Every thing seems to be progressing right on target and sounds like a high degree of confidence in the company that sandpiper will prove definitively feasible. Two areas I noted were that the bulk sampling ended up collecting less than they targeted, 265t vs 350t, however this is more than enough for the purposes of the DFS and for marketing trials in due course. Environmental meetings have been held in walvis bay, issues raised but sounds like addressable as anticipated - I haven't seen anything online that seems any sort of threat.
Cash-flow roughly where expected. They have sufficient funds to meet their budget of completing the DFS but I guesstimate will probably look to raise some more capital around June of next year. By then, assuming strong DFS, they will be raising money towards production.
Mehdiabad unchanged ie 'negotiations' continue with IMIDRO on a mou. Who can believe IMIDRO have any sincerity there??
UCL Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
