Had a conversation with the CEO, as I generally like to do every three months or so. As always, he was very generous with his time. Can't say the same with many juniors where I own shares so that's a good start. A general summary is below, in no particular order of importance.
- Drilling & Assaying costs have risen. Much of our chat was about how much effort goes into getting trustworthy, accurate lab results. Getting accurate results takes time, not to mention an enormous amount of effort. Sometimes samples have to be reanalysed, causing delays in news flow. Not many junior explorers are as fastidious as TLM is.
- TLM is chasing big, stand-alone discoveries. The company has a history of selling off smaller projects & it seems as if that policy remains. Our largest shareholder, KH, is still fixated on finding something really big. He did this with Jubilee, which was sold off for a few billion dollars, greatly enriching patient shareholders. KH came out of retirement to manage TLM and I suspect his pushy personality ensures that everyone is doing what they are supposed to do.
- TLM is "quietly confident" about NSW, according to the CEO. Nothing new at Rip n Tear which is a massive but low-grade find. The feeling I get is that they'd sell it if they found any takers. More Durnings results are due very soon. But it's still early days for Durnings and much more work needs to be done. The next batch of results won't be the end of it.
- Drilling starts in Mable Creek next week. They are going to a depth of 500m. Fingers crossed.
- Wonmunna Royalty. With Mineral Resources Ltd so much in the news these days, I wanted to know how things are faring with TLM's royalty, which funds our exploration. The good news is that it would appear that Minres wants to keep expanding once the current pit is mined out. There's plenty more iron out there and I remain hopeful our royalty will keep going for a few more years.
- I mentioned that our neighbours, Kingston Resources, drill deeper than we do. It was implied that they do this because they are running out of choices. Kingston has a mill & lots of infrastructure in place. TLM or whoever owns Durnings will eventually have to work with them someday.
Thats all folks.
TLM Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
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