RE:RE:overall positive? Hello Lambo!
The $6.9mm cash is separate from the proceeds of the flow through because the latter must be spent on exploration. To call it hard cash isn't actually accurate so when you pile the 2 together you get approx. $10mm for operations for LME. Advantage shareholders.
I agree that the turnaround at the lab was a surprise. I was thinking the same 2-3 month timeframe that we've observed for a long time so this was good news from my perspective.
The F&F change is purely from the issuance of new shares in the PP and the reclassification of insiders. Those close to Cynthia and team have not been on the sell side of the market in any remarkable way.
You're bang on with the cost structure on the Ishkoday. Never forget that our biggest calling card to potential aquirors is that the mineralization on our property is near surface. That's actually a huge deal when it comes time to monetize this project, especially when the now soaring costs of construction are taken into account. Think of this as a hedge for LME against that rising cost.
Drilling in the Twin Falls area has to be preceded by field work. The reason Cynthia, JP and team hit every time they drill is because they get in the field and use their hands to do the work to pick where those drills are going to turn. Cynthia will never put the cart before the horse here and just start poking holes in the ground. That field work is likely to be some part of the Spring program so I wouldn't expect drilling to encompass Twin Falls until later 2024 or maybe even after that.
As I've said I'm no geologist. During the presentation I was able to follow what Cynthia and JP described about drilling around the areas of the shear zone to start defining the breadth and depth of the strike zone. That makes a ton of sense and the reason the assays will come back with terrific results is the painstaking legwork in the bush that came first. The playbook will be the same for the Twin Falls property that the team just aquired.
I can assure you that the MRE is important. It's part of the strategy for Laurion and everyone should be encouraged that this project went from important but not imminent to being very much in scope for 2024. That's not a change, that's a major shift. JP did a terrific job of explaining why that first MRE is so critical and that there are big time risks to jumping the gun on that. Expect Laurion to be thoughtful and deliberate on the work they do on the MRE but don't confuse that with the process not being strategically vital.
I think that hits your questions Lambo, let me know if I missed anything.
Hope that helps,
Steve
Lambosntendies wrote: Positive - not much has really changed.
We seen a bit of a dip in FandF ownership down to 72% but insitutional investement went up to 16%
Drilling costs are $230/m as opposed to other companies up north havingto spend $600-$700/m -net positive
Turnaround tiimes for assay results at the local lab is 4-5 weeks which is less than the several months I was initially thinking - Cynthia and the team can used the reduced turnaround time to identify new targets.
They said drill rig operators are "hungry" for work right now, lets give them some!
The A-zone is sufficiently drilled which is another postiive sign that the data room is well rounded and porspective buyers are getting a adequate understanding of the explored areas.
Theyre working on extension of the sturgeon river system, this is a net positive. Steve, question for you, last week when you were discussing drilling plans in the future, it really semed like the twin falls property would be focused on to some degree however drilling early next year as part of the proposed 5000m program seems to be very concentrated on areas surrounding the ever expanding strike zone within the origional (prior to twin falls aquisition) ishkoday boundaries. Are they planning on doing work in the twin falls area next year at all?
The MRE also seemed to be of lower importance while Cynthia was talking during the meeting, She still seems to have reservations surrounding the idea. this struck me as odd due to the press release we recieved just yesterday. I would have expected her to be full steam ahead. Is it that the press release is targeted at potential buyers as a "**** or get off the pot" type message? Obviously i dont expect an official answer to this as I know I wont get one but I wanted to put that out there for people.
6.9M in the bank.. Steve I am assuming this does not include the funds from the recent PP... can you confirm?
Not much has changed but I think what has changed is all good (aside from the slight decline of insider/FandF ownership but thats their choice) as we move towards more exploration while we wait for an a deal and Cynthia checks the disposition box.