Anglesey Mining Share Chat (AYM)

Matters have gone on for years I have to agree

Also that the by and large updated reports which seem to be tweaked previous word documents are disappointing

But given that this is not s company with endless rights issues that seem to serve no purpose other than to pay large directors salaries it is difficult to see how it can be a scam in my opinion

As share holders we entered into a formal agreement as apposed to an informal agreement with AYM (Oxford English Dictionary definition of a scam) is an informal transaction between one or more parties. Anglesey Mining have a number of assets none of which are producing a revenue stream having been dormant for a number of years therefore not producing a return to investors.Parys Mountain 100% owned by AYM being the main asset. Decades of inactivity and false dawns have come to nothing.Parys has a paper value based on the daily prices of the metals within as determined by the LME but that having been said it is only worth what someone else is prepared to pay for it and at this point in time it would appear it would be hard to give away. Parys was last mined in the 1960s and as a multi-metal deposit requiring an inordinate amount of cash to bring it to production has little if any appeal to the mining community. Anglo American,Rio Tinto,Glencore,BHP etc prefer working mines if their on a buying spree. In this context SCAM was probably a bit strong, as investors we are by nature speculators, some you win some you lose, but due to the moribund state of the BOD and the fact AYM has had my invested cash for more years than I care to remember on a personal level I feel scammed Annual Report not withstanding

Why then did I invest in the first place I hear you ask? Answer :I thought I would be supporting the future and economy of the Isle of Anglesey, a nationalist gesture so to speak.

This is now before the end of August so lets just wait and see what they have to say.

Could they be thinking of spinning off the Iron Ore assets...The Swedish asset is a gem!!

Copper, Zinc, Lead, Gold and Silver continue their rise, which certainly makes Parys Mountain easier to sell. But Iron Ore is shooting up even better, now up to a fantastic $118.89/T. At that level even the Labrador white elephant can make a profit; at that level the Swedish subsidiary must be attracting suitors.
At risk of labouring the point, AYM's BOD lack the energy to develop the mineral assets we have, and may even lack the energy to hawk these three assets (in Wales, Canada, Sweden) to potential buyers. But even our passive and indolent BOD can hardly ignore it if proper mining companies approach them with a view to snapping up the assets upon which AYM squats like some exhausted and soon-to-be-extinct dodo.

For clarity, Suzki, and in your own words, please define 'scam'.

It must be Bill as he is buying a new bungalow down south.

Who benefits from this scam then?

QME's involvement was just a smoke screen to convince gullible shareholders (self included) that things were about to happen. As previously stated on this BB it doesn't take 18 months to look at the existing paperwork and do some 3D modeling,site visits were not required as there was nothing to see.If this project was ever going to be developed it should have been over a decade ago and now we have a ready made excuse in the form of Covid 19 to do nothing again. I will continue to hold AYM shares but as stated a few weeks back firmly believe that the present situation will be the same 5 years hence. Sorry folks we've been SCAMMED well and truly SCAMMED.

Thank you for your recent posts, your knowledge and experience of matters within the mining industry are very much valued by myself.
I totally agree with your comments and please continue your posting on this board.

You're putting words in my mouth, I never said I was the greatest anything, I don't see why you need to go ad hominem when I'm just pointing out the facts. The simple reality is, it doesn't really matter who is the source of the delay, the point is simply that there is another delay with AYM's main project, and the timeframes AYM have set out towards delivering a plan to move it forwards. I agree completely that QME are very likely a big factor in the time its taken, and given AYM are not paying them in cash for their work as a customer, its difficult to speed things up. But that was always a possible consequence of the arrangements made. The "risk" for QME is just the time (and time is money, but we aren't talking about that much here) sunk into running the different models.

The risk for AYM though, is another 18 months have gone by and there's nothing to show for it yet - i.e. everything is taking too long. Another 18 months of not creating shareholder value, by not moving the project forwards. The problem is the attitude now has become another year or two won't hurt, seeing as we've been looking at this project for 20 years already! And that is going to be hugely offputting for any potential investors who want to see a project led by a management team who have a strategy and a timeline and want to execute on it. Thats the real crux of the matter.

I love the fact that you believe you are the world’s greatest mining analyst and font of all knowledge when the delay isn’t coming from Aym but QME who said themselves that they had nearly completed the work for AYM and it’s QME who are the ones taking on the risk so draw your own conclusions!!

"You are aware there has been a pandemic..QME’s and AYM could not visit Parys or have face to face meeting her for months and months"

I don't understand why shareholders would want to make up excuses like this for the chronic underperformance here.

Firstly, it was already over 8 months late (over double the initial timeframe) at the point the lockdown in the UK began. The Study was originally scheduled to be completed in June 2019.

And secondly, if you understood what the "optimisation study" actually is, you would realise it's a desktop exercise in optimising 3D block models, cost inputs, mining schedules and so on - basically all done on computer software. There's nothing to see on site, all the workings are deep underwater. The resource data is in a computer block model, not on Parys Mountain written into the stone in ancient scriptures. The only things to see on site are the shaft & headgear, which personally I dont see as particularly relevant, but even if they somehow were, once you've seen it and taken some photos & measurements, thats the site work covered basically. We're told they visited site early on in the process.

Finally, the rest of the world has been getting by with reduced "face-to-face" meetings. There is something called videoconferencing, amongst other options. Hundreds of scoping, optimisation and feasibility studies have been released on mining projects throughout the world, including in countries with Covid, in the past few months. Check out www.juniorminingnetwork.com for some newsflow (mainly TSX and gold/silver) - there are studies coming in every day. There seem to be some delays in physical things like processing drill assay results through laboratories, but actually there should be more time available for computer based modelling work, with some people working from home, like what we are waiting on here.

So.... draw your own conclusions... but this company has an unfortunate history of underdelivering on (fairly unambitious) targets - and I'd suggest this could just be a continuation of that, rather than a consequence of the pandemic.

AYM's website states: "It was originally proposed the Annual Report and Accounts of Anglesey Mining plc would have been issued today.

However, in common with a number of other companies Anglesey and its auditors have suffered some minor holdups in the compilation process due to the effects of Covid-19.

The documents are in the final stages of preparation and review by the company’s auditors and it is fully expected that the accounts and report will be issued well before the end of August 2020."

I think I'll attend this year's AGM in London to give 'em the rough edge of my tongue. I'll mention that I was minded to table a formal motion for the liquidation of Parys Mountain, and still am, but in view of the pandemic to do so a year hence. Admittedly expressions like "rough edge of my tongue" are intemperate, however "shareholder sentiment" is also emotional rather than pragmatic. The pragmatic course of action is to use whatever influence and voting rights one has with the Officers of the company when one has lost confidence in their current course of action; to change that course.

In a nutshell, I no longer believe that AYM's board have the energy to exploit the Parys Mountain asset, and thus want it liquidated and the proceeds distributed to its long-suffering shareholders.

You are aware there has been a pandemic..QME’s and AYM could not visit Parys or have face to face meeting her for months and months

Shouldn't the Annual Report be out today? Its always been the end of July in previous years. They will have to update on their progress in that surely.

End of November 2018 was when the QME agreement was signed, and the optimisation study was going to be completed for June 2019. Its August 2020 tomorrow. Running over a year late now, they've had over 20 months to run some scenarios with different cut-off grades basically. A couple of people could have easily done this job in 3 months on this full time.

Now been over two months since we heard from QME and still nothing from AYM.

I was grateful for Southwesterner's recent comments, even though I took a battering from him. Although anonymous he is clearly a mining professional and thus a useful 'calibrator'.

He dismisses my hope that a Bigboy Miner such as a Rio Tinto Zinc will come along to snap up the Parys Mountain asset. Southwesterner says that Parys is too tiny to be of interest to RTZ. But..... to a five year old a Big Boy is one of them scary creatures aged seven. That seven-year-old is in turn dismissed as Titch by hulking giants aged nine. From our perspective as shareholders in this £4m company, Rio Tinto with its £6000m market capitalisation is not a Big Boy from the other end of the playground, rather a proper grownup with wife and kids and a chestful of medals; somebody from a different league. If AYM should be bought up by a Big Boy worth maybe a miserable £400m it would still put a smile on my face. Gimme £7m for Parys Mountain. OK, call it six, and me with a poor dying grandmother, take the shirt off my back why don't you?

In other news, base metal prices continue to rise and Parys Mountain's gross value has risen by £6m in the past fortninght, from £1064m to £1070m. Of that total Copper and Zinc represent £372 and £333m respectively. As Southwesterner points out it is NOT a Copper mine, it's a multimetal one. And there I was thinking I was the pedantic one...

Brett

I thought so i stumbled across him by accident and thought his history would appeal to you as it did me

Bob, many thanks for bringing Carton de Wiart to my attention. I cannot begin to understand the courage of such a man. His Wiki entry is astonishing. They don’t make men like him any more!
The idea of soldiers pulling the pin from a Mills Bomb with their teeth has long baffled me; looks like one-handed Carton de Wiart, attacking the Germans at the Battle of the Somme, first did this. Mindboggling!

Adrian Carton de Wiart
Brett may interest you when have a minute

Ok no worries completely understand

Hi CT, I really don't want to publish my email address on this BB. Regards.

Hi Moneysscrace

I don’t have Premium access so can’t DM you but if you are happy to share you email address would be good to talk offline

There wont be a party this week.