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CEO has confirmed they are well capitalised.

If.you take a look over the past 3 sets of half yearly interims going back to June 21 they had around 3.6m cash, then Dec 21 they had around 3m cash then as at June 22 they had around 3m cash.

In each of these periods the cash burn has been very stable at around 600k per 6 month period.

So as at last June interim they had 2.4m cash.

Since the date or those interims they have raised a further 2.4m cash taking them to around 4.8m cash during H2 2022.

From that they have 6months cash burn ( another -600k)

So down to 4.2m

Then need to strip out the cost of Two further land acquisitions $50k each.

Plus strip out the lab fees and any outstanding drilling fees,.I'll go back and check, from memory there was an additional 450k to pay in their accounts. Plus airborne mag survey and geo technical team analysis- all subcontracted out.

After stripping all of that out they should still have plenty of cash to complete all the planned 2023 program which should include drilling across 3 separate targets.

>Red setter
>Cottelsoe
>Anketell

They only need to hit the sweet spot once in a decent way over this summer and we know the majors are keeping a close eye and they are getting closer with each program of fieldwork completed.

Even ahead of any JV talk if results are good, drill crews will be happy to take shares as part payment if we land on a highly endowed zone.

I'm certainly not going to state this will run up to a billion+ market cap like GGP did as its too early for that, but from sub 5p range the risk v reward is heavily skewed to the upside.

Yes have historically had a dable in 88e always found it an interesting one as the market cap is silly but enables them to keep raising and trades around the globe

When it starts to rip the fat of the trade tends to last for a number of sessions and I'm usually out playing safe after just a couple of days swing trade rather than chasing the spike right up and then getting locked in with a large amount.

If I was playing the longer game through all the risk phases I would have been trading it from off the lows on oct and then get myself onto a free carry position to enable me to stay the course for longer.

Popcorn ready over at in the style atm.

In The Style Group

Massive shareholders destruction since IPO

Probably going to do a parsley box,.but could throw up one of those 100% silly death rallys

Now just 3m market cap!..... keeping watch...

If ever a company needed some PR it is MEN

Literally no one knows about it. No buzz, no hype, nothing.

I was in there last year for a while as trading well below fundamentals but if no one knows about it.

Might be interested again if the BoD decides to wake up and go on a PR offensive.

Been taking a look at 'ITS'
... has it just had its dead cat bounce and that's it? or are PI's about to clear out the last of the weak hands, it could surge on take over rumours, or it could go bust.. watching from the sidelines, probably one for Troajan and his long term downtrends box.

Yes... APTA
.
Need a coffee!!

The drill spend commitment alone for phase 3 is said to be in the region of up to $80m dollars which will take total drill spend within the JVA to around $110m

Accept that until the JVA is completed we won't be party to all the info in the data room that the Majors are able to pour over.

Given all the groundwork that has been undertaken across the wider area and soil samples in the region of 10g/tn outcropping at surface they must be exceptionally confident of replicating success seen at ANZA and PEPAS across the wider target areas.

Even if just Pepas alone is the equivalent of another ANZA in terms of size then they'll have the comfort of two anchor deposits of around 5-6Moz combined before even broadening out into all the other target areas which they already have the target data on.

RNS Updates from Argentina and Brazil must be close now.

Good post Tony

With any volatility comes opportunity.

GLA

First Quantum have today announced the death of one of their workers in Zambia.

It would surely be poor taste to be announcing any other updates at this moment in time.

Think we've been here before with HAA

From 2013...
Harry Anagnostaras-Adams has resigned from his position as chief executive.

This comes as the group awaits final approvals from the Spanish authorities so that it can start the redevelopment of the Rio Tinto copper mine.

According to EMED, the board remains confident in the project. It now plans to bring in an appropriate new CEO to lead the company through to production.

Having advanced as much as 40% in September, to as high as 8.65p, EMED shares dipped around 9% following today’s announcement.

City broker SP Angel said the sudden departure is a surprise, though, moving to appoint a new CEO with recent mining experience suggests the project is likely to go ahead.

“We are surprised to hear of the departure of Harry as the long suffering CEO of EMED Mining which has been through a protracted process of permitting to restart the Rio Tinto mine,” said analyst John Meyer.

“He has had incredible staying power and has secured funding support for this project with all the hurdles put in front of him from landowners with vested interest and an impossible to fathom local and regional government structure for permitting in Spain.

“It looks now as if the project has a strong amber light to get government approval and looks likely to go ahead. Rod Halliday has been very involved in the project and is likely to take it forward with the support of a Spanish chairman.”

Adams will remain chairman of EMED’s part owned associate KEFI Minerals (LON:KEFI) - which is currently enjoying exploration success in Saudi Arabia - and he will now focus on its development.

"As the company moves into a phase of development and production, I have taken the decision to step down to allow the appointment of a new CEO with a skill set more appropriate to the future role.

“I would like to thank shareholders for their continued support and look forward to the company's transition into a major low cost European copper producer

Not surprised to start to see folk jostling for positions last couple of sessions.

Why??.....Quick re-cap...

"The company has now engaged Expert Geophysics Pty Ltd, who specialise in such surveys to complete an MT survey over Red Setter and Cottesloe."

" Once completed data processing and inversions will take approximately 6 WEEKS to finalise."
--> From the RNS 22nd December

> News due any day now & WSBN love both 7am and intra day updates.

GLA

Some excellent posts on here today

With BG mentioning that the Majors are looking at upto 10 APTA sized targets right across the wider ANZA licence area with Pepas being the immediate next prospect showing incredible initial early drill hole results I'm interested to see which targets are next and just how many times this can be replicated

> Recently raised £2.375m at 10.35p for the upcoming 2023 drill program

> Have recently acquired additional land package to extend the cottelsoe licence and a further additional land acquisition at Anketell Gold-Copper Project with a modelled target of 1km diameter.

> The Anketell property. Antipa's Citadel project surrounds the Anketell tenement and has several resources and prospects with Minyari-WACA, Calibre and Magnum. The Winu project sits approximately 40km to the north east of the Anketell tenement and provides a possible comparison model for Cu - Au - Ag veins within folded sediments above interpreted granitic intrusives.

> Initial drill testing at Red setter has confirmed a broad hydrothermal system with gold and copper

> inital Gold Grades (Au) up to 6.4g/t and Copper (Cu) over 2.27%

> This system now needs to be properly defined to allow the company to target the core therefore a MT geophysical survey is currently underway.

> The MT survey looks for sulphide enrichment and will assist with target refinement for the next planned drilling as we look to pinpoint the core of the system

> Company cashed up to fund the next drill phase.

> Results from the MT survey are due to be announced shortly with plans for commencement of next phase drill program

GLA

VAST may well be a funding pump, probably is? but it's still gone up 400% all the same..

So I'd congratulate the traders who have taken advantage and now pocketed a healthy return.

Just broken through $1950

Just smashed through $1950....

Nice tick up here.

Could see some big moves tomorrow for gold related stocks

GLA

@DVH

I agree that if CB were to add some in this range it would show some faith, but he may not be able if news is close.

The BoD have stuck £205k into IDM International via a convertible loan notes which isn't quite the same thing, but does give them some cash to progress matters and I believe they are in discussion to raise enough via private equity to fund 2 x 1000m mega drills at Mankayan so likely to be a couple of million cash further going in over there.

That's why this is on my must watch list as nothing excits the exploration market more than the prospect of a couple of big 1000m+ deep drills into a target with a historic resource equivalent to a Havieron size JORC.

I'd expect CB to be producing regular updates on those drills and could see a reaction similar to the rapid rise XTR witnessed when drilling at depth at bushranger except Mankayan is a far better prospect imo.

For anyone who doesn't know about the historic resource data at mankayan it's a globally significant copper deposit with 4.2Moz+ of gold in addition.

All going well they'll then float or JV IDM to raise the development capital.

In regards Hope & Gorab as I'm sure there are others on here who are monitoring the local permitting situation daily for the ML and the EL.

GLA

Still watching from the sidelines

Agree that this is definitely sat in 4am casino territory

No doubt today's seller has decided to cash some of their chips and head for the nearest lapdancing club where the prospects of girls spinning around poles and stiff drinks to lighten their pockets has temporarily become a more attractive proposition than another session at CB's wheel of fortune whilst waiting on news and numbers to come in.

Can CB turn this around?

Red or black odds might be a fair bet at this moment in time with the potential for a roulette style single number bet payback if a deal for Mankayan can be delivered

In that scenario everyone will be wanting a seat a CB's table.

GLA

Turbo / Max

Imo Had it not been for Artemis being a 'forced seller 'as they weren't able to raise cash then UFO would be significantly higher than the present SP.

Munni Munni was said to have market valuation of $5m on a fire sale basis

UFO had to issue 497,321,214 shares to aquire munni munni plus $500k cash so say $5.5m for an asset that came with a historic $20m worth of completed drilling for the combined logged resources with a mined valuation at many multiples.

What has caused the present SP malaise has been down to Artemis resources not hitting their expectations at Apollo nor their much ramped 1moz+ Gold resource which sadly came in shy and saw a market sell off over there even though they are probably cheap vs their gold JORC.

The unformseen problem this created for UFO was that Artemis had pinned alot on declaring a 1moz+ gold jorc and getting some nice early intersections at apollo (adjacent to GGP).

No doubt had that happened they probably could have easily raised $5m+ and would still be holding UFO shares which would be trading much higher than present.

Unfortunately that didn't happen

This was bad news for ARV..... also bad news for UFO .

ARV were now struggling for cash.

The easiest route to generating some much needed cash for Artemis was to liquidate their UFO holdings

Long story short, this came at the worst possible time for both companies as the shorters following the story knew what was going on.

Net result was artemis having to accept a bit of 0.37p (ouch) A broker having to 'move on'
And UFO sitting at the present share price