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me here
When will 'they' let this fly? "They' have over 90 percent now so what is the point of all the greed. Do "they" not know Rule # 1 from Investment Course 101 that says: " bulls and bears make money but pigs get slaughtered? Anyone out there with an opinion? Thanks
Interestingly nobody is actually posting here,
18 September 2013 Nordgold Enters into a Binding Letter of Intent with Columbus Gold Corp. to Acquire 50.01% of Montagne d'Or Deposit in French Guiana -- Montagne d'Or deposit fits Nordgold's greenfield project criteria: o Significant resource for open pit mining with upside potential o High grade non-refractory ores o Key infrastructure already in place to pursue rapid development -- Provides entry into highly prospective and underexplored region of Guiana Gold Belt -- Columbus Gold is a strong local partner with significant operational experience in French Guiana Amsterdam, Netherlands, September 18, 2013 - Nord Gold N.V. ("Nordgold" or the "Company", LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, is pleased to announce that it has entered into a binding letter of intent (the "Agreement") with Columbus Gold Corp. (CGT: TSX-V) ("Columbus Gold") under which Columbus Gold has granted Nordgold the exclusive right to earn a 50.01% interest in certain licences at Columbus Gold's 100%-owned Paul Isnard project. Paul Isnard contains inferred gold resources of 4.15 million ounces at 2.22 g/t Au in the Montagne d'Or deposit ("the Project") in French Guiana. As part of the Agreement, Nordgold can earn a 50.01% interest in the Project by completing a bankable feasibility study (the "BFS") and by spending not less than US$30 million over three years ("the Option Period") in staged work expenditures ("Property Expenditures"), which includes a requirement for Nordgold to pay Columbus Gold US$4.2 million in cash no later than May 21, 2014. The US$4.2 million payment is due in consideration of Columbus Gold purchasing an underlying royalty on the Project. During the Option Period, Columbus Gold will act as operator on the Project and charge a 10% management fee on certain expenditures. With the exception of the mandatory US$4.2 million payment, all expenditure requirements are optional and the Agreement does not impose upon Nordgold any obligation to perform any act hereunder, including without limitation making any Property Expenditures. The parties have not created a partnership. The Agreement is subject to several conditions that must be satisfied on or before January 31, 2014, including obtaining the consent of underlying royalty holders and the approval of the TSX Venture Exchange. Rationale for the Acquisition: -- Participation in the Project is another step in the implementation of Nordgold's strategy to expand our portfolio through the development of high quality projects to deliver long term growth and value to shareholders. -- Montagne d'Or fits Nordgold's criteria for greenfield projects: o Significant resource for open pit mining with upside potential. o High grade non-refractory ores amenable to simple metallurgy. o Key infrastructu
Valuation: Looking for a strong year The reported production and guidance suggest that our 2012 earnings forecast is too conservative (our model yields c US$500m in EBITDA, if we use the actuals), while the risk to 2013 earnings lies on the downside. We nevertheless believe it is premature to review our forecasts as the company seems to be overly conservative in its outlook. We therefore maintain our DCF-derived target price of US$6.8/GDR. Apart from the uncertainty surrounding the Buryatzoloto performance, low liquidity remains the major constraint for the stock, which trades at a considerable discount to peers.
http://www.edisoninvestmentresearch.co.uk/researchreports/nord250113update.pdf
Valuation: Catching up with peers Although disappointed by the muted share price reaction to news, we are positive about the company’s ability to deliver on its growth plans, which is a key element of its investment case. At 3.6x 2013e EV/EBITDA, the stock looks cheap relative to its peers, which are trading at a weighted average multiple of 6.5x. Despite the moderate downside risk to consensus, which appears to be already priced in, we believe the stock is past the trough and should be supported going forward by the positive earnings momentum driven by the expansion and operating turnaround. Our DCFderived valuation of NORD is US$6.8/share and based on an 11% WACC and a flat US$1,676/oz gold price. It implies 65% total return.
http://www.edisoninvestmentresearch.co.uk/researchreports/nord210113update.pdf
High River Files Technical Reports for Berezitovy and Burkina Faso Properties http://finance.yahoo.com/news/high-river-files-technical-reports-210032467.html Without HRG, Nord is a joke.
Ope ... Guys a good share tip here. Buy in now...very soon an update is to be released here at these prices is a bargain at 0.60! The news is due very soon we could be expecting to hit 3.6p 6p and 10p. These are official predictions here is the link markets.ft.com/research/Markets/Tearsheets/Forecasts?s=OPE:LSE last week we hit 0.95 without news so imagine once we do get the news! Please have a look. Worth a punt at these prices as news due anytime soon! Dyor though please
Any unacceptable offers for HRG will be met with a strong campaign against. The last time Severstal tried a related party bid in summer of 2009, we influenced almost 90% of shareholders not to tender. I communicate with a core cohesive group of shareholders holding 115M shares (majority of minority) and we believe we would have some influence over the other 95M shares. Also, HRG Directors have ignored shareholder complaints and continued to lend money to Nord (another $19M in Q4 for a total of $81M). Nord plans on offering its shareholders a dividend after Q1 2012. If HRG Director’s continue to lend money to Nord and do not declare an equivalent dividend at HRG, HRG minority will be forced to sue both HRG and Nord for minority shareholder oppression. Such a suit will investigate all transactions and actions by Severstal, Nord and HRG Directors/Management since Severstal took a controlling stake in HRG. Chris Charlwood HRG Shareholder Rainerc7@gmail.com
Alexei Mordashov, who owns approx. 82% of Severstal and approx. 89% of Nord, recently stated to the media that Nord could increase its share float (currently approx. 10.6%) by swapping shares with HRG minority. On Nord’s conference call, Mr. Zelenski confirmed this was one way to increase liquidity and another was for Nord to merge with another publicly traded gold company to combine the floats. In a recent article linked below, Zelenski insinuated that they may make an offer after the resource update in April. He suggested such a swap would increase Nord’s float to 20%. In other words, Nord is considering offering HRG shareholders approx. 9.4% of Nord’s shares. If Nord wants HRG minority to swap shares, they will need to entice us with a much more attractive offer. HRG minority have observed the very low trading volumes of Nord Gold and note it is very expensive and time consuming using international brokers to trade LSE shares vs. TSX shares. Although a share swap may increase Nord’s float, the majority of HRG shareholders would not be sellers of Nord shares until they see a significant increase in the price. This situation would be similar to the existing Nord shareholders not selling at these low prices after swapping for Severstal shares. In essence, contrary to Zelenski’s belief, Nord’s stock liquidity problems would continue. As such, many minority shareholders are resistant to any share swap proposals. Since HRG minority own 25% of HRG, at a minimum of 50% of Nord’s value, minority would require 12.5% of Nord’s shares post swap (51M shares at 4 to 1). However, with HRG’s EBITDA making up 54% of Nord, profit making up 68% and a $730M gap between Nord’s $400M debt and HRG’s $330M liquidity, HRG is likely worth over 60% of Nord’s value. For example, at 50% of Nord’s value (12.5% of Nord’s shares) plus HRG minority’s portion of HRG’s cash, you get to 15.4% of Nord’s shares for HRG minority (65M shares or close to a 3 to 1 share swap). See link below. Another option for Nord would be to dividend out HRG’s $330M cash before doing a 4 to 1 share swap. Before minority even consider a share swap proposal, we want to see a better plan for increased liquidity of Nord’s shares and updated resource estimates for Buryatzoloto and Prognoz. Also, any share swap proposal would need to include a TSX co-listing and be a non-taxable event. Cont'd
Cont'dUpdated resource numbers for both Nord and HRG are coming out in April – except for the JORC compliant numbers for Buryatzoloto which are due in Q3. The geology report (see pp. 413 & 442) that went along with the Nord Prospectus stated there was 3.4M oz of P1 (inferred) increased potential at Buryatzoloto. Also, you will note a clarification in HRG’s year-end release regarding the CEO’s remarks at the Denver Mining Conference. As a reminder, at that presentation he said Bouly has 2m oz of gold. HRG/Nord in-house geologists will be making existing Buryatzoloto resource numbers 43-101 compliant by April 15 as a default notice was issued by the OSC in this regard. Prognoz was put into bankruptcy for the second time recently. This bankruptcy along with the delay of updated Buryatzoloto numbers will prevent us from seeing the true potential resources at HRG’s properties in the near future. This will put HRG minority at a disadvantage if Nord makes a buy-out offer in April. The two 50% partners of Prognoz seem to be using the courts to battle for control of the asset. You would think the easiest way to settle this issue and create value for all parties would be to spin-off Prognoz. On the Nord conference call, Mr. Zelenski (Nord CEO) explained that both HRG and Nord were trading at very low market caps due to non-liquidity in the shares. Liquidity may be the problem with Nord, but as we HRG shareholders know, the low HRG market cap is a result of purposeful non-promotion by HRG/Nord management. Nord only has a 10% float whereas HRG has a 25% float. To attempt to increase Nord’s market cap, Nord management has been doing many investor presentations recently. Four new analysts have initiated coverage on Nord and Nord recently appointed Jefferies Hoare Govett as its sole financial advisor. Illustrating Nord’s potential, the Morgan Stanley presentation states that “Nordgold’s production in 2011 was 754k oz vs Polymetal’s 810k oz or Randgold’s 700k oz. However, Nordgold’s market cap is $2.5bn vs $6.7bn and $10.2bn for Polymetal and Randgold, respectively. We believe this discount is due to low liquidity.” It goes on to state that “Nordgold is trading at a 45% discount to its CIS peers and 54% discount to its African peers based on EV/EBITDA 2012e”. Nord and Randgold have similar production numbers and will have similar resource numbers (after Nord update in April). Morgan Stanley puts a price target on Nord of US$9.50/share, but the bullish case shows US$13.21/share. Nord’s current price is US$6.20/share with a market cap of US$2.2B. Cont'd
April 7, 2012 High River Gold Shareholders, Nord Gold released its 2011 year end results on February 24th and held a conference call to cover the details (linked below). Nord is now a public company with its Global Depository Receipts (GDRs) trading on the London Stock Exchange after being spun off from Severstal (NORD:LI on the LSE). Nord owns 75.06% of HRG (630.6M of 840.2M shares). High River Gold released its 2011 year end results on March 30. The good news in Nord becoming public is the increased transparency allowing for easier comparison between HRG and Nord performance. The information below is derived from Nord’s year end presentation, their conference call and a Morgan Stanley presentation. The following comparison of HRG vs. Nord sets the tone for what HRG shareholders will expect in any negotiations on a potential upcoming buyout proposal. 2011 HRG vs. Nord (numbers approx.) Production: 368Koz vs. 754Koz or 49%. Revenues: $574M vs. $1,182M or 49%. EBITDA: $310M vs. $574M or 54%. Cash flow from Operating Activities: $190M vs. $398M or 48%. Profit: $170M vs. $252M or 68%. Cash & Cash Equivalents: $162M vs. $217M or 75%. Note: In addition, HRG has $86M stock (mostly Detour Gold) and lent Nord $81M. If liquidated and collected, HRG would have $330M of cash. Debt: $21M vs. $400M or 5%. Exploration Costs: $48M vs. $115M or 42%. Note: $22M of these HRG’s costs described as exploration and development at Buryatzoloto. Total Capex: $123M vs. $319M or 39%. Total Cash Costs (TCC): $671/oz vs. $816/oz. Note: HRG’s mines vs Nord’s non-HRG mines. Resources: 7.2Moz vs. 24.3Moz or 30%. Note: excludes existing Buryatzoloto resources as recently found non 43-101 compliant, excludes 3.4M oz increased potential at Buryatzoloto and 2M oz at Bouly. Net Asset Value: $1,876M ($2.23/HRG share) vs. $3,867M ($10.80/Nord share) or 49%. Note: per Morgan Stanley report (excludes Prognoz). Forward Estimate (HRG vs. Nord) 2012 Production: 392Koz vs. 825Koz or 48%. Note: from Nord presentation. 2013 Production: 492Koz vs. 1,030Koz or 48%. Note: per Morgan Stanley report (includes 100K oz at Bissa). 2014 Production: 552Koz vs. 1,230Koz or 45%. Note: includes 160Koz at Bissa. Note: As Nord’s non-HRG mines have 22% higher Total Cash Costs, HRG’s mines should continue to produce well over 50% of Nord’s profit going forward. Cont'd
HRG Shareholders, Please see the following communication comparing HRG vs Nord for 2011 as well as some comments regarding a potential buy out proposal from Nord. http://freepdfhosting.com/5a380b10c3.pdf Chris Charlwood HRG Shareholder Rainerc7@gmail.com 604-718-2668
Sorry Wolfe, I misread your post.
I disagree Wolfe.....show me where they did not increase pretty well everything......Nova
The annual financial results of HRG have finally arrived an dythey do look very impressive indeed, despite the very much suppressed share price of 1.22 $ CAN, listed on the TSE: Here are the highlights and a website to read it all: Financial Results Net gold revenue of $563.8 million, an increase of 29% from 2010. Net income attributable to equity holders of $170.4 million ( .20 per share) compared to a net income of $111.7 million ( .13 per share) in 2010. Cash flow from operations of $188.9 million, up from $154.3 million in 2010. Cash and cash equivalents increased to $162.3 million, up from $ 154.0 million in 2010. Working capital increased to $276.7 million, up from $210.9 million in 2010. Current and long term debt decreased to $20.5 million, down from $25.0 million in 2010. In January 2011, Royal Gold, Inc. ("RGI") agreed that the Completion Test (as such term is defined in the amended and restated funding agreement (the "Taparko Funding Agreement") dated February 22, 2006 between RGI and Somita S.A. ("Somita")) had been satisfied and agreed to release its security interests in certain collateral (including certain equity investments in public companies) that it held pursuant to the Taparko Funding Agreement. In June 2011, High River has agreed to settlement terms with its former contractor in respect of a previously disclosed action brought against Somita. As previously disclosed, a claim regarding services that were delivered to Somita was filed against Somita before the arbitrator in South Africa in 2009. The aggregate amount of the claim was US$3.7 million and High River filed a statement of defense and counterclaim for damages. The settlement agreement provides for full and final settlement of the contractor's claim against Somita for a settlement amount of US$1,350,000. Operations Total gold production increased 11% to 367,690 (2010 - 329,971 ounces (100%)). Total cash cost per ounce decreased 0.5% to US$650 (2010 - US$653 per ounce) (see the Non-IFRS Financial Measures table). The Zun-Holba and Irokinda Gold Mines produced 131,877 ounces (2010 - 135,636) (100%) at a total cash cost of US$673 per ounce. The Taparko-Bouroum Gold Mine produced 131,519 ounces (2010 - 127,684) (100%) at a total cash cost of US$584 per ounce. Gold production at Berezitovy was 104,294 ounces (2010 - 66,651 ounces) (100%) at a total cash cost of US$ 702 per ounce. High River's subsidiary in Burkina Faso, Bissa Gold S.A. ("Bissa Gold"), was granted the mining license for the Bissa Gold Project by the governmental authorities of Burkina Faso for a term of 20 years with a possibility of renewal. Bissa Gold has engaged an EPCM (Engineering, Procurement, and Construction Management) contractor and mining and processing suppliers. http://cnrp.marketwire.com/client/high_river_gold/release.jsp?year=2012&actionFor=1592364&releaseSeq=0 OlderreplypostNewerthreaded view go to top Share
If you want to take a look st HRG discussions click on the link. http://www.stockhouse.com/Bullboards/SymbolList.aspx?s=HRG&t=LIST
High River Gold's CEO Sobolevskiy resigns 2012-03-05 07:11 PT - News Release Mr. Yury Lopukhin reports HIGH RIVER GOLD ANNOUNCES RESIGNATION OF CHIEF EXECUTIVE OFFICER High River Gold Mines Ltd.'s Konstantin Sobolevskiy has resigned as a chief executive officer of the company effective March 5, 2012. The company's board of directors will be meeting to appoint a new chief executive officer. The company wishes to thank Mr. Sobolevskiy for his service.
Again, this management continues to keep investors in the dark. Sigh.......Nova
annual filings for the financial year ended Dec. 31, 2011. Furthermore, the company engaged Micon International Limited to prepare NI 43-101-compliant technical reports for the Zun-Holba and Irokinda mines, and Micon is scheduled to start this work in April, 2012. The Micon technical reports are expected to be completed in third quarter 2012 and the company expects to file such reports shortly thereafter. The company prefers independently prepared technical reports, but the length of time before such reports would be available has resulted in the company using its internal resources to co-ordinate the preparation of the NI 43-101-compliant technical reports. Once the technical reports produced by Micon have been filed, they will supersede the reports being co-ordinated by the company's internal geologists. The new NI 43-101-compliant technical reports would replace the existing technical reports filed in 2009. The mineral reserves and mineral resources in the technical reports filed in 2009 should not be regarded as current, should not be relied upon and should be reviewed for historical purposes only. In the meantime, the company is in the process of making an application to the Canadian securities regulatory authorities pursuant to National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults (NP 12-203) requesting that a management cease trade order be imposed upon the directors, officers and other insiders of the company in lieu of a general cease trade order in respect of the company's continuous disclosure default. Subsequently, the company intends to satisfy the alternative information guidelines prescribed by NP 12-203 by issuing biweekly default status reports in the form of news releases so long as it remains in default of continuous disclosure requirements. We seek Safe Harbor.
HRG/Nord in default of Ontario Securities Commission in Canada for not filing an updated 43-101 for the Zun-Holba and Irokonda mines. HRG/Nord management have purposely been holding back information for years in an effort to keep HRG shareprices low so they can buy them up on the cheap. Their efforts to squeeze out the minority shareholders have thus far been unsuccessful due to very determined minority group. All we are asking for is fair value for our shares and Mordishov is determined to screw us. High River in default, plans Zun-Holba resource update 2012-03-01 14:44 PT - News Release Mr. Konstantin Sobolevskiy reports HIGH RIVER GOLD ANNOUNCES DEFAULT PURSUANT TO NATIONAL POLICY 12-203 The Ontario Securities Commission has noted High River Gold Mines Ltd. in default of its continuous disclosure obligations under Ontario securities law due to the company not having filed National Instrument 43-101-compliant technical reports to support the current mineral reserves and mineral resources at its Zun-Holba and Irokinda mines. In 2009, the company filed a technical report dated Oct. 10, 2008, to support the mineral reserves and mineral resources of the Zun-Holba mine and a technical report dated Sept. 30, 2008, to support the mineral reserves and mineral resources of the Irokinda mine. As indicated in the company's subsequent public disclosure, the NI 43-101-compliant mineral reserves and mineral resources at the mines have been essentially depleted, though production has been continuing. As a result, the OSC has concluded that there has been a material change in the mineral reserves and mineral resources at the Zun-Holba and Irokinda mines that is not supported by the technical reports filed in 2009. Accordingly, the OSC is of the view that High River is required to file new NI 43-101-compliant technical reports for the Zun-Holba and Irokinda mines. The company has faced serious operational and liquidity issues over the last several years and implemented cash conservation measures in third quarter 2008. These measures delayed the preparation of technical reports for the Zun-Holba and Irokinda mines. The company subsequently engaged in extensive negotiations with a number of engineering consultants regarding the preparation of technical reports for the mines that were only recently concluded. The OSC has noted the company will remain in default until it files new NI 43-101-compliant technical reports for the Zun-Holba and Irokinda mines. To that end, the company has mandated its internal geologists to co-ordinate the preparation of NI 43-101-compliant mineral reserve and mineral resource estimates to support the current mineral reserves and mineral resources at its Zun-Holba and Irokinda mines. The company anticipates that a new technical report for each of the Zun-Holba and Irokinda mines will be completed by March 30, 2012, and the company will be in a position to file such technical reports concurrently with its annu
The Prognoz silver project is one of the largest and highest grade undeveloped ... It is located in the Republic of Sakha (Yakutia) of the Russian Federation, ... http://www.hrg.ca/s/Prognoz.asp posted Jan 20, 2012 - HRG More than 30 veins have been identified on the Prognoz property. Many of these vein sets are multi-kilometre in length, and on average 2- 4 metres wide and 200+ metres deep. Indicated Resources - Contained Silver (oz) 102 million - Silver Grade (g/t) 704 Inferred Resources - Contained Silver (oz) 103 million - Silver Grade (g/t) 659