Hard to disagree last years exploration program hit a lot of dust. Let's hope the magnetics and geo team are more on the money this year. The area to cover is large.
Even with a pretty crap first round of drilling the NZC team still found and firmed up a significant satellite deposit less than 2km from the main 300kt Cu pit at Monwezi 2. You can bitch and moan all you like about the dusters elsewhere but ask yourself what a 2 year mine extension and a likely 40kt extension of Cu resources to the JORC is worth.....it sure is worth more than the 5M expenditure over the past 12 months or so. So fine, have a good whinge but despite the apparent exploration failure to date, the fact is that one small satellite deposit discovery has added significant value to the existing deposit. We await the JORC update to confirm.
I agree management need to show us the finance within the next few months and improve their communication to market moving forward. A number of finance options are on the table but the parties are awaiting the new mining code to be confirmed. Further, there are a more than a few offtake agreements in discussion but management are in no rush to quickly sign over a deal when they hold the cards.
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