Yeah there is. And it's not TE, it's Timor-Leste.
The last slide has these two points:
- Offer from ANM accepted for 6 Concessions totaling 294sqkm prospective forcopper/gold
- Term Sheet for Murak Rai (Government entity) to retain 20% free carriedinterest to final feasibility well advanced
The first is saying we've got 6 tenements from the ANM (Timor-Leste's mineral department basically).
The second is saying that we're nearing agreements on the FCI. Once this is finalised, I imagine we can go drilling! This is what I'm most excited about.
But yeah, these presentations don't go into too much detail and they don't give too much away when they speak (McGarry skimmed over most things today) because they can't announce anything not already released in announcements.
My take on the Presentation
I'm not sure why we're only spending $2M on exploration in FY24 though. We have a lot of money now, so wouldn't it be wise to explore every tenement we have over the next 12 months, increase our Reserves to 10+ years or whatever we get to, then we know exactly what's in the ground so we can then plan for increases in production (to 50koz/year or even beyond that depending how good exploration is).
But with exploring bits by bits every year, it doesn't save any money, it just delays the costs to a later date and we are stuck with the same small Reserves and not knowing what's to come.
If we keep thinking small, we'll only ever be small.
Yes it may require us to hire a couple more employees, but I think most shareholders would rather bring forward costs and pay some geo's, admin etc to aid exploration, analysis of data, etc. than wait another 3 years until we continue exploring all our tenements and hence remain at the small little 30koz/year for the foreseeable future.
I'm sure there's reasons for the slow approach, but to me it seems a cost-cutting exercise, but it's at the cost of shareholder returns because the share price is lacking.
Something big needs to be done soon by management, because 2.2c is a joke considering the amount of gold and potential exploration we've got. At what stage do we realise that what we're doing isn't working?
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