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Ann: December 2022 Quarterly Activities Report, page-8

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Just4kicks

4,436 Posts.

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01/02/23

15:28

Post #: 66009118
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Originally posted by Countrywriter: ↑

Hi all, some clarity on offer to be taken of left. I am not defending - rather explaining conditions out there as I visited, and market conditions that I research constantly for a living.

Bombora: One shift due to safety; due to ground conditions. DD holes down to that depth are slow especially on one shift per day. Add slow labs and there is the answer for slow expensive results. Not much bang for the buck over the last year.

The studies are moving ahead which is the best use of money and time for now. The north end of the pit is the only viable area thanks to a softer gold price through 2022; against rising costs, employee issues, testing putting people out due to a sniffle and so on. Bloody WA restrictions also slowing the labs too, and there was an ownership change at the lab as well that caused issues. Geo's had to be found as each rig needs one on hand.

The north end and UG studies ARE KEY to that production and cash flow we want to see. IF gold rises (as expected) then, over the next year the rest of the pit comes into play. In the meantime the right sized mill needs more ore - and there are great targets that need investigation - cheaply - while the studies are completed.

Manna sale saved the company from more dilution as all the delays, changing conditions, restrictions and lack of fantastic results in the rest of the open pit hit sentiment, the share price and no doubt the NA investors - think about it.

It is a great piece of ground however. The Manna sale put a floor under the share price as I predicted at the time. That has come to pass and thank goodness. Projects are not worth a fortune at an early stage. Look around at projects with loads of Resources and owned by companies with a small market cap. Peter sorted that as the price offered was far below the price they got. Lots of work and time and risk to go on Manna so good luck to GL1.

Now it is about those studies on plunging lodes that become increasingly slower and more costly to drill. Time to cut that and consolidate what we have IN THE CURRENT ENVIRONMENT. Not yelling; just emphasizing the fact that this is a major factor.

Government have to see the cores at Ularring and the farmers had to get their wheat crop out too. Not as simple as people think but BRB are doing a great job to sort all that out. It takes as long as it takes - excuses not being given - just sharing the realities right now so people understand this is not a situation of mismanagement.

Tom paid the price in a sense. In another sense it was time for entrepreneurship to come to play, cash up massively, move toward practical cash flow and start to open up this field / gold camp more to support a large enough mill in the current cost environment with what they have. Manna saved this company from a visit back to 10cps IMO. Timing is not under control always and mining is tough.

On the positive; there is a big deposit in the making here increased by multiples in the UG, but not by drilling from surface. The best may be out there, yet to come on these tenements. Perhaps the NA investors grew tired of Toms approach? Could he have cashed us up like that. ROC is everything in investing. Peter did that. Ularring could be monetized in similar fashion or a great deal done for shareholders thanks to an acquisition or sale or who knows. The gamble to keep drilling the huge pit option backfired due to many factors. Tom is no fool and had a plan yet most people have a different time line. I respect him greatly.

The team is great and gold will rise bringing the whole pit into the equation once again - like it was before inflation and CV started kicking us and everybody else around. F the government for all that and the banks! Further discovery may support an even better LOM and plan. Keep an open mind and keep researching all the factors to put them in context; otherwise facts are almost worthless. The unknown unknowns do matter as well. Top down and bottom up analysis is needed on a constant basis to properly asses these situations.

DYOR and GLTAH

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Great post CW,

I'm worried the 80m cash pile will dwindle away without Tom's slow and steady approach prior to an oz being mined. Also the cost to build was a concern after watching the head winds CAI are facing.
It's a tough gig/decision being too far/isolated from existing processing facilities yet still being almost close enough to toll treat. What to do either keep growing the resource, get taken over and become part of a bigger hub, take over other juniors and become the hub or toll treat and always ride the coat tails of others?
I hate to mention Manna but I trully believe it's a monster now 30mt with so little drilling and I believe it would've been a life changer as BRB were rapidly on their way to $1 plus and I was always in BRB to make money whether from gold, Li or Banana's. I've sold the 1.1m shares I had last month as I believe they aren't interested in the bigger picture of actually boosting the sp/creating share holder wealth but in focusing with blinkers on at Bombora whatever the cost to holders.
I believe BRB will eventually mine but when and at what cost. I'd personally be hoping for a t/o as that'll immediately boost sp especially if there's a bidding war.
I might re enter in the future and good luck to all.

BRB Price at posting: 30.5¢ Sentiment: Hold Disclosure: Not Held
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