Member Info for PortfolioPower

Yes 100% agree with that

A HAD005 or similar drill result would be a company changing discovery hole

Then all those valuation metrics come fully into play.

Hi Blantyre

Yes, I know Havieron and its undisputed elephant country territory no doubt about it.

Point is that only 200- 300m away on the edge of GGP licence you can see the pads where Artemis have been drilling yet only turned up disappointing cores.

Just goes to show that you only need to miss by a few hundred metres and there is a globally significant discovery whist a few hundred metres in the other direction is modest grades.

I think it's right that GGP should enjoy the premium that it does for its Havieron discocery as its moving towards becoming a producing mine.

I think the JV valuation metrics are more of interest to me here if we start to get an indication of the potential resource size at Red Setter and Cottelsoe as the next round of drilling helps to define a potential resourse estimate.

It's still early days.

Red Setter is at present a giant target with only 15 scout holes with grades up to 6.4g/t

With further drilling they can start to model a more clear picture of the potential resources target.

So far only just over 5000m of the planned 30,000m has been drilled so plenty still to go at.

If we can also work towards a MRE at Cotesloe for the Silver and battery metals then we will be able to underpin a valuation at many multiples of the present market cap more in keeping with our peers.

If Red setter is looking like a Telfer analogue as the expert geologists belive it then becomes a case of how many millions of oz's is there across the whole license?

Working on a valuation metric of $100/z acquisition value.

2-3 Million ozs would be a 100 x bagger based on those recent acquisition values of 100/oz valuation for the region.

We are still firmly in the 'speculation' phase here of the lasonde curve.

However with a market cap of less than 4m and the potential upside of many multiples its one I'm very happy to back just like I did GGP in the early days.

GLA.

Peer valuation analysis.....

The recent analysis note Greatland Gold which enjoys a premium multiple of $540/oz multiple when calculated for attributable ounces.

"Our sample of selected peers suggests a median multiple of $48/oz, with projects closer to production, whether it be in the scoping study, PFS or FS stage, sitting towards the 75th percentile of projects analysed at >$100/oz on an EV/MII basis."

In terms of M&A activity in the region, the recent acquisition offer by Westgold for Musgrave Minerals at $131/oz on a fully diluted basis "highlights the premium multiples

Hi Blantyre

There are 3 Historc dates set of Assays for Cotesloe which I know they are looking to model in alongside the planned H2 Drilling campaign to work towards a MRE

Only scout holes drilled so far on Red setter with spaces so wide between them you could fit the 150m x 150m Havieron discovery in there so clearly we need to start to do some infill drilling there on phase 2 and I'd be starting with the holes that were yielding assay results between 1g/t upto 6.4g/t to build upon. Possibly do what GH did and decide to drill past 400m down to 800m around these zones also.

In terms of potential target MRE size there is some good peer valuation comparisons from the research note that I'll post up

Tro

See your PYC starting to make a move today.

It looked like a triple triple top on the charts so can't really fault that decision at the time.

Same as buying when it was down in the 4/5/6's

Still decent gains locked in and was far safer buying down on those lows than chasing new highs imo.

Chart has been firming up again over the past week and looking strong YTD.

MB continuing to make decent progress

Red Setter - Gold / Copper

Cottelsoe - Silver and base metals

Anketell - Gold / Copper

White Mountains - Gold / Silver

WISHBONE II, IV & VI projects ( Halo project and Grassy Creek) - Gold-Copper

MrP Agreed.

Hitting mineralisation in every single one of the wide spaced drill holes over a strike length of 2km and a width of 400m at Red Setter

These scout drill holes hundred of metres apart show red setter as a large hydrothermal system where we can start to better define the higher grade zones on second phase drilling with a view to working up what could be shaping up to be a very large JORC exploration target.

It also looks like we have a major multi-mineral battery metals and silver resource potential at Cottesloe where historical Drill Data shows high grade silver intersections that also contain

Copper, Lead, Zinc and Cobalt.

We will be working towards starting to model up an initial resource estumate once we have further drill data and been able ro complete some drill hole twinning etc.

It's looking like a potential multi million oz resource to me where the main base metal zone in the closer spaced drilling is already 2.5km long and is open to the north. With a target horizon of over 8km strike length and mineralisation starting from near surface they will be able to start to better define a pit shell and MRE.

And then we have The Anketell Gold- Copper Project.

With a target around 500m in diameter, within an overall pit shell target area 1km . This starts less than 100m below surface

This presents a compelling drill target based on regional mineralisation models from recent discoveries in the area · Antipa- Rio Tinto JV Ground surrounds tenure to north and west and FMG Metals Group Ltd to the south

Have a good one Kev and good opportunity to get stuck into some cervezas!

I'm a UK resident Kev, I just get to travel around a fair bit in both in UK and overseas and find myself partial to a regional ale!

Will have to check out Dai's suggestion of a Hazy Jane.

Always enjoy the different regional ales when travelling all over the Uk. Some just don't seem to travel well or taste the same when bottled. Don't fully understand the science behind it. But wherever I am in the UK I will always go for the local cask stuff.

With the Paterson area of Western Australia seeing a resurgence of exploration interest, Wishbone Gold PLC's (AIM:WSBN, AQSE:WSBN) Red Setter, Cottesloe and Anketell projects are "well placed" and the company is an "under-recognised" explorer.

Those are the thoughts of analyst John Meyer at broker SP Angel in an initiation note on the company, which noted that Wishbone's projects show similar lithological and structural settings to other notable finds nearby.

Interest in the Paterson area has been sparked by the discoveries by Rio Tinto at Winu and Newcrest and Greatland Gold at Havieron.

Initial exploration at Red Setter demonstrates "clear similarities" with the nearby Telfer Dome which hosts Newcrest’s 400k oz per year Telfer mine, Meyer said, while Cottesloe hosts similar lithologies and structural context to the Nifty copper mine.

Analysis of historic exploration at Cottesloe shows important targets for drilling this year, partially funded by an A$220,000 government grant.

"Pre-resource mineral exploration companies are difficult to value however the Paterson region is attracting significant exploration interest and we see that currently with a market value of less than £4mln Wishbone Gold attracts the second lowest market valuation of a group of 11 exploration companies (including itself) operating in the region which suggests that exploration success could trigger a meaningful re-rating of market perception," wrote Meyer

On a side note, I have always rated the crux invester interviews.

They have just done a good one with Sovereign metals who have just secured $40m from Rio Tinto for their Rutile / Graphite project.

PFS due in 6-8 weeks..

Largest rutile project in the world.

Dai,

Was was expressing the same caution until the Publication of their year end Financials which showed they have 1.45m cash and 220k government grant funding coming in towards the 50% drill cost of Cotteslow

So the cost of drilling costesloe is known at 440k of which it will only cost then 220k so leaving them with over 1.2m cash left.

That should allow them to do a circa 5000m drilling campaign at Cotesloe

They will raise like all explorers do but there isn't any immediate need imo.

If you look back over the placings they have done over the past 24 month, they tend to have followed a sharp increase in SP or been announced at a premium to the SP or both.

Importantly, The CEO also owns 21% of the company either directly or.via his holdings Co and has stuck in over £1.4m of his own cash in recent years so doubt he would want to dillute himself at this stage when his 21% holding is presently worth c.714k so is suspect RP would want the SP at least double the present price before considering a further raise.

It not like some other explorers where the CEO only holds 1%-2% .

RP holding 21% and with him presently being underwater, I'm happy to start adding a few at a better average than he has on his shares :-))

Can't rule anything out, but on the balance of probability I decided that I'd rather get some skin in the game now and have some on hand to add later as it plays out that wait and miss out on a SP recovery

It's a similar situation to where EEE were at a few months ago

Their CEO SB did a good Crux interview with one of the family office investors and answered the tough questions around funding to get the elephant out the room and basically said yeah probably will raise as an when but also as progress was being made and that's exactly what they have done.

Another way to look at it is say they did a placing tomorrow for another 1m then almost all the market cap of the company would be held in cash so very little risk around present entry for me.

The Gold is the obvious potential draw, but I also like the battery metals and Silver play at Cottesloe .

Dai,

Yes, that's the kind of analysis I like to see alongside the charting T/A and price action.

Just takes patience watching those downtrends and waiting and waiting etc.

Case in point.... After being patient and watching for months on end, I've finally started buying back into WSBN as i said I would at some stage.

Looks like a few in today for a bounce play..

It's a huge vote of confidence that we now have the Government of Western Australia on board providing grant funding towards drilling operations.

They would not be willing to contribute 220,000 of tax payers money towards drilling costs if they didn't see significant merit in the exploration work we are going to be undertaking and from experience with other Australian explorers once a company has been able to successfully navigate the hurdles to obtain that initial grant it opens the door to further rounds of government funding.

For me this looks a excellent time to start building a position alongside the MM's who have been collecting stock whilst the SP is trading below Net asset value before the drill programs swing into action and sub 3p is no longer on offer.

Medium term targets are all up for debate, but I recall John Meyer providing some coverage on EEE in an interview several months ago saying he wished he had bought more whilst they were quiet and they have moved up 400%+ since their exploration work kicked off

Happy to keep accumulating here whilst it's quiet and looking forward to seeing where we are later on in the year when the drill crews are busy out in the field

GLA

Closest AIM comparison junior explorer operating in the same jurisdiction is:

Empire Metals Ltd LON: EEE

Market cap there is £19.43M

No one wanted it when it was 0.8p and 3m market cap and they were between field programs.

They had also pulled back 80%+ from their 2021 highs.

Now back out and busy with field work on a prospective licence and they have flown back up off their lows.

Nets assets are circa 6m

Net cash circa 1.45m + £220k initial grant funding

Market cap 3.5m

They did two chunky drill programs last year at a total cost of £778,247.

Combined Directors wages are 300,000 so they already have enough cash for another 18 months+ and could still afford to do a few drill programs with that top up grant of 220,000 bumping up cash to around 1.7m