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rockofgib

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04/02/20

12:29

Post #: 42735640
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Originally posted by MetalBee: ↑

Time to recap the company guidance I feel:

Future:
March quarter exploration will include drilling of the east Juardi project and the newly acquired Panther open pit - I suspect we will be looking for some results to filter through over the coming weeks.
Further exploration of Juardi East is slated for the Central and Eastern parts of E15/1582 (which are close to the extensive Kunanalling mining centre).
An update of the Lost Dog resource will be completed in first half of 2020.
A further drill program at Stockdale is being reviewed.
5000 ozs are hedged at $2,331aud oz over a five month period from February 2020 - this equates to roughly half of the December rate of production of the forward period.
*Rumour Mill* - We are apparently due to have revealed to us the purpose of the capital raise around March - suggesting new tenement or acquisition. I can't find an official statement on this, can anyone direct? Or was this a comment made at the AGM?

Past:
First quarter of production yielded 1364oz, 1511oz, 1774oz each month respectively. (December rate of production implies an 85% efficiency against nameplate of 25,000 oz pa. It is noted that we are guided that "production continues to ramp up", and that we potentially had a shorter month of production in December).
On 10th January the company confirmed two exploration campaigns were complete, including aircore drilling on the Juardi, and first pass aircore program at Stockdale.
Final round grade control was also completed in Panel 1 at the Lost Dog, resulting in "better than expected grades".
Significant mineralisation was encountered on the Stockdale prospect (SAC014 and SAC041) - with one metre assay splits to be obtained in short term.
Significant mined ore stocks are being stockpiled until March 2020. This activity resulted in costs being higher than previously forecast, and will continue to affect production costs in the March quarter.
A new leach tank was commissioned in December to improve production efficiency.
Capital assets were acquired in late in the quarter which should result in decreased operational costs due to hires.
$730,000 is budgeted for capital and project development in the March quarter.

Have I missed anything? Are we in agreement that we have plenty in the pipeline right now, and are most certainly *not* currently meandering between quarterly results at the whim of the market and POG? Admittedly, some company PR would be nice to see, however that is not conducive with a low-cost producer, hence we are to research and understand the numbers ourselves. Make no mistake, we are sitting very pretty today and the market valuation does not resonate with any valuation I am looking at.

NB - valuation model to be shared hopefully this weekend, I'm busy with work at the moment and have produced this on my lunch break.

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Great summation post - thanks.
BCN Price at posting: 3.2¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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