NTL - New Talisman Mine - New board & Directors

[Bluemanarc]

Yes I was there. Not the usual start to an AGM with the protesters rudely interrupting the Chairman's report and another filming everyone in the audience for Facebook. If they were men they may have received a slightly more direct 'not welcome' message from the some of the shareholders. The front table presenters I thought politely handled it very well.

My penny's worth from the meeting is:

Still waiting on the assay results from the pilot plant concentrate - expected within the week. They were queried on why the delay and responded they cannot accurately predict how long the testing takes. Samples of the grey concentrate were available to look at after the meeting but I could not see any glistening yellow stuff in it.

The pilot plant has performed 'promisingly'.

The company is well cashed up with $4 million in bank.

The ventilation equipment is completed and running very well with imperceptible noise.

The Rahu permit exploration, with much of it in DoC land, has slowed due to DoC needing to abide with ongoing Treaty negotiations.

A decision on the expanded production plant strategy will be made quickly after the assay results are available - possibly within the month.

The expanded plant will also need a resource consent which is hoped will run smoothly based on the back of the pilot plant consent already in place.

NTL has established very good relationships with the local Iwi, Council and other stakeholders. A good level of trust is now in place with NTL doing what what they initially said they would do. The company's aim is to an excellent example of low impact mining.

Both Wayne Chowles and Murray Stevens gave interesting presentations on the future direction and options available.

The timing of full production processing is still difficult to predict - much depends on the assay results.

A further capital raising was not discounted in the more distant future. The proceeds from the pilot plant were not seen as providing a significant contribution to the cashflow.

One member of the audience suggested the next meeting was held close to the mine. He said there was a lot of local Coromandel support for the mine and having an AGM there would send a strong message to the minority protester group.

The question time was extended with a variety of questions being asked and responded to - with a mixture of caution and optimism. Back to the eagerly awaited assay results!

Yep that's a good summary of what I saw too.
Matt had a broken rib and the protestor was a young girl who obviously hasn't got a job to do, like the rest of the dooby smoking sandal wearing PK hippies out front.
When Matt stole the minders cell phone and wouldn't give it back, that was quite funny.

You may be wrong on one point, but it wasn't clear, as they are lousy promoters you cant really hear properly who jumble there words and are not concise enough on shareholder concerns.

But it appeared to me that they said a resource consent for a full scale plant, would "NOT" be required, if they built it on the same site as the existing pilot plant.

We all got confirmation that the protestor is a lesbian, after one shareholder offered to bet her that she was one, and she confirmed.

Assay Results, take time, and Mat Hill obviously didn't realise how many they would be doing, and how long it would take.
It seemed to him to be a non issue that he promised them X time period, and they take longer.

The management seem very comfortable with the timeline and process for how they operate.
And obviously do not feel any need to advise shareholders if they don't meet estimated timelines.

The shareholder who is a local down there, said there was great support for the mine, and it was only that fringe minority of greenie nutters who were causing those disruptions.

Rahu is long into the future, there is no point wasting time or resources on it.
They have a job to do setting up the main processing plant.

One point, the "Concentrator" that keeps popping up in questions, where is it, what happened to it.
Well that is what the small plant is, and when the big fella comes in, that will be the big concentrator.
It makes concentrate, as per the jar they showed us today.

That is good, this means once plant is fully operational, its only concentrate being trucked out - correct ?

[Paint it Black]

Yep that's a good summary of what I saw too.
Matt had a broken rib and the protestor was a young girl who obviously hasn't got a job to do, like the rest of the dooby smoking sandal wearing PK hippies out front.
When Matt stole the minders cell phone and wouldn't give it back, that was quite funny.

You may be wrong on one point, but it wasn't clear, as they are lousy promoters you cant really hear properly who jumble there words and are not concise enough on shareholder concerns.

But it appeared to me that they said a resource consent for a full scale plant, would "NOT" be required, if they built it on the same site as the existing pilot plant.

We all got confirmation that the protestor is a lesbian, after one shareholder offered to bet her that she was one, and she confirmed.

Assay Results, take time, and Mat Hill obviously didn't realise how many they would be doing, and how long it would take.
It seemed to him to be a non issue that he promised them X time period, and they take longer.

The management seem very comfortable with the timeline and process for how they operate.
And obviously do not feel any need to advise shareholders if they don't meet estimated timelines.

The shareholder who is a local down there, said there was great support for the mine, and it was only that fringe minority of greenie nutters who were causing those disruptions.

Rahu is long into the future, there is no point wasting time or resources on it.
They have a job to do setting up the main processing plant.

One point, the "Concentrator" that keeps popping up in questions, where is it, what happened to it.
Well that is what the small plant is, and when the big fella comes in, that will be the big concentrator.
It makes concentrate, as per the jar they showed us today.

That is good, this means once plant is fully operational, its only concentrate being trucked out - correct ?

My take on the big plant is that a Resource Consent will be needed however possibly it can be 'non notified' on the back of the pilot plant already successfully operating within the conditions of the current consent and may quickly be consented. My understanding is the grey concentrate you saw is the end result of the pilot plant processing before smelting. They still need to truck the ore from the mine to the plant. The ore I understand will be preselected from the veins to minimise trucking costs.

[jonu]

I also attended the meeting. The two protestors were arrogant and smug. I think they thought themselves awfully clever. One was smiling away taking footage on her Smartphone. I don't suppose she considered where the precious metals within it came from.

I have a couple of interesting things to report on, but it has been a very long day, I will post some more feedback from the meeting and some interesting discussions I had afterwards when I get time

[chippy52]

I do hope this person sought the approval of those attending the meeting before posting photos on line !!

[Jay]

I do hope this person sought the approval of those attending the meeting before posting photos on line !!

If not should report them to the privacy commission!
Is an ASM considered a public place, would not have thought so.

I see signs up all the time now, about please do not take photos/videos at places like public swimming pools etc, - all around privacy - means you cannot take photos of your little Johnny/Jane learning to swim in case you include other children/people and you may publish it online somewhere

[iceman]

Obviously the Christchurch Call isn’t making much difference as it was supposed to stop terrorists filming and streaming their actions !!

[Ltw]

I also attended the meeting. The two protestors were arrogant and smug. I think they thought themselves awfully clever. One was smiling away taking footage on her Smartphone. I don't suppose she considered where the precious metals within it came from.

I have a couple of interesting things to report on, but it has been a very long day, I will post some more feedback from the meeting and some interesting discussions I had afterwards when I get time

Look forward to hearing your feedback jonu

[Paint it Black]

Obviously the Christchurch Call isnÂ’t making much difference as it was supposed to stop terrorists filming and streaming their actions !!

I agree but have to say it is unnerving having someone unexpectedly stand on a stage in front of you unfurl a red banner and begin chanting a doctrine. To add to that then see a young woman filming it with a strange smile on her face. Light years from Beslan obviously but have to say it was initially a surreal situation where things could have gone badly wrong. ....

[Landyman]

Thanks for the update all - in summary, patience my dear NTL holders.

[jonu]

Righto, I think most of the general commentary from the Meeting has been covered but a couple of things from my day....I asked Board member and geologist Murray Stevens whether one of the old drill samples showing over 1kg per tonne was likely just luck of hitting a sweet spot, or whether it was geologically possible for that sort of grade to continue along the vein. His answer was that it was entirely possible, and that he has always felt that vein mirrored one of the existing worked veins. He did say it was likely to fluctuate along its length.

Remember this is a vein that has never been worked, is extra to existing Resource, and is now reasonably easy to access by digging across.

I appreciate there is a lot of frustration over delays in the assay results but in the scheme of things a few days is immaterial. I remain extremely upbeat. I also had brief chats with Charbel Nader and Matt Hill around processing of ore and the various options. My impression is that NTL are in a very good position to pick what is going to suit them best, and will have several options available. Some would require less or no Capital and provide quick cashflow, or the longer more expensive route with higher returns.

I had another interesting discussion after the meeting with a chap in the foyer which I will post about seperately to clearly delineate it from anything to do with the Board or Company itself.