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TLM @ 0.155
Tacking on another 10,000 shares, if I can get my bid filled.
They've spent a lot of money on expert geo consultant advice leading to airborne gravity and electromag surveys over their Cobar-Mineral Hill terrain tenements that resulted in a few 'drill ready' Cu/Au targets with others requiring more geochem auger sampling b4 decision to drill. Have been held back by severe weather conditions in first half 2023. They've acquired tenements in the Gawler Craton of South Australia looking for Olympic Dam type or Prominent Hill type mineralisation.

To underpin this they have the ongoing Wonmunna iron ore royalty from Min Resources. Without checking I think this was worth +$5m in FY22. It looks like there is a minimum of 5 years left after Q1 cal 2024. A quick expert arithmetical computation suggest this is worth $25m at the current avg iron ore prices they're getting. Online tool says this is worth $21m NPV @ 5% discount. They have $9m in bank. Total equals $30m NPV. Their market cap is $31m.
But NPV of royalties is based on Min Resource's initial mine plan, derived from a maiden DSO reserve determined in 2015 (58% Fe). They have another almost 3x as much in indicated and inferred resources at slightly lower grade (56.5% Fe). If prices keep up, and if slightly lower grade doesn't disqualify the resource for direct shipping ore, why would they waste it when also considering the considerable infrastrucure MIN has built in: a sealed road, tailings facility, crushing plant and so on - they even have their own diesel power station and are building a solar adjunct. Just my amateur speculation obviously - maybe I should email them.

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<blockquote data-quote="finicky" data-source="post: 1236153" data-attributes="member: 2104">TLM @ 0.155Tacking on another 10,000 shares, if I can get my bid filled.They&#039;ve spent a lot of money on expert geo consultant advice leading to airborne gravity and electromag surveys over their Cobar-Mineral Hill terrain tenements that resulted in a few &#039;drill ready&#039; Cu/Au targets with others requiring more geochem auger sampling b4 decision to drill. Have been held back by severe weather conditions in first half 2023. They&#039;ve acquired tenements in the Gawler Craton of South Australia looking for Olympic Dam type or Prominent Hill type mineralisation.To underpin this they have the ongoing Wonmunna iron ore royalty from Min Resources. Without checking I think this was worth +$5m in FY22. It looks like there is a minimum of 5 years left after Q1 cal 2024. A quick expert arithmetical computation suggest this is worth $25m at the current avg iron ore prices they&#039;re getting. Online tool says this is worth $21m NPV @ 5% discount. They have $9m in bank. Total equals $30m NPV. Their market cap is $31m.But NPV of royalties is based on Min Resource&#039;s initial mine plan, derived from a maiden DSO reserve determined in 2015 (58% Fe). They have another almost 3x as much in indicated and inferred resources at slightly lower grade (56.5% Fe). If prices keep up, and if slightly lower grade doesn&#039;t disqualify the resource for direct shipping ore, why would they waste it when also considering the considerable infrastrucure MIN has built in: a sealed road, tailings facility, crushing plant and so on - they even have their own diesel power station and are building a solar adjunct. Just my amateur speculation obviously - maybe I should email them.MONTHLY[ATTACH=full]159647[/ATTACH]</blockquote>

[QUOTE="finicky, post: 1236153, member: 2104"] TLM @ 0.155 Tacking on another 10,000 shares, if I can get my bid filled. They've spent a lot of money on expert geo consultant advice leading to airborne gravity and electromag surveys over their Cobar-Mineral Hill terrain tenements that resulted in a few 'drill ready' Cu/Au targets with others requiring more geochem auger sampling b4 decision to drill. Have been held back by severe weather conditions in first half 2023. They've acquired tenements in the Gawler Craton of South Australia looking for Olympic Dam type or Prominent Hill type mineralisation. To underpin this they have the ongoing Wonmunna iron ore royalty from Min Resources. Without checking I think this was worth +$5m in FY22. It looks like there is a minimum of 5 years left after Q1 cal 2024. A quick expert arithmetical computation suggest this is worth $25m at the current avg iron ore prices they're getting. Online tool says this is worth $21m NPV @ 5% discount. They have $9m in bank. Total equals [B]$30m[/B] NPV. Their market cap is [B]$31m[/B]. [B]But[/B] NPV of royalties is based on Min Resource's [B]initial[/B] mine plan, derived from a maiden DSO reserve determined in 2015 (58% Fe). They have another almost 3x as much in indicated and inferred resources at slightly lower grade (56.5% Fe). If prices keep up, and if slightly lower grade doesn't disqualify the resource for direct shipping ore, why would they waste it when also considering the considerable infrastrucure MIN has built in: a sealed road, tailings facility, crushing plant and so on - they even have their own diesel power station and are building a solar adjunct. Just my amateur speculation obviously - maybe I should email them. [B]MONTHLY [ATTACH type="full"]159647[/ATTACH][/B] [/QUOTE]

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