Some comments from the meeting...
Partial recall and
my interpretations. Contact management or DYOR.
COMMENTS FROM CVV GM MAY 18, 2021
Present – All directors+ and 4 shareholders.
Overall impression: Bindi looks very promising and will be the focus for the next few years.Not really a surprise, but there was a level of confidence that came through from everyone on the board.
One potentially important comment related to the Institutional buyer in the recent CR.I heard Paradise but when I googled got Paradice InvestmentManagement.Apparently, this could be quite important as a small ‘cornerstone’, investor with a good track record of staying the distance with companies they choose.Reading between the lines a bit, results have been good and the opportunity to get enough cash to bring forward the drilling, recently announced, was sufficient to accept the offer.
Another was the level of confidence they had regarding managing capex finance through an offtake party.The mention of Japanese interests may be telling. The upfront 10-?% gets the project up and running – passing comment which I didn’t fully understand.
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PFS
Major issues likely to be power and water.
Both are being addressed, with power being sourced from current excess grid capacity and potential infrastructure upgrades/extensions for the first stage of the project.As a large, steady consumer any mine development is likely to attract lower rates for electricity which in turn leads to many aspects of development going electrical. (Haul trucks, In pit drillers/loaders and …)
Water drilling is underway west of New Norcia (45Kms to the west) where the Agricultural Dept of WA identified a palaeochannel with stock quality water.Local supply, near Bindi, is too small and probably too saline.Approximately 1 ton of water per ton of product (cannot recall: ore/copper), whatever, it means a lot is required.
The 10000m RC program announced should wind up by the end of June and get plugged into the MRE to be completed around August(?). [The farmer has been compensated for this year’s harvest “loss” so drilling can continue with 3 rigs (2RC+) to June and the Diamond rig plodding away thereafter.]
The previous scoping study and this one will go beyond regular requirements in some areas such that DFS/BFS may be expedited.
Alasdair Cowden has been involved in at least 8 prefeasibility studies to mine developments.Too many to list all, and problematic to list selected ones.Smaller projects bring constraints that may not be present with larger ones and vice versa so the experience really helps.The advantages the Bindi project has with location, infrastructure, jurisdiction etc make it a great candidate for development.
Ore Sorting – can be bolted on later but not going to be part of the initial plans.Many logical reasons.
Mineral resource: Distinct excitement that the recent drilling could impact shallower, starter pit(s) and give a quick pay back (1 year mentioned) at current Cu prices.
The PFS is requiring more input from the directors and they are spending more time on it.
Recently hired an Approvals officer.
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Geology
The deposit is probably a pre-cambrian porphyry copper deposit (c2900Mya).The current stratiform nature is the result of deformation, metamorphism, and a lot of luck to be preserved near the current surface after all this time.Porphyry deposits commonly form in clusters with several similar deposits already identified but going to be on the back burner while any development focuses on Bindi.
Dasher: a comment “good assays from Dasher South RC reported last week” – cannot find the announcement. Do not expect Dasher development until year 10 or more at Bindi.Staying focused….
Bindi east fold area: Several hundred meters of potential strike with only limited drilling and no access issues.Plans to do some geophysics but staying on track with Bindi East RC drill out.
Diamond rigs doing Geotech and Metallurgical holes.Pretty certain one DD has been demobilised.
Bindi West 2 diamond holes and one RC.Will need infill drilling but not a current priority.
Presentation:Bindi focused. Most presented before.With the deeper drill results Bindi/Caravel could be #2 in Oz.
Moly?More study needed to see if a separate concentrate can be produced.At present there is a conservative 7% value given to Mo, Au, and Ag credits.The latter two will report with the copper concentrate, Moly is apparently different – did not understand fully.
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Production?Bindi perhaps the end of 2024 if the stars align.
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ESG – Likely to be a low carbon operation.
Mt William no real news since covid took over
PDF of the above
MAY 2021 GM.pdf
(20min delay)