focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
A very interesting week ahead. Great news with this latest grant funding secured. The revised Mcap value of Cornish Metals will be established tomorrow and will provide some insight / valuation comparison for our Redmoor project; and it will show that CRL is currently massively undervalued.
There will also be a good deal of ongoing interest in the Cornwall mining sector which bodes very well for SML. There will be sellers along the way, but the SP is only going in one direction - Good luck all.
I agree DVH that we should have had some feedback by now. However, Gorsuch’s research is not that helpful as it’s snippets of information without the full context of what’s going on. For example a lease might have expired on a particular tenement. There might have been a planned reason for this or it could have been an oversight. It may have been financially advantageous to let it expire or it could have been a costly error that we could do without. However, we don’t know the details / context so it’s really easy to create Negativity. I’m underwater more than most here, but we have to await news. Hopefully an update is imminent.
Just to be clear on here, I want AYM to succeed particularly the Parys Mountain Project at Amlwch.
The SP was a bargain at 2p. Is it a good investment now at 7p I’m not sure, it’s more risky, but it could rebound again.
However, I hope this all comes good and wish everyone on here all the best. Brent was locked in here for 9 years. I’ve been locked in at SML for 3 years - lol. GLA
Angel - the project could be absolutely anything in any sector but hopefully in a safe part of the world. The acquisition could be well advanced already and the deal could be pending. The original date which has now slipped was 31/12/20.
I was tempted to buy back in again at circa 6p for the hope of a rise into double figures. However luckily I saw SW’s post from 2nd February which just shows how marginal the LIM project is at current finings prices. If finings prices were up at $200 per tonne (which might happen in the future) then at a $110 break even point it’s a good punt. However once the finings sale prices drop below $150 (as they are currently), then the economics of the project are only marginal. It will be interesting to see what prices the PEA presents. It’s all about supply and demand and the economics / bottom line.
SW summed it up on 2/1/21:
“If the price falls back below $110/t, the project is worthless again. its that simple!”
IMO, DYOR
I guess there’s a fair few people who have a cheeky buy price in mind, maybe under 25p. However, if you think this has legs and can go beyond 40p then better to get in now below 30p than not get in at all?
Listen to what Cornish is saying. His comments are logical and meaningful with no emotion attached.
Nothing has changed here from a day ago or a week ago. The wait is agonising. However, if you thought the PEPR was or is going to be approved, then none of the snippets of information posted yesterday should deter you from that view etc. These things always take time and are always drawn out.
The fundamental question here as someone mentioned the other day, is - If and when LCCM is operational again, can it produce the Copper Cement in decent quantities consistently and regularly to supply our customer Adchem. That’s what needs to be proven here - the ‘copper extraction process’ which is a few months down the line. GLA
Great find by Gorsuch. However, we need to wait and be informed of the facts. Everything may be ok, or it may not. The process / consultation with all relevant parties / resident population is likely to be part of the normal process and JP did allude to this process in one of the recent Proactive Interviews.
As Cornish says, mining has occurred in the MOL area previously so it’s unlikely that it would be refused now when it’s happened historically. However, mining new areas may present more challenges ? We need clarity from the BOD.
The Leigh Creek copper mine is an open-pit copper project located in the North Flinders Ranges of South Australia. It is owned and operated by Strategic Minerals, a mineral production and development company based in the UK.
The Leigh Creek project was brought back into production in April 2019, after a gap of seven years since its previous owner Phoenix Copper who put the mine under care and maintenance in early-2012.
The project area spreads over 1,250km² of mining and exploration leases on three sites, namely ML 5467 Mountain of Light (MOL), ML 5498 Lorna Doone (Lyndhurst), and ML 5741 Mount Coffin.
Strategic Minerals plans to develop the Leigh Creek project in three phases, with phase one involving the development of MOL resources with a target of producing 300 tonnes (t) of saleable copper a month.
Copper mining in the North Flinders Ranges dates back to the late-1800s, while open-pit mining on the Lorna Doone deposit was carried out for a brief period in the late-1960s.
Leigh Creek Copper Mine (LCCM), a private syndicate, began open-pit mining at Rosmann East on the MOL lease in 2006.
Phoenix Copper acquired LCCM in July 2010 and produced approximately 425t of copper before putting the mine under care and maintenance in early-2012 due to high operating cost, as well as issues pertaining to the leach pad design and processing recovery.
Resilience Mining Australia (RMA) acquired the mine from Phoenix Copper in 2015. Further, Strategic Minerals acquired the Leigh Creek copper property from RMA in a cash-cum-stock deal in January 2018.
Strategic Minerals received approval from the South Australian government for restarting the Mountain of Light processing facility in August 2018.
The company completed a feasibility study for the Paltridge North and the Rosmann East deposits at the MOL site in November 2019. In the same month, it updated a feasibility study for the Lynda and Lorna Doone deposits.
The Leigh Creek copper mine is situated within the northern Adelaide Geosyncline sedimentary basin, approximately 500km north of Adelaide.
The MOL site comprises three near-surface deposits namely, Paltridge North, Paltridge South and Rosmann East, within 1km distance from each other in a star-shaped geological structure known as the Copley Diapir.
The Lyndhurst project site comprises Lorna Doone and Lynda copper oxide deposits that are located roughly 70km north to the MOL project site, while the Mount Coffin lease area hosts the Elsie Adair and West Jubilee copper deposits.
Each deposit of the Leigh Creek copper project is hosted by siliceous siltstones and is closely associated with diapiric breccia structures of the Callanna Group.
“Cornish Metals Inc - mineral exploration firm operating in Cornwall, England - Raises GBP8.2 million via share placing and subscription at 7 pence, or 12 Canadian cents, per share ahead of its start of AIM trading on Tuesday next week, resulting in it pricing its AIM Market IPO at 7p per new share. Issues 117.2 million shares, representing 44% of its enlarged share capital, and anticipates market capitalisation on admission to be GBP18.7 million. Says the funds will be used to develop its United Downs copper-tin project in Cornwall. Notes Cornish Metals' shares will continued to be listed on the TSX Venture Exchange in Canada.
"The support from UK investors has been extremely encouraging and reinforces our belief that exposure to the UK investment community by listing on AIM is an important milestone. We are pleased to get to work on our projects in Cornwall and look forward to working with all stakeholders as we look to contribute to the UK's desire to achieve a carbon neutral economy and expand the domestic supply of materials important to the battery and technology sectors," says Chief Executive Richard Williams.”