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waht is the cash position of aexg ?
This is a complete overreaction for sure, agree 40+ by close.
Lots of buying now.
Nice try Djm, seems the market disagrees with you
Screaming buy! I'm actually happy with the decision to delay as the forcing transfer of equipment and people in bulk during these times is going to be expensive and timelines will be under great pressure. This company looks to be a Greenland gold monopoly with multiple targets and will explore this summer instead of building, sounds like a great management decision! I believe the most value is unlocking the potential in the exploration portfolio, will take a couple of months but the company is massively undervalued at these levels.
NT to buy..........time to load up and hold for gold!
20p is more likely to be bottom 53m market price and 55m cash this will be over sold yet
Bought in 30p. Can see it closing above 30p. Maybe 40p by end of close. The delay isn’t anything todo with the mine but the personnel. Lots of cash and lots of gold. Bargain imho. Dyor but be quick it’s ticking back up!
Agree, just bought in, sp at all time low it seems and still positive previous RNS's with cash in bank as you say
Oversold, it still has £30+ mil cash
Flip I sold out 2 days ago I’m so lucky to dodge this bullet.
However I did just pick some up at just over 29p. I figure with cash on hand and the value of licences that’s a pretty safe bet.
Yep. My timing hasn't been so fortuitous, but I am about to don the kevlar gloves of unrelenting bravery and buy some more.
Valuerebel, thats brave mate.
It's not just the matter of the delay though is there? Did you read the RNS?
Market cap still v high, even at 30p sp
Tom Winnifrith topped up last week at 57p and called them a buy hahaha
First time buyer..been watching this one for a while. Lucky my first purchases are at 33. Six months delay should not have knocked this share back this much IMHO
Looks your spidey-senses have served you well...
This is the reality of (re)exploration risk. The company will be somewhat protected by its cash position.
You are lucky, I bought mine yesterday.
Had been looking to buy in here as looked exciting. Will now wait.
Perhaps not too surprising that development has been delayed, although the bulkhead issue is another area of concern. Feels risky.
AEX Gold (LSE: AEXG) were a buy at 44.5p at the beginning of the year and have reported strong progress from its Greenland gold prospect in Kangerluluk. This large area had already been identified as highly prospective after successful reconnaissance exploration using high resolution images to assist with 3D model which designed to confirm historic grades and future exploration planning. The recently reported sampling update showed a spectacular grab sample collected from the main shear zone which returned 22.3 g/t gold. We believe they could be uncovering one of the most exciting Gold provinces in the world albeit in a challenging environment AEXG raised £42.5m at 45p a share in its June 2020 AIM IPO and cash at end September was £50m. Considerable value can be further added before further equity is needed. The share price has improved 22% to 54.5p and remain a buy
Last OMG! 44.5p
Don’t know if this helps but on page 23 of the admission document item 4 states
“History and Background of the Group
On 25 September 2015, a Greenlandic joint venture company, Nalunaq A/S, was incorporated in
which Arctic Resources Capital was a 66.66 per cent. shareholder and AEX Gold Limited (formerly
known as FBC Mining (Nalunaq) Limited), a wholly-owned subsidiary of FBC Mining (Holdings)
Limited, a 33.33 per cent. shareholder. Arctic Resources Capital is an entity in which Eldur Ólafsson
(CEO of the Company) and Graham Stewart (Chairman of the Company) were shareholders. AEX
Gold Limited is an indirect wholly-owned subsidiary of FBC Holdings SARL, an entity controlled by
Cyrus Capital Partners LP. The Nalunaq Property was previously operated by Angel Mining (Gold)
A/S and Arctic Mining Limited, subsidiaries of Angel Mining PLC. Angel Mining PLC entered into
administration in 2013. Subsequently, a sale and purchase agreement was signed between Angel
Mining (Gold) A/S and Nalunaq A/S on 15 October 2015 for the sale of the Nalunaq Licence and certain associated assets for a consideration of DKK 250,000. The Greenland Government formally
approved the transfer of the licence to Nalunaq A/S in March 2016.
On 31 March 2017, Nalunaq A/S further acquired the existing underground processing facility from
AEX Gold Limited (formerly known as FBC Mining (Nalunaq) Limited) for an initial cash
consideration of US$1, deferred consideration of up to US$1,999,999 on a “pay as you can” basis
(adjustable depending on the extent of future use of, and remediation work required on, the plant
which was acquired), and a one per cent. royalty on net revenue (subject to a lifetime cap of
US$1 million).
The Company was incorporated on 22 February 2017. Prior to the Company’s IPO on the TSX-V,
Nalunaq A/S and the Company underwent a corporate reorganisation, which resulted in the
Company acquiring the entire issued share capital of Nalunaq A/S from Arctic Resources Capital,
certain of Arctic Resources Capital’s shareholders and AEX Gold Limited (formerly FBC Mining
(Nalunaq) Limited), with these parties being issued shares in the Company in exchange. The
Company listed on the TSX-V on 13 July 2017, raising gross proceeds of C$6.8 million.
On 6 February 2017, the Company acquired the Vagar Licence for a purchase price of
DKK 50,000. In addition, during 2017, the Company conducted an exploration work programme
which included 14 surface boreholes drilled at the Nalunaq Property as well as 255 metres of
channel samples cut across four lines at the Company’s Tartoq Licence. The programme was
completed under-budget and confirmed strike continuity across Nalunaq Mountain, and down dip
and strike extension potential to the South Block mining area, increasing confidence in the
exploration potential of the Nalunaq Property.”
If you trawl through the filing history of Angel Mining at Companies House you may find something in the various administrators reports try https://find-and-update.company-information.service.gov.uk/company/03319691
You are right TAF. It's too hard to follow on publicly available documents. It looks as if the Angel subsidiaries owning the relevant mining rights were transferred to a private equity fund managed by Cyrus as part of Angel's liquidation. Cyrus look to have worked hard on this, gaining their eventual exit through the flotation of Alopex back in 2017.
If the information on the value attributed to Nanulaq is in the administration or flotation documentation, I can't find it.
Whatever.... It is the very definition of a sunk cost, so not relevant going forward.
You could try their results on the AEX webpage and see if you can figure something out on the balance sheet. Interesting look at the directors of Angel Mining, Arctic Mining and AEX Gold - Joan Maria Plant. Not sure what I make of it. Possibly just continuity in dealing with Greenland Government or is it a bit incetious?
I don't think you will find it. They were a private company until 13th July 2017. So did not have to legally report it.
If they bought it after being listed it would have to be in the public domain, but they owned it before IPO.
This is their first RNS -
https://www.aexgold.com/wp-content/uploads/2020/01/06cfa3_8e53c8041fd4455dbff9d15e02ad6b91.pdf
Full historical list here -
https://www.aexgold.com/investors/regulatory-news-alerts/#tsx-news
Is there anyone here who knows what Alopex paid Angel Mining (or its liquidators) for the Nanulaq mine?
I have been trying to find this information for a couple of weeks, but must be suffering from weak google-fu or something...
If someone could point me in the right direction I'd be really grateful.