Some more impressions - not too much more than that. The Qs do jog recall.
1. Could you clarify if your remark about "...the excitement for upcoming drilling over the next 6 months was high." is coming from the HCH team, yourself, or the room/Share holders in general?
Mostly came from CE with a comment that GK was going to busy with the preparations (as COO was implied). Very much my impression about the level of excitement and vague on details - worthy of more Qs but not appropriate to go to that level with time constraints, potential interest level of others present and the basically unknown blackout conditions.2. "DFS 18-24 months after the PFS to be delivered
(CE time - my comment hope it's not true) q4ish 2024. Do you hope this isn't true as it is too soon, or too far away?
I tossed that in because of the well posted about aspect of CE meeting stated timelines. He is damned if he does and if he doesn't. Probably better to give some time frame that seems reasonable at the time all the while recognizing there are a myriad of possibilities why more complex issues (PFS/DFS for example) can be derailed for reasons often out of the companies control. [My boss recognises that my 5minutes to finish a post for HC means 5 to hours so I don't envy companies putting out timelines. We do mean well. I wouldn't like to be in CE's shoes for those issues with folks on HC much less forgiving than she who must be obeyed.]3. "Permitting for everything at Cortadera would add at least 2 years. This delay would apparently negate savings made." Is this in relation to the reasoning to have the primary plant at Productora and transport ore from the other deposits to the central hub.
Yes the primary reason though there are probably other considerations as well. At a previous meeting John Hearne mentioned the lack of flat ground in close proximity to Cortadera as being another reason for a Productora central hub. Probably others that make moving a billion tonnes of ore (optimistic estimate for next MRE and future exploration) from Cortadera to Productora.
The Nueva Union joining of two deposits may be a model for this as well. If a comment about the topography constraints for Rope-con I heard are correct the slope between these two deposits may not be suitable whereas C to P is close to ideal by pure coincidence.
4. "Very busy on multiple new targets into the NY. Twelve for H1 2022??"
Is this inferring drilling moving away from Cortadera cuerpos towards Cortadera North / Productora main / Santiago Z / New targets?
I doubt the main drilling focus will move away from Cortadera until they have reached a drill density to define indicated resources. Steve Garwin commented that auditors required infill at Alpala to indicated and very likely the lesson was learned and passed on from that experience.
No detail about where the new targets are.
Some probable ones: Serrano trend at Productora (large area perhaps deep), SZ (two or three zones?) and probably SZ south unless previous results are very poor and available. The 'body language' that came when talking about targets suggests a level of excitement that seemed real to me. I did pick it up at a previous meeting as well, extremely subjective, so I would speculate there is a combination of mapping and geochem that ticks a few boxes. Perhaps geophysics? As I mentioned in the original post statistics are against multiple larger discoveries. Satellites and another large one or two would be nice. Ah, to be an exploration geo......does not leave the blood even if the body isn't what it used to be.Interesting that CE used the term take over, especially given the vote to remove Alan Tench from the board, (interpreted as a broad shot across the bow).
I wouldn't conflate these two issues.
Both (TO and/or board change(s)) are on the cards going forward and only time will tell what plays out.
I suspect board changes are more likely. Perhaps in 1-3 years once either the PFS or DFS are out and a different composition would better represent a developer/miner than an advanced explorer.
AT brings many skills to the board.Was there any questions or comments on the Canadians interest in the IPO ? Or a general sense of positivity/negativity in the room amongst HCH Team towards the outcome of the IPO? I suspect not given us not being listed yet?
Canadian/North Am interest was on my list of Qs but not asked.
No feeling for the outcome of the IPO expressed apart from what it meant to have the money 'in the bank'. Maybe the lack of any sentiment is in fact an answer, of sorts, to what you are asking. Neither great or disappointing just about as good as could be expected? Pure speculation on my part. As you say, maybe part of blackout conditions.
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@glemon
There were about 5 SH's. Some I recognized. About average attendance
"Directors" present CE, LF, GK and JH.
Apologies for directors included MB, AT, RN and MJ.SG wasn't present.
The Q about when HCH would be mining was asked via the online address in the notice of meeting but apparently not received (or read).
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The answer to that Q at the meeting was, IMO, predictable.
HCH wanted to get Productora off the ground in the middle of last decade. Too small and commodities tanked.
They tried several options and finally got "lucky" with Cortadera in 2019. Simply drilling out a deposit with a resource approaching a billion tons (more please) takes years for a major so HCH have done pretty well to get it this far and now own the property.
Going from a resource to a mine of this scale 5-6 years is fairly normal. A long time, but even with unlimited financial backing some aspects can't be expedited by money alone. Permitting, lead time for major processing equipment etc. The latter is going to be a biggie with supply chain issues and inflation. Toss in commodity price variations, raising a billion+-, covid, mining tax changes, zero carbon etc. etc. and any timeline is going to be rubbery.
Is HCH better or worse than any other mining hopeful at this end of the spectrum? Some aspects could be improved, perhaps, though the above is part of the reality for getting a 50 year mine into the ground. As 1GF said awhile back he hopes to be around for when it becomes a reality. Each to their own investment priorities.
(20min delay)
