We had the opportunity to interview Steve Letwin of IAMGOLD, Advisor & Shareholder of Margaux Resources (TSX-V: MRL) joins us to discuss their assets, team and their new look strategy.
- Short-cycle focused – no wasting money on elephant hunts, just steady returns after 2-3 years.
- Concentrated, shallow deposit – No over burden, practically zero strip ratio.
- Immediate Resource +1Moz Gold 43-101.
- Close to all infrastructure required.
- Own Gold processing Mill.
- All permits in place on 60,000 hectares.
- No First Nations issues.
- Pre-Feasibility can start by end of year.
- Minimal risk, short-payback, small capital.
- Will get the Canadian valuation premium.
“You’re going to get your money back very quickly. That’s what Margaux Resources Is”.
Click here to watch the interview.
Matthew Gordon: We are joined today by Steve Letwin. How are you?
Steve Letwin: I’m
extremely good Matt. How are you?
Matthew Gordon: Not bad. Not bad. You’re over here. You’re busy with IAMGOLD and also you’re telling the Margaux Resources story.
Steve Letwin: I
Matthew Gordon: Why don’t we start off and get a little back drop for people new to the Margaux story. Why don’t you give us a 2 min overview.
Steve Letwin: Sure
well Margaux really originated… it was a shell company in the oil and gas
side. And just a little background about myself. In the 90s, I sold an oil and
gas company to a group of Hong Kong billionaires, five in fact. And that sale
went extremely well and they did extremely well. Made a lot of money. I was in
about 1992 to 1995. And I stayed in touch with them after that, and when I left
Enbridge. I was with the Enbridge companies for 12 years. I ran their
international and US. They reached out to me. So these same billionaires who
had had this positive experience, said look at we’re looking for some Tungsten,
Zinc opportunities. And we wondered if you could give us a hand. I just moved
into the mining space with IAMGOLD. And we found this opportunity in Southern
BC. near Nelson. A property that had Zinc. It was former Tungsten producer, and
we looked at it and we decided to use this old oil & gas shell and created
the company called Margaux. And the idea was, these billionaires out of Hong
Kong, were looking for supply other than China for some of the South Korean
computer companies. So the genesis of Margaux was really tied to Tungsten /Lead
/Zinc play. The Tungsten… a couple of years later crashed. The prices dropped
from $600 to $200. and the interest in Tungsten waned but the Hong Kong
investors had been very supportive had kept the company alive. And we started
to look around the property for opportunities to get into precious metals,
because it was a very prolific Gold area. So Sheep Creek, as an example, had
produced somewhere around 800,000 ounces of high-grade Gold. And so I’d been
with IAMGOLD. My brother Jim is the chairman of Margaux. I’m not on the board
of directors but I’m a significant investor, have been since day one. In total
I think our family now owns around 11% of the company. And the Hong Kong China
connection has always been very important to us. They’ve always been extremely
supportive. They probably in total own about 38% of the company. And as we
developed our properties down in southern BC. We came across this, what I would
call extremely attractive opportunity to put the Cassiar property which is
located in the North East part of BC., together with Margau. And
coincidentally, or not so coincidentally, this property had been driven by real
estate investors out of Hong Kong, who had put a lot of money into the drilling
in the middle of the Gold bull cycle. So 2007 /2009, they put a lot of money
into drilling, had produced a 43-101 and we’re looking obviously forward to
probably bringing it into production. Because it was over 1Moz of identifiable
Resource both low-grade bulk tonnage,
and high-grade narrow vein, Oregenic formation. So when you look at when you
looked at this, and we looked at it, and the fact that post 2012, we went into
a bear market for Gold. The investors in Cassiar said, it would probably make a
lot of sense to put these two together. And we had pitched this to them. So very
fortunately for them, and for us, we now have an extensive land package between
the Northern part of BC, the Southern part of BC, with a lot of Gold
prospectively. My brother runs a very good organization. He’s a very successful
entrepreneur. He ran his own company for 40 years. He’s got a very strong
board. He has a very strong technical advisory group including Chris Stewart,
who was formerly Kirkland Lake and now with is now with Rob McEwen. So this
company is very well managed. Tyler Rice, Linda Caron. Strong technical
support. Strong investor support, out of Asia and Canada /US. And when you look
at it, it’s in my opinion, it’s got fantastic upside.
Matthew Gordon: So why do you say that?
Steve Letwin: When
you look at our Resource compared to some others, and the location. It’s not in
a remote area. It’s very accessible by car. It’s right off the highway. Whether
you’re looking in the Southern part of BC., or Northern part of B.C.. The
infrastructure surrounds it. It had a mill on the property on the Cassiar
property. It’s got tailings, which are worth quite a bit of money. They’re
running at about 1.2g/t in terms of recoverable Gold. So we’re in this market
and you know it well, where it’s very, very difficult to get investor interest
in Gold. I just happen to believe that when the US. dollar starts to weaken,
because it’s been on a run for like 10yrs and the Gold price starts to move,
and we start to see generalist investors coming back into this space, like they
were between 2009 and 2012. I think this particular investment, $0.07 a share
right now has the opportunity to move up exponentially.
Matthew Gordon: Ok. Thanks for that summary. I’m gonna go step back a bit though.
Steve Letwin: Sure.
Matthew Gordon: You ran a very successful large oil & gas business.
Steve Letwin: I
Matthew Gordon: Sold to the Chinese. Right. You retired effectively. I’m told. Maybe not. You’re here.
Steve Letwin: Everybody in the family became better off.
Matthew Gordon: Let’s put it that way.
Steve Letwin: My daughter’s and my son…
Matthew Gordon: Well put. So you need to work again. You then got in IAMGOLD, back in 2011 that sort of timeframe right. That’s a huge Company, a billion dollar.
Steve Letwin: Two.
Matthew Gordon: Two Billion dollar plus company. That’s a very different environment to small cap. So what I’m intrigued by, because with your vast experience of, not only the energy side running big companies, but now IAMGOLD, running big companies. What’s attracted you into the junior mining space? And then why specifically this deal, at this time? I mean surely you’ve done enough?
Steve Letwin: I’ve
always been attracted to the… what I would call the entrepreneurial side. And
let me be perfectly clear here. There is no greater priority to me than
IAMGOLD. Ok. I am the largest independent shareholder of IAMGOLD. I hold 1.4M
shares of IAMGOLD. And so I don’t want to mislead anybody. The most important
thing to me are IAMGold shareholders. But Margaux is, and will be a huge priority
for me. A) My brother is chairman of the Company. B) It’s been an investment
with my partners in Hong Kong for about 9yrs now, since I’ve been with IAMGOLD.
So this relationship I have with these Hong Kong investors is very important to
me. And when they asked me to find these opportunities, and I won’t bore you
with details, but this is one of probably 5 things that I’ve done since I did
the oil & gas venture. And they have hit home runs with every one of them.
So we had an Internet site that.
Matthew Gordon: They being the Hong Kong group.
Steve Letwin: So
you know we had an Internet based company. We’ve had investments in
infrastructure. We’ve had investments in the hotel business. These individuals
have done extremely well. And so have I. When I went to the IAMGOLD board of
directors I got approval to basically go out and do other things. They think
it’s a good thing. It’s good for self-development. It’d be no different for you
Matt, if you had other interests. So I’m very attentive to this. I’m a huge
supporter of it. I think it has huge upside. And I put time into it, which I
have approval to do so. But I never let it interfere with the objectives of
IAMGOLD. I have a lot of skin in the game with IAMGOLD.
Matthew Gordon: That’s well understood and a point well made. And that’s fair enough. What I’d like to get at with regards to Margaux, is you’ve made an intellectual commitment to Margaux. You think this is.. this could be something quite special right?
Steve Letwin: Yes.
Matthew Gordon: And that’s based on what? Feedback from your technical advisors?
Steve Letwin: Well
I’m a commercial guy. But let me just describe this for you. You have a huge
land package. Where you have a 2009 43-101 Certified Resource. The only reason
we have to recertify it, is because we’ve changed the name. So we twin 2-4
holes. We spend probably in total $1M. And we have on the books, probably
around 1.2Moz @ 1g/t. Near infrastructure. You compare that to other Resources
around the world. Africa, which you said you’ve had some experience with. I
have a lot of experience with Africa. This Resource is worth in the hundreds of
millions of dollars. So it’s one of those things where I don’t need to be a
geologist. I don’t need to be an engineer. I can do the math and say to you,
this is territory that’s completely free of any kind of burden. We have no
First Nations issues. We are next to infrastructure. We’re next to power and
all we have to do right now with new investors, and we’re getting new investors
as we speak, is recertify the Resource and we can go to a previous
Pre-Feasibility Study (PFS) quickly.
Matthew Gordon: What’s quickly mean?
Steve Letwin: Well
I would say as soon as we have the Resource identified here, and recertify in
July, we would move to do that in the next three months. So it’s a very
Matthew Gordon: It’s an interesting model you’re employing. You know because you’re saying, ‘Okay we’ve got an historic Resource, just over 1Moz at a cut-off grade of 0.5g/t.
Steve Letwin: 0.5g/t.
Matthew Gordon: That’s right. So, and you’ve also got this tailings project which is about 600,000 tonnes of 1.2g/t. You can do the maths on that too. You can work out the potential Nett cash flow contribution could be from that. So there’s some exciting things there, but it’s your view of this district wide asset which interests me. So I know you’ve got commercial acumen. You got it in spades. But who’s the technical adviser saying, ‘well actually I think you’re right. You got 60,000 hectares. It’s a lot of land, in that area well known for producing Gold. Mixture of bulk, low-grade and chasing high-grade veins throughout the properties as well. So who’s telling you that what you think is correct technically.
Steve Letwin: Well
we have on our advisory board, Chris Stewart.
Matthew Gordon: Tell me about it bit about him. Obviously some big names there.
Steve Letwin: Chris
has had a huge amount of experience, more underground, but certainly open pit
experience, which we’d have a combination of here. Table Mountain would be more
the underground high-grade mineral vein and then the bulk tonnage would be a
Taurus. But Chris has superb technical experience 30yrs of experience. Latest
being at Kirkland, now is with Robert McEwan. And then Linda Caron, who is with
Kinross for over a decade, is probably one of the strongest technical people
that I’ve experienced. And below her, are a number of geologists and
engineering types that bring with them probably cumulatively over 100yrs of
technical experience. So and we’ve I like to what I call stress test things. So
and I trust these people. Totally.
Matthew Gordon: Tell me about a stress test?
Steve Letwin: Stress
test means I’ll bring others in to look at it. And so I’ve had some of my own,
and not to name names, but they’ve come in and looked at it. And they’ve
invested. So and again, they’re quiet investors, so they’re not people that
want to see their names in neon-lights. But I would tell you that we’ve done
our technical due diligence and this opportunity is one… and I see hundreds.
Matthew Gordon: I bet.
Steve Letwin: Hundreds.
This is a phenomenal opportunity for people to get in and you’re seeing right now, and you see it as
well Matt, you see it in the environment right now where people want to believe
that that US dollar can’t continue to keep rising. And when it turns, I think
you’re going to see a rush of investors coming into this space. And when that
happens, and you have a 43-101 compliant Resource, sitting in a friendly jurisdiction, surrounded
by infrastructure, you’re going to see some significant movement in the share
Matthew Gordon: You’re obviously bringing connections. The Hong Kongese. Are they following their money?
Steve Letwin: Oh
Matthew Gordon: Are you following your money.
Steve Letwin: Absolutely.
Matthew Gordon: OK. Great endorsement.
Steve Letwin: Every
Matthew Gordon: I’ve been there. Right. Okay.
Steve Letwin: And
in a significant way.
Matthew Gordon: Right. OK. So if we look at the assets. You mentioned Cassiar which is a recent acquisition… that that’s closed now isn’t it?
Steve Letwin: That’s
closes June 20th. So it’s all been approved.
Matthew Gordon: All but for the ink drying on the paper.
Steve Letwin: It’s
Matthew Gordon: Got it. Okay. And Sheep Creek. So what’s the focus going to be?Because I don’t know how much cash you’ve got at the moment, but you probably probably got a day some kind of raise to be able to see out the rest of the year?
Steve Letwin: Well
we have that on the Cassiar side,we have Shijin which is a large operator.
Matthew Gordon: Well known. So why don’t you tell people about them, because that’s quite a big name.
Steve Letwin: I know Shijin and well. They not only have a fund that they operate out of Hong Kong right. They’re one of the best Chinese operators of Copper and Gold in the world. I’ve known them for as long as I’ve been at IAMGOLD. So they’ve been part and parcel of this Cassiar here. So to ask you where were we sequencing. Well logically the first thing to do is to re-certify the 43-101. So Shijin in has committed to this raise. And I would tell you that it’s a significant participation. We were just in Hong Kong a week ago. Linda Caron was there and they committed. We have another party in Beijing that’s significantly committed. So we have enough funding right now to move to the 43-101 recertification. Once we’ve completed that, then we would move to the next phase of developing the tailings. The tailings have a $22M-$25M top line revenue number. We don’t have enough information Matt to say, what is the $25M.
Matthew Gordon: What’s the net?
Steve Letwin: Right. But let’s just let’s assume that it’s a 20% recovery. OK. So call it $5M Canadian
Matthew Gordon: You’d take that. Right.
Steve Letwin: That will fully fund additional exploration on Taurus, on Table Mountain, on Sheep Creek. And you know go blue sky for a minute. You could easily see somewhere around 3Moz in this region. That we could identify, that we could put through a mill.
Matthew Gordon: Which you have?
Steve Letwin: Well
we have a small mill.
Matthew Gordon: But that’s not the right type of mill.
Steve Letwin: It’s
not the right size. And it was there to produce cashflow.
Matthew Gordon: Is there any value to that? Book value or otherwise?
Steve Letwin: Honestly
transparently I would say very little.
But it’s there, and more importantly, once you’ve produced.. and you
know this. Your ability to get permits is much easier. So we’ve had the
exploitation permits. We have the exploration permits. We need to do some work
to get back to exploitation and to be a producer. But once you’ve done it, and
everything’s in place, it’s far easier to get it through than if you were starting
Matthew Gordon: I understand that. So just finish off the tailings quickly for me. So is that something that you would do? Or you would outsource? Or JV? How does how do you process that?
Steve Letwin: We
have no expertise.
Matthew Gordon: So you bring someone in?
Steve Letwin: We
would go outside.
Matthew Gordon: So you’re you’re going to take a revenue share off the back of whatever.
Steve Letwin: Here’s
the challenge and here’s the question. We have a third party who has put an
offer on the table to develop the tailings. Are we better off going to a third
party contractor to do that ourselves with an outsource body. Or are we better
off lay the capital associated with the tailings, and let them take most of the
Matthew Gordon: Discussion, discuss.
Steve Letwin: Discussion.
But our first priority has to be the 43-101 and again you have 300 juniors out,
there that don’t have anything close to having a certified, 1Moz deposit, in
friendly jurisdiction, that’s close to infrastructure. So once we have that,
our view with a little luck on the Gold price, which may or may not occur, that
our ability to raise money at a higher share price, which is obviously less
dilutive, will give us the ability A) to explore more there and B) to move ahead
of the tailings, which will be a self-funding model, where we don’t have to go
out and dilute our current shareholders. We sell the recoverable Gold. We use
that to fund the exploration. The G&A for both our sites.
Matthew Gordon: So is if I look examples of other companies that started where you guys are now, Canadian focus. I will look at something like a Osisko. Same place as you, early 2000s. They’ve gone through a process, but as time it’s taken them a long time to get to where they are. I can’t remember what it sold for?
Steve Letwin: Malartic.
Matthew Gordon: A big number right. It’s a good day at the office when that happens.
Steve Letwin: Who
cares if it was 10yrs, I mean $4Bn, from $0.03.
Matthew Gordon: So you’ve got an understanding of what, you clearly know them, of the strategy that they followed. Is yours literally a cookie cutter approach to that. You say well we can replicate that, because it’s a similar Oregenic ore, it’s in a similar district.. type district, it was Timmins. Are you just following that model, it’s already well established and well done, or have you had to think about how you go about managing and developing this asset, with the cash restrictions that it has on it now. I mean how do you go about that? What’s the thinking?
Steve Letwin: Well
Sean Roosen, who I know extremely well, and I’m a huge fan of, is a master
after 40 years in the business of being able to raise money and then turn that
money into great returns. And I would tell you his focus and it’s the same
focus I had in the oil & gas side, it doesn’t matter. I would call it a
Matthew Gordon: What does that mean?
Steve Letwin: It
means that you’re going to look at paybacks that are in the 2-3yrs range.
You’re not out there looking for pachyderms. You’re not elephant hunting. We
have an identifiable Resource close to infrastructure. We’re not spending $200M
in Argentina, building a road and a power line, like Barrick has to do. We’re
looking at a very concentrated, very shallow deposit, 100m to 150m.
Matthew Gordon: So very shallow. Wow. Strip ratio. Fabulous.
Steve Letwin: Close
to zero. So boom, boom, boom. Investors don’t want to hear, at least today,
about pachyderms. They want to hear, ‘how quickly can you turn this?’
Matthew Gordon: So you’re saying, ‘We’re going to identify a series of baby steps’. It may be in 10 or 15 year, but you say we’re gonna do some baby steps to get to where we need to be. At those points people can make decisions obviously whether they stay in.
Steve Letwin: Yes.
Matthew Gordon: Or cash in.
Steve Letwin: Yeah
right. I’m a huge believer in liquidity events. And we want to create, not one
liquidity event, we want to create multiple liquidity events. So that Matt as
the investor will look at this and say, ‘I’m put in at $0.07…
Matthew Gordon: I got options right. That’s what I want.
Steve Letwin: I
put in $0.07 cents at 21 cents during one out. Or do I want to harvest a little
bit and leave some in. Get my capital back and take a free ride on that option,
given more I think this might go. So that’s the strategy.
Matthew Gordon: Okay. So that you’re clearly a commercial guy, because that’s very much focused on what’s dear to shareholders wants, which is share appreciation. That’s the business right. You just have to be mining.
Steve Letwin: Right.
Matthew Gordon: Now if I look at some other Canadian players who are sitting on large numbers, in terms of Resource and Reserve. And they’ve spent tens, hundreds of millions of bucks, drilling to get those numbers up, but … and they’ve got some cash. You know they’re not strapped for cash, there’s no fire sale imminent. But I don’t see the next step for them. But they’re in the sitting on 5Moz-7Moz. I mean, you’re talk about these people these baby steps, these catalyst events, have you have you thought about what you need to be?
Steve Letwin: Absolutely
right. It’s what I outlined. Look you don’t want to have to be sitting waiting
for the next bull cycle. And these guys that have these large deposits, with
huge capital commitments in front of them, have to wait for the next bull
cycle. And if they don’t get the bull cycle, they will…their cash erodes. And
right now you know the market better than anybody. Go try and raise equity
right now. Unless you’re a cannabis player or a tech player. Nobody’s
interested in giving mining guys any kind of money right now. Mean we’re very
fortunate because we have Asian investors. When I go to Hong Kong, let me tell
you the difference. OK. I go to Toronto. You can’t buy people coming to the
conference. You go to the Scotia main conference. And I know it’s a great
Matthew Gordon: Good people.
Steve Letwin: Three
people show up. You’re looking through the lights to see who’s in the audience.
Matthew Gordon: But what’s happened? Have people got exhausted or they’ve been burnt too many times? Or is it just as simple as there’s nicer shiny and more profitable projects cannabis etc. out there right now. But what’s what’s gone on?
Steve Letwin: Ten
the ten top Gold companies total market cap $121Bn. The top five cannabis
companies after two years, $88Bn. You tell me what happened. All the risk
capital in Canada has gone into cannabis. Look you can’t find capital… if you
put a cannabis play out there right now. Before this used to be like this in
Gold, before you walk in the room…
Matthew Gordon: You’re done.
Steve Letwin: They’ve
Matthew Gordon: Well I kind of hope so. I’ve an investment myself in the space, but you know asset as a blended portfolio approach to investing, if you’re lucky enough to have some cast invest, you need to kind of look at different options. You can’t put all your eggs in the Gold basket, or necessarily the mining basket. You spread it around bit. And I get the cannabis story in any blockchain and Bitcoin et cetera, and and then will come off a bit. There’s some sanity has prevailed. Do you think that mining is still a relevant investment class? Let’s start with Canada, because you know Canada. So are people still thinking about it, or anything coming back into it?
Steve Letwin: Not
Matthew Gordon: Not yet, still away.
Steve Letwin: Which
means it’s a good opportunity. I don’t have a phone here. It’s over there. I’ll hold my phone up and say there’s Gold in
this phone. There’s Tungsten in this phone. There’s didymium in this phone. You
name it.. it’s in this phone. What people are not connecting the dots to is,
mining is here forever. And the valuations in mining are so attractive right now.
You have PNAV’s price. 0.3, 0.2, 0.5
Matthew Gordon: It’s a tough time.
Steve Letwin: You’ve
got a cannabis company trading at x800 revenue. I think, I think, to your point
do I want a balance here. Because I think I want to hedge. A) I want to hedge
against the U.S. dollar. B) I want to hedge against a cannabis investment / a
crypto investment. And you can do it pretty easily.
Matthew Gordon: Yeah I think that’s right.
Steve Letwin: That’s
the logic to me.
Matthew Gordon: And I would agree with that. And we advocate to our subscribers that they need a blended approach to this because you know the stories aren’t always true, and things don’t always turn out the way that people say they’re going to, so you need to… a bit of hedging is a smart. We’ll bring it back to Margaux if we can. Margaux is a small company. You’ve seen a lot of deals, but you approximately that Hong Kong guys and they said right… And this is the one you picked. And this is the one, I get IAMGOLD is your number one priority, as it should be, it’s a big company, and you hold a lot of stock. But this project is, as far as you’re concerned, is one of the better junior projects that you’ve seen all of its kind in Canada? That’s why you’ve gone for it?
Steve Letwin: Absolutely.
And I’m not going to sit here and throw a bunch of hubris. We’ve had five,
extremely successful investments with these investors. And they’re very private
people. And they don’t come back unless you’re successful. And there’s an old
military saying always reinforce success. And what I’m a huge believer in, and
I’m a huge believer in Margaux and the people, and the technical support, my
brother, who is a fantastic leader, is reinforce success. We will have success
here. And this is not like, you’re at the craps table rolling the dice. We have
a certified 1Moz deposit. that just needs to be re-enforced. That’s it. And
that’s why I think, when you compare it to hundreds of investments out there
that require, I would say a challenging permitting, that are far from a 43-101
certificate. This stands out. This stands out.
Matthew Gordon: Yeah. I’d agree because, we finalize this right here. We’ve looked at a lot of moving parts. You, Chris Stewart, Shijin. The fact you’ve got historical Resouerce… it’s not even that historic, it’s 2009 right. Quick, cheap to get that back up. You’ve got the tailings.
Steve Letwin: Correct.
Matthew Gordon: You’ve got a lot of infrastructure sitting there. You’ve got water, power, road you got… in a safe jurisdiction. There’s a lot to like about it. $5M market cap though. Is that just a factor of the spot price for Gold? Or is it just you’ve only just started telling the story? I mean what what do you think’s….
Steve Letwin: What
was the market cap of Gold Corp in 2000?
Matthew Gordon: I have no idea.
Steve Letwin: $62Bn.
Matthew Gordon: $62Bn.
Steve Letwin: What
was was the market cap when it sold?
Matthew Gordon: Don’t know.
Steve Letwin: $15Bn
Matthew Gordon: $15Bn
Steve Letwin: Ok
look.. look this ravaging which has gone on, and is consistent across the
board. It doesn’t matter what company you look at. It’s been completely
destroyed. And it’s been destroyed, and we haven’t helped as an industry,
because there’s been a lot of missteps. We’ve seen value destruction with big
projects that have gone South.
Matthew Gordon: What you mean by value destruction… shareholder value …?
Steve Letwin: Yes
fair shareholder value because a mine hasn’t been what they thought it was
going to be. And big bets were made when the bull market was at its peak. You
had a lot of money going after, what I would call stupid things. And you had
that happen in the oil business. You’re having it happen in the cannabis
Matthew Gordon: It’s been a reset in Canada.
Steve Letwin: And
we all remember dot com. So all I’m saying to you Matt is look, we are now
being punished for the sins that we committed and we committed sins. And that
usually means there are opportunities, and you learn from those mistakes. What
did I learn from my 28yrs in oil & gas and 10yrs in mining. Focus on
short-cycle economics. Stay away from long-cycle investments that take 10yrs to
pay back, huge capital commitments, and as a result of being out there over
time, high-risk. Minimize your risk. Short and short-time, short-payback, small
capital. And if you do happen to have that bull-cycle start and you’re gonna
get your money back very, very quickly. That’s what Margaux is.
Matthew Gordon: That’s I think that’s a fantastic way to end this, because it’s not just the money and the connections you’re bringing that kind of thinking.
Steve Letwin: Right.
Matthew Gordon: I appreciate that summary. Thanks for telling us the story. Next time you through town come on update us.
Steve Letwin: Thanks.
Company page: https://www.margauxresources.com
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