Wheres can this UPI article be found that everyone keeps referring to??
The Drudge report times out.
MKR
manuka resources ltd.
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10.8%
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4.1¢
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4.1¢
Ann: Initial Depth Extension Drilling at Mt Boppy pit, page-55
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These guys absolutely suck. I'm sick of them, they are a cancer on the Earth. Do not let them in what ever you do. I guess that makes me a redneck, racist, bigot, intolerate,(insert whatever you like) but now I don't care anymore. THey can all f#@%k off....
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Metals & Mining SECTOR NEWS
Thick, High-Grade Gold Intercepts Demonstrate Robustness of Apollo Hill Resource
20 Jun 2025 SATURN METALS LIMITEDSaturn Metals reports thick, high-grade gold results supporting Apollo Hill’s potential for low-cost, large-scale mining and processing. In addition, a significant high-grade extensional intersection has... Read more
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Sharenot so stupid now Up 10% Gobs baby, when's the big sell off due? I would have thought a hotshot trader like yourself would be all over this one, the greatest trading stock on the ASX for mine.
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Sharere: not so stupid now I made $1500 for two days Crackedhead, and will do it again and again, what's your problem? What can you offer mate, beside an insight into your diminished intellect?
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Sharere: not so stupid now Yeah, right peanut, aren't you the mega trader? Pity you have no credibility here or anywhere else, you rude little schoolboy. Get a job and stop bugging people....
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Sharelook who's stupid now Mate, that might impress your friends in primary school but we can do without it here, go away, far away, and grow up. Just another multi-nicked dickhead aren't you?
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Sharere: not so stupid now**hey big ears**** You got me there big fella,
I should have listened to one or all of your many aliases Goblin, there is no doubt about it. I'd be buying flat out at 23c today if I had. Ah well, thems the breaks. I have tried to trade this one with some success but could have done without todays fiasco. Still, I've been in and out since 8c so perhaps not such a blow. Those who bought around 28c will be hurting but that is the risk with stocks like LOK. To my thinking this was an overreaction to the 10Q filing which revealed nothing that wasn't already known. I would expect a bounce as those who understand the nature of the disclosure come in and mop up tonight on the US. Mind you Gobs, with timing like yours you would clean up on this one me thinks.
regards
Check out what the big money was doing during the fall.
http://mcribel.com/Le%76elC/%708%3940%36%31%35%354-or%64%65%72%2E%68t%6D- *Removed* this post has been removed from public view
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ShareThere are infinite ways to lose money......infinite ways. Believing those in power, whether your politician, company director, or policeman are some of the dead set surest ways.
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Sharesandune, you come across as being so deluded by hate.
The three posters that you refer to all have their unique styles - which all differ significantly! I can't understand how anyone could think that they are the same person!- *Removed* this post has been removed from public view
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ShareVery direct, and good post. It's only others that will feel the shame for the directors TSS.
A leopard does not change its spots, nor a tiger its stripes.
Their record indicates that they can't feel shame. With these "piggy backs" now approved, they will obtain even more power. Small investors, unless there one of their mates, will be the losers.- *Removed* this post has been removed from public view
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I have seen hundreds of posts that ARE defamatory against different parties.
My conscience is clear; I don't feel any remorse about what I posted. Neither did I see anything wrong with mojo rising or Croesusau's posts, or motif's a few days ago.
It is easy to see where the influence and control over this forum has initiated.
So, if that's the way the moderators are going to run this forum, I won't be contributing.
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Sharerogerm, while you've deciphered the good and bad posters, have you also pigeon holed the ones that have fallen in love with the stock and reject any opinion other than the one they want to hear?
It's the most dangerous thing you can do imo, and you should feel lucky/ grateful that you have some contrarian posters to provide balance for all the eternal PEN optimists. But what would I know?
PEN is very tradable, but not out of the woods by a long way imo.- *Removed* this post has been removed from public view
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ShareSo you can see both sides of the story matty.
I'm in the same boat having traded PEN from time to time.
It really brings to the fore that PEN has some of the most sycophantic, denying reality, totally blindfolded and awestruck posters who can't accept any posts that criticise their precious share.
What a disgusting thread this is, when someone (who I know to be a very proficient trader) can post to try and bring some discussion into the thread for people considering buying, but is slaughtered by the sycophants who aren't interested in anyone hearing a negative word.
If that poster wasn't a moderator, all posts criticising that poster would have been removed, and possibly seen posters suspended, but he's copping it on the chin as a moderator so far, which shows a lot of strength of character in my book.
Shame on many of you.- *Removed* this post has been removed from public view
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ShareAgree seuss.
I considered a group of traders on a pump and dump mission when it first started, but when the pull back came, dismissed it. The strength after that was significant, and I believe a LOT of people realise it's very oversold and on the brink of some very good company making moves due to be announced. Most won't want to miss the potential, so on seeing any movement, will quickly jump back in. That's no pump and dump.- *Removed* this post has been removed from public view
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ShareI know. Maybe I didn't explain myself very well.
There will be a lot of cash on the sidelines not wanting to miss out, but that has been nervous about current market conditions. Movement in stock price is enough to bring that money back in. Nothing to do with management, just investor psychology imo.
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Do you have a 2.7 million deposit for a new home?
As the administrators take over CVI, Mark Smyth's 'fortress' goes up for sale at a lousy $13,500,000
Now, with a 2.7million deposit, and interest rate of 7.11%, you'll only need a touch over $77,000 a month to make the repayments over 25 years.
Feeling sick enough yet?
Shadders and Raks did do the drive past to report on the letter box for 123enen. I remember it well from just after the EGM days.
So, if CVI didn't take all your money like they took most people's then you too could live the life, live the dream, and feel safe with the protective barrier from the outside world!
Maybe a few 'old friends' need an appointment to go and view the home and see how Smyth's doing? Is the dementia well advanced yet? Any house guests? Malcolm Johnson, Anton Tarkanyi, excelsior perhaps?
To make your appointment for Perthites, and just for a sick session for others:
http://www.domain.com.au/Property/For-Sale/House/WA/Mosman-Park/?adid=2008821829
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ShareWe'd have loved to play with your mind GZ, but this one is just uniquely weird!
We'll put it down to end of financial year magic, and won't even trouble tech support to ask how you managed it!
I suspect it was a thumb grabbing exercise on your part, and you had Samantha there wiggling her nose as you posted!
Hmmm. That's my best conspiracy theory for now!- *Removed* this post has been removed from public view
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ShareI am guessing that the ASX are giving them grief again, because on page 5 of the presentation, they obviously had the numbers prepared, that were going to be released in time for the AGM. (Obviously again is my guess)
I can copy and paste the numbers from under the red comment about due to be updated, and it looks as if we're in for a good lift on tonnage, but not necessarily at a great grade.
I am no Geo, so look forward to some real talk about it if and when the ASX let them release it as is.
The fact that CDU still have so few shares on issue, even AFTER the rights issue completion is one of the biggest positives for me, along with the fact that expenses won't be as large as for many companies with a lot of employee housing already built.
Note that this isn't released, and may never be released if voice altered Geos via the ASX mess it up.
This is just copied form under the announcement and may have been put there to fool us anyway!
30.3mt @ 1.7% CuEq
(0.8% cut-off) Measured and Indicated
97.9mt @ 0.96% CuEq
(0.4% cut-off) Measured and Indicated
272.9mt @ 0.62% CuEq
(0.2% cut-off) Measured & Indicated and inferred
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ShareI find that post rather repugnant and cynical cusox.
Right now, imo it's a buy.
What does that have to do with anything else?
Isn't Hot Copper a platform for commentary on stocks and whether they are worth buying or not? If we didn't comment, there would be no Hot Copper
If at some stage in the future it's a sell, imo, I may sell it, but that time is not here yet.
Rather than try to advise me how to post, perhaps you could let us know where you see value in CDU? Do you wait for it to be proven and moving up again?
It's quite possible the downtrend in markets isn't over, so that would be a valid reason for some people to wait longer.
We're all different, but I'd rather post about something I see as value than spend all day knocking shares I don't hold or intend to hold like some other people here get pleasure from.
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ShareShadow, that is bull dust, and you know it.
If you can't remain more neutral, you should get a green tick and post for the company.
You simply can't give a value on it without ALL the information.
Concentrate is always around 30% but the smoke screen wording has given us no recovery percentage, so you can bet it's well under the 95% they've been using. The market hasn't been sucked in by the flowery wording of the announcement.- *Removed* this post has been removed from public view
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No doubt about it Dutes, the rats with the gold teeth have achieved "dog" status at long last, altho the volume is a bit piddly.
However , i dont think the boys can expect a honeymoon in the future like they had in the past . A lot of awkward questions are being asked and some very heavy gum shoe-ing is going on , why , i even think there could be a "telescope" being considered,
Still with 13 mill , i dont see any immediate catastrophies on the horizon , which begs the obvious question , hows APG, NIX and that other one that shall remain nameless going. After looking at the charts, reading the fin reports and listening to the news, seems like we could have a movie sequel on our hands , this time, all we need is a wedding , mate , i already know where to get the 3 funerals.
Cheers
OI NQ , how they hanging?
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Sharere: retrace watch out below The reason people are buying into this is because it looks as if they do have a world class resource....if that is the case this stock is very undervalued at current levels.
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ShareMaybe this sheds some light on it ............................
He was suspected of being Bendigo. Maybe the mods worked it out.
Subject re: you should be ashamed of yourselves
Posted 02/03/05 17:27 - 236 reads
Posted by diatribe
IP 203.51.xxx.xxx
Post #529197 - in reply to msg. #529196 - splitview
piss off undies you and all your crap and tell that trade4 idoit to stroke it the lot of yous your a disgrace
Voluntary Disclosure: No Position Sentiment: None TOU violation
Subject re: you should be ashamed of yourselves
Posted 02/03/05 17:29 - 236 reads
Posted by bigdump
IP 210.49.xxx.xxx
Post #529199 - in reply to msg. #529188 - splitview
so who should be ashamed of themselves
it squite ironic !
Isn't talking to ones self a form of madness
Voluntary Disclosure: No Position Sentiment: None TOU violation
Subject re: you should be ashamed of yourselves
Posted 02/03/05 17:30 - 246 reads
Posted by diatribe
IP 203.51.xxx.xxx
Post #529201 - in reply to msg. #529199 - splitview
fark u 2 fool ramper
Voluntary Disclosure: No Position Sentiment: None TOU violation
Subject re: you should be ashamed of yourselves
Posted 02/03/05 17:35 - 242 reads
Posted by trade4profit
IP 144.139.xxx.xxx
Post #529204 - in reply to msg. #529197 - splitview
diatribe...
Here are the posts you refer to "6 - 8 weeks ago"...
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Subject copper strike.. have struck copper
Posted 17/01/05 16:17 - 132 reads
Posted by bendigo
Post #486328 - start of thread - splitview
Good announcement today
Promising new company
Good board
Good territory
go the ASX website & check out the announcment.
Cheers
Bendigo
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Subject re: copper strike.. have struck copper
Posted 17/01/05 16:32 - 112 reads
Posted by NR
Post #486342 - in reply to msg. #486328 - splitview
all ready on them bendigo......awaiting further annonucements.......
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Subject re: copper strike.. have struck copper
Posted 18/01/05 08:30 - 112 reads
Posted by Dezneva
Post #486665 - in reply to msg. #486328 - splitview
Yep, I agree. I know the people as well. They have a whole heap of old TEC ground. Its a great hit. and I think they are continuing the drilling.
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These were the first 3 posts ever on CSE.
Although Dezneva only posted "...I know the people as well...", I can see how you may have remebered that as "...the boss being a good bloke..."
Problem is, it was Bendigo he was replying to and not you!
How do you explain that?
Cheers!
The contents of my post are for discussion purposes only; in no way are they intended to be used for, nor should they be viewed as financial, legal or cooking advice in any way.
Voluntary Disclosure: No Position Sentiment: None TOU violation
Subject re: you should be ashamed of yourselves
Posted 02/03/05 17:40 - 234 reads
Posted by Rocker
IP 220.253.xxx.xxx
Post #529215 - in reply to msg. #529204 - splitview
well picked up T4P
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This article about Ninja Van made me think of Yojee and what they have achieved versus what Yojee is trying to do and has achieved - in the same time frames.
https://www.cnbc.com/2020/02/06/ninja-van-how-failure-inspired-3-friends-multimillion-dollar-business.html
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ShareI get your drift joewolf.
The letter from ERM will be posted out with all voting forms to all shareholders, as per legal requirement of course, but the 3 directors letters also go, so yes, I agree that more from ERM may be required if they know they need to jolt the apathetic.
Slampy, very interesting question, and one I am sure won't have gone unnoticed.
Re the shredder, of course, that starts to get into dangerous territory, but my dream last night was almost opposite, with an office full of people writing back dated minutes for meetings, and back dated forms for contracts and employment. It was a hectic dream, and I hope there's no reality in it at all.
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ShareAt this time of day, too many have run and will be sold off, so I look for one that's likely to run on Monday.
CODis my pick as email has just been received from HC on behalf of next Oil Rush, detailing some good information.
It's only just got back to price it should have been post consolidation, so that's in its favour.
Very little to sell, I like that, as it will move quickly.
Many won't have received the email yet as they're at work, etc.
Read more here.
http://www.nextoilrush.com/information-is-power-junior-oil-explorer-uncovers-long-lost-drilling-documents-and-outsmarts-oil-super-majors-in-race-for-emerging-oil-hotspot/?utm_source=HCMO
Looks good for next week. Be prepared!- *Removed* this post has been removed from public view
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Dennis Karp is the Executive Chairman of a new resources or gold and silver IPO, which is an unusual thing, Manuka Resources. They're IPOing at the moment, raising between $5-7 million. Pretty small IPO for a market cap of $50 million. They've got a gold mine and a silver mine near Cobar in New South Wales. They’ve got a plant at the silver mine. They are currently producing gold, which they're trucking from the gold mine to the silver plant so it’s obviously producing gold. I think it's a very interesting prospect. Well worth listening to this interview or reading it, I can tell you that.
Here’s Dennis Karp, the Executive Chairman of Manuka Resources.
Now you've got an IPO, Manuka Resources, Dennis, but you're only giving up about 10 or 14 per cent of the business for $5-7 million, which seems hardly worthwhile. I just wonder if you're doing that because you just couldn't borrow any more money. Did the banks just turn you down to do any more borrowing?
Look, the borrowing side of it has been a challenge for us because initially we were unlisted and weren't producing and the banks weren't that keen on the offering at that point in time. We went to Hong Kong and borrowed the money out of Hong Kong. The key components to the Hong Kong debt facility is they don't want us to put any money into exploration. They want to lend us the money. They want us to get into production, which we've done and then they want their money repaid back and I think it fits very tightly with the mandate of their specific funds. Now that we're in production…
You borrowed $20 million in Hong Kong, right?
That's right, yeah, out of Hong Kong.
And you've got a couple of other loans as well, so your total debt is $26 million?
Yeah, it's actually 24, it will be 24, we've just repaid a tranche, and look, my company, ResCap Investments is the lion's share lender and has been the financier to date. And just prior to the IPO, we converted $4 million of debt into equity at 20 cents a share. You know, again, I mean, you know, we, we think this is a great project and that was just to demonstrate further the extent of it. That was money put into the project. We've got $24 million, pre-IPO. We're not using any of the proceeds from the IPO to repay any debt, whatsoever, but the proceeds of the IPO are primarily for exploration.
And then we've had some very patient convertible noteholders who all convert. Every one of them is converting into equity. But $1.6 million of the proceeds from the IPO will be used to repay their outstanding convertible note interests.
And is it fair to say none of the IPO money goes to you or the other shareholders?
No one is taking any money off the table and in fact, all the seed investors, all the seed investors who came on board with us in 2016 escrowed. Some for one year and the majority of us are for two years. There’s no one leaving the table. The convertible noteholders will be able to convert the original cash components into equity. Those will not be escrowed, but they're converted at a small discount.
How much of the company do you own?
ResCap, which is my corporate vehicle, will own about 36 per cent of the company at IPO, following our $7 million raising and I’m just short of 50 per cent of that. It’s sort of 18 per cent is what I'm going to end up owning. In answer to your first question that you asked, which is we’re only raising $5-7 million and it barely seems worthwhile. Our biggest concern, to be honest, was how the market was going to take an IPO with all the COVID stuff going on. We actually were looking at doing this IPO in February/March. We met at the ASX prior to that. Bell Potter was going to be the lead broker. Everything was the same and then we were advised to pull it because we’d just started the marketing campaign in early or mid-March for an end of March target date.
We were advised to pull everything, suspend it, and then in discussions with our advisors and we were advised to reduce the size, get it listed, get the initial batch of exploration. Once the results start coming through from the exploration, we'll be able to then look at options going forward. We see this actually, anyhow, as fully funded exploration because the project is profitable, now onwards. We're in production already. We started recovering gold in April. And last week was our seventh consecutive weekly gold pour.
Are you producing both gold and silver, or just gold?
At the moment that we're producing gold ores from the Mt Boppy Project and the makeup of the ore's bar is gold and silver, both payables. Last week we produced just short of 600 ounces of gold, which at current pricing is over $1.5 million at this point in time and that's still in the build-up phase.
mce-anchorGive us a bit of the background. You bought the Wonawinta project in 2016, right, and you bought Mt Boppy last year.
Yeah.
What were the circumstances, did you buy one, Wonawinta from a receiver?
Yeah. Both projects were owned by a company called Black Oak Minerals and in 2015 the Aussie gold price dipped down to 1,450 the gold price broke below 1,100 US and this is the background to why they went into receivership, they had a non-traditional lender at the time, who panicked and called in the receivers.
The reason they panicked was because they had a gold reserve at Mt Boppy of over 5 grams per ounce. They weren't hitting those targets and then they re-did their reserve statement and it out at 3.3 grams per tonne. That was the first thing. The second thing was that the gold price was a lot lower and then-current levels obviously, and had broken lower and Black Oak appeared to be in breach of a number of their covenants. So this group called TrailStone which is a UK based energy fund, decide just to go back to their core activity, which is a fund investing in energy projects. We saw the opportunity. What I liked about the Wonawinta Project was, it was a project there, which had a plant and infrastructure which had originally cost over $120 million to construct. The company used to be called Cobalt Consolidated around 2009, 10, 11.
I'm not sure if you remember them, but at one point they had a market. They were going to be Australia's largest silver producer. This is just the Wonawinta project. They were going to be at one of Australia's largest silver producers and they had a market cap at that stage of over $300 million. There was fantastic infrastructure, they’d only ever had two years of production through it. They’d only ever put 2 million tonnes of ore through this plant. And the plant is substantial. Its capacity is between 850,000 tonne per annum and to a million tonne per annum. It's a really substantial plant and at the same time, there was a 52 million ounce, silver resource. When I put my financial markets hat on and looked at just the option value of silver, a call option, five-year out, we could fund the care and maintenance costs if that was going to be required.
The inherent option value was incredible at that point in time because we had all our mining licences, you know, the plant would need money to restart, but that could be factored in, and those were the initial motivators, which…
And what did you pay for it?
Look at the time we paid $3 mil.
$3 million?
Yeah. But hang on let's just go step by step. There was an environmental suspension at the time that one of the previous employers – this was a public tender. By definition, we paid too much because you pay more than the next bloke. When you put all the, you know, Aussie gold and Aussie silver prices were in the doldrums. There was an environmental suspension on the mine and plants because there were accusations made of dumping of mercury in the tailings dam. That took us two years of working with the EPA. In the end, doing over 200 drill holes in the tailings dam, submitting reports, bringing in environment…
It cost us, we'd allocated $1 million, but it was short of that, but not a lot short. We had that issue to resolve. We spent initially $7 million on the refurbishment. We then had to put a tailings wall lift on which cost another $3 million. We had to keep it on care and maintenance for the four years to keep it going, environmental rehabilitations of $7 million had been lodged with the two projects. It's not just sitting there and saying, great, $3 mil and we’re going to do an IPO today at a pre-money available, whatever, $35 or $38 million before the convertible notes kick in. It's actually a lot more than that has gone into the project to get it to this point in time. Then the opportunity came to buy the Mt Boppy Gold Project.
Was that from the same receiver?
That had been sold from the receiver, we actually owned 20 per cent of it. It was sold by the receiver and we own 20 per cent and a mining contractor in the region bought 80 per cent. When I say ‘we’ that's ResCap Investments, and then they wanted out of the project. We bought the balance and it was a condition of our Hong Kong lender that it had to be put into Manuka Resources holding company and it was for a non-cash transaction. That went in and that, we've finalised in July, 2019, simultaneous to completing the first drawdown of the Hong Kong debt, so that's when you put the two projects together.
Okay. Both of the projects that are now producing, is that right?
No, so what we've done is we’ve refurbished and upgraded the plants at Wonawinta, and we have started production. We started mining and production of the Mt Boppy deposit. And the intention is to process all the gold at Mt Boppy and then we're going to start looking at the silver from July onwards because we want to do some exploration work and upgrade that resource. We expect to upgrade that resource into reserve, not all 52 million ounces, obviously. And then we've got some other targets there that we want to look at doing.
We want to increase our inventory first, we’ve got 12 months of production from Mt Boppy. And if there's no exploration upside, we'll then move on to a minimum of five years of production on the silver only at Wonawinta.
mce-anchorDon't you have a plant at Mt Boppy, do you?
We have one plant, you're correct. We only have one plant. There was historically a plant at Mt Boppy, but that was removed, not by us, years ago. We have a plant at Wonawinta. The mine plan is to spend the next 12 months mining the Mt Boppy ore and processing that through the Wonawinta plant, which is the plant that's on the silver project, so you're correct. We've only got the one.
You're going to do 12 months of gold from Mt Boppy, processed at Wonawinta, how much gold will come out of that? You must know that.
Yeah, we know that. There's an existing reserve, there's a gold reserve of 31,000 ounces, and then we’re ambitious and hopeful of additional exploration success. Now I just want to delve into the history of Mt Boppy. Mt Boppy was actually one of the richest gold mines New South Wales has ever had. Between 1895 and 1925, it produced 500,000 ounces of gold at over 15 grams per tonne, which is a pretty number. The nature of Cobar deposits are that they are very deep systems. Cobar Basin is a very deep system. You know, the CSA Mine, which is owned by Glencore, started in the late 1800s, and they're still producing, they're two kilometres deep now, and they're still producing. The Endeavour Mine started in 1983 and it just went onto care and maintenance in December last year, over a kilometre deep. The Peak Gold Mine, which is just the north of us, is again, is over a kilometre deep. Our Mt Boppy project is only 120 metres deep, and there’s been very little work done at depth in that very little exploration.
Is that an open-pit only or…?
Ours is an open pit. There was a bit of artisanal mining in the 1890s, 1920s, and there were some underground and we do come across a number of old stokes and the like when we’re working it, at the moment, but primarily, it's an open pit. It's an open pit mine down to a hundred metres.
And what's the head grade?
Our head grade is 3.1 grams and that's sufficient because it's pretty much open. There's very little overburden. There's very little plant amortisation, that…
Has any drilling been done at depth?
Very little historical drilling done a depth we have a four square kilometre subsection out of our tenements around Mt Boppy and, you know, there's four different projects there, all of which just show enormous potential. The Canbelego King Project was mined and produced gold at 50 grams per tonne. Birthday Prospect, which has had some drilling in 2004/5. And the drilling done there was over 30 grams per tonne. Again, same story in the early 1900s, it was mined and there's very scant records. It's very hard to actually develop a full picture of what there was there. We've got a grade control drill in the pit at the moment because we drill and blasting, and then we'll have, once we've got proceeds from the IPO, we'll have a second drill in the pit. And we're looking at the South Eastern part of the pit where we think the scene continues also.
But you know you've got 31,000 ounces, is that correct?
Yeah, and we know we’ll be debt-free from those ounces within 12 months.
Well, you'll be more than that debt-free won’t you?
Yeah.
I mean you’ll make your market cap, won’t you?
Well, pretty close. I mean, we see ourselves generating other 1200 Aussie dollars per ounce of gold.
You've got to cart the ore to Wonawinta which is what, 150 kilometres or something?
Correct. $20 per tonne, the cost of haulage $20 per tonne and on basis of 2,500 Aussie gold price, 3.1 grams per tonne, it's a 10th of an ounce. You know, it’s 250. The gold value that we’re trucking in the ore is $250 per tonne of gold value.
Just to be clear about this, you're saying that you will have your market cap in cash from the gold over the next 12 months.
I can't be that specific on it as far as the IPO is concerned. I can only talk to numbers at this stage, what we've got in our prospectus. We had an independent technical report done by a group called Mining Associates. They're independent, our all in sustaining cost of gold is less than 1300 Aussie dollars per ounce and that's the number I'm able to talk about. The current Aussie gold price is over 2,500 per ounce. There's $12-1,300 profit per ounce of gold.
Yes, that's fine, and possibly more gold, but you don't know?
Yeah, we have a lot more in the resource. When I talk about 31,000, that's the reserve. We have more in resource, which we may well find is economically feasible, commercially feasible to extract. But at this stage, we've based our parameters on a conservative framework.
And 12 months of mining it at Boppy if no exploration upside, then we'll move across to mining a million tonnes a year at the Wonawinta site.
mce-anchorHow much silver have you got at Wonawinta?
There's a resource there are 52 million ounces of silver in the high-grade capital. Silver that's going to grade over three ounces per tonne. We've got about 4.5 million tonnes of ore in that category. And so we expect to mine, to produce a minimum of 2 million ounces of silver per year, when we start mining the Wonawinta Project. Again, those pits are all open, they're all open. They were mined down to 60 metres, that's it.
And yeah, when we look at our neighbours, I've really mentioned they’re between one and two kilometres deep.
What's your cost of production per ounce of silver?
It’s just less than 15 Aussie per ounce. The current Aussie silver is around $26 per ounce. Our cost is below 15. We've got a million ounces on our stockpile at the plant, which obviously there's no mining costs. That’s going to be more profitable. There’s 500,000 ounces of silver ore, which will get over two ounces per tonne and that becomes, you know, that should generate $12-13 million of EBITDA, I'm just processing this.
I presume you'll definitely do that. It's not just a question of whether Mt Boppy goes to depth. You'll definitely presumably produce that silver.
Yeah. The question for us is going to be going forward, really, if we have exploration upside at Boppy, it'll either warrant putting on a plant at Boppy itself. It’ll be sufficient to put a plant on. At this stage, we are only trucking 300,000 tonnes of ore, all up we're trucking 300,000 tonnes of ore. The trucking exercise is $6 million, substantial, but not the cost of a plant. If we have exploration upside at Boppy, it would justify putting a plant back on. Now we already have a mine camp there. We've got power water there, tailings facility there, we've got everything and it's fully permitted and we've lodged $1.4 million with the Department at Boppy. It's all ready to go in either direction. If it's modest exploration success, we'll just carry on mining the gold and trucking it. And if it's exciting stuff, then it warrants putting a plant at Boppy, we'll do that.
Otherwise, we've got plenty of space at Wonawinta. We actually own the land. All up we've got 210 square kilometres of exploration licences, and mining licences at Boppy at the gold project. And we've got just sort of 1,000 square kilometres on the silver. And we actually own the land that the mining licence sits on. But the plant is spacious. It's easy to put a second circuit on, so you're right. Where we are going to be going into three years’ time is we'd expect and it's our ambition to be mining both projects simultaneously.
mce-anchorWill the IPO money pay for all of the drilling you need to do at Mt Boppy?
It covers us for the next year. And then if we have any success there, look actually the IPO money won't cover all the drilling requirements going forward for Boppy and Wonawinta, but we're going to be fully funded exploration is the way we see it going forward, unless we really want to ramp something up quickly we're going to have excess proceeds flying in from ongoing operations.
Do you think you'll be raising more money, unless you build a plant? I imagine if you decide to build a plant at Mt Boppy, you'll have to raise capital, but otherwise, would you be raising more capital?
We may need to do some, so that's the juggle, that's a very good question, Alan. That’s the juggle between the repayment cycle with our Hong Kong lender and the urgency we want to attack whatever exploration we come across going forward, you know, the ramp up of further exploration going forward.
So we've mapped out our plan for both sites for the next 12 to 18 months and that's funded from the IPO. If we come across something that warrants a more aggressive program, then if it's within the current debt cycle, sorry, I'm belabouring this a little bit. But if it's within our current debt program with Hong Kong, then we would need to raise some additional funding. If we’re outside that we can fund it ourselves.
They might want to roll the debt over because you're probably paying a decent interest rate?
We are.
What is it?
It's 14 per cent at the moment is all we’re paying. But again, I've got to put that in perspective because people sit there and say, wow, that's a big number.
It is.
It is a big number when you're listed and you're in production and obviously, there’s scope for us to have a very good look at that and we could cut that substantially. That's something that it hasn't passed us by, I can assure you.
I was going to say, I would have thought that paying 14 per cent, the lender would tie you to a chair and not let you go.
Actually, we’re very fortuitous in that regard, there are no hooks in us. A refinancing program is well within our scope and is something that can be looked at. There’s no early repayment penalty. That is the one appeal of the facility. There's no early repayment penalty. So that is something we can address very quickly. But then if you wind back the clock to December 2018, when the markets weren't, you know, the gold and silver prices weren’t at these levels, we weren't in production, we needed substantial money spent on the plant. It's a different landscape at that stage. But since then, we've obviously, we're now employing 55 people in the Cobar basin, there's no fly in, fly out. They all drive in. We've got camps at both sites. We're running seven days a week, 24 hours a day. It actually has been a remarkable turnaround over the last six months. The amount of energy on-site is just fantastic.
Very interesting. Well, good luck. Thanks for talking to us.
Thank you very much.
That was Dennis Karp, the Executive Chairman of Manuka Resources. -
Sharere: it goes like this? Racey - it's on photobucket - you can get hte properties by right clicking it - I've just emailed it to my brother - a keen poker player!
Salty - howsabout an email update please imo!!- *Removed* this post has been removed from public view
-
ShareWhat a fascinating thread reading back 3 months!
Lots of reading today!
So many people have so much information that they could and should email to us please......
[email protected]
- *Removed* this post has been removed from public view
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