Hi Clip, so you knew that the company or Terra Firma hadn't been able to inspect the inside of the mine by now?
By the reaction of a few on here, I'm not the only one that was very surprised that they haven't been in the mine by now.
Yes, I have made similar assertions before, for someone to pull out the information from a report issued years go. Are shareholders supposed to continually go back through historic announcements etc.? A company that wants to promote their story well, keeps the full story current, up front and center and a in one place.
Here are "the facts" that company issued when they did the capital raise
Points 1) & 2) outline the process to get access highlighting the H&S plan & other regulatory hurdles. Nothing specific mentioned of this 'milestone' i.e. the DOC approval.
In point 2) it says they expect to be underground and mining before the end of the 2nd quarter of 2023. Well, Q2 2023 finished 30 June, so in order to be mining prior to then, those inspections and DOC approval needed to happen in April or May at the latest. Did they mean Q2 of financial year 2023/24?
If so, is it another clumsy mistake or they are at least 3 - 4 months behind what was only a 3 month program of work? "This process, including a Worksafe review period if required, we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter"
FREQUENTLY ASKED QUESTIONS NTL Capital Raise to Support Talisman Development (Mystery Vein)
1. Are there any regulatory hurdles before the mine can be re-entered? Re-entry requires renewed health and safety plans. We have engaged Terra Firma
https://www.terrafirma.kiwi.nz/ to refresh the Health and Safety documentation in preparation for re-entering the mine, that documentation is anticipated to be completed by the end of February 2023 and will then potentially liaise with Worksafe prior to recommencing operations.
2. How soon are you able to start mining? Terra Firma are already busy preparing the health and safety management plan for the mine. There will also be additional planning and external inspections that need to occur before everyone is confident that it is safe to allow a crew underground, eg checking underground conditions, any hazards etc. This process, including a Worksafe review period if required,
we expect to take around three months. So, we expect to be underground and mining before the end of the second quarter of 2023, with ore being produced shortly thereafter.
3. What’s the current condition of the mine? Our contracted security firm checks the condition of the facilities regularly and carries out weeding/vermin management etc. We have recently carried out a visual inspection of the road, exterior and access areas of the mine and all look to be in good condition. That visual inspection has confirmed that recent rain events and earthquakes have not impacted the compound or portal and given the mine history of over 130 years and its resilience during that time, we do not anticipate the recent earthquakes to be an issue.
4. The processing route for the ore has been a long time problem. How have you solved this? We have considered a number of options for processing of ore. The preferred option at this stage is to produce a concentrate underground using innovative mining techniques. This would require purchase of some specialist machinery which is part of the expenditure planned from this capital raise.
5. You indicated that chip sampling showed promising levels of 39.35 grams per tonne of ore. Why are you indicating a range between 6g/t and 12g/t in your tables? The grade is diluted by the surrounding rock that is removed at the same time as the gold bearing material. In addition to this, levels of recovery can have an impact on the overall grades. We believe our planning to be conservative and is the most prudent way forward as we expect substantial variation in the material as the vein is explored further. In addition random chip sampled had promising levels of a weighted average 39.35g/t AU as can be found on the link
https://www. asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf NTL confirms that it is not aware of any new information or data that materially affects the information included in the announcement. NTL further confirms that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. 6. What happens if you do not raise sufficient funds to get the mine to production? In reality there will be limited options. The most likely is that the company sells its assets- (hopefully for a reasonable price), winds up, and returns the surplus funds to shareholders."
Go to their website & try and pull up the half yearly report for March 2023 published in June.
What you will get is the 2022 report. I find to get the full picture you need to read through various releases or reports, some quite historic, as not all the information is in one place in full or its not included at all.
Under the previous management this company had a horrific record of keeping shareholders informed or not delivering. Surely this new management could have earnt from that & at least keep shareholders informed and I'm not referring to replies on this thread from Jonu, as a shareholders should have equal access to information. i.e. we are behind the stated schedule in capital raise document as we are still waiting on DOC approval to re-enter the mine or whatever detail they need to do to keep shareholders informed.
Anyway, I'm now out. Probably one of the few holders of NTL that has actually made a profit. It was always a punt for me as I have previously stated, but I assumed they were on schedule and were already underground and waiting on announcement that they had commenced mining. But right now, shareholders will be waiting to hear what the state of the underground is, how much remedial work is required and the cost of that. When was the last time this was mined? 1992? Hopefully it's a tickety-boo and mining commences in the next six months or so, who knows.
I'll keep an eye on it and I may re-enter at some point, but I happy to miss out if it finally delivers as there are plenty of other alternative investments that look far more attractive and much bigger upside.
Best of luck to all holders.