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zebster

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26/03/22

15:21

Post #: 60441525
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Originally posted by sydneyguy: ↑

Hi

yes reserve - as stated previously you don’t mine a resource you mine the reserve

mining plans etc are based on the reserve

Much drilling is done - studies etc are required-

additional drilling is underway to find more and resource def drilling at pos

imo it cannot go anywhere yet with only 16k tons of nickel actually delivered into the nickel reserve after that last campaign-

moreover it’s still only 16 k probable -

it’s constant talk of resource whilst a good start and based on old jorc codes - it’s the reserve which once calculated sees all sorts of studies and mining plans which bring a mine to market and is actually all important

as stated before the last cap raising I was taking the risk that the drilling campaign results not completely out would deliver a good reserve -

it is what it is -

all that has dropped is 16 k tons of probable nickel only - this was my risk and without question this is why the shares have sold off - even twiggy selling more - it’s not personal - I hope you all get the drilling results and reserve on paper in the future but the chances of starting up a mine that needs 10 s millions in capital to refurbish when there is such a small amount of probable only on paper and not one ton in proven catagory is why there is a seeming delay imo and why the company has been off doing more drilling - exploration and definition ( from memory) —-

on a stand alone basis it has to confirm enough ore reserves to justify the investment decision and I honestly don’t think 16 k of nickel in a probable category is going to currently justify such a move

some may be banking on a pivot via some government grant / deal with pbt - but not one single detail is actually known about a claimed partnership with pbt - and at no stage has the company y actually said it was part of the application approved that is receiving any of the 119 m of taxpayers money - maybe they do some tolling deal or refurb deal - but until one actual concrete detail is actually dropped other than seemingly vague hype - pos on a stand alone mining basis can hardly justify borrowing or raising mega funds to go process Jist 16 k tons of probable nickel reserve and hope that it will deliver more on paper

Some companies have tried cutting corners in the past - and they are done along with truckloads of shareholder capital - pos is attempting to build the reserve to justify a restart it just hasn’t been able to do it to date -

constant screaming by some to
Just restart it
look at nickel price imo

May well be well intentioned but is completely flawed and commercially unrealistic at this time imo given the current reserve statement

good luck

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Agreed. Most of us already get it in spades. Don't worry about engaging with the constant screaming; it's not going to change. Recommend activating the noise filter.

POS Price at posting: 9.6¢ Sentiment: Buy Disclosure: Held
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LME TRADING UPDATES, page-122

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