OSU, MAI
Some of you might recall me occasionally mentioning Orsu Metals aka OSU,a company developing a mine in southern Russia. It was only a small position, which I held on the basis of my judgment of their management, but I sold when Russia invaded Ukraine. Not long after, OSU announced their Russian property was essentially worthless to them thanks to the sanctions, but attesting to that quality management, they have landed on their feet, morphing into exploration for helium, acquiring development assets in the US and Greenland. I have not investigated the helium space, but this time I think I will, and if I like what I see I may buy back into whatever company OSU becomes. (Note that at this point the letter of intent is non-binding.)
ca.finance.yahoo.com
Minera Alamos aka MAI released an update on its Santana gold property in Sonora, Mexico. It wasn't the declaration of commercial production we have been waiting for, but it does set the conditions for that to happen in the near future. The on site lab is almost complete, moving blasting in house has cut costs by 80%, they have dealt with the effects of the drought afflicting Sonora, and most importantly, mining will begin shortly at the much larger Nacho Norte pit, leading to a substantial increase in production.
The PR also contains MAI's quarterly results. They managed to make a profit even though the ramp up to full production has taken longer than expected. Their cash stash is at $8.2M, plus they set up a facility to provide up to $3M in working capital to tide them over till full production levels are achieved.
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