Ann: Quarterly Activities Report, page-65

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23/02/16

18:45

Post #: 17096457
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Originally posted by Idle Wanderer ↑

Thank you Mr Pitt. I don't take anything personally. It's all about the accuracy.
I think we all know that it is the copper in the waste ore that stopped one of the previous lease holders from further reprocessing of the tailings [together with the low gold price at the time]. The IX technology should be able to deal with that.
I agree with most of what you say, Rickshag, except that I think CRB will be keen to prove the IX process by first bolting a demo installation on to the water treatment plant they currently operate at Mt Morgan. Not for their benefit or ours, but to demonstrate to prospective financiers that the IX process works at Mt Morgan. I think it's a necessary expense, even though conserving cash is also a noble aim.
It is the $63 Million needed to finance the major plant that is the elephant in the room. Let me see - Market Cap about $13M. Say $3M cash in bank. That gives an EV of around $10 Million. No major income yet from other sources. Assets - a mining lease over a big pile of tailings in Qld and a couple of other prospects. And you want to borrow $63 Million? A lot of bankers in suits might baulk at those numbers.
That's not to say the project does not have merit. It probably does and a smart financier will realise that. They'll also be smart enough to put a deal together where they keep more of the profit to compensate for their increased risk and existing shareholders get dealt out of the game, at least in part. Have a close look at BLK's recent financing deal and you'll see not only an interest rate of over 9% but also share options to the financier and a product offtake agreement for 50% of the gold coming out of their new mine. Great for the financier and in fact in this case BLK shareholders might make something out of it also.
It's not like a junior explorer can just do a debt issue. Until this little difficulty is solved, talk about [potential] earnings down the track from higher copper and gold prices is just theoretical speculation.

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Wise to check some of those BLK figures there ..

CRB Price at posting: 8.5¢ Sentiment: Hold Disclosure: Held
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Ann: Quarterly Activities Report, page-65

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Ann: Quarterly Activities Report, page-65

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