Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Started: JUSTDAVE2020, 18 Apr 2023 14:52
Last post: JUSTDAVE2020, 16 May 2023 13:48
Any help on what to do with or where are our are shares now? Do I transfer what I held to a broker on the Canadian market from my bank of Scotland share dealing account? I believe the takeover has happened now?
CAVEAT EMPTOR,
All this rotten crew have achieved is raking in easy money by issuing new worthless shares for gullible investors . If you have any sense stay clear..
it has been a billionaire's SINK HOLE to avoid taxation.
WRLG has agreed to pay C$6.5 million in cash, issue 28.46 million common shares and grant a 1.0% secured Net Smelter Royalty (“NSR”) on the Madsen Gold Project as consideration for the Acquisition, as well as make up to US$10.0 million in deferred consideration payments.
It is unclear what this means exactly. The cash wont cover the debts. Not clear whether any of the shares being issued will go to existing Pure shareholders.
I GOT OUT AT 40P A SHARE AND OTHER INVESTORS LAUGHED.
This company always behaved in a reckless way towards shareholders.
Stay clear and go to a viable company like Centamin.
This is a complete shambles. Canadian miners treat shareholders as a joke.
Horrible bunch!
What's the state of affairs for PUR shareholders and do we still own shares?
Sounds like a takeover/buy out from this link. Will we see a return? Appreciate any advice.
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/776-tsx-venture/pgm/139663-puregold-to-be-acquired-by-west-red-lake-gold-mines-ltd.html
Started: JUSTDAVE2020, 14 Mar 2023 18:14
Last post: JUSTDAVE2020, 6 Apr 2023 20:13
Started: bluetigeruk, 23 Jan 2023 09:23
Last post: gwm121, 1 Feb 2023 21:56
ii also inform me delisting, shares in isa ans sip pension
ii informs me that if I don’t sell my shares will be transferred to the TSX - is it worth sticking with them (rather than recoup the £70 for my 10000 shares) in the vain hope something positive happens?
Fella it's circling the rim of the toilet !
being a novice , what happens to the shares if they delist and later relist ?
Buys are open short closing - probably
Started: ripley94, 9 Jun 2022 19:42
Last post: Coldspy, 9 Jan 2023 12:46
With gold flying it's the juniors that go on to outperform on an extended bull run.
GCAT is a producer that's worth putting 10-20% of your gold exposure in . Fully funded with 100% owned mine, own rigs and processing, own lab for testing, etc.
£30m+ spent on mine, $13.5m non dilutive financing secured December.
Expansion of production under way.
Market cap £15m
0.8p to buy currently.
Broker target for year end 4.2p
Up to 1.4p on today's RNS .
Up 27% Spread 33%
Court Approval of Solicitation Process and Relief
RNS...Application for Initial Order for CCAA Protection.
Down 37% ( spread 50% ) 0.6p
Barcp .. acc deactivated since about last post .
Looking back to my first buy here .
And the post on this page 26/4/22.
Looking back on Barc now Paddington donot look like such a fans .
Or changed there minds on it .
They were big sportt fans I recall .
This post from 22/4/22 .
Having ended the experiment and my minor third involvement at 33p on March 28th, I can watch with equanimity as the company collapse continues. Ironically the original Board of Pure Gold Mining was stuffed with experienced management, which is just as well as latest CEO Troy Fierro withdraws after a few months, bringing Mark O'Dea to the hot seat. He is wise enough to be named temporary CEO and reflects that the COO Smith brought in from Coeur is not thought of adequate calibre. Maryse Belanger not mentioned at all, so assume her trouble shooting role at the mine now superseded by multiple roles elsewhere. She obviously was involved in the decision to cut the workforce by 20%, to switch the mill to “campaign” status** and several other cost cutting activities, which would improve the situation should sufficient time remain.
............................................................................................................................
Pure Gold Secures Financial Agreement With Sprott Resource Lending26 Apr '22
Bought today *12.5p* @ 10.15 am
Liked on Barcplus by Paddinton a big Sprott fan
Pure Gold Secures Financial Agreement With Sprott Resource Lending, Provides Mine Operations Update And Announces Management Change
Looks like another AIM pick going bust .
Down 70% on this RNS to 2p.
Advise to sell before admin looks good advice from my experience .
Only positive for me is last trade was a slice .
Looks like only started buying them 26th April 2022.
On AIM, Pure Gold slumped 48% after it said financing woes will see it suspend operations and place its PureGold mine on care and maintenance immediately.
"This step follows an evaluation of several potential alternative scenarios and has become necessary because the mine has not yet achieved consistent positive site-level cash flow, notwithstanding recent reductions in operating costs and sequential quarter over quarter increases in production," it added.
Pure Gold said if it can not secure additional financing in the short term, it will be forced to default on its debt obligations.
Started: graking, 1 Nov 2022 14:41
Last post: graking, 1 Nov 2022 14:41
has clearly worked in this instance
Yep, agreed, graking but at what knock down price? Better something than nothing, though, I guess; at least this 'Chapter 11' was secured giving them some breathing space, otherwise 'Chapter 7' would have been 'curtains'! - sasa.
a sale must be the favorite
Started: CityWatcher, 31 Oct 2022 07:31
Last post: bitcoinbuyer, 31 Oct 2022 11:32
Got sentimental value because I bought some at 96 pence... :))
I sold thankfully , ...
they did beat liverpool but yes i get the point lol
Taken a few...bit like Forest winning the Premier league kind of bet...cracking odds though :))
anyone buying here on a punt it might work out ?
Surprised that it hasn't been suspended already.
Started: bitcoinbuyer, 26 Oct 2022 09:06
Last post: Gavster-NBC, 27 Oct 2022 00:31
Hi TD2.. Had to double take.. But Yeah, I'm right, no more production, in fact it's even worse that the low production they did have wasn't even economical, and not hitting the 7.2 ended up kind of meaningless.
Shocking management to expend all that money on un-proved production without a measured resource and feasibility study as a back up. Not that it mattered to them, no doubt those in the know sold when the price was high, whilst the story of mega this and that was being pumped. I can't imagine anything other than a fire sale or massive dilution at 1p to complete the feasibility study.
Dan
Fair comment. The fact that the main market could have let heap of crow zhit like this get away with what they have says only one thing to me and that's there's little or no difference between the main and junior markets.
TDT
@TDT - 'Just a typical AIM listed miner, over promise and under deliver.' Not that it makes any difference but this is main market (like sxx, made, icon, etc). GLA, Dan
ProphetWarning....it all depends when you bought in and when you sell or not....with SHG I'm still down 60% or more on my investment....CGNR down 99.5% and a lot of 100% loses.
I haven't got the numbers for PUR...but I know I did very well in it 2020.....but haven't invested here since.
win some lose some.......best to have a spread!
Hi Gav
Your assessment isn't quite right. They failed to hit the 7.2g/tonne the NI43-101 said they had and they never managed to increase through put to 1,000 tonnes per day. The last quarter of 2021, for example, they only managed an average of 510 tonnes per day at an average head grade of 4.8g/tonne.
Where I take issue with them is the bullzhit they came out with painting a picture that it was all sweetness and light when it clearly wasn't. Best management with masses of experience bull, the 8 Zone is going to blow your socks off, that sort of krap. They painted a picture of them being able to sail into production hitting nameplate at maximum head grade with ease and we bought into that.
Just a typical AIM listed miner, over promise and under deliver.
TDT
Started: CityWatcher, 26 Oct 2022 10:15
Last post: CityWatcher, 26 Oct 2022 10:15
Strong Buy is America's Ben's Creek (BEN) especially owing to today's news of their new pit. They supply for the steel industry over their. What a buying opportunity as the forecast - targets are enormous here.
https://walletinvestor.com/lse-stock-forecast/ben-stock-prediction
Started: mick-b, 24 Oct 2022 15:42
Last post: mick-b, 24 Oct 2022 15:42
Pure Gold calamity worsens
A company we highlighted a few years ago when it added a London listing to its TSX base, Pure Gold (PUR), has almost thrown in the towel after a year of production issues and geological confusion at its re-opened gold mine in Ontario. The company said on Monday morning it had been unable to either reach positive cash flow or raise new cash because of the weakness of its share price, and would stop operations at its underground mine immediately.
Trouble began last year when the content of gold in the ore being mined was lower than expected, and the former chief executive was rolled in January, while the company slashed mine manager roles and looked for other cash savings. Pure Gold was trading over 160p two years ago but fell to 60p 12 months ago and is now at 2p, falling 71 per cent on Monday morning. AH
Well your comment is very appropriate for this board too
sorry
Started: CDF1, 24 Oct 2022 13:54
Last post: CDF1, 24 Oct 2022 13:54
This share has been free falling for months !
JOKE..
Started: CityWatcher, 24 Oct 2022 13:44
Last post: CityWatcher, 24 Oct 2022 13:44
Can't see this functioning again - so for large investors that are slowly finding out today's news, it's a SELL , S E L L , S ELL!
Started: SpaceHoppa, 24 Oct 2022 08:10
Last post: bonker99, 24 Oct 2022 13:11
Well you know my thoughts on Sprott ...
Sprott could buy this off the administrator, as he has loaned PUR at least $6m
Was this planned......crafty sod
SHG has 3 bidders in the frame...2 large Chinese gold mines
Worth a look
disclosure .......i hold
I can't be bothered with the company anymore. It appears pointless. The timing of the gold price consolidation has killed this. They have too much debt and the costs of extraction are just too high.
I've taken what little I had left in this stock and put it into Galantas Gold. They have no debt and are using the revenue from their mine to expand production. Hopefully the returns from that will make up for the dramatic loss in this share.
Good luck to all those who are left.
I'm out.
WW
A while ago I stated that this was a company with great assets in the ground that was bound to make a lot of money for somebody in the future... the big question, given our debts, was whether it would be us that made the money, or somebody else buying us out at fire-sale prices. That when prices drop a lot the brave gamblers step in and the pragmatic take loss on the chin by selling out.
For those that thought that 20p or 10 p was bargain then 2p must be even more of bargain... this must now count as about as risky a gamble as AIM has to offer, but on the remote off-chance it pays off then that pay-off could be huge.
I'm trying to tell myself I'm not so reckless as to throw more money at this but...
"It's dead, Jim".
Started: Winstonwolf, 24 Oct 2022 10:25
Last post: Winstonwolf, 24 Oct 2022 12:52
I'm not waiting around to find out.
It appears the chips were stacked against this one.
Just hearing this now guys - hope y'all weren't hit too badly, obviously I'm glad I walked away some time ago but I didn't necessarily see this coming I must admit.
There's likely going to be a phoenix at the end of this tale of woe though I suspect - lots of gold miners seem to be doing their best to put themselves out of business these days ..........
It's over...
Started: CityWatcher, 24 Oct 2022 10:57
Last post: CityWatcher, 24 Oct 2022 10:57
Best to cut one's losses today having read their post. Seen suspensions in other speculative shares. Not much money around anyway, so loss makers such as Pure Gold Mining are most likely Doomed !! So agree with 'Bluetigeruk ' s post.
Started: bluetigeruk, 24 Oct 2022 09:52
Last post: bluetigeruk, 24 Oct 2022 09:52
Sell your shares to book the tax loss correctly - when they get suspended / administration - which will be very soon - then its difficult to create a tax loss transaction - much harder than pressing SELL - so do it now and save yourselves a lot of hassle.
Thanks Blue
Started: graking, 24 Oct 2022 09:49
Last post: graking, 24 Oct 2022 09:49
I have always wondered why RNS statementss have never been subjected to external auduit as to their accuracy. I suspect if they were, the AIM market would collapse.
Started: Winstonwolf, 6 Oct 2022 10:08
Last post: DanielC43R, 6 Oct 2022 18:02
thanks for the correction Winstonwolf. Still some way to go to get profitable. GLA, Dan
$3333 is canadian dollars.
US dollars which is the main metric of comparison is approx 0.75 x that.
I got a very rough $3333/oz costs for this quarter (ave. $10M cost per month, gold say $1600/oz, 3000oz/pm), or just $10M divide by 3000oz per month. So a loss of $5M approx. per month. If my basic maths is right of course. GLA, Dan
They claim to have world class highly experience people running this mine yet they can’t get ore through-put up to their target rate of 1,000 tonnes per day and they’re unable to find the 7.2g per tonne grades they claim to have. Seems more like a bunch of incompetent muppets to me.
And this is the second lot of world class people after Labrenz and his bunch of merry muppets got punted.
TDT
…approx. $2500/oz USD.
I'd say another 25-50% reduction in costs is required for this to be a workable mine. Otherwise this will be bought out for pennies on the dollar.
They also need to target grades >5g/t which is apparently where the current mine ramp depth is located.
Started: CrudeTrader, 6 Oct 2022 10:26
Last post: CrudeTrader, 6 Oct 2022 10:26
Based on this calculation
https://twitter.com/Stockpicking101/status/1577937843695001601
Production for July + Sept was actually less than for August. August accounts for just over half the Q3 output. They need to up their game a bit more!
What happened to the positive cash flow forecast for the third quarter mentioned in RNS and during pod cast interviews with senior staff etc...? Even at top end of production guidance at 12300 Oz Pure would have still been loosing money. Technical issues and problems with the crusher seems to have conveniently arisen just after the 12th Sept RNS for nine days as RNS today says last week in Sept back up to full production.
I make that about $3333/oz in costs ? Ouch. GLA, Dan
12 Sep the company comes out with ad-hoc production update, after strong August production and upbeat outlook. Then today Q3 total production is at the bottom of the guidance, due to problem with crusher in September. A problem the company most likely was aware of when they wrote the 12 Sep RNS. There is real no trust left.
Production for the 3rd. Q 9,041 oz. gold.
Costs per month “are expected to be in the range of $9.5 - $10.5 million per month, ”.
We’re still losing money.
TDT
Started: SpaceHoppa, 5 Oct 2022 09:44
Last post: TrickyDicky2, 5 Oct 2022 11:47
"Hope he is bigging it up for a sale !"
You and me both.
TDT
Hope he is bigging it up for a sale !
That thought had occurred to me too TDT.
Hi SpaceHoppa
Thanks for posting.
Problem I have with that weasel is every time he speaks its usually followed by a placing.
Listening to him he simply comes out with the same BS as Labrenz, the deposit is world class, the people are the best, we're under valued. When he admits to the kock up during ramp up and the ore body they tackled first not having the expected grades there's no admission that their "world class team" was responsible for that kock up. More importantly the insiders continued to present a BS story all through-out that kock up, selling their own shares at or just below the peak then awarding themselves discounted shares once the share price had collapsed.
A snake oil salesman of the highest order.
TDT
As I posted I am out of Pure, however good to see the SP improving. Here is a recent video of interest.
https://www.om-partners.com/?v=FHgZC_eY_rY#video
Started: sharegnomie, 27 Sep 2022 13:25
Last post: sharegnomie, 27 Sep 2022 13:25
Does anyone know if Pure golds debt is fixed rate or varialbe?
SG
Started: graking, 26 Sep 2022 10:26
Last post: graking, 26 Sep 2022 10:26
will have a dramatic effect on gold prices
Started: Clarets, 12 Sep 2022 08:11
Last post: ProphetWarning, 23 Sep 2022 10:39
A good uptick on the Canadian exchange, news maybe ?
Indeed PW, there are differing scenarios of how things will pan out from here and my being wrong will mean many other will be happy, and that's no bad thing.
You may have been too hasty, if it is breaking even cash wise it can be bought out more easily and for a higher value.
But it has been a shower of shirt investment for sure !
Regrettably I have decided to sell my investment in Pure as the company are still, using their own figures, loss making, and the drop in PoG isn't helping.
Costs are averaging $9.5m per month, production 5000 oz
5,000 x $1.650 is $8.25m
For that reason I've decided to cut my substantial losses here. I may buy back if, or once they get to steady cash positive, which is possible if POG goes back up a few $100's, and production to perhaps 6k a month
Until then I wish you all the best of luck and I hope Pure pull out some great figures for September and Q4.
It is not unreasonable to see a 20% increase in throughput to circa 1,000 tpd in the coming months and a 20% increase in head grade to 7.2 g/t. If both these targets are reached Pure should be producing somewhere in the region of 6,600 oz. of gold per month. If 4,600 oz. per month is break even then we should be seeing 2,000 oz. per month, less opex, at $1,700/oz., US$3.4m cash into the coffers (or at least paying off debt). A lot of "ifs" but 1,000 tonnes per day is their target and 7.2 g/t is well below the reserves grade.
So far so good.
TDT