Member Info for AM90

From the mineral resource update RNS in early Feb:

"Drilling will re-commence in early Q2 of 2022 on further delineation of the newly discovered western extension shoot together with commencement of drilling on the highly prospective Felix area along strike and to the west of the BAM
Gold Deposit."

They say different dates, but I would go for the most recent one personally.

Has drilling started in Felix? I am not sure it has, or at least it has not been announced.

Grenade, the interview was postponed I. E. To be rescheduled, not cancelled. Hardly just going to reschedule it because Bill doesn't fancy it. Clearly something happening that talking openly about would predujice. Surely only a few things that could be.

To clarify Michu you think the board will have watched the SP climb to 32p and not do a placement. Then they cancelled a podcast because they wanted to presumably watch the SP drop a little further and then do a placement in the low 20s in a couple of weeks presumably because they want to dilute their sizable holdings at the lowest possible value? This of course while sitting on £4 million worth of warrants that expire in the summer.

I struggle to see any logic in that one I am afraid. They wouldn't survive it.

Full sale or some form of coperate transaction now. Would maybe give you a private placement at a premium with an existing miner.

Warrants - > drill - > sale

Warrants- > drill - > placement - > sale

Any other paths forward?

Certainly echo the statement below about shafting the traders, doesn't matter how you think this is going forward, letting this go back to 24.5p is astonishing.

I know the board are certainly not slick when it comes to SP management etc, but even for them I just cannot wrap my head around the below points without thinking its all about the sale.

1) Drilling that western extension. Delaying the whole thing for literally months (MRE could have been in September otherwise) for what must have been for the sake of <100,000 ounces. If they planned on more extensive drilling campaigns, why do this? I can only think it was to maximise the ounces with what money they had for a sale. Its really quite bizarre otherwise? This is the big one for me.

2) Website. They know this is rubbish but clearly have decided not get a new one, or at the very least update the current one. It still states that we have 1.3 billion shares! I think the AIM 26 page has to be updated regularly as per AIM regulations. Even for LND this unprofessional, unless they think they are going to be taken out soon.

3) Podcast moved. They know this is an expectation from shareholders. Why move it? There must be a very good reason for this. If it turns out Bill is on holiday or some other poor excuse (which would be most things) i fear it could be the final straw for many. If you conclude that the board and BH are not utterly incompetent, which I absolutely do not think is the case, I can only think there is a very good reason for this, what could it be?

- I guess you would not want to talk/be asked about sale negotiations if there are in progress, this would seem to me one of the few available good reasons to delay this podcast.

- Some other reason? perhaps waiting for Eric Sprott to exercise warrants? Potentially a good reason.

- Placing delayed. Right now I see the odds of this being between nil and tiny. Even LND would have been out there pumping the MRE, updating presentations etc. There has been nothing, radio silence. Its just not the way it is done. You also have to factor in the boards holdings, they are going to do everything not to dilute and these silly levels. Maybe some placing with a private entity or company at a premium, no chance of the run of the mill placing right now.

Agreed. No chance of a raise before the summer if the warrants get exercised. Both are simply not happening in the short term. I see no signs of a placing in the near-term, even BH would do some pumping before any such event instead we have had 'silence is golden'.

All depends on Sprott for me, if he exercises early enough, I think it would give the SP a much needed boost a) because its him and b) essentially negates the risk of the placing. With a SP boost it would surely result in the other warrants to be exercised. We would then be in an excellent position £~4 million in cash with the assets in hand.

A sale is a serious possibility, it is undoubtedly the best M&A environment in the past 10 years by some distance. Landore have a proven resource now, why wouldn't companies want to take it off their hands. Add in to that some of BH comments in interviews and his age, it is clearly a serious possibility.

'It' s lost on me when people talk about notifications to the market of intention to sell to be sent out after this latest MRE publication'

It was BH himself who said it in the most recent interview. He has been through a sale processes before and it seemed to have worked well in the past.

Market cap 27 Million

Assets 1.5 Million ounces of gold - Open in ALL directions. Open Pit - low CAPEX - average AISC - according to previous PEA.
78,000 Tonnes of Nickel Sulphide
500 million tonnes of iron (exploration target)

All in Ontario

I am continued to be amazed that it is anywhere near a £27 million market cap.

With those assets, in an excellent mining jurisdiction at the current market cap. It is surely a relatively low risk investment relative to most of other AIM stocks. It continues to trade at around £10 million premium to companies who have literally nothing (WSBN, ECR etc), madness when you think about.

Holding for 26 or 27p this time Trek? ;)

Also check who has liked it, the Landore twitter account.

https://twitter.com/MiningReviewer/status/1491191616744620033

This is a decent thread

TrekMadone: 'but my initial reaction was, however, it’s a miss on expectations and a need to fund'

I find this comment mind boggling considering you have been here a while?

What type of figure were you expecting? The figure today is in line with everything we knew about the drilling at BAM e.g. oz/m of previous drill campaigns and consistent with BH's interviews. To suggest that this is a miss on targets is 100% wrong I am afraid.

Excellent update that - 1.5 Moz is a fantastic achievement.

I really do not think that is the case JohnHenry, there was a poll in the 'other' group and this was above average, bare in mind that investors always tend to be generous in such estimates. The 1.5 Moz is excellent. We still have the unclassified to come as well - which was a particular and deliberate target of the drilling program.

It was always going to to be a sell on news event. No matter what the amount is.

Lets wait to heat from Bill in his podcast - if it is still happening.

Indeed, fingers crossed. But the fact remains that we are substantially undervalued either way, 30p is nowhere near satisfactory. It was what nearly the entire board paid when they bought shares in the last placing. Would have thought there is every chance of this rising to 52 week highs if the MRE ends up being late next week.

Looking for 1.4/1.5 in the MRE + unclassified/exploration potential. I dont think the actual figures are so important unless they are substantially over or under these seemingly agreed (?) ball park figures. A greater focus will be on what is coming next (e.g. any hint of letters of interest or something similar) either in the RNS or accompanying interview. - which would surely be met well.

I dont think anything along the lines of 'we are going to undertake a review/ still evaluating options' will cut it.

appears so.... 200k buy at 29p reported

JohnHenry, its an odd trade. It would seem impossible to sell that much and get that price. It would also seem impossible to buy that much at that price, at least for us mere mortals. The trade took place on friday. Impossible to tell which way.

NTM - It will be in early February. It says this on the RNS. Total market solutions have confirmed that there is another podcast arranged in early February to coincide with this. I believe fellow investors have asked a member of the board when it will be released and they confirmed early February. The conclusion I make is that it will be early February.

This is not the same as drilling. This has a more wildcat nature about it. Wildfires, change in plan based on visual results assay delays all contribute to timings. This time the data is all in, different story.

We have been bouncing between 24.5 and 26.5 for a while now. As soon as we get close to 26.5 a few traders start to sell, it is probably the same bunch who then buy at 24.5/25 and announce it on twitter (another top up of xk shares). Always going to have them. Think this will be the last cycle before news.

The MRE will be in early February. No uncertainties with timing this time round. We may get a decent bounce before it, we may not. I have zero interest in 35/40p. I want true value.

MRE should be here within the next couple of weeks or so. I think the excitement will start to build up in the next few days here, as perhaps a few traders start to build up positions.

But for me it is what happens after the MRE that is really exciting. Its the milestone we have all been waiting for. Anything that indicates that there is 2 million ounces (resource + exploration potential) or near enough, then we are well and truly in business. The exportation potential could be defined as an unclassified figure or simply just noted in the actual report. Does anyone have any guesses to what it will be? I will go for the following:

1.1 Moz indicated
0.4 Moz inferred
~0.5 Moz unclassified

A reminder that BH has said on multiple occasions that if we can demonstrate that there is at least 2 million ounces (including exploration potential) then that is the time when the 'big boys' will come in and take it off our hands. He also said in the last interview that he will be sending out expression of interests, like he did with Brancote. You add into the equation Bill and Glen's respected ages, the wider M&A market conditions (strong most miners are cashed up - v.important), the appointment of the NED. All in all, I think it really is pointing to one thing - asset sale. Of course nothing is guaranteed etc etc, i dont want to be told off by NTM... But even then if there is no sale it is still excellent value.....

In all of Landore's long history it has never been in such a good position:

MRE inbound to increase gold resource - close to 2 million oz.

Excellent gold price

Excellent Nickel price - with room to the upside - must be the company with a decent nickel resource not to respond to recent price increase in 2022..

Excellent M&A conditions - cashed up miners paying good prices for assets, especially in Canada.

Something is coming...

Trek - I guess token is partly the wrong word, in that any indications that there is an economical resource at Felix and it would perhaps open up some 'blue sky' territory. This is far from token. I guess my point was more directed to the amount of drilling, its going to be 1000-2000 m max. I think they kind of allude to this in the RNS:

'The Drilling Programme, consisting of a total of 25,500 metres of HQ diamond core drilling, commenced on October 15th, 2020 and was designed to further infill and extend the defined BAM Gold Deposit resource of 1,015,000 ounces. To date a total of 24,361 metres of HQ diamond core drilling, comprising 102 drill holes, (0420-725 to 0421-826) has been completed. '

The drilling is neither committing one way or another. This is what i meant by 'token'. For significant further progress to be made another 25,000 m drilling program would be needed at a minimum. Obviously if this were to happen they would need a raise.

Michu - Obviously i think there is a decent change of some form of corporate transaction, but of course i am fully aware the alternative is placing and more drilling, any reasonable person can see this. I just don't think business as usual is going to happen in my opinion. SP does not always reflect company progress especially in junior miners. Optimism was justified last year IMO. Had they same progress been made in 2020, instead of 2021, the SP would have been on a different planet. Global gold sentiment is a major factor.

Mads - 21 degrees below freezing is freakin cold for sure! But they were certainly drilling at this time last year. Rig availability is another possibility.

Nice update this. Gold assays appear to be above BAM average and will obviously increase the MRE. Whether it was worth delaying things for 3 months for these 8 assays remains open to debate. Nevertheless there is now a clear timeframe to the MRE and early February is not far away. I expect this to be a real data (unlike the BH interview), part turnarounds between final assays and MRE are of a similar timeframe.

As I have mentioned before I really do think it would be foolish to for the Landore board to delay things for 3 months for the sake of 8 holes if they really did not think that there was going to be some form of corporate transaction. It simply would not make sense otherwise. So I think the real fun is going to start post-MRE.

The drilling in Felix in March is a token drilling campaign designed to keep interest. I have no idea why they are not drilling that now and waiting to March. Maybe to use as some form of leverage in the negotiations, only thing i could think. If you do not increase your offer by x we will start drilling in Felix and if we find something you will have to pay more anyway.

Very rational post as usual NicetoMichu.

I do agree with UR that we are at a critical juncture. I think the thought processes of many investors, is that we simply cannot go on as 'business as usual', and i do not think we will. Just my opinion of course.

Of course it would be completely foolish to 100% rule out a placing at some point in 2022. I am not saying this. I think a sale is more likely (that's why i continue to hold quite frankly). But of course if a sale does not happen a placing will happen. But the point of my response was to suggest that we are nowhere near a placing at the moment, simply not happening at 24.5p. Who goes for a placing after 2.5 months of no news, it doesn't happen. Now if they release some decent drilling results and then there is a bit of a SP run in anticipation of the MRE say 40/45p or so (this could still be a few weeks away for all we know), then there is a potential for a placing. Its either placing or corporate transaction. But right now - no chance.