focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
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@PaulFG. I would not call that cynical but even if it was its pretty much impossible to be too cynical with AIM. It seems that a company (especially a mining company) is never 'fully funded', there is always the possibility for a bit more money to be spent 'optimizing projects'. The reception to all this seems pretty favorable so I guess there is a lot of faith in the company from larger investors. Being something of a cynic myself I still see this as something of a dilution although not presently a damaging one!.
Well, would they be bothered? The share price is one thing. Getting cash in at a price that suits shareholders and themselves, including a director buying, is what they achieved.
So colour me cynical, but I couldn't understand why the sp decreased last week.
I'm now wondering if it was sold down, on pretty small volume, to enable the word 'premium' ?
Iceland trading in line with uk. See what Canadians make of it later.
And looking ahead, this seems to be the base the placees are coming off.
‘The resource now sits at 355 Kt @ 28.0 g/t Au for 320 Koz gold, putting the project in the top 2% of projects globally in terms of reported gold resource grade.’
‘As a result of the Fundraising, the Company will become net debt free.’
£30mn placing at a premium!
TORONTO, ONTARIO - 12 February 2024 - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, confirms, further to its announcement on 11 February 2024, its intention to conduct a placing and subscription of new common shares (“Common Shares”) to raise gross proceeds of approximately £30.0 million (equivalent to approximately C$51.0 million or ISK5.2 billion) (the “Fundraising”) at a price of 74 pence (C$1.25, ISK127) per new Common Share (the “Placing Price”), with the net proceeds being used to accelerate development and exploration activities.
As announced on 11 February, the Company has already received indications of interest from investors in excess of £30.0 million at the Placing Price.
https://www.londonstockexchange.com/news-article/AMRQ/proposed-fundraising/16327369
Not sure why the price has come off a little. 69 @ 70p, tightest spread I've seen in a long time.
Https://www.linkedin.com/posts/thyssen-schachtbau_nalunaqmine-amaroqminerals-thyssenschachtbau-ugcPost-7160553094265643010-WXET?utm_source=share&utm_medium=member_desktop
Nice to see some photos of construction work at the Nalunaq mine
Ahead of Amaroq's Public Consultation in Greenland, the team talk through the history of the project, impact on Greenland and the future of the Nalunaq Gold Mine.
https://twitter.com/Amaroq_Minerals/status/1751942535243616728
Indeed @metis very promising, again pointing us where to drill next to hopefully expand the resource significantly. If they carry out this further drill this year - together with targeted areas in Sava, H2 2024 could really add value - that said we're already pushing £200m in the mcap... So, I think we need something concretely significant to really rerate the mcap - like a jorc defined resource/ revised jorc
Https://www.londonstockexchange.com/news-article/AMRQ/high-grade-extension-of-target-block-confirmed/16307081
Very promising channel sampling results from within the Nalunaq mine. Includes:
"In addition, further sample results now confirm the significant extent of the newly discovered 75 Vein, now with a total extension similar to that of the Main Vein. This body is now known to extend above all mining blocks with grades of up to 256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over 0.59m above the Target Block, 175g/t Au over 0.51m above the South Block and 15.5g/t Au over 1.45m above the Valley Block. These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a Mineral Resource for this vein in the near future.
Https://x.com/Amaroq_Minerals/status/1750058368297824511?s=20
That’s pretty much it. The better side is that it extends mine life and proves multi asset. Equals higher multiple when it gets going.
Only had a chance to skim through these, but the main theme I'm picking up is they've identified more areas of interest to investigate. SO good for planning the next round of drilling, I guess.
Perhaps these contain better news buried within it but skim surface read that's what I'm taking away.
Hope to see the updates of Sava and Stendalen by next week. + a major update on construction progress on Nalunaq
And buying at 76p equivalent on Canadian market.
A few days old.
https://www.thisismoney.co.uk/money/investing/article-12959183/MIDAS-SHARE-TIPS-UPDATE-Mining-firm-Amaroq-Minerals-proves-mettle.html
Iceland market up to 77p equivalent. At the mo. Guide only.
Https://wp-aexgold-2020.s3.eu-west-2.amazonaws.com/media/2023/09/2023-09-12-Registration-document-FINAL.pdf
"The Nalunaq deposit is high-grade and has previously demonstrated a low all-in sustaining cost, making it a high margin asset. All-in sustaining cost estimates range between US$725/oz to US$910/oz. The Company has a current Inferred Mineral Resource of 320,000 oz. (355,000 tonnes at 28.0 g/t Au), covering the old mine area and into a number of extension areas, and a further potential of between 200,000 oz to 2.0 Moz. of near-mine Exploration Targets (2.5 to 10 million tonnes at 2.4 to 6.0 g/t Au)."
Https://www.thisismoney.co.uk/money/investing/article-12959183/MIDAS-SHARE-TIPS-UPDATE-Mining-firm-Amaroq-Minerals-proves-mettle.html#i-4d6a75757ead5604
"Brokers believe the company will deliver nearly £9 million of revenue in 2024, surging to £56 million in 2025 with profits of £11 million. "
Broadly settled out across the markets at 74p. Just a guide at the mo.
Lovely to see the momentum here, both in terms of successfully developing the mining prospects and of the share price itself!
On my calcs, current rates, ask Canada 80p, Iceland 77p. A guide, fluctuating.