Thank you Shellies. Much appreciated!

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surlyboy

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14/07/21

08:12

Post #: 54482855
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Originally posted by shellies ↑

I've just written Bungy a full report and I wish I had the skills to post it here, but I'll do the next best thing and bring you up to date.

It was a most enjoyable hour and a half in which Nick Selby stood in for SW who was holidaying. He covered the financials from the last quarterly and then delved into the activities side and revealed that the majority of the material from the five bulk-sampling targets had been transported back to base and awaited the crushing process. Maybe I was reading too much into it, but my impression was that the body language was positive across the board (pun intended) at this juncture. This was music to my ears, feeling that perhaps a bottle-neck had hindered progress. Perhaps he mentioned that L31/32, which are proximal to each other had just had the overburden removed. 29/30? One or the other.

I asked a number of questions, receiving satisfactory replies to each: Could what has happened to Sundance, who've had their iron-ore tenements rescinded in Cameroon and Congo and handed over to Chinese interests, happen to us? And this after 15 years. Miles said that realistically this could happen, but that we enjoyed a good and amicable relationship with the Angolans. But they are the most highly indebted nation in Africa to the Chinese. I mentioned the whale in the room - the parlous, not to say perilous standing of our sp. and that many of we long-standing sh have suffered a veritable annihilation of our funds. I went on to suggest that more prospective announcements re for example the bulk-sampling programme would whet peoples' appetites and how surprised I was to learn at an AGM a couple of years ago that the Cacuilo R had been diverted. Surely this should have been announced before it occurred. Miles told me that he would take this suggestion on board.

Talk then turned to Merlin and there is a fairly high degree of expectation for this acquisition, which they hope to knock into shape over the next 18 months. Stanley jumped in and said that this prospect had the potential to provide franked dividends in the not too distant future.

I mentioned the fact that glacial pace of repatriation of funds appeared to many to place Lucapa at a disadvantage. Miles said that this aspect hadn't been explained properly/fully enough, but that he had no doubt that moneys due to come into Lucapa's coffers in the 4th quarter this year would do so promptly.

It's getting late and I think that's about it from me. Oh! Bungy asked me to enquire about the drilled of identified targets to the West of the Cacuilo. The answer was that this was somewhat opportunistic as the rigs had been on their way back to base for maintenance and they thought why not poke a few holes there on the way. I didn't press NS on the outcome. I'm sure if this was propitious we'd have heard about it.

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Thank you Shellies. Much appreciated!

LOM Price at posting: 5.5¢ Sentiment: Buy Disclosure: Held
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