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Northern, yes it would be interesting to know more about the planned leaching. Heap leaching takes quite a while from my limited understanding, so we might not see any benefit in the copper production until the back end of the financial year.

I'm interested to know if this leaching might be being trialled as a potential cheaper alternative to building the hub concentrators? I don't think there was any mention of those in the Q1 RNS, unless I missed it.

Thanks Chester / Bobbill, I just listened to that Ricus interview and yes it does look like it's the "waste" pile at Munkoyo.

I just noticed that the in process material is listed under the Munkoyo section:

"Munkoyo commenced operations in July 2024 and was successfully expanded to achieve its monthly targeted 100 000 tonnes of mined material for October 2024 with a total of 250 000 tonnes mined during Q1 FY2025.

Of the total mined material, 5 000 to 10 000 tpm is trucked directly to Sable at a targeted minimum grade of 2.5% copper which is expected to increase to 3.5% copper from Q3 FY2025. The remainder of the mined ROM is stockpiled for future processing at site with the first large scale leaching trials to commence at site during December 2024.

Total inventory increased to 3 538 tonnes of copper units from mining and processing activities."

Maybe that inventory is unrelated to Roan but is just the low grade ore being kept at Munkoyo for leaching?

I was having another read of the RNS and was trying to make sense of these production estimates:

"Initial copper recovery from feed is targeted at 55% which equates to an equivalent copper production rate of 6 200 copper tonnes per annum (tpa) or 7 400 tpa of copper at the increased 90 000 tpm from Roan alone"

"The integrated Roan facility targets an initial stable feed rate of 75 000 tpm of material over the first three quarters of operation, with the potential to increase to a feed rate of 90 000 tpm thereafter. An initial copper recovery of 55% copper in feed is targeted before the introduction of leaching at Roan which is expected to increase copper recoveries to in excess of 70%. This translates to an initial copper unit production from Roan, prior to leaching, of approximately 520 tpm of copper with the potential to increase to 670 tpm assuming the lower feed rate of 75 000 tpm is maintained."

It looks like they are basing the calculations on a feed grade of 1.25% copper, so:

75,000 (tpm feed) x 55% (recovery) x 1.25% (feed grade) = ~520 tpm or ~6,200 tpa

90,000 (tpm feed) x 55% (recovery) x 1.25% (feed grade) = ~620 tpm or ~7,400 tpa

What's confusing me a bit is the "in process stock" which states 442,308 DMT (dry metric tonnes) at Tcu% of 0.8 %. At what stage is this material and how does the 0.8% relate to the used average feed grade of 1.25% ? Any ideas?

Charles Archer was recording it SM, so I guess he will put it online sometime today. Not a whole lot more than was in the RNS to be honest.

It looks like they have been conducting their own high resolution soil sampling program concentrating on the areas around the Roan outcropping and have identified their own targets based on that.

I would need to listen again myself to see if I missed anything. I'm sure they talked about a target near Lumbeta, which is west of Muswema, and in the area where I spotted a track / clearing on the satellite images the other day. It seems that Muswema / Lumbeta area will be the main focus during the rains due to easy access, close to roads. It sounds like they have established all the necessary hydrothermal conditions for a deposit to form, now they need to locate the geological features which would host a deposit.

Vasilli did disclose that David Wood was very enthusiastic about what he had seen which is unusual for him as he is generally reserved.... Nick was trying to shut him up due to Anglo confidentiality! Make of that what you will.

It looks like we are edging up a bit... maybe! 😂

Certainly some volume going through today, I make it about 40 million shares traded so far this morning!

The old saying that "a gold mine is a hole in the ground with a liar standing next to it" may have been proved correct again.

South African operations continue to do very well and targets should be very comfortably exceeded for the full year if all goes to plan.

I'm less convinced by Roan but need to read that a few times to get it clear in my mind. It seems the target keeps moving every time they release an update! The most important thing for me is how is the front end module performing, is the initial upgrade of greater than 10x being maintained? That will have a direct impact on what happens with the Waste Rock project. The targeted copper recovery of 55% is a bit lower than the research note suggested (65% I believe) and leaching is now being added to the mix... was that always planned or is this to shore up lower than expected recoveries?

Copper production for the quarter not unexpected given the power issues in Zambia and the install and ramp up of the front end... at least it should be onwards and upwards from here!

PS, hope there are no HUM holders here... things can always be worse! I don't want to wish that kind of luck on anyone but our long term troll (who shall remain nameless) may have experienced a bit of karma today.

I should have said read the article too! Some nice background info.

Https://x.com/that_stocks_guy/status/1854449193529557469

Charles Archer hosting today's IC if you have any questions in advance. Cheyeza looks interesting, surprised they went further East but 1km away and still significant oxides is promising of a large system. Muswema drilling much further South than I expected, already prioritised as the main target while still drilling the hole tells a lot!.

They have two drill programs funded by major companies. Both of them are in highly prospective areas. FQM is actually paying Tertiary in instalments. I bet you don't even have a clue about the drill programs or even where they are.

I just told you I have a few grand invested. Why do you need to know the details... I could be lying to you, just as you are lying to me.

So tell me why I would give up on this company when it has two active drill programs ongoing and another due to start next week... that is what junior explorers are all about! And for your information I have a few grand invested here, which I'm quite prepared to loose for the potential upside which would be massive.

Jedster, you need to mind your own business. I know what your game is.

Unfortunately TYM has lurched from one placing to the next with precious little time to clear the shares from the last placing before the next one comes along. They have an opportunity now to show that one of these prospects is a potential winner and get the SP moving…. Once the last placing has been rinsed through.

Have a look at the Board Changes RNS Couerdelion, one of the new interim FD directorships is with one of Slaters funds. Personally if he want his own man on the board all the better, it shows he’s committed longer term and it might force Leon to be a little less liberal with issuing shares willy nilly!

Jupiter sold a large chunk of their portfolio because their star asset manager is leaving to set up his own fund.

FIL closed down a fund that Jubilee was held in, due to poor overall performance. We don’t know if they have been reducing their overall holding too.

Unfortunate timing that they both decided to sell at the same time.

FIL have sold over 100 million since April, Jupiter have sold all 95 million since the start of the year and are now done. Those are the big sellers we know about. Canaccord Genuity have also reduced their positions by about 40 million since April.

Finally a TR-1 from FIL... does that mean they are done selling?

I put this together to show where the drilling was at target A1, Mushima North and where the highest grades were discovered. You can clearly see the outline of the soil anomaly on the satellite image (it matches very well with the higher values observed in the mapping). The red dots show the higher grades, which are east of the main anomaly. Maybe need to target more on the east side next time.

https://x.com/NavSeis/status/1854105951739023507