After the formal session R Corps (RC) and W Hallam (WH) took questions from the dozen or so attendees. Some assist from B Smith (BS).
Only limited notes taken so this is mainly from memory.
Queries? Ask, or call company, or DYOR.Just some colour on previous announcements really but good to hear it directly with a wide range of questions handled well.
I got a quiet sense of confidence that the board are taking this forward quite well. Resolution 4 of today's meeting enables the company to add good people as, and when, operations begin to ramp up.
Splitting Wingellina out of MLX was probably a good thing. BS commented it wasn't a very comfortable fit along with the separate Cu asset - my words for a comment he made.
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The first question was about drilling and that assays are expected in Q1 of 23.
RC did go over the reasons for the 3 phases of drilling.
1 to firm up higher grade reserves in the initial pit areas for final PFS definition. Getting payback quickly is a priority.
2. Calcrete drilling. again infill on previous work but very necessary to find a cheap local source of acid neutralising material.
3 Hydrology drilling to be certain there is enough water for the construction period.
No comment on the results as 1 needs assays, while 2 & 3 are probably apparent from logging and water flows and not discussed.
Perhaps some chemical testing of the calcrete to confirm it is fit for purpose (my comment). WH, in response to the nature of Calcrete, said mg/ca oxides and magnesite but wasn't too convincing. The issue was would CO2 be emitted but probably a gypsum like product is more likely.
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PFS - being refreshed for the third time. Figures will be up to date and lead into DFS to begin after PFS.
Power and the multiple options were the main reason I picked up on for the delay. Didn't followed this aspect as closely as perhaps I should have. Power is a biggie for these remote projects with $500M being mentioned in passing (elsewhere) for the OZL at Nebo-Babel. When I put this figure out the response was Wingellina will probably be similar. Obviously old style power generation (diesel mainly) is not going to be the major source. Solar Wind and steam(!!) were the main ones I recall. Steam would come from waste heat generated in the processing of ore - apparently.
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Permitting: The big one is EPA which has been in place for some 5 years and needs statutory renewal for a further 5 years. The impression I got was this is likely to be renewed though the process may be slow with a "clogged up system."
Two main aspects:
Mine sites which are well covered and no major changes indicated.
Processing/Waste may need some tweaking
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Finance and corporate activity.
Apparently a lot of interest from a wide range of parties - off take, smelters, banks (including foreign), not mentioned(?) but majors could JV or more. Easy to say but no details are going to be given at such a meeting. Liked the confidence with which it was said....hope it was real.
Cobalt is likely to make it into the critical metal status along with perhaps manganese. Since the Ni comes out when mining these there could be some government support.
Grants are available for some R&D - will be considered and applied for if appropriate.
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Logistics and synergies
Road access is 100 Kms of company maintained trunk road to the Lassiter Highway (Laverton to Uluru) which should be paved to them by the end of this decade.
PFS numbers(?) suggest some 400K tons of freight etc in bound and 110K tons of product out for Wingellina. Expect Nebo-Babel to be in a similar range. Someone asked if rail could be an option. WH used the above figures to suggest these operations on their own would not make rail construction a viable option.
Weather.
Summers are hot but it is irregular monsoonal rain that makes field work (read drilling) from now until Q2 'inappropriate'. (B Smith)
Synergies.
Nebo-Babel and Wingellina got some arm waving.
The Wingellina process does require some sulphide and so what N-B has in abundance could be used. Apparently Murrin Murrin uses a similar process and has been incorporating sulphide ore from Leinster for decades.
Recently Estrella Resources is reported to be sending their sulphide ore to MM.
Extraction of Ni from sulphides and oxides/laterites used to be a relatively incompatible process. With the end product battery minerals there is some potential for some talks between NB and Wing.
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Last but not least.
18000 sq Kms of land covered by agreements with local land owners.
NC1 have a full time community liaison person on site.
Their camp is generally used by police, nurses visiting the community.
Clearance has been granted for all potential mining sites except one (south end??). Not mentioned but processing and waste facilities probably as well.
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Thanks to Warren, Rod and Brett for their time.
Rod, in saying goodbye, said see you next year (AGM) with a better share price..................a few stars need to be aligned but should be an interesting 2023.
(20min delay)