Cash flows, page-33

IronRidge Resources-DGR sub listed in London

Case Study - Nova Nickel, Western Australia

www.abc.net.au/news/2016-12-23/new-nova-mine-ramps-up/8145534

Extract:

"Exploration costs are High - The  hunt is yet to bear fruit , despite more than 40 companies spending countless M i l l i o n s  rushing into Fraser Range after Nova discovery 4 years ago in remote bushland, 160 km east  of Norseman.

The ore body was found  about 80 metres below the  surface, which makes the job  harder for explorers who have used  more  e x p e n s i v e  equipment to drill deeper beneath soil cover.

Sirius Resources made the discovery in 2012 gambling on  o n e   l a s t  hole when it was battling to survive  with  b a r e l y  $200,00  in  the  b a n k.

The story is well known in stock broking circles after Sirius shares went from 5.7 c to touch nearly $5 before Nova fell into Independence*s hands last year as part of  a $1.8 billion takeover.

Ref: "New $443 million  Nova Mine in Australia ramps up."- ABC News,  23 Dec 2016

My comment: Just posting the reference to what Poverty Boy said on this thread about Nova.

From the Nova story one is always cognisant that few co*s find a Tier 1 deposit [termed as Elephant].   Secondly, I note from this story and others that finance is always critical.

So Solg*s success is down to finance from its cornerstone investors and Newcrest and also said interest from BHP via Ann 10 Oct 2017.

Sol1 Mon 13 Mar 2017