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Who fed you that information about the scam High Court case travelcard? It was obviously someone related to the attempt to blackmail the company. Were you involved in that too?

Takenonotice is still being paid to talk the share down but not as bad as it has been in the past. There's plenty to be excited about here if you make the effort to research it. Most people don't though sadly.

Cheyeza looks exciting but I'm still of the opinion that Muswema is at least as exciting, if not more so. Why do I think that? Have a look at this anomaly map again: https://shorturl.at/srTAb

The areas in yellow indicate where the hydrothermal fluids have flowed and altered the magnetic signature of the underlying rocks. Have a look at the Muswema / Lumbeta area and you see almost the whole area has been affect by the fluids. The key thing for me though is the southern area, which is a natural catchment zone. The EM survey extended out past the edges of this and there is no sign of hydrothermal alteration all around that area, in other words it's a natural trap for those fluids.... so where does the copper go? You work it out!

Https://www.miningweekly.com/article/zambia-closes-border-with-drc-blocking-key-copper-trade-route-2024-08-12

From my point of view I've already see enough to be happy that the mineralisation extends right across the nose of the volcanic dome:

https://shorturl.at/YmALR

All I'm waiting to see is the grade of the first assays but I'd be very surprised if they are not in line with what Khoemacau saw , ie, 1.5%-2.6% Cu Eq.

The core that they showed images of I'm reasonably sure came from right in the middle of the IP anomaly, near ALV-RC-002.

Hi Raider,

It's obviously still early stage and there are a lot of unknowns so I'd be wary of trying to calculate anything at the moment. Having said that a few points to consider:

The material already processed from Munkoyo at Sable had grades of between 1.5% - 3% so an average of 3% might be optimistic. The video they posted suggested pockets of up to 5% so who knows.

The company has secured a 95% ownership in Munkoyo so that needs to be taken into account. (For project G it's actually 51%).

The estimated CAPEX for a 50,000 tpm module is US$6.5 million and for a 20,000 tpm module is US$3 million. The module capacity they were quoting for Munkoyo was 35,000 tpm. (from the latest presentation).

They are expanding the sulphide circuit at Sable so there may be additional sulphide concentrate to take into account as well as the oxide concentrate going to produce cathode.

Still if the modules recover somewhere close to the theoretical capacity then it's a no brainer in terms of return on investment.

Anything is possible Auc but my own feeling is they would have already started drilling at Jacks / Mushima North if they wanted to fast track the projects. I think they would want to give the KoBold and FQM projects every chance to significantly lift the SP before raising more funds. There's also the wildcard of Storuman of course, which might get announced at any time.

Either way, if you're not in it, you're not going to win it!

Just look at the trading yesterday and today, it's almost all buying. Something is keeping the price down. The block seller that was active seems to have cleared out so who knows?

Https://eu-africa-rise.com/storage/case-studies/August2024/nQYVYNudACOEToR6t32a.pdf

This EU report was partly based on the Copper Business Forum that was held in Kitwe a while back, attended by Ricus. Jubilee gets mentioned a few times. Just search for Jubilee in the PDF if you don't want to read it all... I certainly didn't!

It might be a combination of both Auc, they didn’t really make it clear. The horizons above the target are partly shale I believe and shale can be difficult to drill through because it’s softer and can squeeze the drill pipe, putting additional resistance on it, which in turn might cause problems with the rig at surface. Hopefully not much further to go anyway!

Anglo obviously have a lot more information than we punters do but when I first plotted the anomalies on the map my initial thought was I would go bang in the middle between where Arc drilled and where Anglo are drilling. There's a big EM anomaly between the two, as well as the copper scandium anomaly. Time will tell I guess!

The only immediate CAPEX that we know of is the copper concentrator(s) for Munkoyo and Project G. They were quoting US$6.5 million for a 50,000 tpm capacity module but the capacity quoted for Munkoyo was (I think) 35,000 tpm, so say a combined CAPEX for two modules at US$10 million. There is also the possibility of further mine transactions which should be of a similar cost to the first two.

The talk of extra refining capacity at Roan is still early stage, Leon said they would discuss it later in the year, then if approved it would have to go though the design and planning stage before any build. That's got to be 12 months away at least. You would hope by that time we have plenty of cash in the bank to fund expansion.

The Mufulira project has been relegated to the bottom of the list. My thinking is it would have made sense to push ahead with that when cobalt prices were flying but at the moment it's not economically viable. If / when cobalt rallies they might revisit that I guess.

The IRH project is fully funded so no CAPEX to worry about there.

Zambia should finally start to generate cashflow now that Roan is fully operational (fingers crossed!) and Sable expansion is underway. The question is how much is chrome / PGM's generating? My guess is chrome earnings of US$40 million a year before the additional Thutse modules, the first of which should soon be operational.

Chrome prices have come off their recent highs a little bit but up slightly this week at US$308-313 / tonne. That's the same as the quarterly average price for the previous quarter.

No problem SH / DE,

Just to put the Cheyeza map into perspective, here's the anomalies across the whole license area:

https://shorturl.at/srTAb

I wish I had the opportunity to start buying now rather than 6 years ago (was it really that long?!) because not only would I be filling my boots, I'd be buying another pair of boots so I could fill them as well!

PC clearly said in the interview that they were committed to complete the first hole so I don't think they would stop. I doubt ground conditions are an issue now, the ground should be bone dry.

I don't think they have enough cash to fund drilling on the other projects themselves but they certainly have enough cash to sit and wait for the KoBold drilling to complete and the FQM drilling to get started. A positive result on either of those projects will rerate the company and then they can raise cash without massively impacting shareholders. Thats the way I see it anyway. He said FQM were very keen to get started at Mukai too, so as soon as everything is squared away they should be drilling.

Also the Storuman result is still pending, a positive outcome there will rerate the company too.

They did say in the interview that there was a new website, maybe it hasn't gone live yet, it's still the old one right now, which does look a bit dated. It definitely needed a refresh.

Hi Small Holding, here is my map of the Cheyeza area with Anglo drill locations from last year and this year marked:

https://shorturl.at/vKz0q

The distance between the two drill locations is just a few hundred meters (~400m) which in itself is interesting. We know that the deep stratigraphic hole they drilled last year intercepted copper and nickel mineralisation (although we don't know the scale of it) so to drill just a few hundred meters away seems significant to me, you might have expected a broader scale plan to cover the area between that first drill and the drilling which Arc completed (marked with green (oxide) and blue (sulphide) pins on the map).

Just to explain the colour coding there, the pink area shows the copper-scandium anomaly, which indicates copper enrichment due to hydrothermal fluid flow, the blue areas are electromagnetic anomalies, the area bounded in yellow is interpreted as an area of hydrothermal alteration, ie, where the copper rich fluids have flowed and altered the magnetism in the rocks.

I don't think you need to be an expert to understand that if you have several independent data sets giving you anomalies in the same location... something significant is going on! We know that Anglo have also completed their own additional geophysical survey over that area.

The distance between Anglo drilling and Arc's previous drilling is about 2.5km to give an idea of scale.

One interesting thing I noticed in the list is the FQM Trident license which adjoins Mukai and where they were drilling at Tirosa, has been granted a large scale mining license (LML). That was applied for in 2012... so obviously left in limbo until now when they want to start looking at that area. Very significant in my view.

The MLC list has just been published on the Ministry of Mines website, renewals on Mushima North and Konkola West have been granted. Mukai has been deferred, so there must still be some outstanding issue with that one.

I do wonder if some investors are holding back, expecting to get in relatively cheaply on Zambia drill results. They may end up disappointed if Botswana plays out well. It's certainly looking very promising. The first assays are being expedited so the company are obviously thinking there's significant mineralisation there based on the in field analysis.

I wonder if they are planning to run the copper and chrome businesses completely independently. Chrome could potentially be generating north of US$40 million this year, so even if they plan to build further chrome modules after Thutse, there will be significant free cash being generated. Copper is still in early stages so using that free cash to accelerate the Zambian operations might be beneficial. At least one copper module needs to be paid for and potentially any other mine transactions.