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Southstone Minerals Ltd V.SML

Alternate Symbol(s):  FDGMF

Southstone Minerals Limited is a Canadian junior mining company. The Company is engaged in the acquisition, exploration, evaluation, development and mining of mineral properties. The Company holds a 43% interest in the Oena Diamond Mine (Oena), which is located in the Northern Cape Province, Republic of South Africa that consists of one New Order Mining Lease. Oena is a producing alluvial diamond property. Oena is approximately 8,800 hectares in size and covers a 4.8 kilometers (kms) wide strip along a 15 kms length of the lower Orange River. The property has two separate and distinctly different aged diamondiferous bearing paleochannel gravels: Proto-terraces and Meso-terraces. Its subsidiaries include TGV Resources (Pty) Ltd, African Star Minerals (Pty) Limited and GAH Mining (Pty) Ltd.


TSXV:SML - Post by User

Post by hempsteron Jan 28, 2021 5:31pm
184 Views
Post# 32414559

Shareholders meeting

Shareholders meeting

Southstone has announced the date of this years shareholders meeting: https://sedar.com/GetFile.do?lang=EN&docClass=16&issuerNo=00031079&issuerType=03&projectNo=03165049&docId=4875661

We got a busy few weeks ahead: Q1 financials either end of this or next month, mid March we will get the Q2 Operational Update, April 1 will be the meeting, end of April we should get the Q2 financials.

All in all it looks like this could become a very productive year for SML, especially once they manage to expand the operations of their JV.
Here is a short comparison of the Q1 Oena and JV production numbers. Keep in mind that the JV started its operations only mid Q1 and has much less equipment on site than Bluedust has at Oena mine:

Oena
ROM: 129100to
Yield: 744.5c
Carats/100to: 0.5995
Avg $/c: 1623 $
Revenue/100to: 973

Joint Venture
ROM: 6035to
Yield: 88.72c
Carats/100to: 1.470
Avg $/c: 425 $
Revenue/100to: 625

Once the JV is working at 100% capacity, it might be a real cash cow - also bc SML's share of profits is way higher than what they get from Oena mine.
 

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