Ann: Latest Drilling and Assay Results add to Golden Swan, page-61

Hey @theoc !

Welcome aboard the famous POS Ark...

Mate - where do I start? This thing has a lot of deep and dirty history behind it. They started with just Windarra - the old Poseidon mine - with AF as major shareholder. In 2014 they bought Black Swan and Lake Johnston from Norilsk for next to nothing. Potentially very valuable assets due to the Concentrator plants - but also money pits to maintain and the Ni price tanked before they could get anywhere near mining. Actually that was lucky, because if they had raised the debt to restart back then, and spent the cash, they would have gone bust in the Ni price drought years. BHP even tried to sell Nickel West and couldn't find a buyer, lol.

The company survived in semi-hibernation with endless CR events and dilution for life support, while the LT shareholders grew steadily madder. It's been a bit like being marooned on a desert island with a bunch of well meaning weirdos even crazier than me.

Highly entertaining though.

The gold tailings project has been a running joke for years. However they do now actually have a credible plan for it, and it looks as though the big hurdle (processing the tailings requires revocation of the WA Windarra Nickel Agreement Act) is about to be cleared. If they can sell it, the cash would be very handy. For example, they could fund the minor refurb required for the Concentrator at Black Swan. I may be delusional - but I think the gold tailings will indeed be processed as long as the GP stays high, though I'm sure POS can raise the cash for the plant refurb pretty easily even if the gold project vaporises again.

The rapidly developing picture of new Ni discovery at BS - the "Golden Swan" and Southern Terrace - does look like it will be a company maker for POS. After years of being the joke of the ASX, market cynicism is very high, or the SP would have gone much further already. There is a lag effect happening - a bit like the way the Lynas SP took a while to take off, well after the turn around in the fundamentals looked certain. Or - to use an example close to your heart - the way IMU sat in the 1- 3 cent range for 4 long years, then did a slow crawl to 10 cents before rocketing this year.

Still not a sure thing - but the underlying fundamentals of Ni Demand all seem to be pointed one way, and that coincides nicely with POS looking like it has a truly world class Ni Sulphide find.

We will know by the end of this year, but my personal opinion is - the current SP is gonna look very cheap by then and the patience of the POS tragics will be rewarded. (A bit like the meek inheriting the Earth, etc, except that some of them are very far from being meek).

Cheers - and good luck!

Dave