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From memory Nick said he was encouraged by everything he's seen in Botswana and he thinks we are sitting on something pretty valuable. I don't think thats particularly playing them down. Anyway we wait and see.

I should say, I don't think the mineralisation at Pl135 / Mawana Fold will be like Zone 5, which is a very steeply dipping ore body. Khoemacau has already said from their geological analysis of Mawana Fold that it's a more shallow dipping feature and the IP survey that Arc carried out backs that up with the anomaly dipping away to the SW at about 100m over 1km distance. Hopefully if the assays confirm continuity of grades from the Khoemacau drilling then we could be looking at a minimum strike length of 3km and possibly more... roll on the assays!

Https://x.com/Tertiaryplc/status/1855903782753738873

Unless he shows up holding a piece of drill core full of copper then I don't see it having any immediate impact on Arc. Assuming it is actually true this time.

I think you’re missing the point that it was the sellers who caused the sp collapse in the first place. It was at 8p and climbing when the selloff started so there’s plenty of ground to make up.

I think you are missing that IRH are not involved in the open pit mines at all. Jubilee are looking to secure those for themselves or at least a major stake in them.

IRH are partnering with Jubilee on the Waste Rock Project only, and potentially on the Mufulira Project via their 51% stake in Mopani.

Good to get clarification on the leaching at Munkoyo. It seems to be the same process they are planning to test at Roan too, so one of the streams coming out of the modular concentrator then goes to a heap leach. Potentially 10-12% additional copper from the heap leaching so certainly significant. I guess the next question is, assuming they are going with Draslovka's Gly-leach technology, how much will it cost? Is it a fixed license fee or a based on usage? I guess all will become clear in time!

Jeremiah, the Zone 5 deposit they are currently mining is wider at 10m average, here's what's in their presentation:

"Zone 5 ideal for large scale mechanised mining

Cu eq% x Length

◼ Zone 5 mineralisation averages 10m width and is largely continuous over 4,200m

of strike and 1,200m vertically, where it is open at depth

◼ The orebody is geometrically very consistent both on strike and down dip

◼ These dimensions together with remarkable continuity of grade in all directions make this orebody ideal for large scale fully mechanised mining, offering

‒ Excellent safety

‒ High productivity, delivering competitive unit mine costs

‒ Multiple attack points from multiple declines offering significant scale"

So now they are looking to line up further expansion deposits to increase production, it seems 5-10m thickness is quite typical.

Https://tinyurl.com/3z8tnj6v

I put together the drilling results from the various expansion projects and recent discoveries to see how they compare with what was announced in MMG's recent quarterly update for mined grades. I also worked out the copper equivalent values based on copper plus silver content (you can do that with is website: https://www.metalequivalent.com )

Obviously some of these numbers are based on limited drilling compared to others so its only an indication rather than a firm number but it shows that most of the expansion areas are higher grade than what khoemacau is currently mining.

Zone 9, which is up there with the best results is on the license boundary with Arc.

Mawana fold (also on the license boundary) we only have public data for a couple of drills and that is stated as Cu Eq which depends on the metal prices at the time so difficult to compare like for like but they are in the ballpark.

I thought it would be a useful comparison for the upcoming assays to gauge how good they are.

Https://audioboom.com/posts/8605681-sunday-roast-featuring-shaun-day-md-of-greatland-gold-and-leon-coetzer-ceo-of-jubilee-metals

To me it looks like they are having to move a lot more low grade material than originally planned to get at the higher grade ROM. Although they are mining much more than previously stated, the amount going to Sable is similar and the grade is actually lower than originally stated, 2.5% instead of 3%, but potentially increasing later to 3.5%. I hadn't spotted that big jump in material mined to be honest, well spotted Northen!

Bobbill, I think it's more about securing the best opportunities before anyone else does, as Leon has already said. He doesn't want to wait until they have proved to the market what they can do because then the price to buy these mines will only go up.

He's likely a trader Dan, he pops up when the SP dips, spouts the same lines and then goes quiet until the next time. He does the same thing on other boards. The only thing driving the SP right now is the placing, which is still being rinsed through. Roughly 1.5 billion shares traded since the placing was done so a good few hundred million to go in order to overcome the selling pressure. Some good news from drilling at Mukai could be the catalyst to get things moving. We know FQM has already drilled on their side of the license boundary and found copper, the main part of the anomaly is in the TYM license which is why they were so keen to get drilling before the rains.

Brunton Pass drilling due to kick off very soon too.

Genises, unless you have the ability to interpret grades from a photograph it's pretty meaningless. We know they are aiming to ship material of grade 2.5% and above direct to Sable. We also know from Ricus that they have seen grades in pockets of upto 5%. It's the overall average grade that counts in the end.

The price for 40-42% concentrate is unchanged this week at US$270-275.

PGM's have slipped back since the recent highs but the longer term trend seems to be upwards.

Https://x.com/arcminerals/status/1854868936069652552?s=61

The investor call is here if you missed it or want to listen again.

Also for anyone wondering how we might profitably mine the oxides at Cheyeza East, there are new technologies out there. I'd recommend looking at Draslovka's glycine leaching technology which is being trialled all over the industry right now as a substitute for acid leaching.

I still think Chambishi Metals is on the table. I saw an interview with the Minister of Mines recently and he was asked about the re-opening of Chambishi. His reply was that it's still in negotiation. Chambishi makes sense for the Waste Rock Project and the Mufulira Project because it's located mid way between the two locations but of course that depends on the deal with IRH going ahead. That might be whats holding up any decision.

SH, it's a good point which has been highlighted in previous broker notes. It seems some investors think this is a binary play, ie, Anglo find a Tier 1 deposit and Arc are instantly propelled into the stratosphere or Anglo don't find a Tier 1 deposit and its game over for Arc. In reality it's not that simple. Anglo are paying Arc for the privilege of exploring these highly prospective licenses, which will take years to fully explore. There are three outcomes:

1. Anglo find Tier 1 and everyone is happy

2. Anglo find significant deposits (in addition to Cheyeza East which is already a deposit which could be exploited) but not one large enough for them to pursue. Anglo walks away and Arc is left with significant deposits to exploit themselves or sell on. Also if things go to plan, 25 year mining licenses to take advantage of any deposits found.

3. Anglo find nothing significant. Arc are left with Cheyeza East and have been paid by Anglo during the life of the JV.

Where's the downside?

Good point Chester, that might be a possibility longer term, but I doubt we will see any concentrators on site for another 9-12 months anyway. Leaching in the short term might be a way to increase production until the concentrator is ready.