CRI - Critica Limited

[Sean K]

I'm not sure why this is on my watchlist. Had a good few days. Maybe because of the tin and CHN connection. Price action looks suspicious to me.

 

[Sean K]

VMS running on the Julimar hype but will only end up with 30% of whatever CHN might find. Amazing what nearology and 'lookalike' can do.

 

[Beaches]

VMS are also about to start shipping DSO Iron Ore out of their Riley mine in Tasmania. First shipment is likely to go out at the end of July with a 2 year mine life .

The ore is DSO at surface with no stripping required. I think from memory the 2019 DFS had a cash cost of US$60 FOB. So if you assumed an AISC cost of US$90t and an average sell price of $US180t gives you US$90 for every tonne. The planned production rate is to ship 200,00t a quarter for a profit of US$18mil or (AUS$23mil), which should get them $50mil in the bank by the end of the year.

Market Cap is currently $195mil at 14.5c a share. Just guessing, I would say around 12c of that price is covered by the Iron Ore they are about to start shipping and not much currently being attributed to their other holdings.
.

 

[finicky]

VMS followers who are interested in Thor, the 'Julimar lookalike', might like to check out VMC (Venus Metals) for its 100% holding of the 2.5km north eastern tip of Thor. I'm aware from this thread that VMS has other very attractive assets and its not really a recco for VMC, it has its deficiencies, just could be worth considering if the prospect heats up and VMC remains comparatively cheap?

I hold VMC

 

[finicky]

VMS followers who are interested in Thor, the 'Julimar lookalike', might like to check out VMC (Venus Metals) for its 100% holding of the 2.5km north eastern tip of Thor. I'm aware from this thread that VMS has other very attractive assets and its not really a recco for VMC, it has its deficiencies, just could be worth considering if the prospect heats up and VMC remains comparatively cheap?

I hold VMC

 

[Sean K]

I think I first looked at this for the Sn project with MLX. Then they tried the Julimar nearology thing which got the market all a flutter. Has since retraced to an area of support and looks to be settled and maybe found a floor for another rise. Way off highs and came down to what also looks like what would have been the H&S target. Interested in the Tin. Not very sexy, but maybe that's a good thing.

 

[Dona Ferentes]

not for the faint hearted

Riley Mine – Project Update Following Completion of First Iron Ore Shipment

HIGHLIGHTS
First commercial shipment of iron ore achieved at the Riley Iron Ore Mine in Tasmania:
• Shipment of 45,632 tonnes of iron ore with an average grade of 57.3% Fe departed the Port of Burnie;
• Shipment is bound for China through off-take partner Prosperity Steel United Singapore Pte Ltd , one of the largest iron ore traders in the world (Refer to ASX announcement 02 May 2019).

In response to declining market conditions, Venture is completing a full review of operations at the Riley Iron Ore Mine to identify cost efficiency measures. Mining will be temporarily suspended while review is underway.

down 30%

 

[finicky]

It would complete the picture if the container ship sank. They are retaining the mining crew while operation is suspended. Does have the tin project and the Thor jv with CHN to consider if the price tanks even further.

 

[Sean K]

not for the faint hearted

Riley Mine – Project Update Following Completion of First Iron Ore Shipment

In response to declining market conditions, Venture is completing a full review of operations at the Riley Iron Ore Mine to identify cost efficiency measures. Mining will be temporarily suspended while review is underway.

down 30%

Declining market conditions? Did they bank on IO prices staying above $200Tn?

Or, @finicky has the ship been sunk by a Chinese nuclear sub?

 

[finicky]

@kennas I hope VMS gets paid for freight on board, they have lucked out in all directions. As a punter commented - he doesn't want to invest with a mgt that allows big money time to get out while not informing ordinary shareholders of the implications of not just a lower iron ore price, but a doubled discount on 57% grade ore as well as much higher shipping costs.

 

[sptrawler]

Declining market conditions? Did they bank on IO prices staying above $200Tn?

Or, @finicky has the ship been sunk by a Chinese nuclear sub?

With Tassie based mining, the added shipping cost has to be considered, when comparing with the NW of W.A, add to that recovery costs/ton and economies of scale and it becomes a tough gig, when prices drop.

 

[Sean K]

With Tassie based mining, the added shipping cost has to be considered, when comparing with the NW of W.A, add to that recovery costs/ton and economies of scale and it becomes a tough gig, when prices drop.

Yes, different story to NWA. They based their feasibility study on $90 spot price. Maybe they haven't kept track of, or reported, other factors effecting the economics.

 

[sptrawler]

Yes, different story to NWA. They based their feasibility study on $90 spot price. Maybe they haven't kept track of, or reported, other factors effecting the economics.


View attachment 130394

That is some serious overheads, loading rate and carrying capacity, add to that extra distance to travel for smaller loads.

 

[finicky]

Chalice Mining resuming exploration at VMS's 'Julimar lookalike' South-West target. Completed an airborne electro-mag survey a few years ago, now embarked on ground EM survey. Venture has found prospective soil anomalies.
CHN will own 70% after spending $3.7m. Check out Venus Metals (VMC)* if interested in this speculative project as VMC owns the 2.5km northern tip of the complex.
*held

 

[Sean K]

Chalice Mining resuming exploration at VMS's 'Julimar lookalike' South-West target. Completed an airborne electro-mag survey a few years ago, now embarked on ground EM survey. Venture has found prospective soil anomalies.
CHN will own 70% after spending $3.7m. Check out Venus Metals (VMC)* if interested in this speculative project as VMC owns the 2.5km northern tip of the complex.
*held

View attachment 132705View attachment 132708View attachment 132709

Time they started drilling some of these things. SP in the dog house after the initial excitement of a 'lookalike' all that time ago.

 

[frugal.rock]

Might be worth a further delve @Sean K ? after further commitment by CHN
Today's bar might be the start of a move, or not.

 

[Sean K]

Might be worth a further delve @Sean K ? after further commitment by CHN
Today's bar might be the start of a move, or not.

View attachment 145196

That's a good looking chart for a turn around.

 

[debtfree]

A big move on Friday and an explanation.

 

[noirua]

Venture hits 1,839 TREO at Jupiter in WA with best intersection to date

Venture Minerals Ltd has completed drill work which has picked up some of the highest REE grades to date at the Jupiter project in WA.

themarketonline.com.au

The intersection was found only 8 metres from surface, and added to other results which showed consistent high-grade zones grading 2000 ppm TREO across widths of 20 to 30 metres, as well as broader zones – of 80 metres – which went well over 1000 ppm.

Moreover, the company continues to reach grades of 23 percent in magnet rare earth oxides in samples which are also over 1000 ppm TREO, while samples remain extremely low in thorium and uranium.

 

[System]

On September 12th, 2024, Venture Minerals Limited (VMS) changed its name and ASX code to Critica Limited (CRI).