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It is ironic that during last year's drilling season had any of the drill results been delayed it would have been a bit annoying but we would have accepted it.
This drilling season we got all the excitement of the investor call with all the hints of great things to come and then absolutely nothing. On Wednesday we are halfway through the exclusivity agreement and the rainy season gets ever closer and STILL we wait for the first assay results.
To say this is "doing my head in" is an understatement.

Good to see the share price ticking up a bit. Volumes still very small but at least it is going up.

One thing is crystal clear the current market cap at £40m is ridiculously low, whatever your opinion of the final valuation for the company is.

Just another point that is sometimes overlooked, these are two entirely seperate licenses owned by two different limited companies, Zamsort Ltd and Zaco Investments Ltd.

Rather than dividing up one or other of the licenses, it would be very straight forward to sell one or other of the licenses and hold onto the other. This is something NvS has mentioned previously.
It is just another option and, if nothing else, is a good bargaining chip if AA fails to meet the total valuation placed on the assets by the Arc board.

I fail to see the attraction of a JV to either party.

Nick has already said that production requires a completely different skill set, something they don't currently have aside from NvS. They have sold off non core assets to make Arc a more attractive takeover target. What would Arc bring to the JV?
The two licenses and the management, some of which Anglo probably wouldn't want.

From the AA point of view they would still have to bring the venture through to production pretty much on their own and they would give a share of future deep finds to Arc. Yes they wouldn't have to spend as much but, if they believe there is a lot more copper down there, surely they want that all to themselves.

There is also always the chance that if the Arc board want to sell, they may refuse a JV. Mr Mumena Muschinge stands to become extremely wealthy from his Arc shares plus his family's ownership of the remainder of the licenses, I would have thought he like NvS and Remy want an outright sale.

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Given these very long delays at the lab surely an extension to the exclusivity agreement is now inevitable.
If these delays continue until the drilling season ends, it could be March 2021 before the final results are received.
My initial thoughts were AA would want to act quickly to try to avoid paying top dollar but if they want to see the actual results from this campaign then I think an extra 6 months extension is now looking inevitable.

Not saying it is a bad thing because it could work in Arc's favour. We should hopefully get an idea from NvS when the results are finally revealed.

As a long term shareholder who is heavily underwater on this share, I want it to do well.

The problem I have it is always jam tomorrow. As soon as one quarters results are released we are immediately looking forward to the next one that could turn this round. The latest figures will not see investors suddenly eager to buy the shares.
We have said for a long time they need to start banking profits, the truth is they never have.

They once had $30m in cash but that was after a fundraise. The cash has fallen steadily since then, even between expensive drill campaigns they have never banked any significant funds. We know another drilling campaign is coming next year so they don't have much time to boost the bank balance before the cycle comes round and they are spending again.

I have lost count of the number of times I have eagerly awaited results, thinking these are the ones that will turn things round. It hasn't happened yet. I still think they need an acquisition to get us out of this rut, certainly something needs to change.

In H1 2020 SDX generated revenues of US$22m or $11m a quarter.

If we are generous and say they generate $26m in H2 or $13m for Q4. They still have $4.3m capex to account for in this quarter, that leaves $8.7m.
The dissapointment for me was just clearing $2.5m of capex in Q3, I could have lived with the static cash balance if 2020 capex had been almost finished by the end of Q3.

Shakey that may well be the case but any increase in reserves you are referring to from SD are at least a year away.

Lets see where the share price finishes today, the market will decide if this is a good update.

darientaylor - In H1 they spent US$19.4m of the projected US$26.2m capex

After Q3 they have now spent US$21.9m or US$2.5m of the projected US$26.2m for the year.

Not much of a reduction considering the cash has remained constant. If you think in 3 months the cash will rise to US$25-$30m you are in dreamland.

Cash at June 30th US$9.3m - From the H1 presentation "Strong liquidity position and entering a period of lower capex activity"
Cash at September 30th US$9.2m

These are the good times before they start spending on drilling again in 2021.

No new customers in Morocco and no indication on today's presentation of how they intend to change that.

Sorry but I see nothing there that is going to ignite the share price

I think a 4 bagger is a reasonable guess, 16p a share. If we get any more it will be a very nice bonus, the share should certainly be higher than it is given the news this year.
Tomorrow it is 14 weeks since ARC started drilling and it is over 10 weeks since the investor call.

Couldn't agree more cattleman, in all the years I have been investing I can't think of a better opportunity I have had.
When we heard the investor call I was convinced that Nick's transformation from a cautious calculated CEO to a rampant bull was more than just the EA. I suggested it was something else; either a big major had made an approach or the initial drill cores from Fwiji looked excellent. As time has passed I am now more convinced that it is Fwiji that boosted Nick's confidence, last Monday's comparison with Sentinel just confirmed that opinion.

I, like you, think the next drill results RNS will give this share a re rate and we won't see 4p again. All the above makes the prolonged wait for these results all the more agonising.

Ah well, looks like me rash statement about going teetotal until the results come through is going to inadvertently make me part of the Stoptober campaign.
A bit worrying that nine days ago the results were due shortly and again today they are still due shortly.

By the time the maiden drill results from Fwiji are released I should be as fit as a butcher's dog!
Well excitement over, back to my basket weaving

I don't normally do this but I want to give investors here the chance to look at ARC Minerals (ARCM).
They hold two copper mining licences in Zambia covering an 800 square kilometres. They have around 13 targets identified and they believe they are sitting on several Tier 1 assets. Anglo American who owned the licence years ago want it back and they have signed a six month exclusivity agreement which runs out 14th January 2021. At the end of that they may put forward a financial proposal. Other majors have approached ARC regarding there assets but they can't talk to them until the exclusivity agreement runs out. Non core assets have been sold to make the company a more attractive takeover target.
Currently ARC has a market cap of £40m and a share price of around 4p.
They have drilled one of the targets this year Fwiji and they are suggesting it looks good on the last RNS, we await drill results any day. On the last investor call the CEO said ARC is on the cusp of something very very big.
IMHO they would not sell the lot for less than £200m or possibly more.
DYOR read the last drill update and listen to the investor call for the first 10 minutes.
Why am I posting here? Well I've been invested here for years and suffered with the rest of you and I thought if anyone fancies a punt I would at least give eveyone here a chance.
I have a large holding and continue to buy at this very low share price.
DYOR
Investor call http://www.arcminerals.com/news/media-and-press/default.aspx
Last RNS http://www.arcminerals.com/news/rns/rns-details/2020/Arc-Minerals-Limited---Drilling-and-Assay-update/default.aspx

Don't forget during lockdown these two sat at home on full pay and benefits watching Netflix

I do wonder what the analysts make of this back slapping and rewarding themselves for the abysmal share performance.
I like to think if it was me in that situation, I would say OK we can justify a bonus but given the share price I won't accept it.

Unfortunately it is as good as a promise, if I back down now I'll never hear the end of it (you know how women can be)
Hopefully Nick and the boys will save me this week, I'll keep it chilled just in case!

Just over a week ago I told the wife I wouldn't drink any alcohol until the frst drill results were released, assuming they were coming in days. I'm now getting worried that I may end up losing weight and becoming healthy.
So come on Nick get the results out because the days seem to be longer and I want to raise a couple of glasses to celebrate the good news!

On Tuesday it will be exactly 3 months since ARC started drilling, it just seems like yesterday................