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I was shocked too, it’s a fantastic improvement, and the gold price average was fantastic too, clever selling by the MTL management, costs per ounce looked high, but that cost is hugely inflated by the infrastructure improvements, you have to crack eggs to make an omelette, so I didn’t see any negative in that, they will drop drastically in 2020 when the improvements are finished, 2020 will be transformational, make no mistake, 1p shares are silly cheap, but I suppose it takes those who paid 5p, 10p, 20p, 30p plus for those same shares to see it, those who paid 0.5p don’t have the same values, I think next week will be much better than today as people digest the facts, and see the value.
I think you’re right mrlol, people wanting to make a quick buck have jumped out on news. This is still massively under the radar for private investors. Well played Lee, I’m glad I’m not the only one that believes this is an absolute no brainier at this price and given the progress made since Jan. Today demonstrated HUGE improvements that have been made by the managment team. I was shocked to see almost 19k ounces of gold sold and was expecting (and would have been happy with) 16.5k...
That’s 3.7 million, I can’t believe it dropped so low, just had to find some change down the back of the settee, and banged that BUY button
Couldn’t understand the drop today thought we’d at least hit my minimum of 1.6p but think we weeded out the ones simply looking to make a quick £ on refinance news. This is as stated in the Rns looking to be announced within next quarter some have v little patience
You did well Lee, someone paid 1.20 premium on close for similar amount.
Gt..... a good point.
I took another 480000 as a show of confidence, screaming BUY, more so today then yesterday.
Gt....that’s exactly what it’s been, a blessing, it’s allowed spare capital to fix the issues quickly, that generates these rapid improvements each quarter, and hence making the whole process have the ability to repay the loans in the future, we are currently in a much better position compared to last year, and we will be in a vastly much better position this time next year.
Definitely good news as if we were paying the loan it would have been hard to get the repairs done and progress with further exploration a good move by the banks and major shareholders as they are actually protecting there investment now its actually looking like a blessing in disguise.
For those who think today is a bad day,,read this:
Alliance News) - Metals Exploration PLC on Friday reported a third quarter year-on-year rise in gold sales and said it is consulting with local authorities to remove clandestine miners from its Runruno project in the Philippines.
In the period to September 30, gold sold rose 42% to 18,239 ounces, from 10,522 reported last year. Revenue from gold sales soared 92% to USD27.0 million from USD14.0 million.
The average price of USD1,479 per ounce was an 11% year-on-year climb from USD1,333.32 per ounce last year.
Metals Exploration reported that illegal miners are currently occupying sites the firm eyes drilling as part of its third and fourth stages of the mine plan at Runruno.
The company explained: "Productive relations with both the community and the government continue. The company continues with its government agencies consultations in relation to the impending need to remove illegal miners.
"Initial access development to mine plan stages three & four also commenced in the third quarter. Further actions in relation to the resettlement activities will be made in the forthcoming quarters."
Those numbers are impressive, todays drop is simply selling on news, recovery is taking place, it’s crystal clear, the cash in bank at $5.2 million would have been much higher if not for the expensive ongoing repairs, but once done, $millions will add to that every quarter, finance is hinted at a conclusion in the next month or two, good news all round
Excellent progress being made here, i reckon reason for the drop was lack of clarity on the finance restructuring which imo is a case of when and not it.
SP should have rose off the back of todays update, it will pick back up soon enough. GL
Down 20% now, any reason for the large drop. The RNS seemed fairly good to me. Thanks!
Some very good progress as new management continue to sort out the inherited problems. Processing recoveries up to 77.6% from 67.1%. If they were at design of 90% this would have produced an additional 4,400oz gold! So we're on target for 90,000oz gold next year, after processing improvements kick in. Cash costs and ASIC will be lower by quite a bit.
Very pleased to see infill resource and mine plan drilling. Hopefully this will allow mining grades to be improved.
All we need now is news of a refinancing agreement.
The AISC rise is clearly due to new investment in plant etc, this often occurs whilst a company is in a 'recovery situation'
The most important aspect is that gold production is increasing and the positive outlook concerning debt re-structure.
On target to produce 80,000 oz pa next year with a circa £25m m/cap - peers are valued circa £150m - £200m, get the debt restructured and it's happy days.
I wonder if the 250k buyer will be gathering up stock again today.
Very disappointing increase in AISC, more than $100/oz over the 9-month average.
Great RNS... positive and concise, this should finish blue, considering how bloody difficult it is to buy
A great update - nearly 19,000 oz produced and generating a decent level of free cash despite lack of historic investment in plant.
They seem very confident of debt talks completing by year end, the re-rate will continue - on target for 70,000 oz of production this year, the new team are delivering !!
Wow!!! 18.8k that almost 20 percent higher then previous quarter and our largest EVER sale.
“Until a re-structure of the Group's debt is achieved all relevant interest and fees continue to be accrued. On this basis, the total interest-bearing liabilities as at 30 September 2019 were US$121.9 million.“
KEY WORD UNTIL CONFIDENT LANGUAGE DISCUSSIONS GOING WELL IT SEEMS
Fantastic news ....
Looking good for good days and months ahead...
CV
18.8k ounces boys BIGGG JUMP WE’RE GETTING THERE HOLD ONTO YOUR HORSES
My gut feeling is there is no agreement to announce “yet” and we crack on with the standstill agreement and no debt repayments to make.
BUT... and this is where is gets very interesting, tomorrow’s RNS WILL demonstrate, a record volume of gold mined in a quarter, a record percentage from the biox (i.e our new experts are making strong process) the best gold sales in the companies quarterly history and all at a much higher gold price!!!
Roy - like you, I’m not sure where the journey ends for me yet. My average is 1.2p these days so I’m finally in profit. (Not a phrase I used much with mtl over the years) But I can’t help feeling this is just the beginning. I’ve been invested here for over 12 years and have never felt so positive.
I wish everyone good luck tomorrow, whatever you all decide to do.
Don’t to too critical if nothing arrives tomorrow. Delays happen. If the banks they are dealing with are based on Honk Kong, then anything is possible with the situation there.
Greetings,
If it Arrives - And if it's Good.......
It's Party time, but what are we going to do then - surely we are not going to follow this stock through its progress to it's ultimate £1 a share or are we. I will probably be 90 or pushing up Daisies, BUT - I will follow as long as I can - Barring any silly offers that may transpire.
On the offer front does anyone really think it could happen - and at what price after Friday?
Interesting fodder for the grey matter - and would it be a NO OPTION offer - sell or have them worthless?
Catch you all on the foresight channel.
Roy