Member Info for aprogerson

LOL same one!

@tebbin sorry what site is that ... please provide link

I've just checked HotCopper https://hotcopper.com.au/ and the "Rincon IPO" thread with Aussie punters reporting offer was scaled back heavily so some receiving 0% or 20% of requested shares. Be aware that there is already a Rincon Resources (RCR) quoted on ASX which is causing some confusion even trying Market Herald gives you stuff about Rincon Lithium

Checked https://www2.asx.com.au/listings/upcoming-floats-and-listings and Rincon IPO showing as TBA. ASX backlog dealing with IPOs so 'new' IPO date of 18 or 22-Dec-20 was mentioned on HotCopper Rincon IPO thread but nothing official so far that I can find.

Any bright ideas anyone?

@tebbin where did you get the info from?

JORC would be nice but until then we can produce and secure a damn fine stream of free cash flow to fund the further exploration and JORC upgrades without going back to shareholders for funds & associated dilution.

Meanwhile if this also helps negotiating a decent commercial transaction on one or more projects then that is a Win-Win. Absolutely gets my vote ... creating shareholder value rules!

@sta60 Perfect timing I would say

Re-reading RNSs and info on existing commissioned 100% owned Kalaba CSD plant shows existing plant is 10kt/month but PoC study envisages 3kt/day capacity so implying considerable plant capacity & throughput upgrades required. If viable to fund via a loan secured on the CSD plant itself then initial production in 12 months time ramping up to full production and generating £11/15m annual profit in due course is well worth pursuing as that funds an awful lot of exploration from free cash!

We also have additional funds likely from Sturec and/or CASA transactions during that time period that may allow production to be upscaled and/or accelerated plus the possibility of early loan repayments to bring break-even date forward and boost free cashflow.

For someone who stated that they do not want to be a producer they have a funny way of showing it ... but the logic & potential beneficial economics are difficult to ignore!
AIMHO APR

Also RNSs from Jan and Apr-2019 confirm plant complete and capable of processing 10kt ore/month to produce copper oxide and sulphide concentrate. Plant CAPEX £500k and completed under budget confirmed by NvS so wholly owned plant then!

No news that I am aware of for any mining of near surface ore and/or any offtake agreements.
So not sure what revenue stream this might equate to and/or what the mining OPEX processing costs might be ... yet.

@AG LOL appreciated.
I must say a storming, upbeat RNS ... 4x IPOs for Rincon, Rogue Baron, Angold and Empress Royalty (re)confirmed
> Rincon IPO imminent = A$6m capital raise funding 2-year exploration 3-project programme including Hasties Gold/Copper MRE @long, high grade Gold & Copper near surface with 24km and 220 holes already drilled plus NCMs Telfer is 10km away.
> Rogue Baron = bit of a dark horse investment, trading well during lockdown & H1 2021 IPO may surprise lots to the upside
> Angold & Empress IPOs = will realise decent boost to GUNs seed funding. Await IPO details

In other News ....
> Pacific Nickel (aka Malachite) transactions proceeding as expected = realise value in quoted entity previously written off
> Eagle Mountain Mining= good drilling results so JORC upgrade likely in due course. Investment in quoted entity
> Oyster Oil & Gas = legacy licences now remain that may come good in due course
> Low6 Sports Betting as per RNS 14-Dec-20
> Residual Cash position = was £1.4m (my estimate) subject to Rincon IPO subscription confirmation & %holding at IPO
APR

Answers on a postcard ... who owns what and what is it capable of? Worth understanding given todays RNS

NvS 5-star RNS and very well played.
ARCM have played an absolute blinder leveraging existing Kalaba plant to remove any perceived downside and in fact introducing considerable upside potential with or without AAL.

As we know GH is moving on from GGP (as per todays GGP RNS) then Rincon, Wishbone, Antipa or Artemis would make more sense as they are all near neighbours to GGP so he could leverage his knowledge and NCM contacts. If I were on the BoDs of any of these I would have him on speed dial and be dusting off a decent option package to attract him. Rincon is my bet as Rincon 'team' also run other early stage exploration outfits so that could be quite attractive.

@BM Yes grades are key but so is volume and we need both to be economic. 0.5% Copper is not brilliant but if the quantity is there (think Sentinel, Zambia) and you have by-products such as gold this can change very quickly especially if the resource is shallow and you have nearby resources to share camp and processing facilities. We have some of the jigsaw pieces but I agree not all as yet confirmed and the results so far have been underwhelming, but it is early days in this drill campaign.
Fingers crossed for the next set of drill results at TBO
APR

Sounds like Freeport had a fire sale at that price, however when you think of the many billions it would have cost to prove up and then build a processing plant when CMC has everything already built 33km away it makes more sense.

@Troajan Good spot.
Well I'll take back everything I said on the poor GWMO comms BH has hit all the right notes for me for me to sit tight and probably add as this moves forward.

“I believe trying to find precious metals is a much better way to spend our time and our shareholders’ money. I thought that from the very start; when I was a non-executive director and first went to Nevada in 2014. Now I am running the company I hope to put it into practice.” ... gets my vote!

> Strategy: Reconfirmed with Gold/Silver as sole focus 1Moz to 1.5Moz equivalent targeted
> Trial Gold Production: Again confirmed mechanical separation as the trial route to first gold from tailings
> Full Gold Production: Confirmed via heap leach subject to tailing sample assay confirmations and licencing
> M2 Copper: Confirmed that the current JORC copper asset not economic as-is and much more work/cash needed to get something of scale so on back-burner

Having it all spelled out again really helps with some new titbits off information to fill in some of the gaps. The slam-dunk is £2m cash in bank for a £6m MCap explorer sat on some very prospective licences.
APR

@scotty Yes looking good with sound NAV backing and good growth potential across a number of decent investments bought at a good price.

My current best guess is that of the 30m new Rincon shares available GUN will pickup circa 1.8m to 2.2m shares based on pre-IPO £1m bid or A$1.82m of A$6m (30m shares) available for nominally 9m shares then scaled back 4x for 2.2m or 5x for 1.8m shares. Added to GUNs existing 4,461,943 shares gives 6.26m (12% or £690k) to 6.66m (12.8% to £740k) at market open .... anything better than that will be a good result given what we think we know!

Rincon MCap will be £5.75m at IPO but should rise quickly to at least match Wishbone (AIM:WSBN) @£18m in short order given how much more prospective and well-funded Rincon is than WSBN. Hopefully GUN get to pickup some more Rincon at IPO market open.
AIMHO APR

@graham yes my poor attempt at humour

Updated from 15-Nov-20 post when £1.13m raised for Rincon IPO & confirmed RNS 2-Dec-20. Additionally RNS 9-Dec-20 provides Rincon IPO & Malachite / Sunshine Metals / Pacific Nickel transactions updates.

GUN is an InvestCo with the ability to invest in companies pre-IPO at attractive SP rates via convertible loans (CLNs), warrants and/or shares to reflect the risk of investing in private firms & to realise that investment for a profit at a later date.

Expected transformative news flow in order of impact/proximity Cost from RNSs & NAV figures are my estimates:
(1) Rincon IPO @18-Dec-20 (TBC) cost=£192.8k & pre-IPO @A$0.20c =£491k @RNS 22/23-Jun-20 & 5-Nov-20. Holds 8.69% post consolidation but pre-IPO . Await IPO for final %holding as A$6m cash raise heavily over-subscribed.
(2a) Malachite (ASX:MAR) option to purchase Kolosori Nickel. Cost= £45k & NAV=£145k (26-Oct-20) @RNS 26-Oct-20
(2b) Malachite (ASX:MAR) option to purchase Sunshine Metals. Cost £240k & NAV=£121 price on close @RNS 21-Aug-20
(3) Sajawin option to purchase Madagascar oil licence (cost £187.5k & NAV=£240k) price confirmed .. await update
(4) Angold IPO (cost/NAV=£165k) @RNS 30-Sept-20
(5) Human Brands IPO with Rogue Baron (RB) AIM listing & IPO (cost = £498,575) @RNS 02-Jul-20.
GUN = 23.6% of enlarged shares pre-IPO & if RB NAV = £2,827,305 from HB share X Change then 23.6% = £667.2k pre-IPO
(6) Empress Royalty IPO (cost/NAV=£146k) @RNS 23-Oct-20
(7) Eagle Mining (ASX:EM2) drill campaign & results, cost=£255k for 1.8% of EM2 or £526k value using SP A$0.38c (6-Nov-20) @RNS 14-Oct-20
(8) Djibouti oil licence held by SubCo - status update on way forward and/or exit (cost/NAV=£187.5k )
(9) Low6 Sports Betting Platform pre-IPO (cost/NAV=£200k) @RNS 14-Dec-20

Sum NAV = £2,888.7k Value of assets, where some are illiquid so difficult to value & others agreed price but subject to a transaction closing or are a listed stock.

Forecast Cash Position: £1.4m (£500k cash +£1.13m Dec-20 Placing @RNS 13-Nov-20 minus Low6 £200k costs) +£400k early 2021 (my guess) from 2x Malachite & Sajawin transactions await update. NOTE: Cash EXCLUDES Rincon IPO as awaiting notification of IPO share allocation & costs.

Commentary:
GUN MCAP=£7.3m @SP=2p. Cash =£1.4m & ignoring Rincon IPO allocation costs & £400k due on closing transactions due.
GUN retains a strong cash position and we await news of RIncon IPO on expected on or around 18-Dec-20 where %allocation to GUN will be key news to look out for. Please see my separate diatribe on potential Rincon valuations Cf. Wishbone and other Pilbara focused explorers.
AIMHO APR

Annual bonus (very modest unfortunately) due at end of December.
I just need to decide where to invest it. Any ideas anyone for a quick turnaround?
APR :-)

Hard to say but little effort to run the hand held over the cores before sending them off you would think?