But Armadale Capital PLC’s (AIM:ACP) flagship, Mpokoto Gold Project in the Democratic Republic of Congo could be about to get even bigger.
Backed by a funding deal worth US$20M, ACP has begun pushing toward its Definitive Feasibility Study (DFS) that will set Mpokoto on track to enter production early next year as a low cost, high grade gold operation in the heart of Africa. Plus there’s an exploration target of between 11.4 and 17 million tonnes – so scope for additional project expansion. Now, given this project is situated in the Democratic Republic of Congo (DRC) and ACP is capped at around ?2M, this is a high-risk stock.
In addition to the US$20M funding deal confirmed last month, ACP has just announced a conditional placing of a further ?400,000 (10 million new ordinary shares at 4.00 pence per share). If ACP can add yet more gold tonnage to its JORC resource at Mpokoto, the DFS it’s set to finalise for the project could be made that much stronger. Armadale Capital PLC (AIM:ACP) is listed on the Alternative Investment Market (AIM) in the UK, with a current market cap of just ?2M.
In this article we’re going to run you through the particulars of the imminent drilling campaign ACP is set to execute at Mpokoto that could vastly increase its already sizeable 678,000 oz.
Investors who attended were given the full run through of the project – but if you couldn’t make it, allow us to show you the highlights of ACP’s Mkopoto Gold Project. The map below shows where Mkopoto sits on the map – and despite the Project’s location in the DRC, Mpokoto is in the more stable south of the country where many Western companies including Glencore Xstrata, the Anglo-Swiss mining multinational with a market cap north of $39BN, are operating full tilt – in fact Glencore has invested over $5BN in the DRC’s mining industry. The so-called ‘African Copper Belt’ stretches across the southern Katanga Province, the DRC’s mining hub and where most of the nation’s mineral wealth is concentrated – and where you’ll find ACP Mpokoto project. Overall, the plan for ACP is simple – bring Mpokoto into production as quickly as possible, aiming for H1 of 2016 to see the first gold produced. To make that happen, ACP has signed an instrumental deal that will secure the company US$20M to develop, construct and operate the Mpokoto Project through a partnership with Africa Mining Contracting Services (A-MCS).
A-MCS will introduce the cash by way of a secured loan for a period of 36 months – and will be appointed as mining contractor. Then, when Mpokoto is in production by H1 of 2016, ACP will look to explore its vast exploration licenses at Kisenge and hopefully find more gold to keep Mpokoto in production for much longer.
The extended Scoping Study showed the overall mine life of Mpokoto is nine years and the post-tax net present value is set at US$55.3M, based on a discount rate of 8% and a gold price of US$1,250 per ounce.
Mkopoto’s gold is amenable to gravity processing because sits as very fine particles in the ore body so it’s easy to separate – which keeps costs low. And when it’s time to export to market, ACP can simply fly the gold out on a plane or helicopter! With a JORC Indicated and Inferred Resource of 678,000 oz Au from 14.58 million tonnes, ACP’s plan to get Mkopoto into production by H1 of 2016 is an uncommon bird indeed – near term production with near term revenue.
The work is set to begin in just a few weeks, and will target newly identified exploration target areas located along-strike and down dip from known mineralisation identified by geological consultants. After taking a long hard look at the results, ACP reckons there could be more gold in and around the sections of Mpokoto it’s going to bring online first – so the drilling is designed to bring the biggest possible resource size to the table for the DFS and the immediate mining plan.


So, best-case scenario is that ACP finds an additional 150,000oz (the high case), and the project jumps from a JORC of 678,000oz to 828,000oz – quite an improvement.
This upcoming drilling programme for ACP has the potential to significantly enhance the current pit models and economic fundamentals of Mpokoto – already coming together as a low capex, low opex commercial gold mining project. And remember, with an exploration target of between 11.4 and 17 million tonnes, Mpokoto has even more potential to get even bigger.
Looking long-term, ACP will aim to raise its minable resources to over a million ounces of gold by continuing to drill and explore the vast and highly prospective Kinsege Exploration License surrounding its mine and at Mpokoto itself. The deposit remains open along strike and at depth, and with the DFS locking down the details for an initial nine year mine life, just imagine what would happen if ACP unlocked even more gold ore in the surrounding areas. ACP could establish Mpkoto with its initial JORC resource find more gold, then ramp up its operations while still keeping costs low.
ACP is gunning to get Mpokoto into production by H1 of 2016 and could pay back its $20M capex in just 20 months – after that it’s all cash flow, and that could pay for some significant exploration muscle that would make ACP a big gold player. Drilling at Mpokoto to expand its JORC resource of 678,000oz is set to begin in the coming weeks and should take only a few weeks to complete.
At The Next Small Cap we will be eagerly awaiting the results of this drilling – the potential to add up to 150,000oz of extra gold to the pot is a golden chance for ACP as it works up to the DFS stage. The coming months will see ACP put the finishing touches on the project it will bring into production at Mpokoto and we could see an even stronger operation come into being than we first invested in.
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Tenure security, as well as graft and corruption can play a part in hindering Congolese projects from advancing, and contribute to the political risk.
The article Gold in Africa: Tiny AIM Company Seals $20M Funding is the best place to start your own research, and it details the recent US$20M funding package that should see ACP through to production. It will assist with the construction of the infrastructure as well as the management services to get ACP’s project into construction. So for an estimated US$10M, ACP is going to build a modular processing plant using off the shelf equipment. Plus a whole host of other high risk, high reward investment opportunities not available to the general public (careful – this stuff is high risk!). If everything checks out, I will use that broker to initiate and manage my investment in this particular stock. I hope that a lot of people decide to hold their shares with this broker as it will give us a lot of collective power if the need ever arises. We are just making an introduction here, the information you provide in this form will be sent to the broker so they can contact you and have a basic idea of your investment profile. Please do not hesitate to contact us for more details on any of the Maschio products or for your parts requirements. Neither your personal objectives, financial situation nor needs have been taken into consideration. Your personal objectives, financial situation or needs have not been taken into consideration. We started exhibiting at model engineering exhibitions in 1994 and realised from the shows that people wanted quite specialised tooling for their machines and also a wide range of tooling which they could adapt to suit their needs. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Avestra Capital Pty Ltd (AFSL No. S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of AG Capital Markets Pty Ltd (AFSL No. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article.
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