Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
The 138p was based on a lower share issue. Obviously the note says that extra resource more than compensates for the stake reduction so some of this extra resource would be in the numbers.
I listened again to the Sunday Roast from 12 Dec and it’s the end comment about a £100m MCAP company by this Christmas (£2 - £2.50) that focused the mind, based on 2m resource.
https://twitter.com/roastpr/status/1470114150949044228?s=21
Page 9 of the October 2020 note says:
“A total project value for Conroy Gold’s Ireland projects of US$55.1m is derived, equating to a value per share of 138p. For the moment, we have assumed no value for the Group’s Finland projects.
Our estimated value is based upon the current 100% interest over the Ireland projects, which in time, assuming the finalisation of the Anglo-Asian JV would reduce to 83%, 75% and then 45% as the work programme progresses. We would expect considerable value to be added as exploration, development and resource definition is accelerated during the JV, thereby more than compensating for this stake reduction”.
Obviously it’s now Demir and the $55m NPV is about £40m. This equates to £1 per share on just the 441k resource.
DYO.
The NPV referred to of $72m I think is from the Scoping Study of 2011 and shown in this broker report? It was then updated in 2020.
https://www.conroygoldandnaturalresources.com/sites/default/files/FEL%20Buy%20Rec%20-%20Conroy%20Gold%20and%20Natural%20Resources%20plc%20-%20TP%20138p%20-%2020%20Oct%2020%20%281%29.pdf
Latest broker report below too from May 21.
https://www.conroygoldandnaturalresources.com/sites/default/files/18%20May%2021%20MC%20-%20CGNR%20_0.pdf
Just listened to Zac’s interview with Colin Bird. Phenomenal.
Confident, focused and clear on strategy. Things don’t always happen on time but this guy knows what he’s doing. Holder here and in BZT and happy to be so.
https://twitter.com/sharetalknews/status/1360881655142096897?s=21
Thanks news, as always, informative and helpful post. Exciting update today, slightly disappointed with retrace but expected perhaps.
High calibre summary of Read bio on Xtract website:
Jeremy Read is an experienced minerals resource industry executive, having worked on a broad range of precious and base metals projects in Australia, Africa, North America, India, and Scandinavia. Mr Read has wide ranging experience from project generation, greenfields, brownfields and project development. He has extensive exploration experience for gold, copper, and nickel sulphides. Mr Read spent 11 years working for BHP in Africa and Australia, including several years as the Manager of BHP’s Australian Exploration Team. Mr Read played key roles at BHP in the discovery of the Kabanga North nickel deposit, in Tanzania, and the Cairn Hill magnetite-copper deposit in South Australia, and subsequently at Discovery Metals Limited, in the discovery of the Boseto Copper deposit in Botswana.
Since 2003, Mr Read has concentrated on developing junior mineral resource companies. He has been the Managing Director of a number of ASX-listed resource companies: Discovery Metals Limited, Meridian Minerals Limited, Avalon Minerals Limited, MinQuest Limited, and Pursuit Minerals Limited. Mr Read is a Member of the Australasian Institute of Mining and Metallurgy (“AusIMM’”).
Hi All
Happy New Year.
Adam, like many of us I’ve deliberated SP a lot!
Assuming increase in shares to say 2.3bn on the basis of the warrants, 2p+ would be circa £50m MCAP. I think that with Thar and some progress on gold projects I would expect 3p, so circa £70m. Don’t think it’s an unreasonable expectation and would be interested in others thoughts.
Hi All
So the project will be funded on a 25% equity / 75% debt basis, with ORCP having a 12% interest in the project. On this basis, I assume ORCP will need to invest equity of 12% of the 25%? If so, other than further shareholding dilution, does anybody know how ORCP would intend funding this?
Thanks in advance.