RE: New investor!8 Jun 2021 18:45
I think everything is in place for Dundas except for the financing, although they have an offer on the table from the US that is being considered. Now waiting to see if/what the EU offer on financing.
It does seem like they want to partner with someone on the Disko and/or Thunderstone assets, similar to Finland, but these are at an earlier stage than Dundas. Exploration work, some of which is already paid for, should be starting again this season. Drill sites have been identified. Also, other miners in the exploration stage have released RNS's confirming people are now on-site in Greenland and starting work. (AEX Gold)
I think the company had £6m coh, plus another near £1m due back from HMRC.
Seems like good value just now definitely. I would suspect that finance is agreed in the next 4-8 weeks for Dundas and we should hear in the next couple of weeks in regards to exploration of the other Greenland licenses and then to top it off we are waiting for results to come back from RIO in Finland.
Current spot prices for ilmenite are around $330 a tonne and our AISC should be around $100-130 pt. We have signed an offtake for up to 330,000 tpa on a 5 year contract, which can be extended. Mine life has potential for 50+ years. We have another 100,000tpa left to sell to others who are interested. Our exploitation license has been granted for an initial 30 years.
All looking good but this is mining so nothing is guaranteed.