Ann: Lumwana West Update - Licence, page-63

Finally someone else has nailed it .......

from post https://hotcopper.com.au/threads/are-chart-sp.6565454/page-20?post_id=59649825

It is interesting that Argonaut's business model is very similar with a Tony Sage run group of companies over the years.
Acquire a project, drill, test, bring it up to a JORC estimate / measured resource, divest it by either a sale, or Joint Venture with the JV partner picking up the tab for the work, ARE free carried to production with some sort of royalty thrown in ~ as in the previous JV Argonaut had with Antofagasta who could earn up to 90% of the project, they got to 25% before cancelling its option to continue on the back of some poor drilling results, poor copper market.
This business model, (the eBay of mining) provides the Company with impetus to "rinse and repeat", credit raise for the next acquisition all the while providing salaries for the directors/KMP/profits for brokers etc but hardly adds any long term shareholder value/wealth creation.

SMH

cheers