Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Almost 20% onside already plus some warrants to boot.
NAV is £8.5m with the put option carried at only $2m so when that lands true NAV will be more like £14m.
Over half will be in cash by that point so we do need to get some investments out there working for us.
Hopefully they can all be 20% onside by the time they’re announced!
RNS - MAFL spend £1.178M buying 6.53% of Luca at C$0.35; currently trading at C$0.415 (there has been a recent name change)
https://www.altaleymining.com/
The Inflation Reduction Act in the US is going to increase US domestic demand for silver and the same act is placing emphasis on onshore / near shore production of strategic minerals [which silver is because of its use in the green economy for solar panels and electric cars].
This looks a good investment; link to latest corp presentation:
https://assets.website-files.com/60d2aa7b44de003a8d12c54b/642dc546059e766e03d6fa75_Luca%20Mining%20-%20Investor%20Presentation%20-%20April%202023.pdf
Hi All
Moving along nicely - I have a outside hope that the 15% May come our way at some point. - at a cost but at one that will be worth it .. all funding seems for be being done at Assendant level and there were clauses in the SHA to protect Redcorp .. at 20% non dilutive stake would be worth a lot … unlikely but by no means a pipe dream
You can look on London Metal Exchange and play with the timescale. In Feb 2022 Tin was at a high of around 50$/tonne so could be huge potential upside even from the tailings if price returns to those levels. TT
Portugal progressing steadily; the investigation of saleable quantities of tin recovered from tailings could add more value to the project.
Tin is currently around $25k a tonne...
we holding well I expect more buying before news! looking great here just need the patience!
From RNS
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."
Redcorp are just an entity, which currently hold the 5%, which is our ownership. I see no difference between Jacques or ASND striking a deal with the Gov. I would like to know more of course, I’m just basing this off the ASND interview. Conscious Jacques has been working to sort the 15% separately.
My understanding is that they couldn't directly sell it to ASND as it's Redcorp that's got the remainder, albeit chunks of Redcorp have made their way into ASND's ownership through their payments to MAFL.
Thanks for the ASND YouTube link; very interesting.
I note he mentions the governments 15% and how they will likely sell. My concern then is that they sell their 15% to ASND, rather than agree a deal with us (as we have smaller pockets). I’m not sure the terms of the original agreement, to sell to us, but if we could use that to leverage maybe we will be in a better place.
My private calcs, as others on here, have been based on us having 20%, let’s see.
Finally; he also mentions that ASND may have 100% in the not to distant future - so he seems assured Jacques will sell, as will the gov.
Florence141414, when looking at the Ascendant interview you kindly posted the link for on Monday, there was a link shown for a recent interview with the Cerrado Gold VP, David Ball. In it he discussed the recent Voyager deal as well as the Brazil/Argentina mines' progress.
From 38mins onward talked about possibility of slipstreaming MDC revenues to fund the new Voyager asset, possibly leading to cashflow of about $500M per year. I don't think I've seen that quoted anywhere else...
https://youtu.be/YNjxy1ot11I
I had just listened to it; my notes:
New Proactive interview
1 - put option on Redcorp; right to sell the 5%, JV says it is $10.3m but on books at $2m
2 - Golden Sun: another $1/4m according to last equity and another $1/4m from a royalty agreement
3 - has made an investment into an ESG mining auditing company; all to be revealed in next quarterly
4 - other investments in the pot which we should see in the next 6 months [investments in electric mining tech and operating mines under consideration]
The unrealised gain not shown in current NAV represents 90% of the current NAV. Still a lot of value at these prices.
Back to 7m market cap
Considering that there is 5.5m of cash, listed shareholdings and the Ideon stake (not listed but valuation verified by 3rd party investors)
That means the Put option on our 5% of LS, the ownership stake in Golden Sun which has confirmed funding to build and the outside chance that we negotiate favourable terms for the government’s 15% is all being priced at 1.5m right now.
The Put option alone is about 8-10m based on PEA numbers. Worth noting that, as I understand it, this is a contractual obligation that we can impose on Ascendant. As such the only risk to receiving this money is the requisite solvency of Ascendant at the time of the DFS.
The Ascendant VP gave an interview last week in which he intimated that Sprott would be willing to offer the money if it came to it but Ascendant are looking for more favourable terms elsewhere. Point being that funding for our 8-10m will be in place one way or the other. You can see it here https://m.youtube.com/watch?v=ythVrkFyNmg
MAFL Looking like a great opportunity again at these prices. Oh for some spare cash!
bought in at 12p so far glad with my purchase although I missed the 8p boat by a small window lol :)...
Sunshine, Ascendant may not be good at hitting dates but it has chosen, as I recall, to advance the date of publishing the Feasibility Study from a June deadline to end April. Whilst we know that Study will not include the newest drilling results, one can but hope it might still mark a turning point for wider interest for MAFL. Only a month or so to find out?!
Hi all - looking like our man in charge wants to clear the deck and the results out quickly - not like MAFL to get these out within 3 months..focus is on Lagoa and the clock is ticking down .. PEA cash flow was amost done after 5 years , so i think there is plenty look forward to .. One negative is assendants record on hitting dates, but either way it not far off and resource upgrade could give some interesting numbers to crunch in advance - Cheers
Good point Timmit. I hadn’t considered that it might not be allowed.
All eyes on proactive for a possible interview in the next few days…
Florence141414. I'm not sure the Nomad would have allowed a prediction of the Put option now it's subject to a future report. Still, it allows us to do our own back-of-an-envelope figures :-)
Those figures look g8. The sp should include today and if u r a s/h, gl.
Fantastic results.
Seeing the progress made on Lagoa Salgada, Ideon and Golden Sun in black and white makes for great reading and hints at the hiddden value still to be released here.
I would have preferred JV to make clear a likely figure for the put option which we know to be about $9-12m (maybe take the PEA post tax valuation at 5% and say this is likely). As this would really underscore the upside potential for the company and share price.
Another new high reached, with few sellers even with the price on offer. Dummy sell off 23.3p this morning.
Here’s looking forward to the imminent BFS.
I have been looking through the PEA and I think the assumtion that the 10% NPV Discount will erode any gains is not correct .
My Logic Below
The $246 post tax PEA valuation is discounted @8% not 5% (looks like and RNS error)
in the PEA about 85% of the cash flow is in the first 5 years due to the heavy wieghting to the North
PEA only take into account M&I 14.4 mt - conversion of any of the 16mt inferred could add to the year 5 plus cashflow.
Alost every metric is up from PEA - Currency and LT prices.
I think when you add all these up and the massive drilling campagn - the additional 2% discount is irrevleant, and i personally think we will get quite an uplift in the NPV for the reasons above ..??
Hi Nomlungu
Apologies - I thought it was 8% not 5% Below taken from the PEA, but i see the RNS says 5%
Project Economics
The project shows robust economic results with a pre-tax NPV at 8% of $341.6 million and an IRR of 68.2%, and an after tax NPV at 8% of $246.7 million and IRR of 55%.
Project economics are based on a 14-year mine life with a 1.5-year payback period.