I watched it multiple times as well Zxc, excellent overview for only 15mins, I think he nailed it.
When Rafael mentions the difference between Pocos De Caldas and Caldas around the 6-minute mark, referring to Pocos De Caldas being pro-mining and Caldas being a anti-mining area, it is a very interesting point as MEI is trying to start up in Caldas and is currently months past their expected timeline to get their Pliminary Licence (MEI refer to it as a LP and VMM refer to it as a PL but its the same thing), ive emailed MEIs Stuart Gale about it and he mentioned the PL is now due in July so it will be interesting if this new extended timeline gets hit or not and if Caldas proves to be a headache for them in comparison to VMM operating in in the northern prospects. In respect to our PL we currently have our timeline as September so not much in it time-wise. It was also good to hear we are getting free water, power, and sewer to our plant, which I overlooked before, but it really does show how positive the support in the northern Pocos De Caldas area is.
I have talked to Rafael on this point before and he stressed how different the two local governments were when it came to mining and is why he chose to put the plant in the north even though the southern districts had much higher grades, so it is going to be very interesting if his strategy proves to be a winner as there is only 2-3 months difference in the scheduled PL approvals so any further delays on MEIs side could potentially see VMM front running approvals which ultamatly effects the timeline of who mines first.
I know there are a few here who don't like to focus on MEI and how we are tracking vs them, but ultimately the more we close the gap or potentially even overtake MEI does reflect well on our management's strategy and execution which would look favourable from a insto perspective imo. I also believe VMM had a big win by targeting MREO when it came to delineating a high-value resource vs MEI targeting TREO, which propelled VMM forward by 6 months or so and does shine well for VMM's management forward-looking planning and execution, which is being overlooked as well imo.
I've got VMM at the top of my list for my next big Disallowed, considering our sub $25mill MC, with the next 3 months being important months as we have the PFS due, M&A potential in the air, and multiple finance & investment deals going on in Brazil atm. I however, can't, for the life of me, work out who and why someone is still selling at these prices, but I've been adding more when I can, and feel pretty fortunate that I can, considering all of the above and how we sit valuation-wise vs MEI.
ALL IMO, DYOR
Expand
(20min delay)