Excellent report SET, great to hear some first hand positivity...

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Supercat

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1155

07/07/23

08:54

Post #: 68666173
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Originally posted by Set: ↑

FLINDERS MINES (FMS) / SOON TO BE RED HAWK MINING LIMITED (RHK)

After a lengthy conversation with Flinders Mines Managing Director and CEO Mr Steven Michael on Thursday 6/07/2023, I will mention roughly what we talked about.

Firstly our new MD / CEO said that Flinders Mines isn’t interested in building infrastructure for the current mine development.
He said that PIOP Mine Co Pty Ltd (which holds the mining licence M47/1451) is 100% owned by Flinders Mines.

Flinders Mines, soon to be Red Hawk Mining Limited (RHK) want to start with what can be easily achievable… Starting with 3million tonnes per annum will be a good number to get things operational in 2025 and to make sure everything runs as it is supposed to, rebuilding a strong reputation.

It was said that there were no plans to build Todd Corporation’s BBI’s Balla Balla port as Flinders Mines is not in the infrastructure building business… which is good to hear.

It was said that there were no plans to build Todd Corporation’s BBI’s proposed railway as Flinders Mines is not in the infrastructure building business.

I could be wrong, but I believe it was said it will cost around $200 million to build the mine on our PIOP tenements, but this will be firmed up in the scoping study, so after scoping studies are completed, the FMS Board should know their next moves to go forward. Outside investors would be required to go mining… but all of that will be announced at the right time.

I believe it is full steam ahead for the Flinders Board as there is only around 100 weeks to production, and they are trying to move forward at around 1% a week

I found it very refreshing talking to Flinders Mines MD & CEO Mr Steven Michael about all of minority shareholders concerns… everything. I found for the first time there was lots of positive news that he and the Flinders Mines Board are really trying to achieve.

I don’t know when 100 weeks to production start date was, or when the first ore from Flinders Mines PIOP is supposed to get to Port Hedland… but for the first time in a long time, I believe something is really happening.

SET

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Excellent report SET, great to hear some first hand positivity coming from the Board at long last!

Having been in since IPO (21years) I am very hopeful that we will finally see some excellent results in the near future.

We have always been aware of what FMS tenements hold but due to the unfettered greed of certain shareholders Flinders has been hamstrung in any attempts to bring market value to our investment.

SET your report certainly adds a level of excitement to our holding, a feeling all to distant until now! I am fairly confident that the fantastic work of Ernest etc as well as yourself have been instrumental in raising the attention of ASIC into the many attempts to takeover Flinders for a pittance by those certain shareholders.

Now awaiting more announcements with a much more positive frame of mind hopeful that we will see production in the not too distant future. Certainly would appear to be in everyone's best interest to have an MD/CEO with significant SKIN IN THE GAME at long last.

My simple thoughts only as always DYOR.

FMS Price at posting: 43.5¢ Sentiment: Buy Disclosure: Held
12 Upvote

3 Great analysis

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