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Carbine Resources (CRB:ASX)

Pyrite – Uses, markets & offtake

1 Video - Aug 17

Carbine has signed a 3 year binding offtake agreement for their pyrite production.  We discuss with management:

  • What pyrite is used for;
  • The markets; and
  • Terms of the offtake agreement.

Management Update

1 Video - Aug 17

Carbine’s management provided an update on recent activities.  Key topics discussed include:

  • Government approvals;
  • Pyrite offtake;
  • Front End Engineering and Design; and
  • Targets for the upcoming quarter.

Revised Terms for Acquisition of Mount Morgan Project – Valuation Update

1 Video - Mar 17

Carbine Resources (ASX:CRB) has announced they have re-negotiated terms for the remaining 25% interest in the Mount Morgan gold copper tailings re-treatment project in Queensland.  As a direct result, Carbine has an exclusive option to acquire Raging Bull Mining (RBM). On exercise of the option, subject to any necessary approvals, the shareholders of RBM will receive:

  • 25 million Carbine shares;
  • A$2.3 million in cash or shares at the election of Carbine (number of shares based on the 15 day VWAP at the time of option election); and
  • 1.0% royalty.

Management update

1 Video - Mar 17

Interview with Managing Director, Tony James, for an update on:

  • Proposed transaction with Raging Bull for Mt Morgan;
  • Approval applications that were submitted to State authorities;
  • An update on the pyrite offtake negotiation and market update:and
  • An update on project financing.


DFS – Valuation Update & Analysis

1 Video - Dec 16

Carbine Resources (ASX:CRB) has announced a positive Definitive Feasibility Study for their Mount Morgan gold copper tailings re-treatment project in Queensland.  This analysis includes: 

  • A review of the study results;
  • Update our valuation analysis; and
  • Highlight the long term potential impact on the project.

DFS – Management Update

1 Video - Dec 16

Interview with Managing Director, Tony James, to discuss the Mount Morgan DFS results in more detail. Topics discussed include:

  •  DFS highlights;
  • Operating & capital cost assumptions;
  • Mine life; and
  • Path towards production.


Resource upgrade – Valuation update

1 Video - Aug 16
  • Carbine Resources (ASX:CRB)  has announced a significant resource upgrade at their Mt Morgan gold copper tailings re-treatment project in Queensland.
  • This has seen the total resource grow by around 20% or 1.8Mt to 397,000oz of contained gold.
  • The resource upgrade will form the basis for the Definitive Feasibility Study (DFS) which is due to be released during September 2016.
  • We have increased our valuation for Carbine to $0.50 / share (previous $0.40 / share). 

Presentation – RRS Conference

1 Video - May 16

Presentation by Managing Director, Tony James at the Resources Rising Stars conference on the Gold Coast – May 2016

Valuation update and analysis

3 Videos - Mar 16

This analysis take a look back at what Carbine achieved during 2015, the key targets for 2016 as well as our current and long term valuation for Carbine.

What makes a successful tailings re-treatment projects?

1 Video - Mar 16
  • Historical operations typically mined higher grade ores as well as lower metallurgical recoveries compared to today’s operations.  This has presented a unique opportunities in select circumstances for these historical tailings to be reprocessed and the remaining minerals to be economically extracted
  • We review other tailings re-treatment projects globally to determine what makes them work.

Virtual Site Trip

1 Video - Dec 15
  • Virtual site trip to the Mount Morgan gold/copper tailings re-treatment project in Queensland.
  • Key results of the PFS included initial capex of $63m, operating costs of US$234/oz Au and 46,500oz Au eq. p.a.  The project will also produce copper sulphate and pyrite concentrate.
  • There is significant infrastructure at Mount Morgan including water, power, transport infrastructure and a local workforce.

Interview: Management Update

1 Video - Nov 15

Interview with Executive Director, Pat Walta to discuss the details of the Principal Offtake Agreement for the pyrite concentrate, the water re-treatment contract with the Queensland Government, the upcoming DFS as well as the key targets for 2016.

Valuation Update

1 Video - Aug 15
  • Carbine Resources has released a positive Pre-Feasibility Study (PFS) for their Mount Morgan gold and copper tailings project in Queensland, with the results exceeding our expectations.
  • Analysis includes:
    • Update to valuation; and
    • Future share price catalysts.

Initiation Report February 2015

8 Videos - Feb 15
  • Gold development Project in QLD.
  • Highly positive scoping study which could see Mt Morgan become one of Australia’s cheapest gold producers.
  • Interviews with management outlining the company’s performance and strategy.
  • TSI Analysis – Valuation, Investment and Risk Analysis.