Ann: Positive Feasibility Study - Widgiemooltha Gold Project, page-15

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Gavinbell

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26/04/17

18:23

Post #: 24280272
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Originally posted by Value_Hunter ↑

Georgie - ......Gulp ! (lol!!!!!!!!!!!!!!!)

Gavin, we know that MCR has enviro bonds lodged with dept of mines in WA (my rough est is 1.5-2.0m), so the max draw-down would be 3-months working capital, plus the prestrip costs (circa 6-8m). this would leave the company 2-4m .....

there are a number of things MCR could do:

1. raise equity capital (5-10m)
2. forward sell some of the expected gold production
3. enter into a gold loan
4. spin-out the bloody Lithium assets into a new company, and sell to the market for cash and an override royalty ......(my personal preference .....)

we also know that when the nickel market improves - to restart mcr will need 20+m ......

in an ideal world, the gold assets would fund the nickel restart. however - due to the "patchy" nature of gold mineralisation - mr market may take a watch and see approach.......

I noted that the reserves are 25% of the total resources ........and the strip ratios are fine (one of the pits is "high"). gross margin looks solid, and the operating numbers look reasonable. they have obviously put a bit of time into pit optimisation!

deep value imho - thou I rekon mr market will want to see "progress" on the actual gold mining op's.......

if successful - its a self-funded call option over both gold, and nickel ......
rgds
V_H

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Didn't realise start up costs that high.

MCR Price at posting: 18.0¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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Ann: Positive Feasibility Study - Widgiemooltha Gold Project, page-15

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