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BB sorry to see you go! I understand why you are voting with your feet. I'm also down but only around 20% which for a gold stock in Africa is business as usual. I think with ACA I was down 50% at some point. So I'm not too concerned atm.
Do I wish I had put more money in Equinox Gold instead of here? Yes, for sure!! But Equinox also didn't perform in the first 12 months I owned it. So I'm going to stick around for now and feel confident that I'll at least break even and perhaps even make a decent profit in the end. As Monk said I feel management are capable and that's the most important thing for me.
Hi Big B. I thought that you may have already been out.
Fortunately, I came in a lot lower than you, loaded up on the sub 60 dip before Christmas , sold a chunk on the rise at over 70 and then topped up again in the recent low 50s - so it has been OK for me.
It has not been what I expected though - I thought that they were less financial stretched than the appear to have been. I could also, originally, see a path through to 750k pa, but as they are selling Ravenswood (and Bibiani?) that will not now be the case.
I think that they should be OK now they seem to be getting on top of their finances so I am holding for the mid term. If they can get a couple of quarters of decent production in they should rise to nearer to their peers . My main concern now, is what will be the cost of going underground at Tabakoroni, which seems to be the next step.
I have found the senior management excellent at responding to any questions that I have asked which has given me confidence to remain invested here.
Guys I’m out - been concerned for some time but now just fed up of watching the price fall. Will try to find other opportunities to make up my considerable loss. I wish you well. ATB
Up another 3.5% on asx - now equivalent to 59p - so this should move up today.
Shorts reducing and share price up nearly 3% on asx. Now around the placing price again.
I wonder if rsg will also put out some 'good news' before the closing date (Feb 21st) to encourage take up of the share offer to existing holders (in Aus)- Bibiani/production update??
I guess that they would like the share price to be above the placing price by the closing date.
To buy approx 56.75 and to sell near 54. 2 at approx 8.05 little bit of a but and sell gap.
And link discussing benifets of technologies to further advance drillings https://youtu.be/4QxFL_1WHAk
I done the same thing. It was an offical tip to buy last month when it was over 58 pence.
I done the same thing. It was a tip to buy last month when it was over 58 pence
Dipped another toe in.
It is not nice to watch a share drop in price but there has been no negative news as far as I am aware, so I take it as market shenigans and a buying opportunity.
I am sure that the is also an element of the jurisdiction in play - there have also been problems with other gold miners in South Africa last week.
However, it is following the asx listing down. The shorts had been closing but I think that they increased again over the past two days. I think a lot has to do with shorts trying (seemingly successfully ) to push it below the placing price - hopefully with the intention to exit. Even the more bearish on the asx BB's seem to be buying in so it will be interesting to see if it turns tonight.
https://www.shortman.com.au/top
Why the big drop today? Gold is positive for the day. My guess would be because the security issues in West Africa got some press recently:
https://www.reuters.com/article/us-mining-indaba-burkinafaso/security-problems-hit-burkina-fasos-2019-gold-production-minister-idUSKBN1ZY1BM
Roxgold which I also hold got hit 4% yesterday because of this.
This should, on the facts, be a reliable bet for 2020, IMO.
Quite like the look of this and so I have dipped my toe in here this morning.
Shorts are reducing on the asx. Also rsg has 10% of oku (McapA$100) which has risen 50% this year. POG still high, so it looks like the tide is turning.
It has made up most/all of the discount from the placing on the asx - now circa 62-63p , rising strongly after an initial shakeout . (they have been locked out for a couple of sessions). It was shorted (11%) so some scope for a bounce if these now close (I assume some would use the placing for this)
The placing has resolved the debt issue although I still believe that the company needs to show it can deliver it guidance for a couple of quarters to restore trust.
https://www.rml.com.au/investors/asx-announcements/
Ive upgraded my post from weak buy to strong buy. Can this company go towards 70p this week?
So basically reading comments below. It would be good for us if gold price do not increase until normal international volume trading. Which is thursday / friday am I correct. In which case price may jump upto 64 to 65 p. Or worse case 59 again as another realistic forecast.
Bookbuild already closed in UK and Europe - there was the opportunity for it to go on for another day - US open until 2.30 ET.
Implies they have had good demand which bodes well for things going forward, especially as BB is now around the closing share price.
TBTT I must admit I was not well read up here so didn't realise $130 million was due for repayment by 31 January 2020 but reading today's update it's now much more obvious why a capital raise was needed. Short term pain, long term gain I hope. I'm not sure we are quite out of the woods yet with regards to capital spend this year but with gold trading above $1500/oz I'm not panicking, yet!
I was surprised that they did not suspend it on the LSE as well.
I guess it will depend on the uptake by II's and the sentiment on the asx as to how things go in the near term. If the placing was what the shorts were waiting for and AS 1.10 is the bottom then they may start to close now although they may try one last push first.
Do you know anything about the Van Eck gold miners index? I heard that there was a possibility that they may be removed in a rebalance if the share price went too low, I wondered if the increase in MCap reduced this possibility (provide no big fall in the SP)? It was another possible reason stated for the shorts.
On advfn I see people complaining that we've been treated as second class shareholders because we on the LSE weren't allowed to participate in the raise. Personally, I'm not too concerned and feel we have some advantages. We got the chance to buy some shares today, which I did, while Resolute was halted on the ASX.
I think trading only resumes on Thursday, and who knows what Trump might tweet in the meantime. For what I know, I could wake up tomorrow morning and gold could be at $1700 and Resolute at 80p. I'd rather get my bargain price shares now and not wait till Thursday.
Agree re-last summer, should have raised when they purchased Maco. I guess they thought that they may have had enough cash flow to service the debt but some issue in September and then a bad December quarter put paid to that (although POG has been in their favour).
I think that it is all now about setting things up to go underground at Tabakoroni,
I have to say that I wasn't expecting that. If they wanted to raise they should've done it last summer when this was over a quid. I thought they will use the money from Ravenswood sale to over debt.
Otherwise the raise isn't too bad, close to where the share price has been recently anyway. Personally, I've topped up here at around 60. I'm thinking that perhaps they might try to buy out one or two of the smaller companies that they have a strategic stake in, JVs, etc. Valuations are still cheap but will move higher with the price of gold eventually. Obviously they would be keeping their cards close to their chest and won't announce that and would state debt repayment as the official reason for the raise. The fact is that they are cashed up now, so there are a lot of open possibilities.
The price has now dropped to around the placing price. They do have a contingency for funding if they do not raise the full amount. If they get the full amount it seems the intention is to be near debt free by year end (if POG does not shift too much)
Guidance for the year now looks to be approx 440koz. Poor result for the December oxide circuit explained and should be short term.
It will be interesting to see what they decide to do with Bibiani now that they will have less debt and are essentially now only a West African miner.
Hopefully upwards from here (but I have thought that before!)