Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Good to see some (Baz and Steelwatch) who have been here long enough to present some facts rathe than clueless debate.
Andrew, BP and George remind me of some characters from my early years:
https://www.youtube.com/watch?v=o6zNwBTLSWU
GLA, R.
Can't believe how this SP has performed, had high hopes for this, still through my own stupidity never got out when I should have. Too low now, might as well hold and hope for a miracle.
Good luck all
Andrew, it was always called gold eq. and has been from the beginning It is very common in the industry. It's the same in the oil business,they talk about barrels/day eq. which means the oil price and the gas price rounded up as oil.
We've reached the point, gold is not gold now, it's silver. What's that old glasgow story... if your granny had b**ls she would be your grampa? I swear, I never expected this to reach the point where we actually have been mining less "gold" than we thought. It's now actually silver just being called gold. Tomorrows news... it's not a mining company... we just test dynamite. What next for SGZ. Worse than a soap opera.
To top it off, a premium product being sold at spot. You couldn't write it. Close it now and put us out the misery.
George, the concentrate carried to Europe is about 5 troy ounces/tonne.Who the f**k is going to steal that?.Why send it to Europe you ask?.Well they use extraction methods not allowed here. Where is the silver? Well they use the gold equivalent value ie rounded up in value as if it were all gold.They are not giving it away. They are not thieves,they are just amateurs playing at gold mining.
And if you were to type into Google the words what is the world's most undervalued precious metal you get silver. Its got more upside potential than gold for us. Am I wrong or what ?
And how much does it cost to send 10 fully laden artics half way across Europe ? Plus the security risk being that each bag has a value of by my estimates 10% of 1000 is 100kg of gold value do the math. Its said that you have to allow 10% for shipping gold. This in itself seems bizarre to me why is it being sent abroad ?
Steelwatch, that's simply an explanation of how it's accounted for. Not what actually happens to the silver percentage. I think george is quite right to ask what happens to the silver as we never seem to hear of it. The interesting part of your quotation on accounting policies is this...
" as well as the terms of the off-take agreement."
Would you know the terms of the off-take agreement that would stipulate what happens to the silver, rather than how it's accounted for on a balance sheet?
Note 1 – Statement of Significant Accounting Policies (continued)
(p) Revenue
In terms of the agreement with the off-take partner of the consolidated entity, for each shipment of gold concentrate, a provisional invoice representing 90% of the sales value of that shipment (net of smelting and refining costs), is issued when the shipment is made. The sales value is determined by reference to the wet metric tonnage of the shipment, the quoted gold and silver prices in effect for the period of two full weeks prior to the date of the shipment and the moisture content and gold and silver grades of the gold concentrate in that shipment, as determined by an independent firm of assayers, as well as the terms of the off-take agreement.
On reaching its destination, the material in the shipment is subjected to a final assay by a firm of independent assayers, who additionally test for the presence of impurities. Based on the results produced by that final assay and the quoted gold and silver prices in effect during the period of one full month following the date of making the shipment, a final invoice is produced in respect of that shipment, with the off-take partner paying the difference between the sales value (net of smelting and refining costs) of that final invoice and the amount paid in respect of the provisional invoice.
Revenue in respect of sales of gold concentrate is recognised in profit or loss based on the final invoices for those sales, with an estimate of final sales value being made in the case of shipments made prior to the end of a reporting period in respect of which the final invoice has not been issued before the date of reporting. The gross sales value is recognised as revenue and the costs
of smelting and refining as well as any penalties for impurities are recognised as part of smelting, refining, transport, marketing and assay costs.
Revenue generated from gold concentrate produced during the process of commissioning is accounted for as revenue in profit or loss. Interest revenue is recognised on a proportional basis taking into account the interest rates
applicable to the financial assets.
As I understand it, Scotgold gets paid for the concentrate which includes everything in it, both gold and silver. So talk of giving the silver away is rubbish imho, but don't let that spoil your desire to do the company down at every opportunity.
Hush
thanks for correcting the below misinformation.
gl
This along with new hires and promotions doesn't suggest they are looking to shut up shop any time soon:
"This review will inform 2023 production forecasts and will also incorporate a second stage of power and ventilation upgrades to improve mine accessibility and enable the mine to operate all development and production equipment simultaneously to improve mine development rates. This second stage of power and ventilation upgrade allows a step change in development rates and opens up more mining fronts by enabling equipment to operate in parallel."
But there seems to plenty of other evidence to suggest that is what they might do.
Imagine sitting on an actual goldmine and making such a complete mess of it for 13 years.
George from memory, don’t quote me on this, the silver is kept my the refiner as a way of payment. Which, if that is the case, and I could be wrong, then it’s a disgrace as our ore body is primarily silver based metals I believe. I’m ok shakey ground with my accuracy over this but worth exploring further and perhaps someone will either confirm or know more?
good evening gentlemen, i trust your saturday evening is a dry one. down here in broad acres there's been some precipitation. what goes up must come down and vice versa of course. technically we've had a dead cat bounce. poor ***** is looking a bit dead now. andrew i've studied the numbers you can see the grades picking up due to the eastbound about turn. personally i have no idea why they didn't go east in the first place but that's another matter. i feel in my gut were getting fleeced somewhere. for example why is there never even any mention of silver ? do they give it as a freebe to switzerland?
The concentrate is the result of the flotation from the plant, not the same as the dore made from any free gold recovered from the various shaking tables and smelted on site. The 2M figure suggests a grade of c. 140 g/t which sounds pretty reasonable for the bulk sulphide concentrate that will be mostly other sulphides and dominated by lead/iron/etc
George, I don't think its a maths question as such. I think it's a descriptive error instead. In the same RNS it says:
"With the commencement of LHS on 5 April 2023, gold concentrate production steadily increased in Q2 2023, with a total of 1,556 ounces of gold being produced, of which 818 ounces was attributed to June 2023"
Based on current POG, £1526 x 1556 oz = £2,376,000.
Reported income from gold sales in q2 was 2 Million to the nearest million. So, £376,000 for processing, shipment etc perhaps. A percent lost to refining ect.
When they've said "gold concentrate shipments totalled 269 tonnes" I think, it possibly means, 269 tonnes of ore. If it was dore even at 10 percent purity, it would be worth in excess of a billion pounds which not only doesn't tally with the produced figures, but would be highly unlikely (impossible).
Lastly, I think most of the RNS are inaccurate, so i'm not surprised by another one being poorly worded.
Hope that helps.
"gold concentrate shipments totalled 269 tonnes" that's the Dore we got £2m for. Like I say conservatively there'll be 10% pure gold plus the silver ! Seems like we lack mathematicians on here. We should be getting 10X what we got.
"As previously announced the tailings thickener, designed to increase throughput of ore, is ready to be commissioned. The Company will commission the tailings thickener when sufficient ore is being delivered from the mine for it to be effective"
"The Company has identified a definition drill rig whilst alternative drill rigs are being considered due to the definition drilling program being on hold until the completion of the 3rd party mine plan review."
Or another way of putting it... we don't have a clue what we're doing. Have wasted money on equipment that is of no use. Oh and by the way, we will probably have to change the entire design of the mine again, incorporating a new raft of costs associated with a new mine plan and ventilation/power requirements of this.
Don't look at this drill rig we said would save us... look at the new drill rig that will save us.
Unbelievable.
Someone else can check the arithmetic but for sure ore and doré are not the same thing.
269t of doré is the kind of figure tb would have posted the company was just about to hit.... tomorrow.
Evening gents. Been a bit busy but finally got round to reading the last rns. So we produced 269t of gold Dore. That's 10 artic loads and the Dore is roughly 10% gold. It works out that each bag is worth 480k. We were paid 7.5k. Have I got something wrong or do I smell yet another rat ?
With TB in hiding, the share price struggling to stay past 13p, a mine review underway, lhs hasn’t saved us, the ceo has left and many other stories… who would of thought it, a few short months ago.
So what does the future hold. Anyone care to contribute an informed unbiased answer
Personally, I see a restructuring via administration. With the tale being told that it will “save the business”
He’s made a beeline to the mine to whip them into shape.
TB or not TB?.This is the thing that bothers me.He gave out advice all for free and now he's buzzed off like a wee bumblebee. 🐝🐝🐝
I'm discombobulated that tb seemed to disappear just as regulators were getting their teeth in. Or just after a certain twitter aficionado made claims that he was up to no good and had a hand in mine building works. Who knows. Odd. The mystery continues. Is the review, a criminal one or a civil one? Theres a question...
Now I am really discombobulated😅