Views: 6,586

 

This research note was compiled in March 2017 and there's plenty to get stuck into here but you should also acquaint yourself with company developments since then:

 

21/09/2017 Multiple high grade gold intersections at Dorothe

 

06/09/2017 New IRR Corporate Presentation

 

05/09/2017 Ironridge completes acquisition of Tekton Minerals

 

08/08/2017 New senior appointment

 

07/08/2017 Infill gold soil results received

 

31/07/2017 Lithium project update-Ghana

 

30/06/2017 Subscription and placing to raise £8.25m at 35p

 

14/06/2017 Historical lithium resource located in Ghana

 

09/06/2017 Enchi Proci partnership goes unconditional (Ivory Coast - Lithium)

 

07/06/2017 Operational update Ivory Coast

 

23/05/2017 Exceptional high grade lithium results in Ghana

 

20/04/2017 Further prospective gold projects in Ivory Coast

 

18/04/2017 Expanded gold portfolio secured in Ivory Coast

 

Blog contributed by @Toro  with relevant charts by @bonker99 at the bottom of the blog:

 

 

Page 1
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Research Note
: IronRidge Resources
March
2017
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Issued Share Capital:
238,220,000
Share Price £:
0.44
Market Cap £:
104,816,800
£
Est. Cash Balance £:
4,000,000
£
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Research Summary
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IronRidge Resources (LSE: IRR) is an AIM listed multi-commodity exploration company with a target to become a global resource bank.
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IronRidge was created by DGR Global who also brought SOLG into existence. IronRidge has licence areas in Australia, Gabon, Chad and
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Ivory Coast, currently 44 assets / licences in total. They have ~£4m in the bank and are backed by Sumitomo Corp. and Assore (42%
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shareholding and 3 board members). DGR Global have retained at 26% stake. Only 240m shares in issue and 88% held by the top 20
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shareholders.
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Tchibanga, Belinga Sud, Tchibanga Nord (Gabon) Iron Ore
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Recent rising iron prices have put these assets back on the map. Previous company estimates at $85 iron give Tchibanga an NPV of
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$4.8billion and Belinga Sud an NPV of $1.6billion (see Indaba 2015 presentation). Iron currently at ~$90 changes this to a combined
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$8billion. IronRidge is waiting for prices to stabilise but with world population growth continuing, infrastructure spending (especially in
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emerging nations) may continue to drive prices even higher.
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Monogorillby (Australia) Bauxite & Titanium
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Maiden JORC completed in 2016. IronRidge are still drilling to increase the resource. Estimated only 2% of licence areas drilled to date
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with JORC compliant bauxite resource at 55MT.
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PMR Research Ltd recently stated that “on average one square meter of land can extract one metric ton of aluminium”. Monogorillby is
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1484km2 so if just a fraction of that licence contains bauxite, it is worth a lot of money. *1km2 = 1000000m2
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In its 2015 company presentations, IronRidge stated a potential of 1.1billion tonnes of Titanium at 3.5% – 5% - that’s about $134billion in-
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ground value on the low side.
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Dorothe, Echbara, Nabagay, Am Ouchar (Chad) Gold
Drilling started, JORC resource expected 2017
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Superb grades up to 103g/t Au reported which are world class. High grades have been verified across the licences which combined stretch
to 1000km2. Bear in mind that most of the world’s biggest gold mines only have ~2g/t so economically it could be a significant discovery.
Vincent Mascolo (CEO) in a recent Proactive interview: “Dorothe….we think that’s going to yield a multi-million ounce deposit…….Echbara
and Am Ouchar we think will mirror that”. Likely to become a major Tier 1 gold asset.
May Queen (Australia) Gold
Drilling started, geology similar to the 2MOz Crakow gold mine which is 120km away and also similarities with the Red Dome copper-gold
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deposit with 15Mt at 2.6g/t Au (1.4MOz). Two new targets identified whilst drilling – 2km and 8km along the strike. Historic drilling
revealed grades up to 145g/t which are the third largest documented gold grades that I can find anywhere in the world!
Egyasimanku Hill Areas (Ghana) Lithium
Non-JORC resource of 1.48Mt at 1.66% Li2O hard rock, pegmatite mineralisation adjacent to huge licence areas in Ghana (totalling
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314km2). Lithium pegmatite swarm formations over 10km by 1 to 3km are significant. In comparison, Premier African Minerals’ Zulu licence
is just 3.5km2.
Enchi Proci JV Areas (Ivory Coast) Lithium
No resource estimate as yet but multiple pegmatites discovered, each over 15m to 20m wide with several hundred metre strike lengths.
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Licence areas in Ivory Coast total 1338km2 which alone is the largest lithium acreage on AIM. Combined with the Ghana licences, IronRidge
have the largest lithium exploration acreages of any UK listed company, greater than Sonora (BCN), Cinovec (EMH) and Goulamina
(Birimian) combined.
Kineta North Areas (Ivory Coast) Gold
Significant land package secured of 2310km2 which when combined with Chad and Australia makes this the largest gold exploration
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acreage on AIM. Similar splay-off structures host the world-class Syama (7Moz) and Tongon (5Moz) gold mines to the north (Gboguhue and
Vavoua Projects and Soubre Project). The southern extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz)
structure into Ivory Coast (Bianouan Project). The southern extensions of the North-South striking Wa (2.2Moz) - Konkera (3.3Moz) gold
bearing structure (Kineta North Project).
Quaggy Creek, Glencoe West (Australia) Nickel
In the IronRidge Indaba 2015 presentation, Quaggy magnetic soil sample results were compared to the infamous Nova Nickel discovery which led
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to Sirius Minerals 100 bagging on the ASX and subsequently getting sold for $1.4billion. Complex geology and high capex puts this as a lower
priority but the potential is stunning and it won’t stay at the bottom of the pile forever!
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

Page 2
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Research Note
: IronRidge Resources
March
2017
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Licence / Asset Summary #the44
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*The 4 highlighted licences in the above table are either ‘in application’ or status currently unknown.
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Image_26_0
Image_27_0
Image_28_0
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
Image_29_0
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
Image_30_0
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
Image_31_0Image_32_0Image_33_0Image_34_0Image_35_0Image_36_0Image_37_0Image_38_0Image_39_0Image_40_0Image_41_0Image_42_0Image_43_0Image_44_0Image_45_0Image_46_0
yourself (and those around you) a ton of stress!

 

 


Page 3
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Research Note
: IronRidge Resources
March
2017
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Gabon
Iron Ore
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Country:
Gabon
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Licence: Tchibanga
Tchibanga N Tchibanga S Belinga Sud
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Resource:
Iron Ore
Iron Ore
Iron Ore
Iron Ore
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Area km2
1977
1399
?
1976
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% Ownership:
100
100
100
100
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The Gabon licences are made up of 3 large iron ore deposits at
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Tchibanga, Tchbanga Nord and Belinga Sud (Tchibanga Sud
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licence is in application, status unknown. Tchibanga and Belinga
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Sud are the largest of the 3 with an estimated billion tonnes of
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iron ore at each. These assets were put on hold in 2015 due to
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low iron prices but more recently, prices have risen significantly,
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bringing the assets back to feasibility. We await a response
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from the company regarding recent price rises and whether
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drilling will resume. Interestingly, the total licence acreage of
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5352km2 equates to almost 2% of the total country area!
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In the company’s 2015 Indaba presentation (available on
website), the table below demonstrates the viability of Tchibanga
and Belinga Sud based upon an Iron Ore price of $85. Currently,
Iron Ore prices are above $90 which increases the NPV of both
projects (as if a combined NPV of $6.4 billion is not enough). The
Capex for Belinga Sud is significantly higher than Tchibanga
mainly due to proximity to port.
The graphic below shows the continents during the late
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Triassic period (pre-brek-up) and location of Gabon within a
4000km Iron Belt between Carajas in Brazil (world’s largest
Iron Ore mine, owned and operated by Vale) and Pilbara in
Australia (world’s largest integrated portfolio of Iron Ore
assets, owned and operated by Rio Tinto). The positioning
of the Gabon assets within this belt indicates that IronRidge
are sitting on a world class deposit.
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Significantly,
the above figures do not take Tchibanga Nord into a
ccount
this is a 1399km
2
licence!
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The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
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investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
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about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

Page 4
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Research Note
: IronRidge Resources
March
2017
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Tchibanga & Tchibanga Nord Extrapolated Resource Ca
lculations
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Image_68_0__rendered_path__38
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

 

 


Page 5
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Tchibanga & Tchibanga Nord Extrapolated Resource Ca
lculations
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Image_77_0__rendered_path__40
Image_79_0
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

Page 6
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Research Note
: IronRidge Resources
March
2017
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Monogorillby
Bauxite and
Titanium
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Country:
Australia
Monogorillby Bauxite maiden JORC is 55Mt with one of only six targets drilled to
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Licence:
Monogorillby x 10
date. As shown in diagram below – only the blue box has been drilled. Another
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Resource:
Bauxite + Titanium
54 of these sized boxes can be roughly fitted into the remaining licence areas
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Area km2
% Ownership:
1400
100
meaning the figure is closer to 2% indicating huge
If we just use the six targets as an ultra-conserva
estimated resource will be 330Mt giving an estimate
potential for resource upgrade.
tive multiplier, the total
d in-ground value of $6.1bn.
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Rather confusingly, the July 2016 Maiden Resource RNS focused on the Bauxite with Titanium taking a back-seat. The
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titanium did get a mention – “Additional high-grade titanium (average 3.8% to 5% TiO2 from drilling) occurs within the
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bauxite profile with highest grades at surface; potential scope for a staged, early start-up dual premium DSO and titanium
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concentrate product.” Also, the table below implies that Titanium is also included in the JORC.
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If we apply the same logic (as for the Bauxite) to
the current estimates, again this is 330Mt but at 3
and $3500/t this gives an estimated $43.9bn in-grou
the Titanium, at 6 x
.8% TiO2 (low side)
nd value.
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However, the image on the right, taken from the company’s Indaba
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2015 presentation indicates that the estimate is 1.1bt of ore. This
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calculates to an estimate of $146.3bn on the 3.8% low side and
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$200.2bn on the 5.2% (high side).
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It took 7 months from the original ‘discovery’ RNS to the Maiden
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Resource (JORC) RNS. At time of writing, it’s been 8 months
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since the Maiden Resource (JORC) RNS. I firmly believe that an
update / upgrade at Monogorilby is imminent.
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

 

 


Page 7
Image_12_0
Research Note
: IronRidge Resources
March
2017
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May Queen – Gold and Copper
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May Queen
(100% owned by IronRidge)
is located between 2 historic gold areas in Queensl
and, Australia. The Gympie Gold
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Fields were first explored around 1850 when gold fe
ver hit the area. Still today, using modern mining
and processing
techniques, the estimated resources are over 6m oun
ces.
The Cracow gold mine is owned and operated by Evolu
(and they have already mined nearly 1m ounces). Th
Cracow mine with an initial estimate of 2MOz gold.
tion Mining and current resource estimates stand at
e latest drilling results from May Queen draw comp
2.4m ounces
arison to the
Multiple high-grade gold and copper drill intersect
· 2m @ 13.5 g/t Au;
· 3m @ 6.95 g/t Au;
· 3m @ 2.58 g/t Au; and
· 1m @ 0.62 g/t Au & 1.3% Cu.
ions reported, including:
Historical intersections including:
· 4m @ 38.8g/t Au (at end of hole) and 3m @ 18
· 2m @ 73.4 g/t Au, including 1m @ 145g/t Au i
Some initial cost estimates for a future producing
costs $800 an ounce to extract, if ROM is the same
NPAT/yr (after tax) is £28.8m resulting in estimate
.9g/t Au in hole BPH15;
n hole BPH1.
May Queen: if we do have between 1Moz and 2MOz oun
as Cracow (at 100k ounces pa), with gold around $12
d sp of 60p (at PE of 5). That’s just for May Quee
ces of gold, if it
50 an ounce, the
n (just 1 out of 44).
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Gold mineralisation occurs along the contact zone and in
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close proximity to the porphyry dykes. In detail, the gold
lies within quartz chalcedony veinlets within a few metres
of the porphyry contacts. Sulphide contents are generally
less than 1% and there is a broad correlation with tellurium
in the analyses. This is typical of the epithermal gold
occurrences that appear in this district. The largest of
these occurrences are at the 2Moz Cracow mine.
The company also reported “additional multiple high-
priority untested magnetic anomalies 2km to 8km to the
south-east suggest copper-gold porphyry potential” as
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shown in the picture to the left. The most Easterly of these
additional targets is significantly bigger than May Queen
and all fall within the licence areas.
Copper - gold (potential ‘skarn’ type mineralisation associated with copper-gold porphyries) was intersected in the north-
east of the prospect (1m @ 1.3% Cu & 0.62g/t Au) wh
ere surface copper oxide staining had been recognis
ed in
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reconnaissance mapping. Additionally, the occurren
secondary oxidation at surface has similarities to
Northern Queensland, where there is a potential ska
ce of copper mineralisation in one of the drill int
the Red Dome copper-gold deposit within the Mungana
rn association with base metal mineralisation along
ersections and a
District, in
the sedimentary
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contact (exoscarn) in addition to bulk tonnage copp
er-gold porphyry mineralisation.
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

Page 8
Chad gold estimates based on CEO’s ProActive Invest
a multi-million ounce deposit…….Echbara and Am Ouch
In addition to the gold mineralisation
18%Ct) and rare earth targets.
The content of this research note is for informatio
about investments in the stock market or have the i
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Research Note
: IronRidge Resources
March
2017
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Chad - Gold
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Country:
Chad
600 km2 Exploration Licences + 400 km2
Reconnaissance Licenses in geographical Ouaddaï
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Resource Area: Dorothe
Echbara
Am Ouchar
Nabagay
Ade
area. The Dorothe licence:
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Main Resource:
Gold
Gold
Gold
Gold
Gold
Area1: Conceptual multi-million oz. open pit over
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Licence Area km2:
% Ownership:
200
200
200
58
58
58
58
58
400
>1km2.
Area2: Potential >700'000oz. high grade bedrock
resources in quartz veins.
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ments interview August 2016 “
Dorothe….we think that’s going to yiel
d
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ar we think will mirror that”
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During the year the company’s technical team have confirmed and
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defined 3 gold on the 5 Licenses using a combination of archive
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material, soil/stream geochemistry, remote sensing imagery
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interpretation, prospecting, geological mapping and rock sampling with
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significant outcropping gold mineralisations on the gold targets.
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In all cases extensive outcropping gold mineralisation is structurally
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controlled and hosted in Precambrian schists and gneisses of the
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Sahara Craton. Within the 3 targets (Dorothe, Am Ouchar and Echbara),
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a significant number of rock chip samples have grades of over 10 g/t
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and up to 103 g/t Au over footprint of up to 4km2 giving the potential
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for a multi-million ounces resource.
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High grade outcropping mineralisation with simple metallurgy provides
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the opportunity for low capex/opex short term start up optionally for
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early cash flow and shareholder return.
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Gold Grades Comparison (AIM + Randgold)
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World's Top 5 (documented) Gold Grades
Other Gold Grades (mainly AIM) examples
Other Gold Grades (Randgold) examples
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Company
Resource Area
Grades g/ t
Company
Resource Area
Grades g/ t
Company
Resource Area
Grades g/ t
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Kirkland Lake Gold
Fosterville
Up to 1429
Xtract
Manica
Up to 2.53
Rangold Resources
Gounkoto
Up to 7.2
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Klondex Mines
True North
Up to 160.6
Solomon Gold
Cascabel
Up to 2.2
Rangold Resources
Loulo
Up to 5.3
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IronRidge Resources
May Queen
Up to 145
Kodal Minerals
Nangalasso
Up to 7.12
Rangold Resources
Morila
Up to 4.0
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Klondex Mines
Fire Creek
Up to 134.5
ASA Resource
Freda Rebecca Up to 1.96
Rangold Resources
Tongon
Up to 3.3
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IronRidge Resources
Dorothe
Up to 103
IronRidge Resources
Echbara
Up to 1.29
Rangold Resources
Kibali
Up to 5.7
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Kefi Minerals
Tulu Kapi
Up to 6.26
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Kefi Minerals
Jibal Qutman
~0.8
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Orusur Mining
SGW UG
Avg 2.1
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ECR Minerals
Avoca
Up to 30
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ECR Minerals
Bailieston
Up to 4.0
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IronRidge Resources
Am Ouchar
Up to
33
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Chad – Graphite
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at Chad, the projects portfolio contains several prospective graphite (with grades up to
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n only and should not be taken as investment advice. Shares can go down as well as up and potential
__rendered_path__94__rendered_path__145__rendered_path__143
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
__rendered_path__95__rendered_path__144__rendered_path__143
nability to accept responsibility for your own actions, put your money in a building society and save
__rendered_path__145__rendered_path__145__rendered_path__147__rendered_path__148__rendered_path__148__rendered_path__150__rendered_path__152__rendered_path__153__rendered_path__147__rendered_path__152__rendered_path__148__rendered_path__154__rendered_path__153__rendered_path__152__rendered_path__148__rendered_path__153__rendered_path__145__rendered_path__148__rendered_path__143__rendered_path__148__rendered_path__143__rendered_path__145__rendered_path__143__rendered_path__148__rendered_path__155__rendered_path__156__rendered_path__157__rendered_path__158__rendered_path__157__rendered_path__159__rendered_path__143__rendered_path__145__rendered_path__157__rendered_path__159__rendered_path__163__rendered_path__181__rendered_path__184__rendered_path__201__rendered_path__204__rendered_path__208
yourself (and those around you) a ton of stress!

Page 9
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Image_119_0
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
Image_120_0
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
Image_121_0
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
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yourself (and those around you) a ton of stress!

 

 


Page 10
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Ghana - Lithium
__rendered_path__48
This huge project area (238km2) is located on the southern margin of the Cape Coast Batholith, a major 100x200km granitic
__rendered_path__49
intrusive complex occurring along the southern-central coastline of Ghana and part of the West African shield. Below, the
graphic shows licence areas and applications as wel
l as currently mapped pegmatite outcrops and veins.
Of particular interest here is the ‘pegmatite vein swarm zone’ – an area spanning 10km x 1 – 3km containing multiple
mapped pegmatites, indicating that this area could
areas with historic Egyasimanku Hill (1.66% Li2O) i
potentially be one of the world’s largest lithium s
ndicating high grade potential.
podumene bearing
Image_767_0
The
table below shows pegmatite mineralised zone
area
comparisons for some of
the world’s largest and highest grade
hard rock lithium deposits. It is a guide illustra
high grade Egyasimanku Hill resource (non-JORC). O
significant. Ore bodies are defined by volume and
ting the potential significance of IronRidge’s lith
nly an extensive drilling campaign can prove that t
this can only be obtained using mapped depth and wi
ium licences adjacent to the
he area is
dths.
Image_768_0
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
Image_769_0
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
Image_770_0
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
Image_771_0Image_772_0Image_773_0Image_774_0Image_775_0Image_776_0Image_777_0Image_778_0Image_779_0
yourself (and those around you) a ton of stress!

Page 11
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Ivory Coast - Lithium
The Company has secured through its wholly owned (1
00%) local subsidiary, access rights to three addit
ional applications
__rendered_path__63
covering a total of 938km2 for lithium and associated minerals within the Ivory Coast. The tenement portfolio, in addition
__rendered_path__64
to the existing Ench Proci JV area (400km2) covers highly prospective fractionated granitic intrusive centres with historical
lithium and columbite-tantalum occurrences and confirmed outcropping pegmatites. The license and applications
constitute part of a broader West African Lithium strategy with additional hard rock lithium pegmatite projects in Ghana
(announced on 20 October 2016) for a total 1,652km
2
landholding over highly prospective and proven peg
matite terrains.
Image_786_0__rendered_path__81
Taken from IronRidge
Resources website (ironridgeresources.com.au):
“As has been demonstrated at the Goulamina Project
(15.5Mt @ 1.48% Li2O), the Birimian of West Africa
represents a
highly prospective yet hugely under-explored mineralised domain for lithium bearing pegmatites; often overlooked for gold
deposits.
The Company has secured a total 714km2 land package
in Ghana and Ivory Coast via joint venture and dir
ect application,
including access rights to a historic lithium bearing pegmatite resource (non-JORC) of 1.48Mt @ 1.66% Li2O at Egyasimanku
Hill in Ghana.
All projects are highly prospective for spodumene, lepidolite and amblygonite; principle minerals within hard-rock
‘pegmatite’ ores for lithium concentrate globally. Additionally the project areas are prospective for accessory beryllium, Ta-
Nb, Sn and Au associated with the pegmatites.”
Interesting comparison to Goulamina which has been the centre of lithium discussion due to the failed purchase by
Shandong Mingrui early 2017.
Even more interesting is the FACT that IronRidge Resources has the largest lithium exploration acreage of any UK listed
company! Greater than Sonora (BCN), Cinovec (EMH)
and Goulamina (Birimian) combined.
__rendered_path__115
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
__rendered_path__119
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

 

 


Page 12
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Ivory Coast - Gold
__rendered_path__66
The Company has secured via Earn
3,510km2 within the Ivory Coast, West Africa. The t
third order structures along proven, gold bearing s
-
In
Agreements, access rights to nine (9) licenses and
enement portfolio covers major shear zones and asso
hears.
applications covering a total of
ciated second and
Image_793_0__rendered_path__67
Geological and geographical comparisons to neighbou
ring proven deposits:
Two significant splay structures off the Sassandra
Shield in Liberia from the younger intrusive and me
Shear Zone that effectively separates the older Arc
tasedimentary rocks of the West African Birimian Se
hean Craton of the Leo
quence to the east.
Similar splay-off structures host the world-class Syama (7Moz) and Tongon (5Moz) gold mines to the north (Gboguhue and
__rendered_path__87
Vavoua Projects and Soubre Project).
__rendered_path__93
The southern extension of the hugely gold prolific
Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz) str
ucture into Ivory
__rendered_path__94
Coast (Bianouan Project). The southern extensions of the North-South striking Wa (2.2Moz) - Konkera (3.3Moz) gold
bearing structure (Bouna, Kineta North, Kineta and Marahui Projects).
__rendered_path__105
The Vavoua license and Gboguhue application occur along a major splay structure off the Sassandra Shear Zone; a major
__rendered_path__106
crustal bounding fault between the Archean Leo Shield to the west and Birimian sequence to the east. Artisanal workings
__rendered_path__105
have been observed within the
45km to the south-west along the same splay structu
Syama (7Moz) and Tongon (5Moz) gold mines. The Dugb
Vavoua
license, representing likely extensions of the lar
re. Similar splay structures occurring to the north
e deposit (4.2Moz) occurs along a splay structure t
ge scale gold artisanal workings
host the world-class
o the south,
__rendered_path__107
providing further evidence for the gold endowment of the region.
__rendered_path__93
The
Bouna
,
Kineta North
,
Kineta
and
Marahui
applications and license represents an exciting op
portunity along the poorly
__rendered_path__87
explored southern extensions of the gold mineralised Wa (2.2Moz) - Konkera (3.3Moz) Wa-Lawra Shear zone. Extensive
__rendered_path__126
'hard rock' artisanal workings and quartz veining has been defined within the license area over an 8km strike.
__rendered_path__139
__rendered_path__140
IronRidge Resources total gold exploration acreage is larger than any other AIM listed company!
__rendered_path__141
__rendered_path__142
__rendered_path__159
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

Page 13
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Australia – Nickel / Cobalt
In the 2015 Indaba Presenentation
,
the magnetic survey data acquired from the
Quaggy
Creek
licence area was compared
__rendered_path__73
directly to that of the famous NOVA Nickel discovery made by Sirius Minerals (a close neighbour to Quaggy). The slide in
__rendered_path__74
question even showed the Sirius share price chart when it increased 100x in just a few weeks in 2012. Sirius was eventually
bought for $1.4b.
Image_800_0
Image_801_0
Due to the large capex requirement and complex Nickel mineralisation, Quaggy Creek has been put at the bottom of the
Image_802_0
priority list but it’s entirely possible that this could become a key asset for IronRidge.
Image_803_0
Image_804_0
Glencoe West offers similar (if not more) potential but the status of this licence is currently unknown
Image_805_0
Image_806_0
Text taken from AIM Admission Document:
Image_807_0
“Magnetic testing of the Quaggy Prospect produced a
Image_808_0
strong magnetic feature that can be traced under the
Image_809_0
overlying laterite and alluvial cover. Soil cover (derived
Image_810_0
from the underlying gabbro) to the east is strongly
anomalous in copper, nickel, cobalt and associated
platinum group metals. The combination of geology, soil
__rendered_path__94
geochemistry and underlying conductors demonstrates in
__rendered_path__97
the view of Directors a potential for a new nickel district
__rendered_path__100
similar to that recently discovered by Sirius Resources NL
__rendered_path__103
(Nova Prospect) in Western Australia.”
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

 

 


Page 14
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
AIM Listing / IPO
IronRidge
Resources was floated on IM on February 12
th
, 2015 raising £9.7m and with an investor subscript
ion price of 10p
__rendered_path__94
per share giving the company a market value of £23.7m. At the start of the trading session, shares were quoted at 10.75p
__rendered_path__95
Shareholders / Backers
__rendered_path__91
Image_817_0__rendered_path__92
Image_818_0
Shareholder Relationships
Image_819_0
Sumitomo own
Oresteel holds a 52.28% controlling interest in Ass
Assore own 50% of Assmang, a mining company which p
ferroalloys and chrome ferroalloys.
Assore also hold 29.9% of IronRidge
IronRidge hold 60% of Tekton Minerals
49% of Oresteel Investments Ltd.
ore Ltd.
roduces iron ore, manganese ore, chrome ore, mangan
ese
Image_820_0
DGR Global Notes
Image_821_0
DGR holds an interest in SolGold (17%), AusTin Mini
ng (23%), Dark Horse Resources (16%), Armour Energy
(23%) and
Image_822_0
IronRidge Resources (26%) with IronRidge being their biggest spin-off holding to date. In 2006, DGR Global created Orbis
__rendered_path__97__rendered_path__117
Gold which was subsequently floated on the ASX for approximately £20m. Orbis had gold exploration licences in Burkina
__rendered_path__98__rendered_path__118
Faso, West Africa with high grades (up to 17g/t) and a total resource of 1.8m ounces. In 2014, Orbis was the subject of a
hostile takeover and was eventually bought out for
approximately £100m by SEMAFO.
More recently, rising AIM star SolGold (LSE:SOLG), reached a market cap of £800m (before dropping back) after Australian
gold giant Newcrest Mining took a 10% stake and BHP declared that they were also interested in the company.
Sumitomo Notes
General
- "We are trying as hard as we can to cause a stir
in the industry so that Sumitomo Corporation will e
xert a unique
__rendered_path__114
presence and contribute to a stable supply of resources for Japan"
__rendered_path__115
Finance / funding
Madagascar.
- In 2007 Sumitomo raised $2.1b with several Japane
se banks to finance the Ambatovy Nickel Project in
Resource - In 2006, Sumitomo & Showa Denko combined their Aluminium operations to create Summit Showa Aluminum
Ltd., of which Sumitomo will own a 65.76% equity st
manufacturer in Japan. Aluminium is manufactured f
ake, Showa Denko 33.33% and making the second large
rom Bauxi
te which IRR have at Monogorillby, Australia.
st Aluminium
The content of this research note is for informatio
Buy Out
– After holding a stake for several years, in 2009
investors should seek professional help before thro
n only and should not be taken as investment advice
Sumitomo purchased all of the shares in Minera San
wing any money at AIM especially after reading soci
al media or bulletin boards. If you are unsure
. Shares can go down as well as up and potential
Cristobal
about investments in the stock market or have the i
S.A.
nability to accept responsibility for your own acti
ons, put your money in a building society and save
__rendered_path__80__rendered_path__81
yourself (and those around you) a ton of stress!

Page 15
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Assore Notes
Assore Limited (Assore
group’s principal investment is a 50% interest in A
Minerals Limited (ARM). The group, through its vari
) is a mining holding company principally engaged i
n ventures involving base minerals and metals. The
ssmang Limited (Assmang) which it controls jointly
with African Rainbow
ous joint venture entities and subsidiary companies
, is involved in the
__rendered_path__133
mining of manganese, iron and chrome ores together
with other industrial minerals and the manufacture
of manganese and
__rendered_path__134
chrome alloys. Assore is also responsible for marke
ting all products produced, the bulk of which is ex
ported and the remainder
either used in the group’s beneficiation processes
or sold locally. The company was incorporated in 19
50 and its shares are
listed on the JSE Limited under “Assore” in the gen
eral mining sector.
Assmang Notes
Assmang Proprietary Limited, a company incorporated
companies. The Company mines manganese ore at the B
Mines in the Northern Cape Province. The Company al
in the Republic of South Africa and its joint vent
lack Rock Mining Complex and iron ore at Khumani an
so produces manganese alloys at its works at Cato R
ure and subsidiary
d Beeshoek
idge in the Kwazulu-
__rendered_path__136
Natal province and at Machadodorp in the Mpumalanga
province. Cato Ridge Alloys Proprietary Limited, a
joint venture
__rendered_path__137
between the Company and Mizushima Ferroalloys Compa
ny Limited (40%) and Sumitomo Corporation (10%), bo
th of Japan,
produces refined manganese alloys at Cato Ridge Wor
ks.
Tekton Minerals Notes (IronRidge 58% Ownership)
Tekton
strong board and management team that have worked t
evaluating, attracting funding and developing miner
Minerals is a company specialising in Mineral Explo
ration, evaluation and project development; the com
ogether for over 15 years and has proven experience
al projects in sub Saharan Africa for a number of m
pany has a
in identifying,
ajor international
__rendered_path__110
mining companies including the world class Simandou project in Guinea for Rio Tinto and the world class Zanaga Iron Ore
__rendered_path__111
project for Glencore formerly Xstrata.
Board of Directors (Snapshot)
Nicholas Mather, Executive Chairman
__rendered_path__89
Mr Mather was co-founder of Arrow Energy NL, was re
sponsible for the generation of its Surat Basin Coa
l Bed Methane
__rendered_path__90
project and served as an executive director until 2
004. Arrow Energy was acquired in 2010 by Shell and
PetroChina, for a
value of approximately $3.5 billion. Several IronR
idge Resources presentations focus on Nick Mather’s
previous history in
building and selling companies. Currently leading
Solomon Gold (LSE: SOLG) to a £800m market cap. Al
so on board of DGR
Global.
Nick Mather’s impressive CV (being bought out) has
been widely documented by both IronRidge Resources
and DGR Global:
Image_829_0
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!

 

 


Page 16
Image_12_0
Research Note
: IronRidge Resources
March
2017
__rendered_path__20__rendered_path__25
Board of Directors (continued)
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Vincent Mascolo, Chief Executive Officer
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Mining Engineer with extensive experience of gold mining and civil works. Also on board of DGR Global.
Mr Kenichiro Tsubaki, Non Executive Director
Mr Tsubaki is currently Head of Sumitomo’s Iron & Steel Making Raw Materials Department Tokyo. Prior to this
appointment Mr Tsubaki has held several key roles with Sumitomo Corporation including the Division Manager for
Sumitomo South Africa.
Mr Bastiaan Hendrikus van Aswegen, Non Executive Director
Joined Assore in 2003 as Consulting Metallurgist and is a memeber of the Assmang Operations Committee. In September
2012 he was appointed Group Technical and Operations Director of Assore and a director of Assmang. Executive Director
of Assore Limited responsible for the business, tec
Limited.
hnical and operational strategy of the Assore Group
s and Assmang
Crude Valuations
1. At current iron prices, the Gabon Assets (Tchiba
stupidly conservative and say this is worth just 1%
2. Based upon our current JORC at Monogorilby, extr
330Mt of Bauxite valued at ~$6bn. Let's say, for a
prospective buyer - that's $60m or £49m.
3. Also at Monogorilby, we have the Titanium which
there's only 500Mt at 3.5% - that's ~$61bn in the g
very very cheap deal would fetch just 0.1% of in-gr
valuation).
4. May Queen has been compared to both Cracow and G
Airing on the side of caution, let's say we have 1M
discovered gold so another $30m or £24m.
5. VM said that Chad's Dorothe could hold 'several
carry on with cautionary numbers and say that we ha
thumb' at $30 per ounce of discovered gold = $90m o
If we add these utterly absurd valuations together,
NM and VM to do deals way beyond figures I’ve used,
nga and Belinga Sud only) have an estimated NPV of
of NPV (ridiculous, I know) but that gives us $64m
apolate this out to include all 6 targets and we ha
rgument's sake, that this is only worth 1% of the i
could be up to 1.1bt at 3.8 - 5.2%. Let's be cauti
round. Now Titanium is harder to mine, bigger cape
ound value = $61m or £50m (again, that's an absolut
ympie in Australia which are both multi-million oun
30 per ounce of
Oz, that's $1.2bn in the ground, rule of thumb is $
rror this'. Let's
million ounces' and Am Ouchar and Echbara 'could mi
ve just 3MOz, that's $3.6bn in the ground and using
the 'rule of
r £73m
the fact that I expect
this is £248m or sp of 104p. Obviously, based on
I also expect the sp to be multiples of 104p.
$6.4bn. Let's
or £52m.
ve an estimate of
n-ground value to a
ous and say that
x etc so maybe a
ely ridiculous
ce deposits.
be
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investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save