Member Info for aprogerson

Cheers everyone and have a good Christmas

Cheers everyone and have a good Christmas

Cheers everyone and have a good Christmas

Interesting drawing down $1.7m of the CLN but absolutely no indication of what it was or is to be used for?

@greenmile Yep locked and loaded

@Adam Useful insight, but sadly I think AIM is still a voting machine, that said HUM appointment of someone to lead the PR charge may make some welcome positive impact on the SP especially as I expect we will have Q4 results in 2-3 weeks upon which to build our 2021 performance.

@Tones 100% agree and very happy to hold what I have and add when I can

So noddy sum of part calculations then ...
(1) Bunkerhill Mining MCap=US$61.87m or £45.7m so HUMs 4.58% is £2.1m at current market value
(2) Dugbe: Pasafino MCap= £28.7m of which 87% can attributed to Dugbe for £25m prorata by %koz Gold resources
(3) Kouroussa: 1.2Moz resource to produce 100koz+ within 2 years and a 5-year LOM at $800 AISC ... £30m+???
(4) Yanfolila: 100koz producing mine with limited LOM but being extended ... current MCap=£102m

@Tones I'm with you on that one, if Dugbe is 2x £25m attributable valuation based on market valuation of Pasafino Gold then Dugbe project still carries a nominal £50m market price tag and as such has NOT been uplifted since HUM listing Dec-2010 (MCap £86m of which £36m was cash) as you point out.

Possibility of at least a modest rerate do you think or something I've missed especially as HUM was undervalued to begin with and hasn't enjoyed any bounce with other peers over the last week or so?
AIMHO APR

@Tiger Whether we like it or not, I think the bottom line is HUM is just valued as a very risky African 100koz Gold producer with high AISC in an unstable country with limited LOM with modest grades at its main and only operating mine .

My interpretation of 'real' situation using 'market' metrics is:
Pasafino (ASX;VEIN) is MCAP £28,7m with 2x Earn-In projects as follows:
(1) 50% Earn-In @Roger Gold/Copper Quebec, Canada @333koz indicated and 202koz inferred for 535koz
(2) 49% Earn-In @Dugbe, Liberia @2,304koz indicated and 1,262koz inferred for 3,566koz

On a simple 4.1Moz pro-rata basis across Pasafino's 2 projects suggests 87% or £25m of Pasafino's MCap can be attributed to Dugbe! Does this mean that HUM's MCap of £102m includes this equivalent £25m valuation for its 51% of the Dugbe project or its has been included so Yanfolila operation is only valued at £77m by the market or maybe somewhere between the two?

HUMs Kouroussa project $90m CAPEX will be funded from an already confirmed loan and/or free HUM cashflow with a forecast to produce 100koz+ within 2 years and a 5-year LOM on 1.2Moz at $800 AISC ... what is that worth as a standalone concern if an independent explorer were in that position ... If it was available at MCap=£30m on AIM I certainly would invest

Bottom line I think we get everything else thrown in for free at Dugbe and Kouroussa after the large discount on Yanfolila mine as the market is NOT recognising the possibility of LOM at Yanfolila and looking to Dugbe and Houroussa to maintain HUMs current 100koz production and debt having to be extended to do so:
o Fair & reasonable market valuation? Probably not
o Market Irrational risk and/or valuation? Very probably
o Good value at £100m MCap? Almost certainly
AIMHO APR

@tones Is Bunkerhill holding still at 4.58% as HUM don't exactly shout about this investment? Having a good quality high grade silver exposure I think will pay off handsomely when silver gets its day in the sun
APR

@Tiger & @Tones Couldn't agree with you both more I think HUM is a really under-rated gem by almost any metric you wish to consider ... I should know I've gone through everything I can think of to find the 'catch' and have failed.

By comparison the GGP valuation is now just bonkers and seems more like a 'cult' religion given that all the intercepts are under 400m+ of barren cover and some drill intercepts at 1300m depth ... that is a lot of 'hope' & CAPEX ... still it has done astoundingly well for its PIs (I should know having invested there at 2p). There are some other real 'gems' out there if you look hard enough and I think HUM is one of those. Roll on some 'irrational exuberance' for HUM it could do with some increased exposure!
AIMHO APR

Well this mornings RNS drilling update looks like that sorts the Yanfolila LOM 'issue' then and increases the grade whilst they are at it.

My particular favourite from todays RNS is:
"8 m at 2.68 g/t from 112 m depth (SNERC0370) *
* New zone of mineralisation intersected outside the mineral resource model with the hole ending in mineralisation
§ Due to new zones of mineralisation intersected and the improved grade continuing at depth, the Company has extended its SE drilling campaign
§ The above drilling results for SE and those recently released from Sanioumale West ("SW") and Komana East Underground ("KEUG") demonstrate potential mine life extension options at the Company's existing deposits."

Like other posters I just cannot understand HUMs low relative valuation and whilst other high AISC African producers such as PAF having enjoyed a 30% bounce in their SP on the back of Gold firming up HUM has just traded sideways.

Go figure! Unless of course the market just does not believe the BoD, expects AISC to stay high, the delayed production gold to disappear and/or expects more bad news? To my mind £100m for a rock solid 100koz producer with another 100-200koz coming onstream over the next 18-24 months with current producing mine LOM all but nailed on looks like a good entry point to me ... anyway just topped up my ISA with some more HUM for good measure.
APR

My portfolio could do with some Xmas cheer and a nice golden glow

LOL @Vauch GWMO is cutting it fine for their first gold pour from their trial tailings operation.
Fingers crossed they come through as will be a nice confidence booster for both the BoD and us battered PIs for what has been a roller coaster year !
APR

If you are invested and haven't watched Rincon's presentation released Monday 21-Dec-20 then you really should. At Hasties, South Telfer very good Gold grades from surface and excellent copper grades from 84m with MRE planned for Q4 2021.

Also worth noting Rincon MCap is now $15.4m of which A$6.8m is cash so enterprise value =A$8.6m or £4,73m which is outrageously well priced given what we know about the tenements already and the upcoming fully funded exploration programme laid out in the IPO Presentation narrated by the CEO.
AIMHO APR

@moneybags Just going to do the same ... link @ https://www.rinconresources.com.au/announcement-category/presentations/
Rincon SP overnight: Last 30.0¢ Change 0.030(11.1%) Mkt cap $15.40M

Angold's Dorado property is the most intriguing as some of those Gold intercepts just go on and on and on. The deepest hole drilled was 460m and 3 of the drills are 192m, 261m and 318m grading between 0.68g/t and 0.91g/t .

Now that is a LOT of gold if continuity and a decent strike can be established however knowing there was a historic resource albeit non-JORC at 606,186 oz at 0.62 g/t Au gives a fair indication of where further infill drilling and modern data modelling will take them especially as this as nearby mines continue at depth.
APR

My 'In a Nutshell' summary of Angold (TSXV:AAU)and upcoming RTO on TSXV @31-Dec-20

Angold Info: https://markets.businessinsider.com/news/stocks/angold-completes-acquisition-of-federal-gold-1029913618 & https://www.angoldresources.com/ & link to RTO presentation available
GUN holds: 712,500 shares in @C$0.40c (cost £58k & Value=£165.3k) of sum 83,941,831 shares or 0.84% at RTO as confirmed RNS 30-Sept-20
Angold Cash @31-Dec-20 RTO: £4.94m (£4.65m new capital raised at RTO plus £290k cash)

Summary by Project (my precis)
Uchi Property (Ontario)
> 100% owned 6,868 hectare licence in Ontario, Canada prospective for Gold, Silver, Zinc & Copper
> No modern exploration & 13 g/t Au reported in grab samples
> large adjacent producing mines
> No NSR

Iron Butte Property
> Located in Nevada, USA prospective for shallow Gold/Silver
o 1,344 Ha 100% owned & 200 Ha option to earn 100% via staged cash and share payments (US$1,572,750 over 6 years & 187,500 shares)
> Historic (non-JORC) resource 606,186 oz at 0.62 g/t Au
> Drilled 31.6km between 1980-2009 & Highlight holes:
o 30.5m at 1.80g/t Au
o 24.3m at 1.48 g/t Au
> Planned 5–10km drill programme aimed at expanding the existing historical resource & at depth
> 3% NSR with option to buy-back 1.5% for US$3m

Dorado Property
> 100% owned 14,700 hectare licence in Chile prospective for Gold shallow gold with long intercepts
> Historic (non-JORC) resource 452,399 oz at 0.50 g/t Gold
> Drilled 41 holes over 10km in 2006/8, but not to depth. Resource open in most directions & Highlight holes:
o 261 m at 0.91 g/t Au
o 192 m at 0.72 g/t Au
o 318 m at 0.68 g/t Au
> 2% NSR with option to buy-back 1% for US$2m

Cordillera
> 100% owned 1,680 hectare licence in Chile
> No modern systematic exploration & adjacent 2x existing 10Moz+ mines less than 5km away
> Drilled 486 m in 1990 upto 6.4 g/t plus 13x chip samples in 1994 upto 10.32 g/t Au and 51 g/t Ag
> Geophysics has identified multiple targets under cover for further exploration
> 2% NSR with option to buy-back 1% for US$2m

A faithful summary as I can glean from GUN RNSs and Angold site.
APR

@Scotty thanks for spotting that ... full release info @ https://markets.businessinsider.com/news/stocks/angold-completes-acquisition-of-federal-gold-1029913618 and Angold website @ https://www.angoldresources.com/

Angold RTO Headlines ... and ref. GUN RNS 30-Sept-20
> Effective RTO from ZTR Corp/Oyster Oil & Gas into Federal Gold & renamed Angold ... don't ask me to explain!
> GUN holds 462,500 historic shares from Oyster Oil & Gas renamed to ZTR (June 2019 when moved to TSXV)
> GUN invested £58k /C$100k for 250,000 new shares as part of RTO & fundraising of 'upto' C$8m at C$0.40c
> On completion of RTO GUN swill hold 712,500 shares in Angold at C$0.40c (cost £58k & Value=£165.3k) of 83,941,831 shares in total or 0.84% of Angold
> Angold (TSXV:AAU) begins trading 31-Dec-20
> Angold recapitalised with confirmed C$8m or £4.65m capital raise with 20m new shares issued at C$0.40c

Will be interesting to see how Angold gets on after market open
APR

Rincon at ASX Close
Last 27.0¢ Change -0.035(11.5%) Mkt cap $13.86M