Ann: Notice of Extraordinary General Meeting/Proxy Form, page-2

Well, taken as a piece with our CEO's excellent recent interview on Stock Head (Golden Mile is riding the development wave for Quicksilver, May 03, 2023), all the Resolutions here are only encouraging for this shareholder, and point to management's confidence in, and increasingly serious intentions toward developing our flagship project.

I note in this regard the proposed provision of 2,000,000 Unlisted Options to 'the landowner' on similar terms to Damon's own incentive package. Encouraging goodwill on the land seems entirely fair (and prudent) as Quicksilver gathers its head of steam.

Nor have I any objection to management's increasing exposure to the Project - the more skin-in-the-game the boys have who will be driving this thing, the better, in my view.

And they've taken some serious positions.


All the thinking on Quicksilver is clear-headed, efficiency-driven ...and parsimonious. Just how we like it! As instanced in these excerpts from the Stock Head article:


“We are central to four ports, which helps with shipping product out and logistics coming in, and that provides a level of risk mitigation because we are not totally tied into one supply line,” Dormer said.

“We are not governed by a single route, we have multiple sealed roads and access to different ports in all directions. And when you have options, that drives the cost profile.”

Mining is also straightforward given the deposit’s geometry – long with significant width and shallow – and free dig nature of the orebody, which eliminates the need for drill and blasting.

The removal of heave and throw from blasting also grants the company the ability to tightly manage where it mines and therefore mine ore grade on a block to block basis.

Besides reducing mining costs, this also allows Golden Mile to optimise its grade profile to payback capital as quickly as possible and deliver early and significant profits.

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“We know what the work processes are like and how we get there, which quite often can be lacking when a company transitions from exploration to project development,” he noted.

“For a formal Scoping Study, you need to get at least 80% Indicated resources. So if the business plan covers the entire 26Mt resource, we need to drill out the 80% of that to the Indicated level, which is a significant amount of money.

“But if you dial that business case down, show that you can get a profitable business case on a much smaller footprint, then your drilling and study costs go down.”

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“What moves the REE mineralisation from good to great is the surrounding economics,” he explained.

“Our view is to get the nickel and cobalt to pay for how we want to do things. If the rare earths are easy to process, then our advantage is massive as we don’t have to pay for the cost of mining because it will get a full carry from the nickel-cobalt that we are already planning to dig up.”

He also noted that while there are no drilling costs associated with defining the REE mineralisation as the company had a substantial library of existing samples from its nickel-cobalt drilling to re-sample, it was being pragmatic by testing only a portion of its pulps for now.


All in all, both Project and team shaping up nicely.