Hi @YilgangieI am going to take this as a genuine question. FMR...

Hi @Yilgangie

I am going to take this as a genuine question. FMR didn't pull the trigger (no idea why). Ed addressed it in a past video and I commented on it in two posts in the past:

1. https://hotcopper.com.au/threads/ann-menzies-jorc-gold-resources-surpass-500-000-ounces.6707503/page-25?post_id=61055478
2. https://hotcopper.com.au/threads/ann-menzies-jorc-gold-resources-surpass-500-000-ounces.6707503/page-24?post_id=61053381 (for completeless, the post my second post responds to)
3. https://hotcopper.com.au/threads/ann-menzies-jorc-gold-resources-surpass-500-000-ounces.6707503/page-27?post_id=61064543

Ed has been pretty consistent on stating that KWR's intentions are to monetise Menzies through a number of different deals. I think the fact that they've monetised such a small deposit is great.

Even assuming a (reasonably?) conservative AISC of something like $1600, the current gold price would provide each party with $500 profit per oz, with 11,500 ozs ("MRE remains open at depth"), that should be about $5.5m to KWR. Maybe this will be less due to third party processing.

There is no stipulation on time frame, which will be interesting. However, even better is "for open pit and any underground mining at the Selkirk Deposit within the Menzies Gold Project". It looks like a great deal to me, BML to do all the work, KWR to have sign off on it, so that BML doesn't waste money / increase costs but more importantly, the agreement is to mine the Selkirk Deposit essentially until it is 'done'.

Sure this deal doesn't look like it will bring in $$ tomorrow, but I consider it a great move forward by the company and places a much bigger value on the Menzies ounces than $50-$100 per ounce (which would equate to a market cap based on the Menzies JORC alone of $25m - $50m).

Given the current Menzies JORC, that it is still open at depth, and has strong historic grades, I think KWR is serioulsy undervalued at these levels, even if you discount Goongarrie to zero (which I don't) or ignore the potential Nickle deposits (which I don't either).