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Just posting what you mention below in TIR, it holds 4.6% of afp I believe :
African Pioneer Plc's (APP's) principal business is to explore opportunities within the natural resources sector in Sub-Saharan Africa with a focus on base metals including copper, nickel, lead and zinc. Tiger's current holding in APP is 8,810,056 ordinary shares representing a 4.6% interest in the company. During the last 12 months, APP has carried out a drilling exercise on its Ongombo licence which has had considerable success in identifying near surface material. These drilling results will allow the company to consider an open pit /2-3 year mine project when evaluating a potential mine which should facilitate entry into the proposed underground mine. The re-evaluation of the Mineral Resource completed by independent consultants Addison Mining Services and announced by APP in May 2023 achieved a significant milestone for the company. On APP's Zambian licences, First Quantum has reported considerable success with their initial fieldwork and drilling programmes including some deeper holes drilled. The outcome has shown the project to be extremely high in potential with First Quantum stating their belief that the orebody style resembles that of the Kamoa-Kakula mine in the nearby Congo and the Western Foreland style mineralisation associated with Kamoa. This represents a potential significant major discovery for Zambia, First Quantum and of course, APP. Apart from these deeper holes drilled, there has been near surface mineral discoveries with indication of grades somewhat higher than traditional Copperbelt expectations. Tiger remains excited on the prospects of further news on APP's project and believes that further progress on APP's assets should have a positive impact on the performance of this investment.
If you fancy a bit of a read, try the TIR results published today under an RNS.
Would have been nice to have some juicy news for post the raise, but I guess he released prior to try and get the price up first, difficult decision to make. Agreed it might be a month or two before substantive news here.
Like dvHarrison I am waiting a little longer. I’m thinking 1.8-2.2 target to buy, but will see how it goes. I do want to get back in so will have to judge it. But based on today’s RNS I’m not expecting major upward catalysts in the next few weeks. Will see. Comfortable with approach in any event. I wish all others luck and am sure that on an appropriate timescale everyone here should do well
I came in for 100k shares but I already have quite a few. Looks like buys comfortably outweighing sells overall at this level
Definitely on my watchlist and pre Placing was looking for 2.50p entry price. Now will hold on until closer to the Placing price
Now that the raise we knew was coming has been done, has anyone added. I just added 200K and 400K earlier. Have 1M in all so will leave it at that as fully extended elsewhere
A mere 22% spread this morning, thanks MMs
Looks like we were right about the fund raise, but I was too optimistic about the Placing price. Ouch!
Good that it’s done. Bad discount but no general warrants. I will look to buy back in at some point now, although it doesn’t sound like there’s any particular rush and I am minded to look for a buy below the placing price in the next few weeks
Well at least that's the fundraise out of the way so as soon as people settle down it will move forward.
At least that is out of the way. Price set quite low but not too painful for existing private investors. Hopefully the rerate can start now.
Come on colin, do a primary bid, give us all a chance to buy lower and fund the company to achieve the growth we all hope for
Yes, on sidelines and would take around 500K at that raise price. Maybe another 1.35M to give me a round number which suits my ocd tendencies
I suspect there are a lot of potential buyers on the sidelines (including me) just waiting to see how much CB is going to raise and at what price. I'm hoping for around 2.5p...
Hi LJS. According to the recent accounts, the company had, as at 31 Dec 2022:
- £72k cash
- £395k shares, of which £329k was Sandfire
Loss for the year was £671k.
If the loss rate has remained the same since 31 Dec, that seems to me to suggest that the company must by now have burnt through the cash and the majority of the Sandfire shares.
Personally, I’m happy to admit this leaves me in a major quandary. I think the company’s projects and partnerships are brilliant, but I fear what a standard broker placing would look like in the current market and with AFP’s public profile so low. I guess the hope is that Colin has something better up his sleeve than a standard broker placing and/or that the broker does a particularly good job. But for me the risk is prohibitive at the moment. I am currently out.
I have some of these and have been thinking of adding. But I have been wondering about the cash situation and can see that you guys are thinking the same. Do AFP own any sandfire shares, if so, shame we cannot sell those rather than the usual dilution route.
If Colin is reading, why not do a Primary Bid raise that shareholders can participate in as well as ii's. PREM did one or two of these and they were quite easy to do, transferred mine easily over to my HL account. 15-20% to market price and I would definitely take part and take maybe £10K or so. If not, I may wait
DVH & Cyb: You might be right but if any good financial news arrives in the near future the placing could well end up being above the current price. I'm nibbling to try and play both sides but I think this could soon fly and 2.5p may not be an option.
I'm agreeing with DVH. I don't think they have to raise a huge amount of money, maybe £750-£1million?
Ongombo should be a contractor finance deal, kalahari and zambia are in the hands of 3rd parties so its more for corporate overheads and a little bit of kalahari development.
If the FQ results are near what's predicted (and as indicated by FQ data and reports) then there could be some very interesting action over the next 6 -9 months as FQ gain confidence in what they have.
CB has a pretty good record of regular Placings and normally at a pretty hefty discount too. Happy to bide my time and buy in around 2.5p. Expect to see the fund raise announced before the end of summer..
The lack of buying here is due to the belief that a fund raise is about to take place. That may be so but when it happens the price may move so quickly that most punters cannot get in at a price lower than it is currently. That being the case (in my opinion), I have been adding modestly, including todays only purchase (up until 2pm).
Agreed PP. The relentless downtrend on AIM exploration stocks has been frustrating. Admittedly l don't think Colin has helped by over hyping everything.
In the recent deal between AA and ARC (same location), the ARC ceo said they would be updating the market in a timely fashion as significant drilling results come in. Whereas for Anglo American a good drill result wouldn't move the market, for an exploration minnow it is obviously price sensitive and has to be disclosed. If the same is applied here then wouldn't significant FQ and Sandfire results have to be announced as they arrive ?.
The one thing CB said in the interview that I found myself nodding my head thinking..
'He is right on that one'..
was when he said that AIM needs a new discovery/resource play to really get excited about.
If another AIM micro cap can hit a new big discovery in a major way and go on a multi month sustained breakout rally with a succession of follow up hits and deliver a GGP style multibagger then this would seriously help to wake up the resource sector of AIM and provide a much needed liquidity spill over into other junior resource plays.
At this point they need to rip the plaster off and do the placing. They’ve published accounts showing they have F all money, we all therefore know it’s coming. The share price will be constrained until it’s done in my view (barring something spectacular, but it’s now 3 more months until the next FQ update)
Thanks for posting and to Colin and Co for the update. I admit l expected a better response yesterday. Shame they didn't raise the cash situation in the interview.