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https://www.youtube.com/watch?v=KTTZs43Eks4

The Wealth Holders Podcast

Canadian Kyle is joined with Chris Haubrich. He is the Vice President of Business Development and new Chief Financial Officer (CFO) of PureGold Mining (PGM:TSXV).

A long interview but interesting.

Also, Pure up 7% in Canada https://money.tmx.com/en/quote/PGM
Maybe the Canadians aren't buying into ''conspiracy theorists'' either :-)

TD2, Yes indeed ''conspiracy theorists''

How about
''Two years after Covid rampages across the world''
France reports 368,149, over A THIRD OF A MILLION, cases in ONE day!!
I have this conspiracy theory that Macron has only done this to hid poor GDP figurers.
What do you think??

Q1 figurers for Pure may be rot, or may be ok, however Pure doesn't need to make up your bullkrap theory of invented Covid cases either way. Get a grip man!

I am far from a fan of director trough feeders,
however I'm not a fan either of the there 'must be a negative cover up going on' conspiracy theorists either.

Pure reported a bit of covid, and are taking mitigating action.
I think in the absence of any other evidence whatsoever to the contrary,
on this one, I will take it on face value.

Harbour say they are selective about the cases that they support for funding.
It seems unlikely that the case would have been taken on, if it was not highly likely to be won!

https://harbourlitigationfunding.com/working-with-us/what-we-look-for/
1. Can an award or judgment be enforced?
It is imperative that successful claims ARE CAPABLE OF BEING ENFORCED and that the defendant has the means to satisfy a judgment or an award.
2. Does the claim have good prospects of success?
We only back cases that we believe CAN BE WON ON THEIR MERITS. From the outset, we look for a robust case theory and supportive expert and legal opinions.
3. What is the realistic value of the claim?
It is extremely rare that we would fund a case worth less than £10 million.
4. How realistic are the budgeted costs?
We ring-fence the entire budget for each new case we fund from the moment it is approved.
5. Is the legal team fully equipped to lead this case?
The cases that we fund are invariably defended by experienced defence lawyers. Claimant’s lawyers are first–class litigators with relevant experience

Just a reminder of what was said on the 2 July. It seems a very long time ago.

"The Tribunal has made significant progress and confirms that it should be in a position to complete its work in the course of July."

Q4 stank compared to what we were again rampingly sold by Labrenz.
Oct and Nov were very stinky, however Dec was good for both tpd and head grade.

This improvement is explained as so far, the majority mining is from the McVeigh Zone a ''geometrically irregular'' and the ''the least well-defined '' zone,
but Pure are mining more now from the Austin zone which is better on both accounts and has ''larger, more productive stopes.

I like the sound of the new management team. Labrenz has done his job to get us this far, but he didn't have sufficient skills to exploit the mines full potential. You need a smart, time served dirty hand, suited former grunt engineer for that.
He still needs to deliver, but seems to have more skills and knowledge to do just that.
Gold delivered Q4 was certainly substandard, Dec month was good, management changes look very good !

We may FINALLY have a team in place to deliver on the promise.

Worst Buy, 3000, £14,082 at £4.67
Best Buy, 100,000, £6,588 at £0.068

£75,000 spent on 500k at a 15pence average.
Current worth about £45,000
I am aware I could lose the lot if ICSID shaft Rock and side with chancers Italy ------- very unlikely I feel
or if Navitas scarper-------very unlikely given they aren't stupid/timid like Harbour
and have shown honest commitment, unlike harbour!

I do not see the current share price rise as an indication of any known news,
Rock have been a very tight ship over the years!
However I do think people are seeing a calculated high reward, and relatively low risk aspect of Rock.
Rock- Turnaround play 2022

150,000 for 15.2 at the moment.

Some profit taking happening as is normal.
And we haven't been able to say profit taking wrt Rock very often!

NM

Bid over 9 pence now.
And looking perky :)

Amendments to Credit Agreement

As of December 31, 2021, the Company and its principal lending partner, Sprott Private Resource Lending II (Collector), LP ("Sprott") have agreed to amend the restated credit agreement dated April 2021. Amended terms include a temporary reduction of the minimum cash balance, a temporary reduction of the minimum working capital position, and deferral of the completion test from December 31, 2021 to June 30, 2022.

and Mr. Troy Fierro, Director and seasoned mining engineer, has replaced him as President & CEO.

Good!!
It looks like Sprott has had enough as Oct and Nov were more stinkers again, way below expectations, although Dec was good. It looks like they are being very proactive now in getting the mine up to speed with the right people in place.

I am not sure of the ambition of the planned new dock LTT, but even a modest facility would likely be a long drawn out construction for FIG, however two years plus is a good conservative starting point from whenever they get approval.

I agree Harbour have proved to be timewasters. Back in June 2021 SM emailed hinting Harbour weren't interested

'' It might well be that if Harbour leaves and we try to keep Navitas interested, the development will have to look a bit different to the current scheme and ---------> work has been done on that during this year. ''

The last bit is important as the trough feeders do seemed to have done at least preliminary work with Navitas for the eventuality for Harbour walked, and deserve some credit for that.

Probably going to be longer than two years LTT as the port is ''currently progressing Detailed Design.'' and as such FIG are

still ''seeking a Senior Project Manager to manage the next stages of this major national infrastructure project. ''

https://ats-fig.jgp.co.uk/vacancies/175509?ga_client_id=c28b66a3-690a-458b-880b-98aa61fd8829

That was a nice rise however I don't think we can take any inference from it,
other than a couple investors taking a position before 2022.
A sensible idea I feel as there is no known reason why the OM award to be delayed,
and the JV could drop soon as well as it was already at ''detailed'' heads of terms.

A glass half empty view might be that Navitas and Rock are waiting for the OM award, in case the JV terms need modifying. For example perhaps Navitas might inject more funds towards Rock in exchange for another 5% if the award is poor.

Or for blue sky, if Rock award is $200m and Italy agree to immediately pay for a reduced payment of $180m, Rock might want to keep 40%. Either way I am happy with the rise so Happy New Year.

RKH - Turnaround play of 2020 !!!

''when do you think the Italians will pay?''

That is the question, assuming Rock win an award.

Answer is immediately, if there is an out of court settlement. Could happen, 20% chance??
Rock could offer to take a reduced 80% payment, if the payment is immediate? 10% chance of this?
If no OOC then Rock could immediately sell on the debt to raise funds. 50% chance?
Raise debt immediately, secured against the debt owed. Unsure how likely this is.

The slowest is taking Italy's assets. I hope that scenario has already been planned for, to take affect asap if Italy don't pay.

With the bid at 8pence I have £40k riding on the calculated expectation that OM will results in several 10's of millions in compensation for Italy reneging on their contract,
and that Navitas are genuinely interested in extracting oil for $billions of profit at POO $78.

Nothing is certain, obviously, but hopefully fortune will favour the brave!

OM pays out a decent amount = Good SP rise
HOT is signed= Good SP rise
OM pays out & HOT is signed = SP ROCKets
If neither-Game over. AIMHO

OM award, amount unclear, is highly likely, HOT signed is highly likely, so SP rockets is highly likely.

Logically from what we think we know, we should be looking back in a month or so and be thinking,
the writing was on the wall ''why didn't I buy an extra 100,000!!''

continued part 2

Mines face different sorts of risks; jurisdictional, geological, operational, capital, and construction related. Fortuna Silver Mines lost 30% in a day due to jurisdictional risks. Argonaut similarly dropped due to construction risks. Rubicon fell victim to geology. In lieu of the above updates, I believe the operations are headed in the right direction now. The big risk remaining is capital; will the company run out of money and dilute us again? Based on the math I posted a few weeks ago, it doesn’t seem like it. Sources on the ground say bills are being paid on time. Plus, they have reduced several costs associated with operations. The company expects to be cash flow neutral in February, and then positive from there on. My math had pitted them at slightly negative in December, but as I have not crunched the numbers for the next two months, I can only parrot what the company has said. If we had seen significant insider buying at these levels, I would have assumed capital risk is no longer a major issue. So there is risk, but it is low.

The 12 year mine life will definitely increase as the drills are showing additional gold around the ore body. This will become even more significant as they go deeper. Plus, there is 50,000 meters of drill data that will become part of the mine plan in the second half. The drilling to 8 Zone will begin in the second half of the year funded with positive cash flows. Which, as I have said in the past, is a relief since capital is the key risk at the moment. So what do I think of the picture painted above? I am far more optimistic now than I was two months ago. If in two more months the company can indeed stop bleeding cash, there is a good chance the company could 3X through to the end of 2022 (mine performance + mineral resource update + continuous assay results from 8 Zone).