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The Gcat scoping study used a gold price of $1,650/oz with a stated AISC of $1,100/oz and so leaving $550/oz.
Gold at $1,950/oz leaves us with $850/oz which is around 65% higher than the number used in scoping study. The originally stated $118 million ten year free cash flow total could get a whole lot bigger !
Interesting tweet today which suggests they are actually carrying out expansion work as opposed to simply operating what they have. You would think at least some funding must be arranged to pay for that and also that the recovery rate on existing pads is holding up.
I don’t fully understand why the plan drawing of the new large heap leach pad tweeted shows it directly adjacent to the existing pads but the satellite image with the red edge shows it a little way off. Not that that is particularly important.
Whatever way you look at it the dividend not being paid is not good; nor is the apparent inability to buy this is an ISA.
My understanding is that this company is the wholly owned subsidiary company which is the owner of the Kenyan company which owns the mining licence. It’s shares are currently pledged to Orca as security for the $1mil advance until the prospectus is published.
Looking at companies house:-
- accounts are overdue by 3 months
- confirmation statement is over due by 2 and a half months
- director details (which should be updated within 14 days of a change) still show the only director at our ex-chairman.
What do all the advisors actually get paid for.