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Wasn't bad on the OTC. Closed at .7903, for a 9.76% rebound. Volume was moderate at ~362,000 shares.
Or, the "motivation" for the hit piece by Crux Investor on one of Greenstone Capital's major investment projects may be that Ptolemy Capital is a competitor to Greenstone Capital (duh, that's the most likely reason, in my opinion) in the natural resource project investment funding business.
I'm posting too much, so I'm going to cool my jets and wait to see if Excelsior Mining responds.
Link below to Ptolemy Capital. Matthew Gordon, founder of Crux Investor, is the Chief Investment Officer for Ptolemy Capital. Seems they're HQ'd in the UK. Read the "About" info on their website, so they certainly would be biased in pumping the companies that use their fee-based fundraising services.
Note that Gordon is located in their London, UK office. Greenstone Capital (our major shareholder) is headquartered in London. Maybe some friction between Greenstone and Gordon (e.g., Greenstone saying "no") on fundraising services offered by Ptolemy Capital on one of Greenstone's mining projects? I know ... pure speculation on my part, but there are definitely potential reasons for Gordon to encourage Crux Investor to slap one of Greenstone's major investment projects.
Link to Ptolemy Capital "About Us" page: http://www.ptolemycapital.co.uk/about.html
As for what Crux Investor's agenda/reason for publishing the hit piece, it may be that Excelsior Mining spurned an offer by Matthew Gordon of Ptolemy Capital (he's also founder of Crux Investor) to help network with/arrange capital investment funding from Ptolemy Capital's clientele. Pure speculation on my part, but hopefully we'll hear from Excelsior Mining on potential reasons/bias by CI to publish such an article.
For a good, objective analytical article (which I don't think the CI article was), you'd think that the author of the article would have at least reached out to the company and ask for their comments to the assertions that were made in the article. Doing it (asking for the company's views) after-the-fact is akin to fixing the fence after the cows have escaped, but at least it provides a little more journalistic fairness.
But as you intimated, it probably won't happen at CI's instigation as they likely have an agenda to hurt the company.
Yeh, AZB, J.J. said that there were so many errors in the article. Glad to see that the company quickly put out a reassuring PR (about expected production and discussing near-perfect quality of first production) today. I'd still like to see a publicly released rebuttal by the company to the Crux Investor article. It could be in a PR. It could be in a CEO interview with Crux Investor and published on CI's YouTube page.
JJ from Excelsior Mining confirmed that they saw the Crux Investor article, and are conducting a review of it now. Said that there are a lot of errors in the article, so it may take a bit of time in issuing a response.
Well ... that makes me feel somewhat better, lol. Looking forward to their response.
Crux Investor analysis - released yesterday afternoon - may be cause for increased volume and drop in share price. Link to article below. Discusses a lot of what many of us were concerned about earlier this year, but the analyst appears to be more knowledgeable than most of us (on the bull board) on geological factors and technical merits of the ISR process.
Hopefully, we hear Excelsior Mining's opinions on the matters discussed in the article. The gauntlet has been dropped, and it is incumbent on Excelsior Mining to respond, me thinks.
Wouldn't be surprised to see more volume the rest of the week. I'll ensure JJ/Escelsior Mining is aware of the article. I would hope they are.
Link: https://articles.cruxinvestor.com/analysts-notes-week-2
Heh heh, me too. I'm sure there have been more than that one bundle. Any idea of how the transaction (who arranges shipping) for offtake agreements (e.g., agreement with Trafigura)? Sure wish we could get a copy of the offtake agreement. I understand many of the terms would be confidential, but even a redacted version would help understand the offtake transaction.
January 2021 presentation up on Excelsior Mining website. https://www.excelsiormining.com/images/pdf/Presentation/2021/January_21_2021_PPT.pdf
Didn't see any new info, but there was a photo of the first bundle of copper cathode sheets from December (looks about 30 sheets?). Nothing about assay results.
There are many, many shareholders who have more than 500,000 shares (No, I don't have 500,000 shares, though I was close to that some time ago). 500,000 shares represents 0.21% of issued/outstanding shares -- a blip. All it takes is one or two shareholders to dump half their shares to achieve that volume easily. Know of one poster on this board who owns/owned over 1% of issued/outstanding shares. And there are quite a few shareholders who have more than 500,000 shares with a cost basis of under 30 cents/share, so "dumping" by them isn't so bad for them since they're still realizing a good profit.
My suggestion is to just calm down and be patient (assuming you're in this for the longer haul, and not wanting to day/swing trade), given that we'll likely hear an update within 2 weeks. If we don't hear from them in 2 weeks, then we start calling/bothering JJ.
Put the trading volume in perspective. The 10-day avg and today's volume is relatively low compared to the float. Today's drop is nothing more than an antsy shareholder or two unloading shares to get into the market daytrade action on some of the wildly trading stocks (e.g., GME, AMC, NOK, BBBY). They prefer that to the glacial share price blips with $EXMGF, and perhaps will come back at a later date. Doesn't help, either, with the significant drop in the major indices, and a drop in copper price today.
My wife having a heyday today with her NOK shareholdings (she bought a ways back), trying to peg a good sale price with the wild swings for sweet profit. Told me that it was much more fun than watching paint dry (e.g., Excelsior Mining shares she owns in her own account). After today, it'll be a hard sell trying to convince her to put her NOK profits into EXMGF, lol.
Looking forward to forthcoming news from Excelsior. I don't expect bad news, as some are speculating about.
Good article. I really liked the following excerpt:
“There will be no more one price for copper. There will be no more one price for gold. Everything will be priced in relation to its ESG [environmental, social, and governance] components and be priced in relation to how much global warming gas is created in making that commodity, because we’re going to head to a price on carbon,” Friedland said. “The minute you put a price on carbon, every mine in the world will have its end product priced according to how deleterious it is or how less deleterious it is on the global environment.”
Under that concept, where do you think Excelsior Mining's copper output price will be? Pretty damn high, I think.
Hope they do a PR on the test results, and provide any other relevant updates.
Hope he/his company looks hard at the Gunnison project. Hard to find a more jurisdiction-friendly/supported mining project with such a miniscule environmental footprint. Aside from the (hopefully) low AISC, acquisition of Excelsior Mining also includes acquisition of technical info on how to use ISR mining approach in other suitable locations. Acquiring a profitable (we hope) copper mining project + technical know-how that can be applied at other suitable locations within the US and elsewhere.
https://www.reuters.com/article/us-mining-ivanhoe/ivanhoe-mines-friedland-taking-hard-look-at-us-projects-idUSKBN29N1UE
Getting some media exposure, which is great.
Article in Mining.com, parroting Canadian Mining Journal article:
https://www.mining.com/excelsior-produces-first-copper-cathode-at-gunnison/?utm_source=Daily_Digest&utm_medium=email&utm_campaign=MNG-DIGESTS&utm_content=excelsior-produces-first-copper-cathode-at-gunnison
http://www.canadianminingjournal.com/news/excelsior-produces-first-copper-cathode-at-gunnison-in-arizona/
Amen to that.
Some back of the envelope calcs regarding production.
If each plate weighs about 80 lbs, then at nameplate capacity (25 M lbs/yr), it would be 312,500 plates.
Divide that by 300 (assuming 300 days/yr production/operation), would mean 1042 plates/day.
Assuming a 12 hour operational day would mean about 87 plates per operational hour, or about $24,360 worth of copper per operational hour (assuming $3.50/lb copper price).
In case u missed it -- post by Comet52 on Stockhouse bullboard for Excelsior Mining -- comment by Eric Coffin on the new news:
https://stockhouse.com/companies/bullboard?symbol=t.min&postid=32153165
Also, our well-respected ArizonaBilly opined that the Trafigura off-take agreeement will apply to the 2021 copper output, with price tied closely to spot copper price.
All in all -- good news. Expect short term sell off by those who don't want to wait for incremental 2021 news, but I also expect others will buy in on the dips. I think Eric Coffin nailed it -- hold, and accumulate on the dips.
YouTube video showing first copper cathode plates being produced.
Lawsuit mentioned in Excelsior Mining's MD&A for period ending Sept 30, 2020 -- extract: "LEGAL
On June 24, 2020 a contractor filed suit in Texas to recover unpaid amounts related to drilling services that were provided to the Company. The Company is disputing that Texas is the correct venue for this action and the amounts payable to the contractor and believes that the Company will ultimately prevail."
I tried to track down more on this lawsuit, and the only one I could find was one filed after June 24, 2020, by ECN Automation against Excelsior Mining, in the Superior Court for Maricopa County, AZ. That case was finally dismissed on Nov. 23, 2020, with prejudice (meaning it can't be re-filed against Excelsior Mining -- case OVER). The Texas case mentioned in the MD&A may have been dismissed earlier due to company filing lawsuit in the wrong venue/jurisdiction, and then ECM Automation re-filing in the Superior Court for Maricopa County, AZ, which would have been the more proper venue. Docket info I found indicates the Arizona case was filed on July 8, 2020. Unfortunately, I can't download any of the litigation files to see the guts of the complaint. The case no. is CV2020-007851, and the case name was: E C N Automation Inc. vs. Excelsior Mining J C M, in case someone else wants to try to access the litigation-related filings.
Tracking down more info on ECN Automation, I ran across this article that might explain the role ECN Automation had with Excelsior Mining's Gunnison project: https://www.controlglobal.com/industrynews/2019/raf-9/
Just my speculation, but it could be that Excelsior Mining was dissatisfied with some work that ECN did back in late 2018/early 2019 on the system integration for the wellfield operation, and didn't want to pay for some faulty work.
Boy, an upbeat Tweet by Daniel Earle, CEO of Solaris Resources Management, paraphrasing Jeffries Financial Group analyst about copper outlook for 2021 and beyond.:
#Copper market study by Jefferies:
— Daniel Earle (@DanielEarle3) November 29, 2020
Deficits to Become Unmanageable. Copper demand will significantly exceed supply starting in 2021. Shortages should lead to substantially higher prices
$4.50 in 2021
$6.00 by 2025?
Solaris $SLS $SLSSF - rapid copper growth through drill bit
Welcome DMan, and looking forward to your comments. Hoping you're correct on your prognistication!
New corporate presentation (Nov 2020). Someone at Stockhouse alerted that there was a new corporate presentation. Nice IRR !! Let's get the copper production going !!!
Link below:
https://www.excelsiormining.com/images/pdf/Presentation/2020/November_17_2020_PPT.pdf
yes, you're right for transmission lines from power plant to substations. I guess they use copper more frequently from the substations to end-users, but that appears to be changing, too, as more are now going to aluminum due to weight/cost differential. Ugh.
I expect bi-partisan legislation on a huge infrastructure investment next year. A lot of that will go into upgrading/replacing existing old power transmission lines that are way past due for upgrades. That's a LOT of copper. Plus, we'll see a proliferation of e-car power stations along public routes. Copper, copper, copper ... need for it will be phenomenal.
I would think the most likely potential buyer of Excelsior Mining's Gunnison project would be an entity that has ready access to cheap and plentiful sulfuric acid. (For example, Rio Tinto, which owns the Kennecott copper mine/smelter in Utah which produces sulfuric acid as a commercial product). One would think Rio Tinto might be interested in the ISR process for other projects it has or might have in the future, given the carbon emission limitations being imposed on mining projects).
My guess is that the Gunnison project technical breakthrough is a combo of push/pull modifications to the well setup and higher concentration of acid in the leaching solution. That means more acid needed.
If no buyout, then I foresee Excelsior Mining accelerating plans to add a sulfuric acid production plant, assuming they can raise the necessary capital.
Just my layman's thoughts.
Extracts regarding developments/outlook that I thought were of interest - from Excelsior Mining's most recent MD&A (3 months/9 months ending Sep 30, 2020). Reflects the Nov 10th update good news.
"GUNNISON PROJECT
Wellfield Start-up and Commissioning Status
The Company received approval in December 2019 from the Environmental Protection Agency to commence mining operations and began injecting mining fluids to the copper ore body on December 31, 2019. The mining fluids will circulate through a volume of rock of approximately 400ft x 400ft x 700ft, in a closed-loop system until the concentration of copper held in solution meets a sufficient grade to be treated through the SXEW facilities to extract the copper and produce LME grade copper cathode sheets.
During the start-up process in January 2020, initial copper recovery grades exceeded feasibility study expectations. Pregnant leach solution grade measured 0.15 grams per liter of copper in the primary recovery pond, which also exceeded start-up expectations. Acid injection was steadily increased during the start-up process, up to approximately 50% of the full production rate.
In February 2020, in order to improve efficiency for long-term production performance the Company initiated several optimization changes to the production wellfield. The goal of the wellfield optimization is to assist in acid breakthrough and continued copper mobilization. Breakthrough will be achieved when free acid is detected at designated recovery wells; thereby maintaining the desired pH level (acidity level) where copper will remain in solution.
Specific optimizations that were completed in February and March 2020 include making the wellfield reversible in terms of fluid flow. Injection wells were retrofitted with pumps, allowing them to be used as recovery wells when needed. In addition, recovery wells were reconfigured to allow for injection. By making the wellfield reversible, Excelsior will have the option of moving mobilized copper only a portion of the full distance between the wells before reversing the fluid flow, and thus reducing the effective distance that the copper must travel before it is recovered. This new capacity to move fluids back and forth (or, “push and pull”) is expected to help achieve breakthrough, at which point copper would remain in solution throughout the production process.
In parallel during February and March 2020, infrastructure was installed that will allow for concentrated acid to be injected into each well, which will dissolve any reprecipitated copper (copper sulphate) in the area of the pumps, thereby ensuring effective fluid flow. Preventative maintenance programs to limit pump and wellfield down-time are also in place.
On April 9, 2020 a decision was made to place the project on Care and Maintenance in response to the COVID19 global pandemic. On August 12, 2020 the Company announced that a small-scale restart had commenced. On November 10, 2020 the Company announced that following the small-scale restart copper recovery has achieved concentrations that now allow for initial production to commence at the Gunnison Project. The Company also confirmed its wellfield optimization program has been successful. Highlights from the wellfield optimization program include:
* The issue of copper precipitates and other precipitates blocking wells has been solved; the upgrades to the wellfield implemented earlier in the year have proven effective;
* Copper grades in the wells that have been consistently operated are in-line with expectations;
* These activities have generated sufficient copper in solution to commence operation of the Solvent Extraction-Electrowinning (SX-EW) production facility, which has been turned on;
* Copper cathode production is expected to commence in December 2020;
* Staffing levels remain reduced and restricted due to the COVID-19 Pandemic. Operations have been conducted in a safe manner with only one COVID-19 case at Gunnison reported. In response, successful contact tracing and isolation measures were implemented without any requirement to shutdown operations;
* Expansion of activities to surrounding wells is occurring, with a view to ramping-up to full, nameplate, capacity through 2021; and
* It is expected that additional time will be required during this ramp-up to optimize the wells and resolve any challenges as they occur."
* * * * *
"COVID-19
* * *
Worldwide the mineral extraction sector was impacted significantly as national, state, regional and local governments issued public health orders in response to COVID-19, including restricting the movement of people and goods. Should there be a resurgence of COVID-19 during the year, it is anticipated that many governments would again issue public health orders which might include restricting the movement of people and goods. This in turn might impact the Company’s supply chain. Although copper prices have recovered with some subsidence of the global pandemic, copper prices could again be negatively impacted should there be a global resurgence of COVID-19. A continuing period of lower prices could significantly affect the Company’s economic potential or intentions with respect to the Gunnison Project.
While the media reports a resurgence in COVID-19 cases globally, as of the date of this MD&A the State of Arizona has no travel restrictions in place. However, the State has previously demonstrated a willingness to issue defensive orders where it sees the need. Any such order that would significantly restrict the movement of people or goods could impact the Company's ability to access its properties and complete exploration, development or production programs in the current year. The Company has considered that there may be a continuation of periodic restrictions on activities until an effective vaccine has been produced and employed in fighting COVID-19. As a result, the Company maintains a cautious approach as to the timing of ramping up operations activities."
* * *
* * * * *
"OUTLOOK
Construction of the Gunnison Project was completed as of the end of the year 2019, copper production in solution from the wellfield started, and the Company advanced to the start-up and commissioning phase. Total project-related capital expenditures for the Gunnison Project were previously forecast at approximately $88,000. [note: expressed in thousands, so $88 million] Total capitalized expenditures including accruals on the Gunnison Project as of September 30, 2020 were $86,000.
Despite the completion of construction and wellfield start-up activities, in response to the uncertainty and risk surrounding the unfolding global COVID-19 pandemic, the Board of Directors determined that the most responsible decision was to place the Gunnison Project into a care and maintenance mode for an indefinite period. The Company has put in place various procedures to mitigate the risk of transmission of COVID-19 on site as the Health and Safety of our employees is our primary concern. The Company continues to maintain the wellfield in accordance with all state and federal permit requirements. On August 12, 2020 the Company announced that it had commenced a small-scale start up, thus exiting the care and maintenance mode. On November 10, 2020 the Company announced that following the small-scale restart copper recovery has achieved concentrations that now allow for initial production to commence at the Gunnison Project. The fully constructed wellfield consists of 41 production wells; whereas, the operation that is currently being conducted encompasses 13 production wells, representing approximately 30% of the total wellfield. Once procedures to enhance flow rates to production levels are determined, Excelsior intends to expand operations to include additional wells. Excelsior is also comfortable that a gradual expansion of wellfield operations will allow for an operation that minimizes the risks of COVID-19 transmission.
Results from current testing confirms that several wells have achieved acid breakthrough, and these wells have operated continuously on recovery mode since August, 2020 and have shown no signs of precipitates blocking or restriction of recovery flow.
Excelsior’s focus continues to be on attaining a sustained production rate of 25 million pounds of copper per year, after which Excelsior will focus on expanding that production rate."
At least a positive update. Closer to production than several thought. Confirms that they encountered some technical difficulties with carbonate buildup, but believe (and have demonstrated) a fix that will lead to copper production. That was the big issue I was primarily concerned about. Not sure how that will affect their AISC. Now, awaiting confirmation that the SX/EW plant working properly (which I think should be no problem). Can't wait to see photos of first copper plate produced.
Ironwood Fire under control and nearly over.
https://ein.az.gov/emergency-information/emergency-bulletin/firefighters-stop-forward-progress-ironwood-fire
Monitor news about a wildfire (Ironwood Fire) near Dragoon, AZ. Not large yet, but in a draw (little canyon) that could lead up to the Johnson Mining site.
Link on article: https://www.newsbreak.com/news/2084948955211/ironwood-fire-burns-130-acres-in-dragoon-mountains?s=oldSite&ss=dmg_local_briefing_fromweb_control.web2
Link to detailed map: https://azdema.maps.arcgis.com/home/webmap/viewer.html?webmap=63ffdbed9e3548cfa77ff135940a1521
Happy One Year Anniversary (happy not, lol).
Well, it was one year ago when Excelsior Mining completed construction of its Gunnison copper project, and started wet commissioning. Copper production expected in Q1 2020.
What's happened since?
January 2, 2020: Started mining operations.
January 8, 2020: Announced "positive" wellfield results.
February 4, 2020: Hold that thought about "positive" wellfield results -- encountered some problems. Need "optimization" program (push/pull retrofit). Now, expect copper production in Q2, 2020.
March 2, 2020: Wellfield optimization progressing and still expect Q2 2020 production.
March 26, 2020: Suspend wellfield operations due to COVID-19 concerns.
April 9, 2020: Transition to care/maintenance status & reduce workforce.
June 19, 2020: JJ Jennex, in Arizona Independent News posted article, quoted as saying acid supply is problematic, but still expect copper production by end of 2020 (4Q 2020).
Then silence --
August 12, 2020: Company still worried about COVID-19. Recently began limited injection of acid solution - still trying to gain knowledge with push/pull retrofit. Intend to use 7500 tons of acid - several months of acid supply for limited injections. No update on expected copper production.
Meanwhile, while all of this has been going on, company management changes.
March 2, 2020: Roger Baer, former controller, takes over as interim CFO to replace Barry Dahl. Dahl had been with Excelsior Mining since Aug 2018. Dahl decides to leave for "personal" reasons.
April 9, 2020: Roger Baer, interim CFO, gets the axe or decides to leave (unclear as to which). Replaced by Greg Duschek, who was the plant General Manager.
August 12, 2020: Robert Winton hired as new General Manager.
wtf? Company, on the cusp of copper production, signs an offtake agreement for 2020 production with Trafigura, then shuts down ops due to COVID-19 concerns after previously acknowledging some technical problems on extracting copper sulfate but contending it has fixes, and then has some serious management turnover. Staying shut down due to COVID-19 concerns for its employees (which numbered about 50 before force reduction) and problems with acid supply. (Wish I knew more about terms of the Trafigura off-take agreement -- pertained to 2020 copper production - which we now know will be nil/squat. Maybe that's a good thing, if the agreement was premised on copper prices in March 2020, which was substantially lower than current copper price. Pretty sure that Excelsior Mining will invoke Force Majeure provision to nullify obligation to sell any 2020 copper.)
Meanwhile, there are 16,575,000 shares (6.88% of outstanding shares) committed to the company's equity compensation plan for its officers, directors, employees, contractors/consultants @ weighted average exercise price of $0.68 CAD, and company could issue another 7.38 million options/units under its equity compensation plan. fyi - 4.1 million exercisable stock options currently on the books with expiry date of December 16, 2020 @ exercise price of $0.23 CAD (again, wtf?). You can bet those options will be exercised or cashed out.
For those of you with large holdings, note that the Annual General & Special Meeting of Shareholders will be held in Vancouver on Nov. 10, 2020. The proxy and Management Information Circular are available to view at https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00025928 Maybe we'll hear what's the latest "update" from management by/on November 10.
Yeh, I'm a little disgruntled and concerned. Been slowly selling shares to mitigate risk.
Then they (Excelsior Mining) need to clarify whether their earlier PR about copper production in 4Q 2020 is still valid, given the info they're now providing shareholders by phone/email that the acid supply issue is hopefully resolved in 1Q 2021. I think many of us now are interpreting the resolution of the acid supply issue with first copper production, and the timelines don't match up based on the last PR we received from the company. Agree with Walter that it's time for an update, even if only to reconcile the timelines regarding acid supply and first production. First production means the SX/EW plant has to start, and does Excelsior Mining intend to start up the SX/EW plant (hire operators, take out of care/mnx status)?
Hopefully, Rio Tinto's Kennecott smelter will be up/running by end of October 2020. The smelter provides the sulfuric oxide gas to produce sulfuric acid (and it can supply, from what I understand, nearly one-half of US demand for sulfuric acid).
Rio Tinto press release: https://www.riotinto.com/news/releases/2020/Rio-TintoUpdate-on-refined-copper-guidance
Many thanks, T. I'm sure if they had fired up the SX/EW plant and produced some plates, they'd put out a big PR with photos, lol. It would make me damn happy to see that.
No other info on the "issues" that Stephen mentioned?
I note that about 12 days ago (according to Glass Door), they put out a job advertisement for an assistant well operator. It's also on Excelsior Mining's web site.
Neutral news is that there were no Excelsior ex-employee/current employee interviews (their views on the company) posted on Glass Door (I've found those in the past on other companies enlightening on the morale/leadership of the company).
Encouraging to see a fairly large block (considering how thinly traded $EXMGF is traded) on the bid today. Hope we see more of those.
Other than the issues largely being resolved, did he give any more details on what the "issues" were? Did you get any indication that continuation of the processing on the well subset would include actual production of some cathode plates (i.e., that the processing would also include limited operation of the SX/EW facility)? Thanks much for the update.
I (and my patience) wouldn't have been too bothered by it, if Excelsior Mining had succeeded in producing the first batch of copper cathode in the spring. What bothers me is that, just on the cusp of purportedly showing the ISR process was successful, the company shut down ops and furloughed a bunch of workers. This on the heels of red flags that the initial ISR system wasn't working as hoped. Since then, the only "news" we get are: (1) concerns about COVID-19; (2) sulfuric acid supply issues; and (3) retrofit and tinkering with the new retrofit system on a small pilot scale. No news on whether the "new" ISR push/pull setup nailed it for economically feasible copper production. Oh, and during this lull, we hear about some management changes, and the newbie managers get beaucoup amounts of stock options (which may not be bad news, since it hints there's promise of share price appreciation, at least perceived by the newbie hires).
When I see the PR that says first plates of copper cathode have been produced and readying for sale shipment, then I'll exhale.
Nice find. Seems to confirm what JJ explained to me on the phone.
long-term investment ... curious, what's your idea of "long-term"? 7-10 years?
Disappointed by delays after the company had progressed so well with achieving milestones. And, yet, not a single plate of copper produced after so many assurances of end-of-XX-quarter. If it isn't one thing, then it's something else as an excuse.
Compound the delay with hints of some hiccups on injection/extraction and attempts to "optimize" recoveries, and one has to wonder whether the company is encountering problems with extracting sufficient (economically feasible) copper and using the COVID-19/purported acid supply problem as a stalling tactic while it tries to achieve satisfactory sweep efficiency/recovery rates with its ISR system. Even if they get the ISR system to become economically feasible at current copper prices, what's the revised wellfield ISR operating costs and impact on expected net profit-per-pound?
Yeh, I'm worried. Guess we'll see if they own up to their last assurance that they'll be producing copper by end of this year.
Amen.