Ann: Quarterly Activities Report - September 2021, page-2

Very busy schedule.

Looks like LJ is not going to be sold or IPO'ed at all as I expected.
LJ Newexco report issued, drilling starting January targetting west EA & AR,
Figure 4 shows just how much a jewel in the crown LJ is with Ni everywhere, we knew this in 2014!
LJ scoping study by GR underway (copy & paste 2015 LJ DFS), of course its profitable at NP 9.00 v 5.31   
BFS for both BS & LJ.
BS open pit mining planning ie dewatering to start soon
More drilling as expected, more offtake & funding negotiations

But this caught my eye-

"the ability to have a long-life project that primarily sources feed from Black Swan orebodies that could also treat ore from Windarra (100% Poseidon owned) and potentially third-party feed (subject to plant capacity availability and other factors).  The Company has commenced a Bankable Feasibility Study on refurbishing the existing 1.1Mtpa processing plant and feeding that plant with a combination of low-grade open pit ore, high-grade underground ore and Silver Swan tailings to improve concentrate quality (specifically the Fe:MgO ratio). .
• updating the existing Black Swan open pit mining study including determining the optimal pit shell and production rate and estimated capital and operating costs;

• Abi Rose Extension Drilling - Maggie Hays drilling for Resource Expansion, based on the reopening of the Maggie Hays underground operation
• Emily Ann/Abi Rose type intrusions - relogging to identify and locate parts of the ultramafic intrusive system that may have been overlooked
• Surface EM/Drilling at Vision / Spielers - nickel sulphides have been encountered in these areas in the past proving the fertility of the area
• Western Ultramafic / Roundtop - Surface Sampling / Drilling - a valid target in an under-explored area with high prospectivity"


Looks like BS open pit & LJ are being reworked & now they realised Norilsks mine plans were good.
Only took 7 years to confirm the existing wheels work!
I told them this in 2014.

When NP hits 10.00 soon, what will be the excuse then?
LJ profitable at 5.00, 7 year LOM
BS/SS/GS profitable at 4.00 imho! 11 year LOM at 20ktpa production

Combined, LJ & BS circuit 2 can produce 33ktpa
add in circuit 1 & 3 at BS and that goes to 55ktpa as I have been saying since 2014.
Find and add in more high grade exceeding 1.4% and that can escalate even more

If PAN can produce proftiably at 1.23% grade stuck isolated in Kimberleys with large trucking costs to Port, POS can do it too at a higher grade and larger mills at lower capex.

No Crap, WILL THEY EVER LISTEN TO ME?