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@lowpay Who knows ... DXY reversed (heading lower?) with gold and silver up then GWMO down after good news
Go figure!
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wow, HUM are capitalising their own contract miner and I thought the whole point of a contract miner was that they provided a service in return for a revenue stream. In HUMs case they fail to deliver the contract over a 12-monbth period (?!), get 'rewarded' with capital investment and HUM link them up with another outfit to help sort them out plus HUM takes out a loan so that they can do this and backfill their balance sheet to offset the lost revenue.
Maybe I misunderstood something and I should be investing more rather than considering cutting my losses due to lack of confidence?
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HI KEn,
Yes Rincon have had a $1.2m capital @$0.08 which was a 15% discount and SP went up so was well received particularly as they also picked up some adjacent prospective property plus announcing Westies drill programme commencement. All in all they are now 9-12m behind where I thought they would be BUT have made good progress across all properties plus confirmation of funding taking them 12m+ funding horizon.
Fingers cross especially after finding an absolutely enormous target at Westies with really good 8g/t historic drill results albeit in one hole only.
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@Legalwolf It seems targets have shifted back in Sept-22 but language was vague but latest Oct-22 presentation page 3 is very clear that 24koz production target "may" have changed as language is still vague but certainly not by end Dec-22
> Construction underway at our flagship asset, Kilimapesa Gold Mine. Increasing mining capacity
and processing capacity to increase production to 24koz per annum by Q1 2023
> Projected AISC of $1000-1,100/oz by end of Q1 2023
... so we have a wait a bit longer but AISC $1,000/$1,100 per oz is really worth waiting for!
I've given up trying to put numbers to their narrative as this has been inconsistent and details provided have reduced dramatically ... I'll just have to sit on my hands and wait I guess
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Pacific Nickel Mining deferred shares now issued so GUN now holds 1.1% or 3,084,741 shares worth A$0.089 each sum value £153k ... looks like PCN are good to go now!
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Always good to see
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@swampy Not sure if that was the Capitulation bottom in PMs but whole mining, explorer & developer equities are pretty much loathed after such a heavy and prolonged selloff over the last 18 months.
I keep thinking PMs must turn now after X or Y happening but here we are at historic lows whatever metric you use to measure it against!
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Gold and silver charts look super bullish. Physical gold and silver is very hard to source in EU, UK and US with very high premiums despite hitting record lows with Comex and LBMA silver stockpiles draining rapidly as price is artificially low given most of market 'supply' is actually paper masquerading as metal. A large % of the worlds primary metal refineries are in Europe and run on gas which does not bode well for future supply (especially silver) with winter coming fast to Europe.
My order for silver Britannias is now on "Indefinite" lead time with sky high UK premiums and gold bullion products are no different ... US bullion suppliers are also reporting similar supply/premium issues.
The UK mini-budget, pension LDIs and subsequent 45% tax rate U-turn plus doubts about Credit-Swiss are not helping market confidence
I think the penny is now dropping about "getting physical" and no counter-party risks .... metals squeeze anyone?
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I've had CMRS on my watchlist since it launched and an MCap of £1,37m and over £1m cash seems compelling albeit with a heap of caveats and risks that need to be worked through.
Contrary to some comments posted I read todays RNS as an attempt to table ALL the bad news and put distance between the old and new BoDs giving the new BoD the ability to move forward and to quickly do what is necessary. The issue with the lack of visibility on the non-renewed licence seems an appalling governance failure as does some of the other points raised in todays RNS.
One for the brave, but turn-arounds can be very lucrative if done well
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Rock on Brian ... JV signed for 3 phase mill development subject to licencing approval on site of old mill on 20 acre site. JV partner to provide site and facilities with GWMO providing funds to refurbish/upgrade. Site is halfway between MJ and OMCO mine sites next to major highway.
3-stage development doubtless funded by output from earlier stages with each stage increasing %recoveries from gravity to vat-leach as project progresses with onsite storage and tailings storage factored in.
Impressed and looking forward to licence approval/s
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Thx Optimist full ASX 27-Sept-22 RNS is https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02573428-6A1111659?access_token=83ff96335c2d45a094df02a206a39ff4 with some nice visualisations that help understand what is going on.
Westin aircore drilling is up next so this could be significant
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Another way of looking at this is that the current £13m MCap is identical to RTO in Aug-2021 irrespective of the SP which has dropped as the shares in issue went from 1400m to 1850m over the same period.
What is instructive however is how much VALUE has been created over the last 13 months ... the main difference is that in Aug-21 POG was $1,830 and it is now $1,620 or a drop of $200 which has absolutely crushed Junior producers especially those with high AISCs, but not so much GCAT as their production is low AISC and output has increased significantly over the same period offsetting the loss of profit/ounce as POG has dropped.
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LOL so small explorer finds high grade intercept and SP drops 10% !
8g/t is more typically found today in economic UNDERGROUND mines whereas GWMO has found it where it was expecting it between 35-40m below surface where modern miners can make it economic at 1-2g/t. All GWMO now has to do is prove continuity and (hopefully) find the higher grade stuff it was expecting.
@ Moon The Processing JV is now subject to licencing before it can proceed and GWMO has already budgeted for the $100k seed funding so no debt.
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Nice RNS confirming extension of known mapped & mineralised high-grade vein system at historic OMCO mine with 8.3g/t over 1.5m @38m depth. BH mentioned that they want to track back towards main vein system to presumably higher grades historic grades of 25-30g/t plus lots of silver.
From what I understand of everything I've read about OMCO mine these are discrete vein systems much like a root system fanning out as per historic maps with higher grades nearer the source of mineralising fluids. IMHO this implies that high grade intercept was further away from source so lower grade rather than at outer part of vein as part of mineralised halo which would have presented as a different type of mineralisation.
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Morning Swampy ... I'm picking up as much silver as I can at 90:1 silver/gold ratio so silver is historically cheap compared to gold and looking very perky!
I plan to swap it back to gold when ratio compresses to 30:1 or even 15:1 if SHTF so I can triple or quadruple my gold
Food for thought
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GUN just picked up AUD$175,000 (£100,000) in Charger Metals as part of AUD$5.5m capital raise @AUD 50c/share with GUN picking up 350k shares. GUN now holds 3,175,000 ordinary shares in Charger representing approximately 5.12% of Charger's issued share capital.
Charger proposes to use funds (after costs) predominantly on exploration activities including drilling to advance the Company's Bynoe and Lake Johnston Lithium Projects.
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@Suggins LOL, I've given up now as every time we get news on HL configuration, pad size or cook cycle it then changes! On the plus side we now KNOW that Plant 3 = 3x 7.5kt = 22.5kt and Plant 4 = one or more 65kt. As RMc confirmed that GCAT mining capacity will rise to 90ktpm to feed plants 1, 2, 3 and 4 ... so some simple maths implies that mined ore to feed plants is:
> Plant 1&2 = 30ktpm once upgraded in Q1'23
> Plant 3 = 22.5kt as confirmed as completed
> Plant 4 = 90 -30 -22.5 = 37.5ktpm
Plant 4 scenarios assuming 37.5kt ore is available:
1) build 1x 65kt pad = 65ktpm nominal capacity so 6-week cook cycle
2) build 2x 65kt pads = 130ktpm nominal capacity so 3-month cook cycle
Just my thoughts
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Mining Lease Awarded for the Kolosori Nickel Project
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by its investee company Pacific Nickel Mines Limited ("Pacific Nickel"), which is listed on ASX (ASX: PNM), that it has been awarded a Mining Lease for the Kolosori Nickel Project on Isabel Island in the Solomon Islands.
Pacific Nickel has also entered into a Surface Access Rights Agreement with landowners and a Mining Agreement with the Government of the Solomon Islands.
Pacific Nickel further states that its operations are now focussed on finalisation of its Definitive Feasibility Study and that it will seek to expedite the wharf and haul road construction, together with the establishment of a construction camp in order to increase production during 2023.
Something strange is happening with Gold and silver prices in that POG is under pressure and now likely to break down to $1,680 as DXY bounces up HOWEVER silver looks to be breaking UP after a 6% rise over the last few days.
IMHO what is happening is physical silver is being drained from COMEX and LMBA as SLV is being liquidated for physical delivery which in turn will bizarrely drive down silver price, but it is rising! Commercial banks are now net long and CTAs net short silver which implies a HUGE silver squeeze maybe on the cards into Sept-22 contracts which are deliverable ... IF this happens then we may see POG reverse up despite what DXY may be doing.
Lots of if and buts, but this is far from normal given the HUGE PPI & CPI prints plus the mind-numbingly large CB inflationary money printing that is ongoing and seems to be accelerating into massive energy short squeeze coming into a cold European winter. Buckle up
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@Gino Yes I am very well aware of DL from prior investments in Rare Earth Minerals and UKOG, but what most people are NOT aware of is that DL has been heavily involved in Aussie miners for some years especially in Paterson region around Telfer and was a fan of Rincon since early days when it was acquired by Artemis Resources which fell through and Gunsynd got involved
IMHO no one likes dilution but after the recent EIS hole "miss" they had to do something and getting a well-connected and motivated CEO such as DL and adding $1.2m new funds is a damn good start considering we already have a comprehensive drilling programme underway.
RCR have also acquired a new tenement north of and abutting Westin for $100k plus a 0.5% NSR which seems good value
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