has failed.

If a competent management team is brought in the turnaround could be dramatic like at MTL

This was from the 12 February RNS:

"Lower-than-expected ore grades in the final stages of the Pit 2 of operations, which is nearing the limits of the oxide ore, are currently impacting final gold production volumes, however operations will shortly be re-entering the higher grade Pit 1, which was placed on hold in 2023 due to the now completed relocation of a stream. As such, mining operations will re-commence in Pit 1 within a month, where expected grades are 1-1.2 g/t, which with increased stacking and the continued improvement in leach kinetic rates is expected to facilitate the achievement of our production target over the coming months."

What happened to the expected transition to pit 1 where grades are higher?

Are you going to propose a resolution to remove the CEO as a director and have you lined up a replacement CEO & Chairman that have successful track records of running small mines?

I think GRL has the potential to be a very strong recovery play but the CEO needs to be replaced with

someone who is more competent and has successful run gold mines. A new CEO/Chairman team could restore confidence and hopefully see a quick turnaround in operational performance

They never seem to hit anything that looks remotely economic to mine

I think your calculations are incorrect as the bitcoin held by the company is worth just over 2p per share.

The bitcoin is worth around £7.5m and there's 347.5million shares in issue

Metallurgical Testwork

Initial bottle roll tests on surface samples at the Project had indicated good gold recoveries from those samples from standard cyanide leaching. The Company today reports that more advanced mineralogical studies, on material from drill hole MBDD002, located within the dominantly fresh ore zone, has confirmed that the gold predominantly occurs as fine-grained tellurides (calaverite with lesser petzite). The mineralogy is therefore similar to that identified at the Company's Bibemi gold project, and therefore likely reflects a regional trend.

Diagnostic leaching test data indicates that 54.4% of the gold is recoverable via carbon-in leach processing, with an additional 12.4% (for a total of 66.8%) recoverable by hydrochloric acid ('HCl') leaching. Approximately 30% of the gold is strongly associated with the primary sulphide pyrite and is not amenable to standard cyanide leaching. As at Bibemi, it is expected that one processing option might be the oxidation of a flotation concentrate followed by cyanidation of the oxidised residue to achieve an acceptable gold recovery by negating the influence of telluride association and pyrite encapsulation. Further testwork, which will inform the optimal processing route from the various options available, is planned. This includes possible alternatives to pressure oxidation, such as other oxidation processes, e.g. the Albion process, as well as fine grinding of a flotation concentrate, more intensive cyanidation at high pH and a pre-leach treatment to dissolve tellurium ahead of gold leaching."

It's going to take the company a significant amount of time to demonstrate whether it is worth the investment to build a mine at Mbe or Bibemi

so I'd be surprised if there's much upside until there is far more clarity on the processing route and figures for CAPEX & OPEX

At least it is clear now FRG isn't going to do a placing for the option payment that is due to be paid next week

Always gives people enough time to sell down and recycle funds into the placing otherwise there wouldn't be enough demand to get a placing away

Those aren't drilling results!

There's no enough of it to be economical with intercepts of 1m to 3 M. Try to find a gold mine that was built based on such short intercepts of gold and low grades