Member Info for PaulFG

100% agree LW

No more wasted/lost core samples from contractors and with labs Getting back to reasonable turnaround times results will flood in.

However, the geology is what it is that won't change.

It's more than double the price of Midas so I hope they have a rigorous and immediate plan to utilise it
ECR now has so much flexibility, I wonder if they're planning to continue with their plans to establish their own lab or whether those funds have been ploughed into the second truth machine?

$35m capex requirement to get a mine up and running into production is nothing.

Well it's great the 2nd drill was confirmed, but I'd prefer that the confirmation had come from an ecr official not a journalist! Okay maybe Adam did confirm it but not in as clear a manner as I would have hoped

I will still be surprised,very happily I'll admit, if we are granted the licence though.
Fingers crossed

I think it would be good to see news on the licence process and clarification on this 'new' drill rig next week (even a tweet)
That could provide the much needed sentiment improvement beyond another announcement of gold in the core.

https://www.kitco.com/news/2021-07-23/Iluka-ups-mineral-sands-production-40-in-second-quarter.html

"Iluka added that Z/R/SR sales were up 89% from H1 2020, with zircon sales of 177k reflecting a return to pre-pandemic production levels among Chinese tile manufacturers. Synthetic rutile sales of 191kt were up 116%, with already strong demand amplified by increased concern around the future supply of high grade feedstocks and the settlement of the contractual dispute with the company’s major synthetic rutile customer, Chemours."

Yes he did correct himself from saying accepted, hopefully he knows something

Well the rig thing is clearly clear as mud
That summary tweet didn't help either
It should be clarified
Doubtless if there's another new corporate presentation it will be
Also the HUGE potential at Creswick seems to hinge a lot on the 12km south of our existing licence which does make the success of the current application pretty vital.

I think Adam is talking about MIDAS not another new rig - and CB categorically ruled out another new rig in an interview not so long ago.

Was reading the 1-2-1 Mining interview from 2017 MF stated IRR of 100%

Yes please, I'll take that all day long.

JF 100% agree.

...just nice to have a non-red day!

Given that Sri Lanka is very keen to attract more inward investment I would of hoped that they could demonstrate that government bureaucracy effectiveness/red tape would not be a limiting factor . So I would hope that the TEC meeting and granting of a mining licence is not going to be unduly delayed.
Also .... This SP ... I mean WTF!

https://www.lankabusinessonline.com/online-platform-launched-for-sri-lankan-exporters-seeking-access-to-chinese-market/
"The Sri Lanka Embassy in Beijing assisted the Hairong Technology Co. Ltd organised the introduction of the “Sri Lanka Platform” along with an investment promotion seminar (SEIC 2021) at the Embassy on 11 July 2021.

The main objective of the event was to provide an online platform for Sri Lanka exporters seeking to access the lucrative Chinese market. This platform will encourage potential investors to explore the opportunities available in Sri Lanka as well."

They are definitely pulling out all the stops to attract investors to the country.

my gut feeling, could be totally wrong ,is that they have an idea the TEC meeting is unlikely now to proceed in July, so they've published this recap (I can't really view it as a progress report because I don't think there's anything much in it we didn't already know) so that shareholders can't accuse them of just leaving us in the wilderness with no updates.
I do take heart from their social projects inasmuch as they'd be unlikely to proceed if they didn't see the project progressing.

So as many, including myself, have said on here already we simply need a bit more patience. But I can understand the frustration although not so much the selling down to near 9p.

DRJJ you usually have an idea as to what's happening in Sri Lanka...any thoughts?

I think a better way to have imparted this, or perhaps in addition to this, rather long wordy RNS would have been if MF got himself an interview on something like Proactive or Stockbox. And addressed the issue of the massive decline in share price and his reason for it being unwarranted.

and I think I saw Japan was donating 1.6m to them the other day.

JF - Yes I hope so too.

JF it is becos of those factors and the almost complete depletion of their foreign reserves and therefor the inability to service the country's debt that country risk is rising. Rising country risk puts people off investing as it raises the likelihood of debt default, currency devaluation and even nationalising national assets.

I AM NOT SAYING Sri Lanka is about to go down any of these paths, but the probabilities of a risk event rises in these circumstances.
If they can rollout their vaccination program and start getting COVID under control the economy can get going again and these probabilities decrease.