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An astute observation... I have been silently hoping that JV has been keeping radio silence whilst trying to get the remaining 15% off the Portuguese GOV. They [the Portuguese GOV holding company] might be keen on receiving a couple of million Euros [pays a lot of wages and directors bonuses] so it is not a forlorn hope.
...Many other commodities are also USD denominated. Really the only sterling aspect of MAFL is its share quotation! Of course with such a massive discount to real NAV (whatever that may be) and MAFL's minimal profile, it is at the moment all pretty academic in having no impact on sp.
If he held 4.2% before, this should have been included as part of section 7 of the form or perhaps somewhere else. But nonetheless, it is encouraging to have some significant shareholders here as presumably they are longer-term shareholders and endorse the views many of us hold about the MAFL opportunity, even if it reduces liquidity a little more.
Interesting observation. The strengthening dollar will also be a bit of a buffer in the fall off of some our gold-focussed USD/CAD denominated shareholdings
The recent dollar strength has meant that the December payment of $2.5m, at today’s exchange rate, is now worth £2.17m. Exactly a year ago it was worth £1.8m.
So that’s 10% of the market cap gained in one year from the currency difference of one payment from Ascendant.
The actual payment itself currently equates to 58% of the market cap.
Who cares about the market anyway, i agree with the holder at 5%. Shares in this company look good value at this price i've held for a while, happy to keep holding while the investments develop.
Managing Director
Jan 2015 - Present7 years 9 months
Hertfordshire
- Grown business from 2 employees and revenue of £1.4 to a revenue of £7.5m with 35 employees.
- Business changed from a brokerage to a leading provider of direct services across Hertfordshire/London.
- Pushing emphasis on new technology within the industry to manage information/data and solve reporting problems.
- Planned and delivered sustainable investment across the business focusing on customer needs.
Alasdair Coulson
Managing Director at Ribbex Uk Ltd
Hatfield, England, United Kingdom
Typical of this market, if there is not fast buck on offer nobody wants to play. You can be sure the next time it shoots up 30% loads will pile in even higher, just a case of patience as smart people build stakes without affecting the price
He was 4.2% before so seems to have snapped up some more recently i guess.
So who is this the new 5% mystery man ?
Google throwing up little
Id rather pay 10p than 20p for a share in this business.
That is why this is 10p not 20p, because nobody has any patience any more to hold a stock. I'm wondering why all the buys this morning little ones, had a look over at ascendant resources nothing news wise there. At least this looks a safe bet to double our money at some point, the traders will only play this when it's up 30-50%, remember them all paying 16-18p on the last spike then they all sold again 11-13p within 2 days...idiots
I had a position in this 18 months or so ago and sold out due to the apparent lack of performance in spite of the constant NAV claims and it seems this is still just simmering ???
Jacques Vaillancourt, President & CEO stated: "As drilling continues, the understanding of the deposit continues to improve and highlights that Redcorp /Ascendant could be in the early stages of defining a greater VMS system at Lagoa Salgada. These results are yet another in a stream of successive discoveries that have been uncovered as part of the infill program at Venda Nova and we believe it positions the project extremely well for both the upcoming Mineral Resource update targeted for Q3 and future exploration programs at Lagoa Salgada."
Drill Hole Highlights (apparent thickness):
ST_31
· 16m at 2.60% Cu (4.33% CuEq containing 2.60% Cu, 2.06% Zn, 0.78% Pb, 68.9 g/t Ag and 0.16 g/t Au) from 505m
· Including 12m at 3.30% Cu (5.50% CuEq containing 3.30% Cu, 2.57% Zn, 1.00% Pb, 88.7 g/t Ag and 0.20 g/t Au) from 509m
Thanks Nom.
The bit he says about funding within a month or so makes a lot of sense with Friday’s RNS IMO.
It may well be that he has an agreement with a lender/partner but the only thing holding it up was the possibility that Ascendant might have ended up with 68% of the project under the old agreement. Ironing out that crease, which Friday’s amendment achieved, may have been the final piece in the puzzle.
Let’s hope so
There is a recent interview with Mark Brennan from Ascendant Resources on YouTube:
https://www.youtube.com/watch?v=fd-d8Y_oJn0&t=166s
Some comments and thoughts - the project has a current conservative NPV of around $240m based on the current 28mt resource. The project is expected to be producing in the 2nd half of 2025, targetting a transitional zone rich in silver and gold first. This precious metal rich zone should pay back the construction zone quickly, so the project should be producing free cash flow from 2027.
At 166 seconds in, Mark notes that they are hoping that this will end up being a resource in excess of 150 mt, up from the current 28 mt that the PEA is based on. After the infill drilling is completed this month, they will be doing further exploration drilling. This will not feed into the next set of numbers but will give a preliminary idea of how much bigger the deposit could be.
At 310 seconds he notes that the deposit is a polymetalic deposit and that the difference between costs to mine per tonne and reward per tonne is one of the most favourable on the Iberian Pyrite belt.
At 500 seconds in, he notes that the economics of the mine are expected to be improved by the rich silver / gold transitional area in the North Zone [currently planned to be mined first].
Around 760 seconds in, he states that they are working on the flow sheet for the mine and expects the metallurgical report to be out at the end of September.
At 1260 seconds he mentions their last placing and that he hopes to announce funding for the mine in the next month or so.
2 points: even at the current PEA this mine, if built and MAFL only having a 5% free carry is worth around a discounted £10m to MAFL. If they can get the remaining 15% off the Portuguese GOV then it would be around £40m. And, if the resources grows to around 150mt it will be worth significantly more depending on how rich the resource is and how long it takes to be got out of the ground.
[if you are in a hurry you can edit the url above to take you to the time segment in the video by changing the second count at the end of the url]
Florence: I thought I was on top of this overall but was struggling to work out what real difference this RNS made. Your post is therefore helpful and makes sense. As you say, the bottom line numbers have not changed. Any delay will be unwelcome when so much patience has been demanded of all of us. However, given the results coming out, allowing 6 months extra time for further exploration and preparation of the FS has some logic. So long as Ascendant is not being let off the hook!
We should be looking for a conclusion of the ERM position soonest to remove the lingering doubt, as it makes a big difference to MAFL's outcome. JV must have that as priority work in progress.
So in summary.
At the beginning of all this MAFL made a deal with Ascendant to earn in to 80% of the project by acquiring 80% of Redcorp which, at the time, everybody believed was the same thing because Redcorp acquiring the 15% government stake seemed a formality.
As the situation with the government dragged on Ascendant essentially said 'We’ve honoured our commitments up to now to earn in to 50% of Redcorp if you want us to continue to 80% which you told us was akin to 80% of the project, then we need to know that the government stake is your problem and not ours'
MAFL have now said 'ok fair enough that is what we said, give us a bit more time but if we get to production and the government still wants their 15% then we’ll change the ownership structure of Redcorp so that Ascendant’s ownership of Redcorp represents 80% of the project, the government 15% and MAFL 5%'
This is obviously speculation but I think the broad strokes are correct.
This might be cause for concern if we were coming from a 20m market cap but at 3.5m I see this is a really positive step.
Once we get the 2.5m dollar payment in December we’ll have about 4.5m of cash and listed shares. If Ascendant had any concerns about their ability to make that payment, you would think that this would have been an opportunity to amend that too.
Once we have that payment in the bank, MAFL is practically a risk free investment from these prices in my opinion. I feel more confident that we will get that payment now than I was before yesterday’s RNS. We already knew the 5% ownership situation as it was noted in the full year results so nothing has changed in that regard.
I’m really pleased. I was concerned that the 2.5m dollar payment would also be delayed but that is apparently not the case. If we get 2.5m dollars plus 5% of a mine that has government backing, we’re all gonna make a lot of money.
The confusion is no more...
"As part of the agreements with Ascendant, M&FI and AG have granted call options to Ascendant for nil consideration over 12% of the ordinary shares in Redcorp held by AG ("Call Options") so that in the event that Redcorp/M&FI is unsuccessful in obtaining the completion of the 2017 Agreement, Ascendant will be assured of a net 80% interest in the Lagoa Salgada Project. However, if Redcorp/M&FI can secure 100% ownership of Lagoa Salgada then the Call Options are cancelled. The Call Options can be exercised on the date being 6 months after the date on which Ascendant increases its ownership of Redcorp to 80% or immediately if EDM elect to participate in the Project. If the other conditions set out in this announcement are satisfied, and if the call option was exercised, TH Crestgate's and M&FI's net carried interest in Lagoa Salgada would decrease from 20% to 5%. Further updates will be provided in due course as this progresses."
A pity they have been unable to get the percentage off the Port Gov but it is clarification; maybe MAFL will still get lucky as we know the Port GOV are not in the mining business.
Maybe, it’s very confusing isn’t it!
Florence141414,
I think that the phrase: 'increases its ownership of Redcorp to 80%' is key.
It indicates to me that MAFL retail 20% of Redcorp that owns 85% of the project. So MAFL retain 17%, not 5%? That is my understanding...