Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Hopefully I haven't missed anything in Cash, Assets, assumed valuations or likely newsflow that would revalue any of GUNs investments to date.
My takeaway is very strong cash position so BoD has lots of optionality backed by strong NAV coverage and near term opportunity to realise further previously illiquid investments (1a, 1b and 2 below) for cash or listed shares circa £300-500k.
AIMHO APR
* Updated Malachite ASX:MAR (Sunshine +Kolosori) +Sajawin (Madagascar licence) +Djibouti licence *
GUN is an Investment Company buying low and selling at a profit to reinvest so Market Capitalisation (MCap), available cash and Net Asset Value (NAV) are key metrics that we use to assess GUN fair value PLUS what transformative events we expect to positively affect SP & MCap plus associated NAV valuations .
Expected transformative news flow in order of impact/proximity:
(1a) Malachite option to purchase Kolosori Nickel by 30-Sept-20
(1b) Malachite option to purchase Sunshine Metals ... Confirmation of deal
(2) Sajawin option to purchase Madagascar oil licence by 30-Oct-20
(3) Rincon IPO & news on South Telfer targets & drill programme progress for IPO. GUN target 15% post IPO
(4) Angold IPO
(5) Human Brands IPO and or Rogue Baron AIM listing
(6) Empress Royalty IPO
(7) Eagle Mining drill campaign & results
(8) Djibouti oil licence held by SubCo - status update on way forward and/or exit
Summary @22-Oct-20: GUN is £2.6m MCap of which £593k is cash leaves approx. £2m MCap underwritten by NAV = £1.93m @22-Oct-20 for minimum 96.6% NAV coverage using VERY conservative assumptions (see below).
Cash Position: Estimate = £593k assuming following:
> Peter Ruse stated circa £650k cash on Podcast @5-Oct-20 https://www.share-talk.com/peter-ruse-director-gunsynd-plc-gun-l-interview/
> Eagle Mining stake increased = cost £75k EM2 @14-Oct-20 RNS
> Bunker Hill Mining sale = receipt £164k @20-Oct-20 RNS
> Empress Royalty investment = cost £146k @23-Oct-20 RNS
Net Asset Value (NAV) = £1,931.6k assuming following:
• Rogue Baron = £500k convertible loan note (30.8%) @02-Jul-20 RNS so assume NAV = £498,575 (loan @12% pa due 31-Mar-21)
• Human Brands = 0% shares pre-IPO, but up to 3% fee at IPO @02-Jul-20 RNS so assume NAV = £0k & await IPO
• Rincon = 28% pre-IPO cost £138k @22/23-Jun-20 RNS so assume NAV = £138k & await IPO
• Angold = 1.13% pre-IPO cost £165k @30-Sept-20 RNS so assume NAV = £165k & await IPO
• Eagle Mountain Mining = 1.8% value £578k @16-Oct-20 so assume NAV = £578k & await drill news
• Bunker Hill Mining sold @20-Oct-20 RNS so NAV = £0k
• Empress Royalty = TBC% pre-IPO cost £146k @23-Oct-20 RNS & await IPO
• Djibouti oil licenses historic RNSs 2017 to 2019 apply so assume NAV = £0k
• Madagascar oil license, subject to Sajawin offer so assume NAV = £240k offer (£20k paid) if closed
• Sunshine Metals cost £240k, but Malachite offer so assume NAV = £121k in MAR shares if closed
• Kolosori Nickel = 7.67% cost £45k & Await Malachite offer
AIMHO & DYOR
APR
Yep just about to post the update ... but well spotted!
The holding in Sunshine / kolosori which is being converted to shares in Malachite is missing (look at ASX:MAR for details)
GUN is an Investment Company buying low and selling at a profit to reinvest so Market Capitalisation (MCap), available cash and Net Asset Value (NAV) are key metrics that we use to assess GUN fair value PLUS what transformative events we expect to positively affect SP & MCap plus associated NAV valuations .
Expected transformative news flow in order of impact/proximity:
(1) Rincon IPO & news on South Telfer targets & drill programme progress for IPO. GUN target 15% post IPO
(2) Angold IPO
(3) Human Brands IPO and or Rogue Baron AIM listing
(4) Empress Royalty IPO
(5) Eagle Mining drill campaign & results
(6) Dubai oil licence status update on way forward and/or exit
Summary @22-Oct-20: GUN is £2.6m MCap of which £593k is cash leaves approx. £2m MCap underwritten by NAV = £1.53m @22-Oct-20 for minimum 76% NAV coverage using VERY conservative assumptions (see below).
Cash Position: Estimate = £593k assuming following:
> Peter Ruse stated circa £650k cash on Podcast @5-Oct-20 https://www.share-talk.com/peter-ruse-director-gunsynd-plc-gun-l-interview/
> Eagle Mining stake increased = cost £75k EM2 @14-Oct-20 RNS
> Bunker Hill Mining sale = receipt £164k @20-Oct-20 RNS
> Empress Royalty investment = cost £146k @23-Oct-20 RNS
Net Asset Value (NAV) = £1,525.6k assuming following:
• Rogue Baron = £500k convertible loan note (30.8%) @02-Jul-20 RNS so assume NAV = £498,575 (loan @12% pa & due 31-Mar-21)
• Human Brands = 0% shares pre-IPO, but up to 3% fee at IPO @02-Jul-20 RNS so assume NAV = £0k & await IPO
• Rincon = 28% pre-IPO cost £138k @22/23-Jun-20 RNS so assume NAV = £138k & await IPO
• Angold = 1.13% pre-IPO cost £165k @30-Sept-20 RNS so assume NAV = £165k & await IPO
• Eagle Mountain Mining = 1.8% value £578k @16-Oct-20 so assume NAV = £578k & await drill news
• Bunker Hill Mining sold @20-Oct-20 RNS so NAV = £0k
• Empress Royalty = TBC% pre-IPO cost £146k @23-Oct-20 RNS & await IPO
• Dubai oil licenses historic RNSs 2017 to 2019 apply so assume NAV = £0k
Happy to correct if anyone thinks I have missed or got anything wrong?
AIMHO & DYOR
APR