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Unfortunately, that will not translate into anything for Keystone. They still have $150m in AR. Not good.
How did this work out for you?
Can't argue that, all it means to me is that this maybe still has a pulse.
Shareholders, Holders of Share Rights, and Stakeholders of Equity Security Funders and Copper King Mining.
In our last update I mentioned that we would follow-up with more specific information on some of our projects. This is a follow-up outlining our partnership with Scott/West Pac.
Some of you are aware that we have been working with S/WP for a while. When Cherie Tilley and I met with them, Cherie was very impressed with some of the technology they presented to us and with the potential in the concentrates and ore bodies they own. He encouraged me to pursue a business relationship with them as he felt they had “incredible potential.”
We, meaning ESF, are now full partners with Scott West in all of the above mentioned technology and mineral assets. These assets have the potential to add millions of dollars worth of value to the asset base of ESF.
The following is an update on the status of some of the concentrates of S/W.
Lee Abbott
_______________________________
Scott/West Pac Newsletter June 28, 2023
It’s time to update stakeholders and friends on our activities and progress and share our enthusiasm about evolving possibilities.
While some are interested in our promising lignite compression technology, our “rocket science” pump and/or our amazing farming and gardening product, Nature’s Perfect, our current focus is on the important opportunity presented to us by the precious metals concentrates in our possession.
This decision is result of evolving technologies and conditions that have been many years and much effort in the making. We now sense that we are in a very favorable position to move forward and capitalize on these circumstances.
In the past, we have been intercepted by technological shortfall and other conditions that have stymied progress, but we know that we have control of some very valuable assets. We were encouraged early on by highly educated and experienced men, two of whom are Dr. Harvey Mecham and Cherie Tilley. They both advised us to stay the course.
Dr. Mecham was a scientist and university professor (chemistry, microbiology, electronics, nanotechnology) who had also worked at Oak Ridge National Laboratory in Tennessee, Los Alamos National Laboratory in New Mexico and other well known institutions. His wide experience, visionary talents and scientific consultations have been very helpful. Regrettably, he has recently passed away.
Cherie Tilley has been involved in hundreds of mining projects both as a hands-on miner and as an executive of major companies. When he first saw the assay results from our material, Cherie could have been dismissive or even hostile, but he was positive and intrigued. He said, “Well, this is certainly well worth pursuing. You would never find this type of assay result in a head ore, but remember this is a concentrate. So those numbers absolutely can be real.” “The big question is can those complex molecular bonds be broken and the minerals recovered? I would say, YES! Technology is moving forward fast and I think it could happen quickly now.”
True to Tilley’s prediction, over the past few months, we have reached some milestones and obtained encouraging small-scale results in the lab. It has also become apparent that some of these procedures are scalable. Our objective of reaching commercial level extraction and production now seems attainable in short term.
We are at that point with two of our concentrates, the simplest and least expensive to process being the “Omega Ore,” of which there is an abundant supply.
The Omega Ore is a gold-bearing, precious metal concentrate that has shown very high value in lab level test results from highly respected and well known labs. Recognizing that lab tests are not always linearly scalable, our testing suggests that we can achieve high value recovery in expanded volume procedures.
Based on our testing and research we believe over time and with appropriate adjustments to our process we can recover a minimum of 10 ounces of gold per ton. However, we will probably not start at that level of production. Our pro-forma starts at a recovery rate of 2 ounces per ton.
Our pressing objective is to get the Omega Ore into production and begin selling gold into the marketplace ASAP. We are well into obtaining necessary facilities and equipment but need additional funding to complete it.
We still need additional commercial level metallurgical process engineering, purchase or lease of upgraded lab equipment, purchase or lease of processing equipment and lease or purchase of appropriate facilities.
We will provide our Omega Ore pro-forma and other financial projections upon request.
Thank you for your support. If you have any questions please let us know.
Sincerely,
Lee Abbott
ESF, CPRK
Scott/West Pac
The number of ESF shares changes almost weekly. Right now there are 6,022,736 issued. However, there are about that many more committed but not yet issued and there are some of those 6,022,736 that are scheduled to be surrendered to the treasury when certain criteria are met. So, it fluctuates.
No, no reply to the question. will ask again.
Anyone know how many ESF shares were issued and the number CPRKQ are supposed to have been reduced to?
What does that even mean?, or was it just a rant after too many bud light's?
Gulf Keystone Petroleum Ltd. (LSE: GKP)
(“Gulf Keystone”, “GKP” or “the Company”)
Operational & Corporate Update
Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“KRI” or “Kurdistan”), is today providing an update on operational and corporate activity and 2023 guidance following the shut-in of the Iraq-Turkey pipeline on 25 March 2023.
Jon Harris, Gulf Keystone's Chief Executive Officer, said:
“Gulf Keystone was on track to deliver another year of strong profitable production growth and robust cash flow generation until the Iraq-Turkey pipeline arbitration award resulted in the suspension of pipeline exports. March production prior to the pipeline suspension averaged c.53,700 bopd with plans to bring on SH-18 in Q2 2023 and ongoing facilities expansion activities.
The lack of crude oil exports for a month has further exacerbated delays in KRG payments to international oil companies with uncertainty on when consistent monthly payments will resume and when the current overdue amount of $102 million net to GKP will be paid.
While we continue to believe that the pipeline shut-in is temporary and the KRG will resume more normalised payments, we are prudently taking action to preserve liquidity by targeting a reduction of costs across the business. We are closely monitoring the situation and will take further appropriate action as required.”
Operational
Up to the Iraq-Turkey pipeline shut-in on 25 March 2023, gross average production in 2023 of c.49,200 bopd and in March 2023 of c.53,700 bopd, including five days in excess of 55,000 bopd
Following the suspension of exports, GKP produced at reduced rates into storage facilities prior to shutting in production at PF-1 on 31 March 2023 and at PF-2 on 13 April 2023
The suspension has resulted in a gross production deferment to date of around 1.6 million barrels, or approximately 4,400 bopd on a full-year basis
The Company continues to believe that the suspension of exports will be temporary and is ready to resume production immediately, although no official timeline to restart pipeline operations has been publicly announced by the Kurdistan Regional Government (“KRG”)
The Company understands that discussions between the KRG and the Iraqi Ministry of Oil are ongoing to implement the framework agreement announced on 4 April 2023
Upon the resumption of exports, production will be gradually ramped up with the objective of safely returning to full export capacity
The drilling of SH-18 was recently completed and the well is now being hooked-up. We expect the well to be available for start-up in Q2 2023, in line with prior guidance
Financial
The Company continues to engage with the KRG regarding the delays to oil sales payments
While the Company has received $66 million net from the KRG in 2023 for August and September 2022 oil sales, overdue receivables for the months of October 2022 to January 2023 total $102 million net on the basis of the KBT pricing mechanism
Net capital expenditures to the end of April 2023 are estimated at $45 million net, including completion of SH-17 and SH-18, well workovers, well pad preparation, long lead items and expansion of production facilities
Cash balance of $99 million at 26 April 2023
Outlook
Given the ongoing suspension of exports and continued delays to KRG payments, the Company is focussed on preserving liquidity and is targeting a reduction of costs across the business, while maintaining a strong focus on safety and long-term asset reliability
Consequently, the Company is significantly reducing planned net capital expenditures to focus on only safety critical and unavoidable contractual commitments
While our review is ongoing, we currently expect May to December 2023 net capital expenditures of $35-40 million
Full year 2023 net capital of expenditures are currently estimated at $80-85 million (prior guidance: $160-$175 million)
The Company is implementing initiatives to reduce Opex and G&A. However, until pipeline operations resume and the overall production impact from the export suspension is known, the Board is suspending production and gross Opex per barrel guidance
As part of its ongoing review, the Board is considering the previously declared final 2022 ordinary annual dividend of $25 million
The Board continues to review the implications of the current situation and is considering necessary operational, financial and legal measures to protect the Company’s interests during this period
Let's hope this keeps going for the rest of the week. Needs to move up $.25 at a time.
Hmm Horst is out Gorham is the new CEO @ $400K per year and boat load of shares. Hope he will earn them.
Makes sense, I too have been here for a couple of years, currently underwater but hopeful for the long term.
I do not like the reports that suggest the company "might or could" build a battery factory in the US, they either are or not. I am sure we can all handle the truth.
Why would that be? I do not see any earthquake news.
Great EY report.
Once the payment situation is sorted out then the company is in excellent shape. all coming together nicely.
Another divi by mid year and likely more to come. 11% yield is not too shabby to begin with but could easily double by the end of 2023
News letter out this morning.
https://mailchi.mp/9ffbd46e3e14/copperking-esf-update?e=1aa56907c7
View this email in your browser
Logo
CPRK-ESF Update 3/13/2023
"Mining is a critical part of the global economy, and it's essential that we do it in a responsible and sustainable way."
- Paul Polman
It has been some time since we had a comprehensive update, or any update at all for that matter.
I’ve heard from several of you through phone calls, emails and texts and have responded with specific information to your questions. It is way past time to bring everyone up to speed. This communication will begin that process.
I want to begin by stating that despite numerous business challenges over the past several months, we remain extremely positive and excited about the future of both ESF and Copper King. We are continuing to work every day to build on the potential of both companies. Though it is yet to show in share price, cash flow or realized gains, the potential intrinsic value and unrealized gains in valuation is up considerably.
Rather than send a large multi-page report no one would be excited to wade through I decided to use this space to give an overview of some of our projects. In subsequent letters we will go into more detail. Investors remind us often that numbers, projections, and valuations without context have little meaning so we will give plans and strategies along with projections and KPI’s in future communications.
As you are aware, there were several months over the past couple of years when large parts of the economy, slowed to a crawl. This slowdown affected many businesses, including ours. But we did continue to make progress, and we are still adding value in the form of assets, partnerships, enhanced operations and opportunities to more fully develop strategies.
While we’re busy working to reach a position where we, as shareholders, can see some actual realized returns, and monetized values on our investments, we commit to carve out the time and make the effort needed to keep everyone informed and as up to date as possible.
Most of you are aware of the major projects ESF and CK are involved in and what the goals of each are.
While in the past we have prepared separate updates on each company and sent them to the respective stakeholder lists I decided to send this letter to everyone. This decision is in response to questions from Copper King stakeholders about ESF. It is relevant to update Copper King stakeholders on ESF for three reasons.
1. Without ESF, Copper King would have been wiped out in the bankruptcy. No equity holder or unsecured creditor would have exited the bankruptcy with anything. It is important that CK stakeholders recognize that.
2. ESF has continued to be the main support keeping Copper King viable and moving forward.
3. We are exploring a possible restructure of ESF. Among other things that restructure could do two things.
a. Greatly enhance potential long term returns for ESF Investors.
b. Limit or eliminate any opportunity for investors (including Copper King stakeholders) to get involved in ESF unless they are accredited investors.
Over the next few updates we will, in greater detail, cover the projects that are keeping us so busy right now. For now, here is an overview. As shareholders/stakeholders we all have an interest in each of them.
Copper King Mining.
The short term goal is to get Copper King producing revenue and profit so that we can have a solid foundation to begin trading. We will cover that plan with an update or call a.s.a.p.
Equity Security Funders.
We have big plans for ESF moving forward. The assets that have been added to ESF over the past couple of years have performed well and continue to show great potential. Our goal is to now monetize some of those assets as quickly as possible. This will require additional capital and development time. We believe both of these hurdles can be overcome in the next few months.
Southwest Fluorspar Corporation.
Southwest Fluorspar is developing and operating our fluorspar mining business. We are working to complete the purchase of the primary mine and surrounding properties now.
Deming Milling Corporation
Deming Milling is set up to run the milling and processing operations at the Deming Mill. We are yet to complete the purchase of the mill but once that happens it will be remodeled to process fluorspar and precious metals ore in two different circuits.
In addition to the above, which we have talked about before, we also have other projects, partnerships, and investments. Some are already showing great projected RO. Others have tremendous potential which may take longer to monetize at the levels we anticipate they can reach.
Complex Ore/Concentrate.
We are partners with a group who has identified a complex ore which has been assayed, in concentrate form, by several well respected laboratories. The assays vary but the majority of them show test results with extremely high precious metals values. The challenge we have with this ore now is “perfecting” an extraction process so that it can be successfully monetized.
Potential high value by-product.
Using much the same course of action we are applying to the Complex Ore above, we are working on a process (or processes) to extract the precious metals out of a by-product which has assayed at high value. We are partners in the ownership of a substantial amount of this by-product. Again, the challenge is to monetize this by-product. Our testing has been successful in lab tests but we need to scale the process to a commercial level.
Great American Minerals Exploration.
Many of you are aware of the investment we have in GAME. GAME is not a project we control but we are one of the large investors in it. Our investment in GAME has performed well so far (in projected valuations) as drilling has confirmed resources as shown in the NI43-101. We will update you on this investment in a future detailed update. However, we want to make you aware of the fact that the management of GAME has recently overcome some major hurdles. Pending meeting some preliminary requirements, GAME is on track to do an IPO soon.
Properties.
We have interests in some other properties and prospects (mostly purchased through ESF). These include claims in California, patented properties and claims in Utah, and New Mexico and green field exploration properties in Utah, Nevada, Idaho, Montana and Arizona.
There are more initiatives and projects we will cover in future updates as they develop.
I want to thank you for your support and patience as we have worked to build something we can be proud of. Something that is cutting edge in the mining business, sustainable and profitable long term.
I also want to give special recognition to Gary Gough. Gary has been with us from the beginning. He has been an integral part of management, a “cheerleader” and a great support to all of the team. He has made major contributions to our efforts. I am sorry to inform you that Gary passed last week, he will be greatly missed. Our thoughts and prayers are with his family and loved ones.
Gary’s Obituary
Sincerely
Lee Abbott
Any further info? still do not know who Jerry is.
Net income took a hit but at least KRG are still paying. Losing about $11PB @ that's about $90 million per month of income. That will sting for sure.
Who is Gerry?
I have 25,000,000 shares I can sell you.
Even have the certificates as proof.
What would you like to offer me for them? I will open the negotiation with $.0178 per share, what about that?
You mean it is done with the 4's and on its way to the 5's??????
Short some more please.............
Does not make sense right? they spend money on getting to pink current and then nothing.
Have not bothered to call but I do wonder is they are still in business.
Ahh OK I was not aware of that. Thanks.
No longer a bid or ask now. Not a good sign.
In my opinion, what is holding this back is the lagging payments from KRG. This is concerning for sure.
Looks like no one is interested in selling for $2.50....... Hmm. How high can this go? Would like to see another payment confirmation this month though for sure.
What is going on? 7 times daily volume, up 50% today and even after-hours trades..................... Amazing. Who knows this might be over a $1 by the end of the week.
How this is being pushed down at these levels I have no idea, yes there is geopolitical risk, but the yield is off the charts.
Picking up what I can get at this point. This is a cash cow for sure.
The business address is a residential condo up for sale for $735,000
Just saying.
The business address is a residential condo up for sale for $735,000
Just saying.
Four more days like today and I will be about even! LOL.
I suspect though that this action will not be sustained, I hope to be proven wrong.
I think there is more to come this year too.
Nice, that means they will have at least some revenue, correct?
Has anyone heard of anything new of what is happening or not?
What ever happened to the reinstatement filing that sucked up all of the ESF funding? was it not FINRA that was the only thing that needed to clear a hurdle more than 2 years ago.
Not sure why this would fizzle as you put it Bear Bait. The buys were later in the morning when it started to soar, volume was 20 times that of the average.
It may pull back a few cents but those that bought later this afternoon are going to wait and see a little I think. The float is at 91 million, what might be a concern is if they release some of the other 98.5 million shares to raise capital, that would sink it somewhat for sure.
That being said total authorized shares at about 190 million is still a small number for a company that has a market cap of a little over 1.5 billion.
I am in at $2.45 so not worried at all here, lots of potential gravy to be served.
I think we see CRGE @$10+ by the end of the month.
Let's be real, first of all it is amazing that we have this opportunity to at least make something back from this horror show over the past decade, that in itself is amazing, few if any just a year ago could have imagined this happening, so wherever this goes right now, it is going to be way more than you could have expected a year ago.
As for tempering expectations, it seems pretty obvious that there is going to be a reverse split at some point soon, we know that there are just far too many shares issued and who knows how many ghost shares JD issued and lined his own pockets with?
So with that being said, Danna needs to at least give a clue as to where she wants this shell to take us?
Making the effort to get this pink current is one thing, what the intention to do with the company once it is compliant, is another thing all together. It would help if we knew the answer to that question in order to throw some support behind the progress and process.
So true. So, for those that say this kind of thing never happens, here is the proof that is does. From all the shareholders that bought in to Ike's hype (guilty) along with the magic light posts, my investment on this stock is up 168%.
We all like to talk about the winners that we picked, no one is keen to mention the losers. I am sure few have talked about this stock pick from 2010 for a very long time. Now we can only wish that this gets up listed. If that happens who knows, $20+ per share?
I like it, "GoCharge" has a ring to it.
I only have 400, but if GOip can rise from the dead then why not GoCom?