NXM nexus minerals limited

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7.1¢

Indeed you have to feel a bit sorry for the HAW/GEL JV.NXM...

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robbo24

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22/09/20

19:43

Post #: 47543944
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Originally posted by smulv: ↑

Extremely bullish on the Pinnacles joint venture moving into the Feasibility study/ decision to mine this year and into production Q1 next year. Thought I would put together a quick summary of the numbers I am expecting to see and throw it out for discussion with holders and non holders.

I've chosen to use HAW as a base for peer comparison, the project is similar size, comparable grades and conveniently they also have an ore sale agreement with Saracen. Notable differences are that HAW is located slightly further away from Saracen than Pinnacles, and they were mining at a much lower gold price whereas Nexus has the foresight to sit on the project until the price of gold was right.

Above is the resource I have used. I will update when infill drilling is done and we have something better, for the sake of simplicity i have used the 609 tonnes at 4.0g/t. The screenshot below is from page 4 of HAW 2019 Quarterly and is a summary they put together at the end of their 2 year open pit campaign at their Trouser Legs Gold Mine. In red next to their figures is the figures I have used for Pinnacles.

In summary, if they got all 609 tonnes processed in the first 2 years of operation for 74,000 ounces at 95 percent assumed recovery, the bull case using the figures above give an approx cash return of $121,000,000, minus Saracens 10 percent for their JV return. Welcome anyone to check the numbers or add in their opinions/ variations.

Smulv

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Indeed you have to feel a bit sorry for the HAW/GEL JV.

NXM management have said that they kept Pinnacles/Wallbrook on the shelf until gold went up.

HAW/GEL achieved close to breakeven on their efforts when the gold price was AU$1650 or so. It is now AU$1000+ higher which I presume will be the strong margin NXM earns per ounce for its efforts.

HAW was also only a 70% owner so they saw even less at the end.

And who can forget that NXM is a 90% holder rather than 70% of its tenements, and 100% in some cases?

NXM Price at posting: 7.7¢ Sentiment: Sell Disclosure: Held
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Last 7.1¢		Change 0.000(0.00%)		Mkt cap ! $42.86M

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