1. Remaining CAPEX sits at 750k. You can see that in the table in the last capital raise document here. This was the remainder needed to get the company to underground mining readiness. Anything after is cash generating.
2. Commissioning began in late Jan. The surface stockpiles which are 2.4g/t were heavily weathered and this led to issues with the fines. As a result, the gold recovered was limited. This was stated in the 28th Feb announcement;
"The commissioning of the stockpilematerial has presented some challenges with the way the old stockpile material breaks down and hasinitiated intermittent blockages, which has hindered the commissioning process which otherwise hasgone very well. Our technical team and operators are solving the problem by minimising the finematerial into the process and dropping out the fines from the process water. We are very pleased toknow the feed grade material sampled from the stockpiles are averaging 2.40 g/t which is consistentwith previous test work and bulk sampling. It is important to note that our main game is mining theReward gold mine material which is very high grade and hasn’t been weathered like the stockpiles sodoes not present these processing hinderances.”
In the last quarterly 25k in gold sales were reported. But the upshot is that the team now know how the plant operates.
3. It is the home of NSW gold. The hills are full of gold, and the vein systems run at very high grades. Do not be surprised to see over 100g/t in some instances. RJ runs the company on a fiscally tight basis and dilution has never been extravagant. The gold is 99.9 fine, as good as it gets and it separates easily from the quartz, meaning that no chemicals are required. The AISC will be easily under $2k AUD, do not be surprised to see it as low as $1500 AUD. Name me how many mines in Australia have a margin of $3000+ per ounce? (Hint - its in the bottom decile). Then you have the Tomra ore sorter which is increasing the head grade by over 300% in the trials done so far. By no means a promise of the same in the coming weeks/months, but very encouraging.
When you have a high grade system, that separates easily from the host rock, is super low AISC, has 17g/t before sorting and potentially upwards of 40g/t after, fully funded with a good contingency, team in place and about to commence mining. It's hard not to get excited.
Note: I highly suggest you do a search into the excellent work that @Wack has done on these forums. His research and time spent shows and it will help you come to a decision much faster.
Hope this helps.
Cheers, PS
VTX Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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