Member Info for schlemiel

D423

Mate, it's slowly, slowly

'interest of conservatism'. Worth noting. Cautiously bullish

Thanks to Someuwin on ADVFN -

Part of Canaccord Genuity's note today...

"...Modelling changes and valuation

We have adjusted our production estimates to account for the enlarged MRE. In the interest of conservatism we have chosen to add two quarters of production with material from the West Dome open pit (~0.55 g/t), accounting for an additional ~113 koz of gold before low grade stockpiles are processed and processing pauses in SepQ'26 (CGe). We assume AISC of US$1,650/oz during this additional period. Our EBITDA estimate is +5% higher in FY25E (due to mark to market of the gold price), and +60% in FY26E. Our NAV/shr has risen by +3% to 19.5p and we raise our target price to 20p, based on 1x P/NAV (rounded to the nearest 1p)."

We now need someone with an 'expert's eye' to interpret the detail and give their assessment of what these figures actually mean. I for one don't possess that depth of knowledge or the skills of interpretation.

Pensana Chairman, Paul Atherley, commented:

"We are extremely grateful for the work undertaken by the AFC and FSDEA teams in providing the Longonjo project with the funding requirements for the Longonjo project.

The Longonjo project will produce an average of around 20,000 tonnes per annum of clean high value MREC and will have a major positive impact on the community, creating over 430 high value processing jobs. Over 50% of the jobs created are expected to be allocated to young people as well as supporting local businesses, service providers and farmers.

Once in full second phase production, the project will create an estimated 2,400 direct and indirect jobs and will produce around 5% of the world's magnet metal rare earths used for diverse applications including wind turbines and electric vehicles."

FSDEA Chairman, Armando Manuel, commented:

"The Longonjo Mining Project holds strategic significance for the Angolan Sovereign Wealth Fund ("FSDEA") as part of its commitment to advancing the national mining sector. Beyond its substantial economic impact-such as job creation and tax revenues-the project plays a crucial role in establishing in Angola a key segment of the value chain for an industry essential to the global energy transition.

As a key investor, FSDEA has been instrumental in demonstrating the untapped potential of Angola's mining sector, which remains a critical driver of economic diversification. With the support of ABSA and AFC, this initiative represents a concerted effort to foster sustainable growth, enhance local capabilities, and reinforce Angola's position in the international mining landscape".

President & CEO of Africa Finance Corporation, Samaila Zubairu, commented:

"With approximately one-third of the world's rare earth mineral reserves, Africa is poised to become a cornerstone of the global clean energy revolution. These minerals are essential for high-tech industries, from semiconductors to advanced batteries and renewable energy solutions. At AFC, we recognize the immense strategic value of Africa's resources-not just for our economic transformation but for securing diversified, sustainable supply chains for the future. Our partnership with Pensana and FSDEA on the Longonjo project reflects our unwavering commitment to unlocking Africa's mineral potential through local value addition, industrial growth, and responsible mining. By investing in Africa's rare earth sector, we are not only accelerating regional development but also strengthening global energy security in line with the aspirations of the Mineral Security Partnership."

Pensana Plc (PRE.LSE) (the "Company") is pleased to advise that the Company has received approvals for the full financing totalling circa US$ 268 million for the Longonjo rare earth project:

The Board of the Africa Finance Corporation ("AFC"), has approved its US$81.2 million participation in an approximately US$160 million syndicated loan facility ("the Facility") alongside major South African bank Absa Bank Limited, subject to the conclusion of definitive loan documentation and the fulfilment of conditions precedent contained therein.

The Facility will provide senior funding for the Phase 1 development of the Company's Longonjo rare earth mine ("Longonjo") in Angola through its 84% owned subsidiary Ozango Minerais SA ("Ozango").

The Facility will comprise approximately 60% of Phase 1 project funding for Longonjo.

In addition to the US$15.0 million bridging loan already provided by the Angolan Sovereign Wealth Fund ("FSDEA"), the balance of Phase 1 funding will be provided through equity, with FSDEA having approved an investment of US$38 million in the form of equity and a convertible loan, and the AFC having approved an investment of US$54.9 million in the form of a convertible loan. The equity investments will be at subsidiary level and are also subject to the conclusion of definitive documentation and the fulfilment of conditions precedent contained therein.

Greatland Managing Director, Shaun Day, commented:

"This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold. This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order.

"Total group Mineral Resources now stand at more than 10.2 million ounces of gold and 387,000 tonnes of copper, an exceptional foundation for Greatland as a leading new Australian gold and copper producer.

"When we announced the acquisition, we described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper. Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension.

"This Telfer MRE confirms the very significant extension opportunities we see at Telfer and gives us confidence in the opportunity to extend Telfer's mine life. This result is an important step towards a long life integrated Havieron and Telfer mining operation.

"The upcoming June 2025 quarter is a very exciting one for Greatland, in which we will report our first full quarter operating results for the March 2025 quarter, give production and costs guidance for FY2025, deliver our inaugural Telfer Ore Reserve estimate, and list on the ASX."

Notes:

Mineral Resources are reported as at 31 December 2024, grades are reported to two decimal places to reflect appropriate precision in the estimate, and this may cause apparent discrepancies in totals. Cutoffs for the Telfer MRE are applied based on a NSR using metal prices of A$3,450/oz Au and A$5.30/lb Cu for the West Dome cutback & stockpiles and A$3,150/oz and A$5.30/lb for the Main Dome underground. Cutoffs for the Havieron Deposit Mineral Resources were also based on a NSR using metal prices of A$2,360/oz Au and A$5.20/lb Cu.

Key activities and priorities at Telfer going forward:

‒ The 2024 Telfer MRE will form the basis of Greatland's inaugural Telfer Ore Reserve, targeted for the June 2025 quarter.

‒ Additional drill capacity has been mobilised to site, targeting high priority infill targets (conversion of Inferred Resources to Indicated) and extension targets (Resource growth) identified during this Telfer MRE process. There are currently four drill rigs operating at site (two each within the open pit and underground respectively) with a further two drill rigs mobilising in the June 2025 quarter.

‒ Progressing the exciting new West Dome Underground Project, which recently delivered exceptional drilling results including 14.3m @ 9.6g/t and 8.57% Cu and 59.0m @ 2.83g/t Au and 0.71% Cu (refer to Greatland's announcement on 20 February 2025 titled 'West Dome Underground Project').

‒ Due to the scale of the Telfer deposit and the number of areas to review, this 2024 Telfer MRE focused on the active mining areas, namely the West Dome Open Pit and the Main Dome Underground areas. Greatland will continue to evaluate the currently unclassified mineralisation including the Main Dome Open Pit, the Main Dome Underground's Vertical Stockwork Corridor (VSC) and Eastern Stockwork Corridor (ESC), as well as several satellite deposits near Telfer, for potential to incorporate into future Telfer Mineral Resource updates.

Inaugural Greatland Telfer MRE as at 31 December 2024:

‒ 154Mt @ 0.64g/t Au and 0.08% Cu for 3.2Moz Au and 117kt Cu, comprising:

§ West Dome Open Pit: 115.6Mt @ 0.55g/t Au and 0.05% Cu for 2.1Moz Au and 61kt Cu

§ Main Dome Underground: 7.9Mt @ 2.62g/t Au and 0.51% Cu for 0.7Moz Au and 40kt Cu

§ Stockpiles: 30.6Mt @ 0.45g/t Au and 0.05% Cu for 0.4Moz Au and 16kt Cu

‒ 46% of contained gold comprises Measured or Indicated; 1.4Moz Au and 62kt Cu

§ Group Mineral Resources (including Havieron) increases by >40%, with 285Mt @ 1.11g/t Au and 0.14% Cu for 10.2Moz Au and 387kt Cu, including:

‒ Measured: 10.3Mt @ 0.68g/t Au and 0.07% Cu for 0.2Moz Au and 7kt Cu

‒ Indicated: 104.7Mt @ 1.60g/t Au and 0.21% Cu for 5.4Moz Au and 221kt Cu

‒ Inferred: 170.0Mt @ 0.84g/t Au and 0.09% Cu for 4.6Moz Au and 159kt Cu

55% of contained gold comprises Measured or Indicated; 5.6Moz Au and 227kt Cu

§ Inaugural Greatland Telfer MRE delivered within just 15 weeks from completion of Greatland's acquisition of Telfer.

§ Telfer MRE based on a gold price of A$3,450/oz (West Dome Open Pit and Stockpiles) and A$3,150/oz (Main Dome Underground), relative to current spot gold price of approximately A$4,700/oz.

2024 Group Mineral Resource Statement

Inaugural Greatland Telfer Mineral Resource delivers 3.2 million ounces gold and 117,000 tonnes copper, confirming Telfer mine life extension potential

Total Group Mineral Resources of 10.2 million ounces gold and 387,000 tonnes copper

Https://uk.advfn.com/stock-market/london/greatland-gold-GGP/share-news/Greatland-Gold-PLC-2024-Group-Mineral-Resource-Statement/95646919

Australian gas company Tamboran Resources (Tamboran) has selected John Wood Group (Wood) to work on its proposed Northern Territory LNG (NTLNG) project.

The contract will see Wood undertake the Concept Select Engineering phase of the project at the Middle Arm Sustainable Development Precinct (Middle Arm) in Darwin, Australia.

During this initial engineering phase, the technical and financial feasibility of the proposed 6.6-million-tonne-per-annum (mtpa) liquefied natural gas (LNG) plant will be assessed.

July 2023

Https://www.ntnews.com.au/subscribe/news/1/?sourceCode=NTWEB_WRE170_a_GGL&dest=https%3A%2F%2Fwww.ntnews.com.au%2Fbusiness%2Fnt-business%2Fscottish-engineers-wood-opens-new-top-end-consultancy%2Fnews-story%2F2cbf2543fc22c7f31e8abf73a8b2b754&memtype=anonymous&mode=premium

Support services to the new NT gas sector moving in

'Gold spot now trading consistently over $3000, a record high. And with deliveries once again picking up at the Comex and war in the Middle East coming back with a vengeance, the next big spike is just a matter of time.'

https://x.com/zerohedge/status/1901803775054021078

Nm

Down 7%. Something not right here. There's either an unhappy-distressed seller or the company's not operating as it should or suffering from a stuttering auto market. I'd buy more if I could decide which one it is.......safety first.

Go on gold, let's have a seismic move

Https://www.energytodaymag.com.au/apa-expansion-increasing-gas-transport-capacity/

“More than 90 per cent of the east coast’s identified gas reserves are located in the north of Australia, including more than 31,000PJ in the Surat and Bowen basins. The Northern Territory Government estimates that there are more than 200,000PJ of gas in place in the Beetaloo, which can be unlocked and moved south to meet projected demand.”

Watson said that AEMO’s Future Gas Strategy estimates cost of production and delivery to Melbourne from Surat, Narrabri and Beetaloo to be around $9 to $13 per gigajoule.

“This compares to an average 2024 Australian winter Asian LNG spot price of $17.81 per gigajoule and an average Australian summer price of $21.58 per gigajoule.

“These imported LNG prices do not include regasification costs and terminal fees paid to import terminal owners and required transport to local Australian markets, adding further cost to Australian consumers and industry.”

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