TGS (ASX) Ann: March 2017 Quarterly Activities Report

Originally posted by Nikec ↑

The problem is AISC true? I am not talking about milestones here M7, thats out the window.. im talking about the company surviving.

1. We had dilution in the wet season. (None going forward, look at weather forecasts).

2. We had sh*t ore grades, only 1.4% ( which is below the average of 2.45%, and almost 3 times less than the 4.39% in first quarter last year) - With mining recommencing our grades should increase significantly.

3. They have identified a number of operating issues which they have addressed and made modifications to in this quarter, however there is still a lot of work that needs to be done going forward to bring the plant to full capacity.

4. A hydraulic reclamation contractor is mobilising to the Kipoi site and is scheduled to complete commissioning of their equipment in Q3 2017. The hydraulic reclamation equipment being mobilised to site has been specified to deliver a feed rate exceeding the 50 tonnes per hour design throughput for the tank leach circuit.

Do you think the lenders would approve such a move if the company was expected to default?

Dont get me wrong, i think we are in a massive sh*t storm right now, however i dont think you guys are giving Brad that much credit, his way ahead in addressing the issue than our last CEO.

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Lenders have a strategic interest if things go another way than expected.. that's why they still on board and they don't care about us.. they will get all if this story ends. They will find a buyer and they will get their price back. Business as usual..

So you will see who makes the real deal here till the end of may/june/july..

Please don't expect anything... current cp is just 2.40-2.50 .. aisc is raising for last 2 quarters on record lvl because of this great mgmt.. and will raise further because issues will flow into the end of this story... (q2 or q3?)

.. with such issues no more operating month are expected by mid term if cash is gone and are still used for unprofessional installed "upgrades" by some creepy designers.. without any guarantee..

If you read the quarterly carefully enough they call the design of the plant a bu..$#!t

And not to forget... it's a novel that there in drc is a rainy season every year.. Oops.. just "our" mgmt wasn't expected that this "surprise" will coming again and again, year by year!

Laughable freaking story... this Mgmt is way way way way way below any benchmark of leading an operating mining company but on the other side it hits every record of presenting the greatest horrorshow!!