Ann: Drilling Confirms Copper Mineralisation at El Pilar, Cuba, page-126

@7seven7

Hi 21, I guess it all depends on your perspective really & what value the remuneration of any individual brings to the company..

And yes the remuneration is up there, however..


It is roughly commensurate with what a senior executive might reasonable request as per the scale below and Brian is indeed that, very senior in fact.


Whether it is his connections or not that sees Antilles operating in Cuba I don't know, though I might suspect it is.

Sometimes you find these little gems & I had the pleasure of attending the AGM of another Cuban first mover in the O&G sector earlier in the week and as we can see the same case for remuneration might be made there.. ?

Were it not for the fact this was the return to investors over the course of the year and whilst the market hasn't fully priced it in yet, the true value of 80mmbo+ will soon enough be recognised..

So is the remuneration reflective? I'd say so yes..


Now considering that the performance of one, a year ago, mirrors the other (AAU) now I'm comfortable that by negotiating offtake arrangements & setting up finance to fund the JV obligations Brian is a little more than a figurehead though no doubt some will whinge regardless.

Operating in Cuba, whilst potentially fruitful isn't easy as Brian & no doubt AP will attest. There are constraints there that aren't confronted in normal business, but nor is there the opportunity in normal business for a small company to nail these big prospects and that is the tradeoff.

That is where your Chairman earns his cash.. AP also being a major shareholder like Brian is heavily aligned to the outcome.

As for AAU, currently the market is valuing the company at 3.5c.. Which is ludicrous, but I could say the same thing about MAY at present, but that's what the market says it is for whatever reason. Though to some with a keen eye that in itself could be seen as real potential? ;-)

La Dem resource upgrade pending.



La Demajaguar on in ground resources alone (to be upgraded), not including antimony credits & discounted 95% should be 20c based on current SOI unless I'm wrong?


As it is the market has discounted that again by another 84% to sit at an SP of 3.5c..



Add in El Pilar, which if we use the target resource estimate for the oxide cap adds another 3c to the inground value fully discounted for timeline risk



Of course if you want to crunch numbers on the output of the near term La Demajaguar mine as per the values highlighted and assuming a prod cost of $150 a tonne to each JV partner you'd arrive at the following figures and assume a free cash flow of circa $67m per year.



The potential mine at La Dem is very much at the pointy end now and I dare say a lot of that is Brians handy work.

Issue on 29 March went to Sophs, next issue for $2-2.5m usd will also, its a done deal IMO and the company has said as much.

That buys another 7000m worth of drilling at El Pilar starting Jan..

And I wonder how many would be squealing if the SP were closer to 20c than where it is now?

For ref, Melbana's SP went from 2c to 22c in a period of 8 Weeks before market forces and changing headwinds ground it down.


The question is where will Antilles price go to once all the naysayers realize they could very well be something in this, something rather special indeed?

GLTAH H8tey