Lady Ida - 175koz gold deposit

Late last week, the Mining Warden ruled in favour of Michael Thompson for a plaint he lodged against Ora Banda Mining for the Lady Ida tenement. The plaint has spent nearly 10 years both in the Wardens and the Supreme Court. This should finally spell the end of the appeal process.

Michael Thompson, for those unaware, is a significant Beacon shareholder and son-in-law of our MD Graham McGarry. It stands to reason that Graham would be ideally placed to take advantage of the situation.

The OBM investor presentation released back in 2018 notes the Iguana deposit at Lady Ida has a Mineral Resource of 2.7Mt @ 2.0g/t for 175koz. And as luck would have it, the Lady Ida deposit is approximately 30kms from the Beacon treatment plant!

This is a massive chance for the directors to provide some proper value to shareholders. They’ve been amazing getting the plant up and running as smoothly as it is, but this sort of news is company making. A lot of institutional buyers have probably been reluctant on getting involved due to the low mine life. But this adds another 5+ years of high grade ore plus I’m sure there’s much more exploration potential on the tenement too.

Let’s pray to god the directors get this deal over the line ASAP so they can repay the faith that option holders have shown by converting their oppies. Finally we might see both some share price appreciation and plenty of mine life for stability.