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I sent an email to Alan Coutts asking him what was the Company’s thinking in seeking financing for a drilling campaign when we already had a substantial portfolio of metals. I suggested it would be better not to finance and just work with the government agencies and indigenous people to get the road built to the “Ring”.
His answer is below.
Bob, continued exploration success puts pressure on governments to support the development of infrastructure and keeps the company high profile and active. Also, we’ve found that one of the best ways of advancing relationships with the local First Nations is through employment and training. Around 65% of our workers over the past 9 months are from F/N communities working as drillers, geophysical assistants, line cutters etc. We are trying to add tonnage in and around our existing Ni-Cu project to enhance economics while also pushing on the two other files you mentioned. The last strategic focus is continuing to consolidate the region at low cost while the market is soft. When we get the road, we will be in great shape to benefit from the next bull market.
Stockwatch posted the SEDAR Preliminary Short Form Prospectus on the financing yesterday at 16:37.
I am sure the Europeans were able to read the info and trade accordingly.
Bob
Nothing unexpected yet nice to hear from our CEO:
Bob, thanks for your request and for being a long term share holder. Although the markets are terrible, we are quite happy with the progress on a number of fronts at Noront.
In the last quarter, we finalized the acquisition of the Cliffs properties, obtained our regional exploration permits and received the final terms of reference for our Environmental Assessment process.
We are having very constructive dialogue with the impacted First Nations and have been invited to participate at the regional framework discussion tables.
Next steps are to file the 43-101 report on the chromite assets and to sign MOUs with some of the First Nations to demonstrate progress in the permitting.
Hope this update helps.
Alan
Alan Coutts
President & CEO
Noront Resources Ltd.
416-367-1444
NPV - (w/ shared infrastruture $) PFS $560M vs PA $540M
Infrastructure, Development and Sustaining Capital -
PFS - $877m vs PA $870-925M
Operating Costs - PFS $75-80/tonne vs PA $120-130/tonne
Operating Costs per pound of nickel equivalient - PFS $2.75/tonne vs PA $3.00
Capital payback - PFS 3 years vs PA 3-4 years
Prices for significant metal produced -
Nickel PFS -$8.62 vs PA $9.08
Copper PFS - $3.08 vs PA $2.92
Of course neither study includes 9.0m tonnes of inferred.
I think our day is coming soon.