The path is clear to begin mining, assuming they remain solvent, under the consent for bulk sampling, which hopefully will produce some gold. The only caveat is that the bulk sampling is capped to the amount of ore that can be extracted. It is essentially to 'prove' the mines viability, it is not to sustain mining on an ongoing basis. Lets assume proof does comes from the bulk sampling, then they would apply for a full mining licence.
Feb 2023 'Rights Offer Document'
https://www.listcorp.com/asx/ntl/new...t-2834433.html[COLOR=rgba(0, 0, 0, 0)]
How much ore are you expecting to extract on a daily/weekly/annual basis and what will this cost to extract and [/COLOR][COLOR=rgba(0, 0, 0, 0)]
produce? [/COLOR][COLOR=rgba(0, 0, 0, 0)]
We have resource consent for bulk sampling that allows for a maximum 20,000 m3 (approx. 50,000 tonnes) per annum. Initially we [/COLOR][COLOR=rgba(0, 0, 0, 0)]
are looking to extract 7,000 tonnes per annum or 140 tonnes per week. Volumes will be constrained initially as we are only bulk [/COLOR][COLOR=rgba(0, 0, 0, 0)]
sampling the Mystery Vein area but this can be increased over time as we identify new targets within the mine and improve our [/COLOR][COLOR=rgba(0, 0, 0, 0)]
cashflow.[/COLOR][COLOR=rgba(0, 0, 0, 0)]
We estimate that our costs will be $80,000 per week or about $4,000,000 per annum (inclusive of corporate overheads) depending [/COLOR][COLOR=rgba(0, 0, 0, 0)]
on the amount extracted and other variables. [/COLOR]