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Hello Diadulus. Good to hear you bought at the low of 50pence. I took a few in the 50p's too on the way down to bring my average lower and round off my ownership to 100,000. That is me finished buying though, and I am here for the longer haul as things stand. I do not see Pure as a takeover target atm, but often these come out of the blue.
Pure management have not covered themselves in glory, and I agree they seemed too desperate to push forward but at the cost of unnecessary dilution. It may be they had to dilute anyway as H1 performance was perhaps more disappointing that anticipated.
As said, directors integrity and collective ability is in question for me, however I like the asset more than my concern for their credibility, and given their collective experience and deeper knowledge of the company, I am giving them the benefit of the doubt for now.
H2 should be far better in terms of gold produced than H1 as per RNS
''As production transitions to higher grade stopes in Q3 and Q4, head grades are expected to continue to improve for the balance of the year along with increasing throughput.''
However we have been warned that owing to the capital costs headline AISC will not look good as per RNS
''Cash Costs1 for the fourth quarter, the first full quarter of commercial production, are expected to be in the range of US$1,025 - $1,125 per ounce. AISC1 for the fourth quarter is expected to be in the range of US$1,600 - $1,750 per ounce. Looking forward into 2022, production is expected to increase and Cash Costs and AISC are expected to fall significantly driven by higher grades and throughput coupled with decreased investment in capital development and other sustaining capital programs. ''
There is much to look forward too, but it might take another 6 to 18 month perhaps, before we get above £1 again.
A simple solution to the capital problem would be a RIGHTS ISSUE.
I am not charging for my advice.
Happy days investors
SpaceHoppa, totally agree. I look at it this way mine/permits in place, crusher and pouring in place but they really wanted that high grade ore at basically any price i.e. a 20% dump on share holders. This is the result & how sad things are from a financial point (given everything that is already in place.) $50B in known extractable gold (so far) and the company valued at less than 0.7% of that with a Mk Cap of £234.666 (yes I did allow for the $/£ diff in the percentage reference.)
On a positive/negative/hypothetical it does leave them open to a HOSTILE take over but not necessarily at a best price (who wants out or would like to reposition their investments given HOW the BOD went about raising that $20M capital?) And for those who looked at this as an early entry dividend hold (well that ain't gonna happen on a takeover, so NO not good.) And yes dividends are taxed separate from capital gains so take advantage of that allowance as well. Apart from that I did buy more at the 50p mark because of the metrics and in spite of the BOD.
Nobody doubts the possible impact of the 8 zone, or it's potential,
however what I dislike is the company over ramping itself, directors selling en masse
and then after declaring commercial production, they flog off more of the company /diluting shareholders,
rather than getting a loan for $20million!
The asset is beyond doubt, but management's ability and especially their integrity is not.
Hi, did anybody else take the call from Adrian O'Brien around 2 weeks back (poss have to be subscribed to pur plc).
For me, he talked sense and fully explained the earlier issues. Without ramping and no consideration of POG.. we should be at the start of the turning this around! Apparently, the extra cash has gone direct to bringing the 8 zone forward. Obviously caught out by the AISC, however, feel free to compare to the other big gold mining players in the early days. All spiked all dropped... flatlined and only to go next level upwards! would appear to be a mining cycle (google it) However, Pur sits on a massive asset - this is the difference - which is proved and will be the absolute re-rate of this co. 8 Zone is not a myth - it is there.