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Ann: Further Viper Results and Commencement of Mining, page-36

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taylorstjames

2,126 Posts.

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11/08/21

09:36

Post #: 55192320
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Originally posted by HeliosUK: ↑

To put it into perspective (and this is off the top of my head so I might get it a little wrong) we bought the mine and started processing the tailings dump, which I believe was <1g/t gold.

That low percentage was enough to bring us about 10,000oz/mo. It's only viable for us because we already have a working mill, and the tailings were there to literally shovel into the mine.

But now to what's in the land... as you can see, even 1g/t is profitable! But we clearly want moarrrrr.

Look at the likes of DEG and it's $1.xbn valuation with swathes of ore body averaging 1-2g/t in general. They are an EXPLORER with that valuation, but their game is volume because the ore is somewhat consistently distributed. Our geology is different, with richer gold deposited over a more concentrated area. We can make great money off 1-2g/t near the surface, but we want to be hitting grades of 3/5+ to be laughing all the way to the bank.

As others have said... this system may well connect, and fingers crossed there's another Morilla blister hiding under the surface somewhere along the line of mineralisation. We have great soil and geo evidence to say where it MIGHT be. We just need it to stop raining and get some rigs in to see if it is.

Agree today's action is lithium FOMO, but every day that passes I see why there's 2 x $1bn+ businesses rolled into a current single $400m ish valued company.

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So, in all honesty, 1 pretty real scenario is that FFX rises to about $1.50, and then when the demerger occurs, it would retrace to about $1 and SpinCo would commence trading at about $0.50, just naively on a rough valuation.

FFX Price at posting: 52.0¢ Sentiment: Buy Disclosure: Held
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Ann: Further Viper Results and Commencement of Mining, page-36

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