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FM3 firstmac mortgage funding trust no. 4 series 1-2020

Ann: General Security Agreement, page-173

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5 Posts.

22/01/21

16:27

Post #: 50383144
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Originally posted by Corgi: ↑

Yes, i think the downtrend of LCL has alot of do with the general downtrend of the sector.

My thoughts below
Their exploration strategy is currently all over the place. planning to do too much everywhere. actually doing very little and achieving not very much.
Their delivery strategy is to operate a regional processing operation incorporating the numerous deposits within the Quinchia Project
All are mostly likely required to be underground mined due to social and environmental restrictions.
There is alot of jurisdiction risk in colombia, If you flick through some of the previous post here, I've directed another poster to a post which BellaV put together which summarizes things really well
Chuscal was the largest potential for the number of prospects and the current drill + historical drills are duds. If they don't find an extremely high grade epithermal vein intercept in the next few drills, otherwise they need to abandon that prospect and focus on others
Their market cap is fairly low and the scale potential is still there, however, seeing that it's likely all underground deposits, the chances if it comming into production in the next 5 years, i'm sorry to say, is Zero.
Considering all the above, I'd value them based on an aspirational target of a 2Moz resources x $70/oz = $140Mil MC
From a short term trading perspective, when money returns back to the sector, I do see them back around the $100Mil MC range
Personally, i'd pass on LCL in favour of other advanced explorers who will be in the DFS stage in 2021

I think apart from TSO, there is no other explorer with large scale open pit resource potential in a Tier 1 Jurisdiction. The location of El Zorro is perfect to develop a mining operation. Whilst the SP & MC might not reflect it yet, if Toro Gordo, Drone Hill and the New Target to the east can demonstrate the scale potential and the MRE for Ternera is 2-3 Moz, anlayst would infer that there would then at least be 4-5 Moz+ ounce potential. That easily take the companies fair valuation to well in excess of minimum $600 Mil MC.

Currently, only DEG & NVA have 5Moz+ scale potential and both their MC's are alot higher than TSO.

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Was wondering what you thought now given the big results from yesterday about LCL?
FM3 Price at posting: 0.0¢ Sentiment: None Disclosure: Not Held
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Ann: General Security Agreement, page-173

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Ann: General Security Agreement, page-173

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