Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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27th August last year for interim results so expecting August again this year. (According to this website).
Last year these were released on Friday 24th July. No dates given yet for this year either on LSE or the company's website. What gives?
Extract from RNS 140421 - Results 2020 :-
'Our reported profit after tax has swung from a profit of £29.0m in 2019, to a loss of £18.6m, which includes a downward revaluation of Kestrel of £44.2m reflecting further depletion and the major reversal in coal prices. When valuation and other non-cash items are removed, our underlying adjusted earnings were £22.3m or 12.35p per share down from £36.8m or 20.41p in 2019.'
RE: "I'm trying to understand how a royalty company with a tiny staff of 11 people can make a £18.6m loss for 2020"
I'm guessing it's some huge depreciation/writedown?
Lazy newbie here.
I'm trying to understand how a royalty company with a tiny staff of 11 people can make a £18.6m loss for 2020? Surely the staff/office costs are minimal? I naively view this as a low risk play on the mining sector, but I must be missing something important.
(1) APF is heavily weighted toward cobalt. This is useful for the London-based investor, who doesn't have many options for exposure to this metal otherwise. Also, the asset is outside the DRC and so has support from institutions with concerns about ESG and strategic security of supply.
(2) I'm less enthusiastic about Largo. Ferro-Alloy Resources, with its giant reserves and ultra-low costs is a much better bet. Fortunately, APF's weighting in Largo is relatively low.
Do wish that JT sells the number of shares he has indicated even at £1.30 level to clear this overhang that he has caused. Company can then move on.
Should be interims at the end of August.
I'm thinking no contributions from Voisey at this time.
Even with these sells JT still holds a sizable number of shares. Maybe he is buying a property or a boat. Any way hope we get a good trading update soon.
In recent times Treger has sold almost 1m/20% of his holdings.
I think he is making hay before the skies cloud over with chickens coming home to roost.
I was invested in APF but bailed @ the acquisition of Voiseys Bay. Treger announced it was 'transformational'. I suspect it is - but not in a good way (just an opinion)
During lockdown I believe Treger caught ESG fever to the extent that it resulted in some rash decisions. At this point he / APF are 'all in' on Voiseys. Too many eggs in one basket for me.
Perhaps it is ex wife demanding more from him. Just hoping that the next update from the Company is positive though for his sake. Are there signs here that he is losing the plot ?
So JT has another 190k/200k to sell then he will be down to the 75% level. Got to wonder about the timing with results due and Cobalt up 20% over the last month.
On the other hand it does provide an ever increasing return on capital , but this resets when the 7600 tons have been reached
Looking at the income based on taking 22% until 7600 tons have been produced and thereafter taking 11.41%
Taking into account that from this stream they make payments of 18% ( cobalt price ) until 300 million has been recovered ( being the upfront payment for the stream ) . The payment made after this will be 22%
This seems like a long time before we reach a situation where we have recovered the 300 million , all depends on Cobalt price and of course production levels but according to my calculations ( happy to be corrected ) it is well over 10 years.
Morning all,
For interest, here is a podcast with Paulo Misk , CEO of Largo Resources, discussing their involvement in Vanadium Redox Flow Battery electrolyte production, and its positive effect on their profitability :-
https://www.jdsupra.com/legalnews/batterystorage-podcast-interview-with-79200/
Silly me! I hadn't fully read the RNS stating Mr T's intention to sell some of his shares. Two days on the naughty step and promise to pay more attention in future!
Who is it selling these 100k chunks of shares past few days? Surprising as it wipes out the daily purchases prior to Thursday's X/Div.
Perhaps the substantial holding by JT is holding the SP back?
I'm happy to hold for the time being.
Interim results were announced in August 2020 so perhaps we will know a lot more in about 6 week's time.
I think that the recent share sales by JT will place a cap on the share price for a short time only but we await clarification on current operations especially Voisey Bay.
And good to see Biden in Cornwall polluting the atmosphere with helicopters , Air Force One and 8 security cars.....anything EV in that lot ? Add in all the other security provided for the rest of the G7 and hangers on and all the talk about reducing carbon emissions from the conference is just the usual hot air.
The good news is Coking coal and ordinary coal prices are going through the roof with China in complete disarray over steel production and export policies, This could mean APF get welcome upside from this part of the business while winding it down. It will be interesting what happens next in Brazil with Nickel prices also stating to creep back up higher levels
Hi all. Hosting a mining royalties webinar on Thursda 3rd June @ 4pm featuring short presentations and Q & A from Wheaton Precious Metals, Anglo Pacific, Trident Royalties and Altus Strategies. To register, go to: https://us02web.zoom.us/webinar/register/1816219373949/WN_MNU8f6fXQka-LkjbgCqgiA
Hey Albus. Yes, good to see the royalty space getting more attention over here.
I hold Trident - they've got some interesting assets, not least Thacker Pass. Quite a lot of that future potential is built into the valuation already though. They really need to pick up more cashflowing royalties. APF on the other hand has that good level of cashflow - expected to grow with VB.
well done weve left the £1 shop days far behind us - unless TRR gets there ! Glad I held firm - good company as long as JT remains