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Abbreviated
Abbreviated version:
Hi Ella, this is abbreviated:
1. Botswana Exploration
2. Botswana Project Financing
3. Portfolio Expansion - advanced stages of due diligence for two possible acquisitions.
Next time mobilise the rig it will be for discovery drilling
Existing targets large-scale plays.
Recognise needs to balance portfolio.
Kalahari sand cover very challenging jurisdiction, exploration strategy geophysics led, very little surface geology to work with, which makes our job that much harder.
Expanding our portfolio into a new jurisdiction to help bolster our work in Botswana.
I’ve been out in the field, visiting potential sites and meeting local operators with an extremely experienced exploration geologist. Goal to add opportunities to our portfolio where there is clear (at surface!) geological potential and the chance of nearer-term commercial wins. This is key.
The fact is that the technical work we’ve been doing these past few years has been focussed on really deep targets. While this has made our jobs harder, it has put us in a very strong position to be able to deploy our skills on “easier” ground.
I now want to put our technological edge to work and apply those advances (such as we’ve made with CSAMT) to areas where there is outcropping and, as I say, more attractive geology much closer to surface.
So, as part of our new strategic approach, we’re putting together a comprehensive plan to explore this new jurisdiction. Peter Wynter Bee, Brett Grist, and I will go to see our main new proposed project. As soon as I’m able to reveal more information about it, I will.
The GRS is an IOCG sitting below gabbroic sills at 1000-2000m depth. The primary target is Ni sulphides at 400-700m and if you look at Norilsk or Voisey Bay deposits, the metal forms in a series of cascading pools. The geophysics in the B1 drill treated two pools as a single body so when they drilled the centre it was actually the void between the pools. DHEM at 300m identified the issue although not quick enough for the drill team to make changes. The '3 smaller spots' is exactly what KAV should see and target.
I agree about the PNT/FMET. Simply saying PI's need to see tangible progress, value creation and a coherent strategy. Believe me I am looking for positives from our part time CEO. The strategy can be as fluffy as hell but it needs to be communicated, Darren's stance is basically trust me which doesn't wash.
Credit to Darren for turning up, but he had advanced notice of 90% of the questions and I left the meeting deeply frustrated. The underlying strategy is blunderbuss & corporate deals, don't think he has a concept of capital ranking/rationing. I averaged down on the basis of the Awkward core photos, apparently its still prospective for Ni/PGM but they're no longer working on the target so the graphite RNS was BS.
I have a decent sized holding. Panther is uninvestable until they start delivering substance.
KSZ B1 & if successful another 3 x B1, B3 & B4, re-drill TA2DD002.
Ignore GRS until a JV signed
Limited (contingent) campaign looking for shallow targets in KSZ south, that's where Hornsey said to look.
KCB Namibian border in the summer.
Ignore Ditau unless compelling evidence.
Re acquisitions: I don't agree, KAV have 14,000km2. CEO's get a taste for corporate deals when most deliver diddly squat and doubtless PJ's egging BT on and it makes a mockery of the corporate strategy. If BT can pull off something with the existing portfolio & £3.5m and get the share price to 10p then I don't mind the odd deal but for the next 12 months BT needs to forget all deal making & concentrate on KAV's best opportunities.