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Started: silverknight, 20 Jun 2024 11:02
Last post: zanmantate, 20 Jun 2024 15:27
Clearly a sell order being worked. NT to sell any volume and ticks down on buys. Ask drops on each buy.
Obrigado.
Started: silverknight, 19 Jun 2024 18:29
Last post: zanmantate, 19 Jun 2024 21:50
So EDM now have until Sept 30th to exercise their right to acquire 15% of LS. Once they exercise that (assuming they do), MAFL then has four months to exercise its own put option to sell their stake (if they want to). If they do ascendant will need to raise and pay MAFL US$6m for its 5% stake.
This is a fairly unique company being very low market cap but a great spread of investments. Beats me why it's selling for less than half NAV but I was happy to pick up a few more today. I'm struggling a bit with the valuation/time frame on the LS put option. Clarification anyone?
Started: nomlungu, 13 Jun 2024 07:14
Last post: Timmit, 19 Jun 2024 12:12
Just out of interest, one of the investments in the Strategic Investments section is Gemdale Gold, a Canadian company which has several Gold projects in Finland. Their presentation is at https://gemdalegold.com/pdf/2024-03-26-CP.pdf
It's pre-IPO but intending to float when market conditions allow.
New presentation well worth a look, although similar content to previous versions.
One point that stuck out to me was that our direct Lagoa Salgada interest through Redcorp is under our strategic portfolio, while our Ascendant resources stake is in the tactical portfolio. ASND has recently sunk to new lows at $0.04, however it makes up such a small amount of our NAV its almost not worth considering, maybe circa 1%? - same can probably be said for much of our tactical portfolio. I've previous tracked their holdings and their SP closely but have stopped recently due to its little contribution to overall NAV.
Strategic portfolio is where all the gains and focus should be IMO. Hadn't quite appreciated that until recently.
Agree valuation here is ridiculous, currently NT to sell any volume so maybe an nice buying opp coming up.
Also, new Investor Presentation on website
https://www.mineralandfinancial.com/wp-content/uploads/2024/06/MFI-Investor-Basic-Presentation-June-2024.pdf
With the Luca price at 0.55 I believe we would hold £3m in just Luca shares/warrants and physical gold alone.
I’ve lost track of the rest of the listed portfolio but I’d be surprised if it’s worth any less than £1m.
Then you have the Ideon stake which was valued at £0.9m at the most recent funding round. Albeit that’s a while ago now.
We could ask Ascendant for our contractually guaranteed £4-5m whenever we like. Which would either bankrupt Ascendant or more likely cause them to get the cash from Sprott.
And we have the Golden Sun equity stake which was valued at £1.1m the last time money was raised for that project.
So the assets that could be monetised in a day underpin just about the entire mark cap right now. You then have £6-7m of assets that are contractually obligated or legitimised by third party valuations from organisations that were genuinely stumping up their own cash.
Of course none of this guarantees that the Luca shares/gold will stay at these prices or that the more illiquid assets will ever be monetised. It does, however, look as though risk reward is weighted in favour of anyone buying shares at today’s price.
And check out Luca today too…
Started: Lewis., 6 Jun 2024 08:34
Last post: Lewis., 6 Jun 2024 08:34
I note that ASND’s share price has fallen to $0.04. 33% lower than the $0.06 it has been trading at. No idea if this has any impact for us (apart from the shares we own of course); but I wonder if it will limit their access to finance etc. Some news would be nice though :)
Started: silverknight, 26 Mar 2024 09:40
Last post: TheThinker, 23 May 2024 17:41
I also believe that eventually humans will have a permanent base on Mars.
Yes one would assume that when metals are going through the roof, a company investing in this space will have to eventually follow suit.
6 Month Performance
LUCA Mining 98%
Capstone Copper 115%
Centerra Gold 35%
Fortuna Silver Mines 63%
Hudbay Minerals 125%
Orla Mining 48%
Pan American Silver 52%
Gold ETF / Silver ETF ~ 18%
Do I need to continue?
We could be looking at £20 million investable funds value.
£4m market cap
Also in the background on Lagoa Salgada project from 10/04 RNS
“Additional testing on the remaining orebodies is currently underway, with completion of the Stockworks testing expected in the next few weeks and the results for the remaining lesser valued domains expected to be incorporated into a planned updated Feasibility Study scheduled towards Q3 of this year.”
“M&F's investable funds, £10,388,000 at the end of H1-2024 period, showed an increase of 21.8% YoY.”
“Our Precious metal position has increased by 57.5%, as we have categorized our recent Luca Mining investment as a precious metal investment.”
CVE: LUCA is up 98% in last 6 month
Other precious metals have gone through the roof since the last report.
Get ready for some bumper numbers. And I mean seriously outstanding.
£4m market cap
Started: Florence141414, 4 Apr 2024 08:12
Last post: zanmantate, 5 Apr 2024 22:06
Well nobody said it was guaranteed, of course like everything it comes with risk and uncertainty. But given what we know, being a project of national interest, potential for 70% of the capex expected to be covered by a UKEF loan etc you'd be forgiven for taking a glass half full approach but I agree its always worth factoring in.
My view and point, which was missing from the discussion, is whether exercising the put option or not, there is immense value in MAFL's lagoa salgada stake. that doesn't go away if the option is not taken up.
That’s true if we knew for sure that a mine is guaranteed at some point. Then yes of course you’d rather have a larger percentage. But it’s naive to not at least acknowledge that if Ascendant defaults on the put, which means Sprott have decided not to stump up despite have millions in sunk cost already, then there is a good chance that the whole project is scrapped and no more cash ever materialises.
For what it’s worth, I don’t think that’s what will happen but to not acknowledge it as a possibility is just silly.
The put option has allowed JV to reassess and benchmark the fair price valuation of MAFL's free carry in the Lagoa Salgada project. If the put option is not exercised, we still have that free carry and I would personally expect that valuation to stay the same. Of course if we inherit the 15% from EDM to gain a full 20% free carry in Lagoa Salgada, I would expect that to be reflected in the future NAV too. I think from memory the latest NAV has a valuation of the put option with a 20% discount?
The idea of the current price being a selling opportunity if the put option isn't exercised is a glaring misunderstanding of whats going on. I would actually suggest the free carry, given the current commodity climate, is worth hanging onto. IMO the best result would be MAFL getting the 20% free carry and the put is cancelled.
But don't let me convince you, Id love another bit sub 10p with precious and Base metals soaring!
That’s correct. Otherwise, as JV said in the interview, it would probably have been flat over all … it was at the auditor’s insistence if I remember correctly
Shaz i think the NAV now includes a valuation of the put option. JV has mentioned this as one of the reasons for the uplift in NAV previously. The NAV is an assessment - one way or another of our ownership of things. Most are fairly illiquid right now and the put option ( even if JV wanted to exercise it ) might not be paid by Ascendant ( they don't have that sort of cash lying around ). How you think that affects the value currently as a discount to the NAV is your call. Maybe the situation is much clearer and different this time next year or maybe it isn't hence what Florence says.
But as Florence says if we could exercise the put option and sell the Luca mining stake as an exercise you've got a lot more than the market cap in cash.
Started: silverknight, 25 Mar 2024 10:37
Last post: zanmantate, 25 Mar 2024 11:22
I’m not sure I agree re larger sell order. I can sell 100k in one go at 9.6p through HL without issue. For a micro cap that’s alright liquidity imo. Ask has also ticked up with my buy.
Interim results soon could be a turning point for some more liquidity and interest entering.
It could keep going lower as you say, but historically this area has provided strong support. I’ll be buying more if it keeps dropping with a long term view of holding. This could easily bag on the EDM outcome imo.
I am / was tempted but the MMs have more shares available than I have spare cash in my HL stocks and shares ISA. And, where have they got the shares to sell at this price from? There seems to be a delayed sell... how many and at what price? Will that expected sell spark more sells? Will the MMs drop the price even further to get rid of the shares?
And, they will not offer me a live price to sell.
Yep me too. The 45k is mine.
I'm buying sub 10p. Into seriously cheap territory
Started: silverknight, 24 Mar 2024 10:20
Last post: zanmantate, 24 Mar 2024 17:47
Yeah a proactive investors article copy and pasting content from the RNS is not the investor engagement I’m talking about…
No investor engagement? Really? I've found plenty on Proactive Investors over a long period. There's just a general apathy towards companies like this. Huge discount to NAV and a diverse mining portfolio. I suspect it will move back towards 20p when the microcap market improves
Started: zanmantate, 15 Mar 2024 18:12
Last post: zanmantate, 23 Mar 2024 12:47
I agree there are plenty of reasons for an entity to be public, MAFL meets none of those reasons. There's no interest or liquidity in UK markets, just take a look at recent placings on AIM i.e. UOG.
Jacques also runs the company like a private operation, no investor engagement, no PR, no investor roadshows etc. I dont hold it against him, its not his character, but that not does detract from the point. I'd happily invest a good sum in a private vehicle.
Anyhoo, all hypothetical. We should see interim results next week which will be an interesting read as always!
It hasnt been ' like this for years '. It's NAV reflects a value at a point in time based on the valuations you can check yourself. It didn't have a NAV 5 years ago like it does now. If it has wound up 5 years ago and returned every penny to shareholders you would have got far less than you would today.
There isn't more money available cheaply privately than publically this is just a time where capital is expensive and isn't looking to race into dirty, dangerous mining operations but i'm sure that will change at some point like always.
MAFL has been like this for years. It's no temporary blip due to the sector or markets. I agree, this should ever have listed publicly, its more suited to a private investment venture.
Generally quite negative i think. Most smaller miners are really unpopular at the moment - i expect we will see some slightly more challenging NAV numbers coming up. You can check Cerrado/Ascendant etc yourself quite easily.
There are plenty of reasons to be public if you can raise money and deploy it usefully. I suspect JV thinks he could deploy it very usefully but i also suspect that what you see in our share price is mirrored across most small caps and especially the mining industry. There seems to be no liquidity right now and its hard to raise money except at prices you don't want to.
Has anyone kept an eye on MAFLs portfolio of listed companies since the last NAV update? Generally positive or negative? Commodities ticking back up should be helping.
I’ve also been invested in MAFL (in and out) for probably 7 years. I like JV and have had several conversation with him. I’ve asked in the past around his hopes for MAFL and he wants to grow it in size. It’s too small to get any recognition at the moment. Getting NAV to the 30p+, piling it in exposure to base and precious metals and sitting patiently for the inevitable rerate.
I’d like him to take it private eventually. No reason to be public.
Started: Lekka, 21 Mar 2024 07:58
Last post: nomlungu, 21 Mar 2024 16:51
I have a Stocks 'n Shares ISA with HL and can trade MAFL shares in it; my Best Invest accounts do not allow MAFL trades. It is down to how the brokers interpret MiFID rules (which are still in place after Brexit).
https://www.investopedia.com/terms/m/mifid.asp
Thank you Timmit
X-o are cheap and they trade LAFL but almost anyone else apart from Halifax I guess! It might be that because MAFL flag up as an investment company there's an extra form for compliance you should be filling in for Halifax.
MAFL, sorry
....Will trade MSFL. Halifax will not!!
Started: silverknight, 19 Mar 2024 18:14
Last post: silverknight, 19 Mar 2024 18:14
The portfolio is well spread and fluid. There is plenty of margin for error and net cash. With a discount to NAV of over 50% what more could you want?. I'm happy to nibble extra shares from time to time. Much patience required though.
Started: Lewis., 28 Feb 2024 22:14
Last post: TheThinker, 11 Mar 2024 15:52
I don't know what the strategy here is. Most companies have 1y, 5y, 10y plan. I've only got about small holding (circa 5k) invested here but not prepared to invest anymore until growing the sp starts to become more important. Growing NAV with no tangible benefit, in either growth or yield, is not a game I usually play but since I'm in I stay even if I'm at a loss. Hoping that the sp can grow back to +20p.
Luca will come good record Gold and Silver production will lift the investment into profit.
I did once suggest a small 1p dividend upon receiving $2.5 million which would have cost only circa £350k. A very nice way to reward holders like me who have been here 8 years with absolute nothing to show except paper losses.
But instead JV ploughed that money into no idea what and then promptly placed some shares which collapsed the price and any confidence.
Perhaps an asset sale, cash back to shareholders and a delisting is the way forward as in my opinion, JV has no ambition or drive to make MAFL a success on the stock market.
The reason Cerrado Gold has dropped is it has sold the biggest potential asset in Brazil and I believe they still have debt, with its producing mine in Argentina where inflation is sky high and companies pay 30% tax for currency conversion.
MAFL will have made some money when it was listed so not a total dud.
MAFL have plenty of other exposure to the recent gold rise.
Tongue was welded firmly in cheek and the answer was factually correct. Appreciate your frustration but why not try and look a little deeper and give us the benefits of your research.
Your personal potshots at JV/MAFL suggest you’re here just to let off steam. What changes would you make? What would you do differently? That might get a constructive conversation going…
Have you rung JV to ask him for answers? I have when I didn’t understand something in an RNS. He was very helpful and very informative.
Centre-right projected to win Portugal election
https://www.ft.com/content/5ebcc75d-e5ba-4f78-9729-881b9b8bfd0d
'The Democratic Alliance is more moderate than many of Europe’s mainstream conservative parties, but it has vowed to break with nearly a decade of centre-left rule by cutting taxes and giving greater encouragement to the private sector.'
It looks as though the Democratic Alliance will form the next GOV with the 'far-right' Chega party who are a right-wing populist party. Not good for lithium projects that have had public opposition, but MAFL's project has had local support, so this seems positive.
Started: silverknight, 9 Mar 2024 17:43
Last post: silverknight, 9 Mar 2024 17:43
What's the exit strategy? On paper it's very cheap and if management decided to liquidate the portfolio it would rocket. As it is i'm rebuying the shares I sold for 17p in the hope of another run. Only forms a very small part of my portfolio with a 2 year view (max) and hoping it will produce results sooner than that.
Started: casperd, 28 Feb 2024 08:17
Last post: nomlungu, 28 Feb 2024 08:37
Casperd,
Whilst I agree that the delay is annoying bear in mind that MAFL / ASDN stand to gain nothing and lose plenty by getting confrontational with the Portuguese GOV.
Politics is a massive factor in mining and the lithium scandal that brought down the GOV of António Costa means that there will now be national elections on the 10th of March. It is reasonable to expect delays on any mining related matters until after the elections to remove any perception of skullduggery.
I am a realist whose stance most would normally class a 'glass half empty'; this is a rare occasion where I might be placed in the 'glass half full' camp.
Patience, if you have the time, is key. But, if more people lose theirs then the share price could weaken further and offer another sub 10p buying opportunity for the brave and fool hardy.
What is going on with JV ?? Almost month has passed and still no update ??
Additionally, following a request by Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the Portuguese State Mining Development Agency, for a 60-day extension to its existing option to participate in or sell up to a 15% interest in the Project by making its election by 3 February 2024 (previously 2 December 2023), Ascendant and the Company have agreed consequential amendments to the terms of their respective call and put options.
Started: baz9707, 26 Feb 2024 12:22
Last post: baz9707, 26 Feb 2024 12:22
Dthe country continues to be a safe place for foreign investors.
https://www.politico.eu/article/portugal-still-safe-for-mining-investments-minister-says/
Started: baz9707, 26 Feb 2024 12:16
Last post: baz9707, 26 Feb 2024 12:16
MAFL hold roughly 2.2m shares in ASND
In recent times, the stock market has been a tumultuous place, and the TSX Venture Exchange has not been immune to the challenges. Liquidity on the TSX has hit an all-time low, and exploration companies like ASND are finding it increasingly difficult to navigate these turbulent waters.
ASND, an exploration company with approximately 173,439,492 shares in issue, has been facing its own set of challenges. The company's shares were last raised at 0.08, but currently stand at 0.055. However, despite these challenges, there are reasons to believe that ASND may be well-positioned to weather the storm.
One reason for optimism is the board's commitment to maintaining the company's reputation and completing ongoing projects. This was evidenced by the board's decision to take 270k of the last raise, a sign of confidence in the company's future prospects.
While the road ahead may be challenging, ASND's board appears to be resolute in its determination to see the company through this difficult period. MAFL would not want to over commit to this one investment as the prize is on the % held in the overall project.
In conclusion, while low liquidity on the TSX may be a cause for concern, ASND's board's commitment and confidence in the company's future could be reasons for cautious optimism.
Last post: MrMagorium, 26 Feb 2024 11:09
I wouldn't say so at present, according to their shareholders list (caveat, this is AI generated , so may have changed...)
Here are some of the shareholders of Ascendant Resources Inc:
CQS (UK) LLP: 16.62%
Steve Laciak: 10.27%
Mark Brennan: 3.527%
Clifford Hale-Sanders: 1.376%
Stephen Shefsky: 0.9320%
David Ball: 0.3248%
Christopher Jones: 0.3188%
Carl Calandra: 0.2544%
Rui Santos: 0.2489%
Kurt Menchen: 0.2112%
AIMHO,DYOR,GLA
I read Ascendant has a Market CAP of circa 10 mil, and is soon to hold 80% of the keys to a c100mil NPV project. So that's an assumed 80 mil of DCF back to the owners over the life of the project (after the put option is exercised, and assuming Ascendant has/is able to raise the funds to pay the circ 5 mil to M&FL)
Just thinking out load here... why wouldn't M&FL consider taking a signifcant equity stake in Ascendant, in lieue of the total cash proceeds, especially at the current depressed share price?
Just trying to join the dots...? But seems like something JV should consider?
AIMHO, DYOR,GLA
Is that Jan 2025?
Meanwhile, ASND approaching zero share price and CERT and LUCA not a million miles behind.
Most conservative CEO I've ever known. How old is JV? Will we see a conversion of the NAV to ROI before he retires or the unfortunate inevitable happens? When either happens the SP will sink as he is Mr. MAFL. I wish him many happy and healthy years ahead but you have to wonder...
Lol you are so right
a January update !!!
Started: casperd, 12 Feb 2024 09:45
Last post: casperd, 12 Feb 2024 09:45
Nice buy just popped up on live screen always know something is coming when these types of trades pop up on a really quiet share. We could be looking a huge increase in share price if MAFL get the 20% even if they don't we are still significantly undervalued.
Started: nomlungu, 3 Feb 2024 18:51
Last post: nomlungu, 3 Feb 2024 18:51
A recent addition to the company's website
https://www.mineralandfinancial.com/wp-content/uploads/2024/01/MFI-Investor-Presentation-January-2024.pdf
I was having a look to see if there was any exposure to El Salvador - unfortunately it seems as though there is none. Gold mining is likely to be restarted there soon after the elections (tomorrow) that should see the 'Cool Dictator' re-elected.
Started: Dustymop, 29 Jan 2024 19:12
Last post: Dustymop, 29 Jan 2024 19:12
This should go back up soon but I see that some of its investments have lost some value but that's the market in general. I do like this company and the management team and believe it is undervalued a lot.
Started: zanmantate, 27 Jan 2024 08:24
Last post: zanmantate, 28 Jan 2024 13:15
Ahh thanks, that 50k buy is certainly a bargain!!
EDM deadline coming up in the next week or so. It could get exciting very soon!
I bought some the last time it dipped below 10p [in October]
50k was certainly a buy. What a bargain somewhat get there eh!
50k was a buy, when the mid was 10.25p
Nice tick up on minor volume (75k buys vs a 50k sell). I wonder if that was the last of a seller.
I was hoping for some more at 10p. Oh well.
Started: Shaz247, 8 Jan 2024 11:16
Last post: MrMagorium, 20 Jan 2024 10:37
I wonder if they have considered buying back the shares at this price. Unless they know of any impending investments which have potential to generate 100%+ returns in a relatively short time frame, it would seem a no brainer.
With the NAV at circa 25p and expectations of reaching/exceeding 30p if the the LS put option is excised, it doesn't feel unreasonable to me that 20p is out of the question in a short time frame, and that could still represent an opportunity for investors, still giving it a 33% discount to the prevailing NAV. Ie. 20p Market Price - 30p NAV.
Feels massively undervalued.
All views my own, please DYOR and GLA!
Shame it was a small buy shaz from JV and if the directors are allowed to buy where is the rest of them ? Holding for Feb should have news on the 15%. Can't believe this is so undervalued based on Facts but with no news or updates from JV we just have to hold.
It’s probably the only stock on AIM which goes down 10% upon a director buy.
Any normal company would go up 10%.
JV is probably scratching his head like the rest of us.
SP is too low IMO... I wouldn't be surprised to see investors start taking a sizeable stake here, especially those who bought in at the 21p placing earlier in 2023.
They must surely be considering bringing their average down, given the potential gains on offer here...
AIMHO, GLA, DYOR
NAV 25p
JV pays the market 11p for 50k
Bargain!
Started: nomlungu, 3 Jan 2024 11:06
Last post: nomlungu, 3 Jan 2024 11:06
Started: nomlungu, 22 Dec 2023 20:40
Last post: MrMagorium, 2 Jan 2024 12:49
Topped up a few more today, just whilst I can...
People just don't seem to get it, but when the SP is back into the 20's, then at least you can say told you so!
To get an idea of how generous the current share price is, consider that MAFL are valuing LS in the accounts at a 20% discount rate on the cash flows from the Feasibility Study even though they have a Put Option on the 5% which is worth around £4.8m cashable early next year if the BOD were to chose to do so.
That is more than the current M/Cap! JV explain in the interview at the time stamp below.
https://www.youtube.com/watch?v=-hAf7OHKjhE&t=170s