Member Info for SeisNav

Yesterday was the biggest daily volume traded in over a year. We must be close to clearing the placing shares if they aren't already cleared.

I think the main problem is likely to be module production capacity. If it's the same manufacturer producing the chrome modules and the copper modules, they are going to be bottlenecked. As I understand it they have capacity to manufacture two modules at once, at the moment they are working on the additional chrome modules for Thutse. The module for Munkoyo isn't expected until the end of this calendar year. Where's the capacity for the IRH modules? It may be that they have secured additional capacity but we don't know that.

They said a week to 10 days before that was due, so not before Sunday at the earliest.

Four stacked zones? What does that even mean? I guess you mean 4 stratigraphic zones.

Well nice to see some volume going through, should flush out whatever is remaining of the placing.

That might be a bit optimistic, I divided 190m by 8 days but it could have been 9 days... so somewhere between 440-500m

They started drilling on 16th April and on 25th there was a photo of the core shed tweeted which showed they were close to 190m. That equates to about 24m / day. If they keep that same rate then they should be somewhere near 500m by now.

I see that I wrongly tweeted that the Nguba formation is below the Roan formation when of course as has been pointed out it's actually overlaying the Roan. I think there's a bit of confusion over terminology though. I believe when Vasillios is talking about collaring quite high up in the sequence in the Nguba formation he's talking about at surface not at the end of the hole. The lowest stratigraphy they encountered was the Lower Roan at 930m so presumably this continued further down beyond the drill.

I had a nice result with my premium bonds last week. Diversification is never a bad thing!

Don’t bother, they barely get a mention. They are planning to to a “Zambia Special” in the next week or so.

Some coverage from the forum. No interview with Ricus in this one but there may be more to come. There is mention of Jubilee giving a presentation to the delegates before a visit to site (about 21 min.)

https://youtu.be/zq027tZO6fQ?si=YjJ4UN8ZUScsuN9N

This was from the project status update RNS on 6th November:

“ We have reported exciting soil sampling results from both the Mukai and Mushima North copper projects in Zambia this summer and similarly at the Jacks Project at the back end of 2022, following an initial drill programme. Management has proposed drilling programmes for all three projects which the Board considers to be justified. The foundations we have laid in 2023 will stand us in good stead as we progress to the exciting drill-discovery stage and has generated joint venture interest in a number of our projects, THE FIRST OF WHICH we hope to finalise soon at Konkola West."

The fact that we haven’t seen any drill plans for this season yet suggests to me that they are working on another JV.

That’s the same location I was looking at, the old KCM open pit just outside Chingola. I guess they must be the party that we are purchasing the dumps from.

"The funding provided by IRH to the SPV will take the form of a shareholder loan. Repayment by the SPV of the shareholder loan is contingent upon the SPV first achieving a threshold cumulative net earnings with the SPV's repayment of the shareholder loan limited to a maximum percentage of net earnings, ensuring that the majority of earnings are distributed to the equity holders of the SPV."

Some more detail on the above would be good. It might be quite a while before any re-payment happens, depending on the earnings threshold, and it would be good to have an idea what that maximum percentage of net earnings actually is.

Https://x.com/FinInsightZam/status/1786331473672347846

This might be worth a watch if you can find it anywhere. I know that Ricus was interviewed for this. Hopefully it makes it onto the internet eventually.

Assuming all goes to plan with the initial modules the only thing throttling back expansion (apart from funding) is the speed at which the modules can be rolled out. The raw material is almost endless. I'd like to see the manufacturer looking to expand capacity at some point.

From the website:

Innovative Modular Technology – 2,000 tonnes per annum of copper per 20,000 tonnes per month copper processing module (assuming feed of 1.5% copper grade), as depicted in the diagram for Project M Copper unit cost per tonne US$5,281 in FY23 Estimated capital for 50,000 tonnes per month copper processing module = US$6.5 million. The estimated capital for a 20,000 tonnes per month copper processing module would be approximately US$3 million Modules targeted as part of Roan upgrade with additional modules considered under current long-term RoM agreements

Modules from order start of build to ramp up is something like 4-6 months from memory. Have a listen to recent Roast podcasts where that is discussed.

The first KoBold drill should be over 350m by now, so news potentially within 2-3 weeks.

Still hoping to hear more from Zambia before then, with drilling season kicking off across the country now as the ground dries up after the rainy season. Both African Pioneer (FQM) and Arc Minerals (Anglo American) have said that drilling is imminent in NW Zambia where Tertiary have the Mukai and Mupala licenses.

His first posts were about the fake High Court cases so he had clearly been primed about that. Probably something to do with our former director / con-artist.

Great work, more than 100 posts for the day! That's almost 4 posts for every trade 😁