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Wasa, I remember reading somewhere that Vale drilled and assessed over 2200 holes with 150,000m total depth as part of that, I suspect the vast majority of cost was spent on that.
Vale did a full construction ready FS, I would hope it wouldn’t need reinventing just updating and strategy finalised.

The mix of ores between limonitic and saprolitic types at Vermelho means there is more ore viable for HPAL than RKEF, however it could go either way. One interesting option would be to build a HPAL process at Vermelho and to also truck suitable ore to Araguaia. I think after the presentation today all options are being considered for our nickel District.

Check section 25.8.2 of the Vermelho PFS on the Horizonte website for an explanation and a graphic that helps the penny drop. Section 7.6 of the same document describes the difference in the minerals.

Wasa - I was pretty sure he said at some point in the webcast that the FS would be done this year?

The Lassonde curve like all tools needs someone who is not a tool to use it.

We have two Lassonde curves for HZM superimposed on each other, one for Araguaia, one for Vermelho.

Araguaia has passed the minimum point and we should see a continued progression as it gets closer to production. Vermelho is earlier in the cycle, and to some extent even though it is a huge asset uncertainty around the strategy for it is creating some drag where it should be making lift. Completing a revised FS should flip that.

Like Wasarunner I see this as a huge long term value. However I also see decent gains over the next six months as we get finance complete, construction started, off takes publicised and a Vermelho FS completed in 21. Its not beyond the bounds of possibility to double your money each year for the next four years here.

Odd how quite a few of those questions were mine... felt a little surreal. Then again I did lob in several. Cornerstone sounded for all the world like Orion, choice of three off takes to reduce equity portion. New news about public offering, presumably in H1.

I liked the answers, can't think of any single negative point, but the positives were easy to spot:
1. Vermelho acceleration in progress with investable FS to help prove value against ongoing in bound interest.
2. Finance timeline still quoting H1. The closer it gets the more accurate the prediction. TBH I don't care if it is H1 or July/August, but sounds all but done. Structure of deal with named ECAs for the first time.
3. Obvious viable bids being received, but working to increase company value to defend against them. I agree on the projecting frustration on the share price, body language was revealing on both the bids and the price of the raise.
4. Obviously wants to go on the producer journey rather than get bought out, so any bid will have to carry a hefty price tag.

Blimey.

By the time Horizonte is in full production with both assets an up swing of $1500 a ton ( as we have seen over the last few weeks) would mean $78m additional profits annually, or about £50m in round numbers.
Translating that to a P/E of 10 should add around £500m to the market cap as it should all drop to the pre tax bottom line. Makes today's valuation seem like a nonsense.

Salmonn,
The raw ore feed for the RKEF process for Nickel Mines is very likely limonite, but RKEF also works with Saprolites.
This is significant for HZM in two ways, firstly Araguaia could be similarly converted to create nickel matte making it relevant to the EV market as well as stainless.
Secondly and perhaps even more importantly it could significantly reduce the capex needed to create the HPAL process lines at Vermelho either by building RKEF lines there instead or even transporting ore to Araguaia. I think this was a consideration in the PFS but dismissed because the sulphates had a higher value to the EV market.
Lowering the capex for Vermelho could be a game changer.

Hazbeen, that article is a year old. Lots happened since then.
Indonesia has rmaped up nickel production in the first quarter, if they have reached capacity now then there is only a marginal oversupply with demand still accelerating.

Salmonn

I'd agree except why not just do that at the AGM as usual which is only a few days separate? This is inconsistent with previous behaviour, and I am more inclined to agree with Craigie that Jeremy has something new to say or else why bother having a separate event. The two week plus notice period also implies significance, if its a non event why RNS the date so far in advance rather than just Tweet about it or let BRR or whoever do the publicity?

Also I don't know JM but a lot of other CEOs would rather quietly release any bad news and then let the dust settle a bit before facing irate shareholders with pointed questions.

So I think something new, and more likely good news than bad.

Pardon me for stating the possibly obvious but surely the nominee accounts would not be used by institutional investors, they have their own direct market access. The nominee accounts are PIs with very few exceptions. As I understand the recent placing it was to institutional buyers only, I don't think any PIs got shares. So why would the company feel the need to report the changes in nominee accounts, those surely vary on a daily basis anyway.
Or am I missing why this matters?

Next Friday is the webinar with the corporate update, I'm hoping for a significant RNS on Thursday 6th but who knows.

Just playing a few scenarios...

a. The company announces the full finance package next week. Araguaia risk is then down to execution and construction, does it move the share price? Who is buying? If so where will we be?

b. No signifcant news other than some long lead time items and some contract awards. Does the price drop as finance not landed yet, who is selling? Does JM really want to be lynched?

c. A hybrid of the first two. Offtakes announced, equipment ordered and construction started but full finance not yet finalised, statements about coming weeks and covid etc. Where do we go then?

d. Other. JV partner, incoming bid, acquisition of further assets, what else?

We are price wise more or less where we were when the company announced the webcast. Maybe nothing to see here, maybe nothing leaking, maybe a tight ship. The lack of speculation is interesting given the company have said it expects finance will close in H1, and this is 3/4 of the way through H1.

A name change to Horizonte Sustainable Battery Company (HSBC - might catch on), a shift to the main market, or a bid!

Seriously this is part of the expected lifecycle. The perceived financing risk has us at a low valuation. Where the biggest rise occurs is between here and production for the assets. Have a look at the graph in the link below. Horizonte are following those timelines almost exactly. 5 years concept and pre-discovery 2011-2016, five years discovery and feasibility 2016-2021, three years development and start up 2021 -2024.

https://www.visualcapitalist.com/visualizing-the-life-cycle-of-a-mineral-discovery/

Bwana...

The implications of the two statements you highlight are what's important:

1. They are already mentally spending the money from Araguaia financing, using it to accelerate Vermelho. That also implies that there is extra money to spend than the minimum for Araguaia.

2. They recognise that the market is not pricing in Vermelho and they want to do something about it now. As by far the more valuable asset they need this factored in for defensive reasons if nothing else.

Hmm... lse blocking vox markets ?

Need to substitute ********** for the stars, or just google it ??

I was wrong when I said a few days ago that hzm have not announced a live webinar by RNS before.

They previously announced one on the 28th of November 2016 to take place on the 30th of November. Here it is:
https://www.**********.co.uk/media/5c98a6dfda7b5f00172ed139/?context=/listings/LON/HZM/multimedia/
It’s old but worth a watch to see just how far they have come in 5 years.

The webinar was the day after they announced closing of a fundraise for the Araguaia PFS, at the end of a pretty interesting month for them. They announced the webinar before announcing the close of the finance.

All other updates have been prerecorded video, a presentation, or even just a simple RNS.

It's an odd thing to ask I agree. I can't see them doing a 'normal' quarterly update this way, but asking investors to be clairvoyant in terms of what they are going to tell us in order to ask questions about it is odd too.
They need to drop a few hints on Twitter, just in case they are listening.

Steve - good point. Timing for the opening of the Canadian Market rather than the UK one is interesting.

Corporate Update - not a quarterly update - two weeks ahead of the AGM may not be finance. Knowing two weeks in advance that the update is material to the company, such that even the plan for the webcast has to be announced by RNS, implies a signature or closing date known in advance of some sort. Partnership, JV on Vermelho, launch of a bid for the company maybe by Teck, who knows.

Remember the shambles around the BRRmedia JM interview that got cancelled and rearranged? That's how webinars and updates have been handled in the past, they have never formally announced a presentation like this before.

The announcement of the date by RNS means this is not an informal or immaterial presentation.

Just passed 9m held for the first time, I think you cost me 0.13 a share on this mornings purchase wasa.

Not announced via RNS and using the words 'Corporate Update' we haven't. This is not the same.