The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Any that was done any sort of research understands what is going on with zimb and the community issues the ZCDC is facing there, more so with our area than others. It doesn't help that we was led up the garden path and out the back gate by someone trying to be the leader of the community but wasnt recognised as one.
end of October.............. so AP will know the last trading day of October is tomorrow, so we all expect it tomorrow. However the end of October is Saturday, so he may argue that he had to wait until Monday......... First thing, this JORC has been in the planning for a very long time, so plenty of time to plan for Friday 30th.... secondly and this is the great mystery of AIM..... why is it when any CEO declares a deliverable within a future month, they actually mean the very last day of that month............. and its the same when they say "expect X in Q4....... They actually mean the 31 Dec ... has any CEO actually delivered something at the beginning of the month [that's not a slippage from the previous month}.......... annoys me.........but used to it!!. B
Will be tomorrow unless published over the weekend.
will FOMO kick in later..............JORC on the way............ B
Short term, this is what grabbed my attention;
‘At the end of October 2020, the Company will publish a JORC 2012 compliant Measured and Indicated Mineral Resource for BPPM‘
News tomorrow / early next week then?
Further re Blueberry
Financial assets, which potentially subject the Group and the Company to concentrations of credit risk, consist
principally of cash, short-term deposits, an available for sale investment in 15% loan notes funding the Blueberry
project, and other receivables. Cash balances are all held at recognised financial institutions. The 15% loan notes are
considered fully recoverable given the project prospects and are currently being marketed
Debt position
Non-current secured borrowings consist of:
• US$ 4,410,477 (2019: US$ nil) first tranche of $15,000,000 Convertible Bond facility issued to Atlas Special
Opportunities LLC. The Bonds are secured by a charge on the assets held by Vast Baita Plai SA (formerly African
Consolidated Resources SRL) which is the holder of the rights to the Baita Plai Mine and by a pledge on both
Vast Resources PLC and AP Mining Group’s shares in Vast Baita Plai SA. The loan bears interest at 5%, and a
10% redemption premium (calculated on the principal amount). The bonds are repayable in two years from the
issue of each tranche. The principal amount of the first tranche due on maturity is US$ 7,101,947. The difference
between the carrying value of US$4,410,477 and the amount due at maturity will be recognised in the statement
of comprehensive income using the amortised cost approach over the term of the tranche. This includes the cost
of warrants issued to Atlas Special Opportunities LLC at draw down which amounted to US$ 1.310 million and
other facility related costs.
• US$ 3,925,465 (2019: US$ 4,417,010) secured offtake finance from Mercuria Energy Trading SA. The loan is
secured by a charge on the assets held by Sinarom Mining Group SRL which is the holder of the rights to the
Manaila Mine and by a pledge on the shares of Vast Resources PLC 100% holding. The loan bore interest during
the period of 9.5%.
• US$ 25,738 (2019: US$ 43,449) asset financing loans secured on the underlying movable assets belonging to
Vast Baita Plai SA.
Current unsecured borrowing consists of:
• US$ 194,663 (2019: US$ 189,072) loans from the non-controlling interests in Vast Baita Plai SA, the holder of
the rights to the Baita Plai Mine. The loans from the non-controlling interests are interest free and have no fixed
terms of repayment. There is no expectation that this loan will be called.
• US$ 179,402 (2019: 309,635) loan from M Semere bearing an interest rate of 6%. There is no expectation that
this loan will be called.
Outstanding VAT claim of $1M
At the reporting date, included within VAT receivable is an amount in respect of VAT owed to Vast Baita Plai SA
(formerly African Consolidated Resources SRL) of US$ 1,001,900 (RON 4,462,563) The amount represents VAT paid
on the Baita Plai Mine’s care operations. As reported previously, ANAF, the Romanian revenue authority had refused
to accept amounts included in this balance as a legitimate VAT receivable as a mining licence was not then in place
for Baita Plai Mine. On 15th October 2018, the mining licence was granted. The Romanian Court instructed an
independent VAT audit which has been completed satisfactorily and supported the Group’s claim for repayment.
Accordingly, the Court ruled in favour of Vast Baita Plai SA. The tax authorities have appealed against the decision
and the Company continues to maintain that the case has no merit.
Lets be real, II aren't touching this with a barge pole untill we are FCF and share consolidation
I'm expecting the JORC @ 16.30hrs on Friday
Taken from telegram :
"I Notice it’s the first time in the history of the company that the auditors gave it a clean bill of health.
No going concern issues, no qualifications, no emphasis of matter!!!!
That is an amazing achievement and now a green light for institutional investors to buy shares"
Now I wonder why Craig's bio is written emphasising his prior experience of conducting resources estimations?? Lol
Craig Harvey – Chief Operating Officer
Craig began his career with Gold Fields of SA in 1988 as a bursary student in Economic Geology where he
worked on various gold, platinum, coal and exploration projects. At Harmony Gold he managed the mineral
resources on various operations and was involved in due diligence on acquisitions. He joined Simmer and
Jack with a focus on shallow hydro-thermal gold deposits in the Eastern Transvaal and later moved into a
corporate role managing and auditing the mineral resource process across all gold and uranium operations.
Craig spent 3 years in a Principal Consultant role for Ravensgate based in Perth, Australia, where he
conducted numerous resource estimations, valuations and technical reports mainly in gold, uranium, copper
and iron ore. Craig joined Vast Resources as a consultant in 2013 and became Chief Operating Officer in
March 2017. During his tenure with Vast Resources, he has been heavily involved in both Zimbabwe and
Romania.
Positive actually, implies good governance (or was/is insisted upon by potential finance?)
The Group takes its responsibilities in these areas seriously and monitors its performance across these areas on a
regular basis. The Group has adopted and obtained ISO 9001:2015 for Quality, ISO 45001: 2018 for Safety, and ISO
140001: 2015 for Environment. The Group adheres to all Covid-19 rules, regulations, and guidelines in preventing
transmission of the infection through the workforce.
Comedy gold under Strategy
Finance growth, where possible in a non-dilutive manner
Back, back, back burner
Other Romanian prospects
Work continues to be in progress to extend our footprint in Romania through our current claims at Magura Neagra
and Piciorul Zimbrului (collectively known as ‘Zagra’). The Group undertook a prospecting drilling programme and soil
sampling campaign targeting sets of polymetallic veins together with areas of disseminated sulphide mineralization
and is currently awaiting test results in order to apply for an Exploration Licence.
The Group continues to believe that exploration of the many mining opportunities that have become dormant over the
last two decades will be an attractive prospect for global mining players seeking to capitalize on the projected increase
in demand globally for copper occasioned by the global transition to clean energy and electric vehicles.
The Group’s ‘first mover position’ in Romania has attracted interest in resuscitating the large-scale polymetallic
resource projects in Romania. Discussions have been held with global mining players and investors to leverage their
financial strength and expertise to jointly exploit these considerable opportunities
Blueberry - hmmm- something don't smell quite right imo
Blueberry Polymetallic Gold Project (`Blueberry’) (29.41% effective interest).
The Group has an effective 29.41% economic interest in Blueberry through EMA Resources Ltd (‘EMA’) in a brown
field perimeter located at Baia de Aries in the ‘Golden Quadrilateral’ of Western Romania on which historic work has
demonstrated prospectivity for gold and polymetallic minerals. The Group has completed a drilling programme on the
perimeter which has established sufficient information to support an Inferred JORC resource. The Group is also
currently preparing an independent feasibility study and environmental reports for submission for the exploitation
licence. The results and net assets of the Blueberry project are immaterial to the Group and therefore have not been
included in the Group financial statements under the equity method of accounting.
During the year Vast Resources PLC acquired a short-term investment in the Convertible Loan Notes of EMA of
principal value US$ 750,000. These Notes have funded EMA’s and Blueberry’s working capital and capital
expenditure requirements in relation to exploration at the Blueberry mine as a step towards achieving an IPO for EMA.
The conversion feature of the loan notes allows the holder to convert every US$ 10,000 of principal into 0.075% of
shares at the time of the IPO. These notes are held for sale and management anticipates they will be on sold to
investors within 12 months of the balance sheet date.
In October, the Company commenced the production of concentrate at BPPM.
• At the end of October 2020, the Company will publish a JORC 2012 compliant Measured and Indicated Mineral
Resource for BPPM which covers the first four years of production. Further drilling will be conducted with the
objective of publishing an expanded JORC 2012 Mineral Resource.
- good, stating it will be measured and indicated and restated this month