Member Info for aprogerson

Still cannot locate prospectus and ASX IPO offer opens 10-Nov-20 for investors to subscribe to a chunk of the minimum A$5m on offer. I am trying to find what the offer price is ... my best guess is A$0.20c, but it is only a guess at this stage.

If this scenario is correct that would value GUNs £138k pre-IPO investment from Jun-20 at £1.66m or 12x initial stake plus a £30k return on the £100k CLN we signed recently. This would pitch Rincon at around £9/10m and £2.5m cash after listing costs at IPO with GUN holding 18-20% before any further investment assuming A$5m raised at strike price A$0.20c (To be confirmed).

Not a bad place to be or return for a £2.7m MCap InvestCo especially when you consider proximity of Rincon's Hasties project to Telfer and the 22km over 220 drill holes sunk to date with long. hi-grade shallow intercepts. Also GUN has a circa £500k cash position to top-up at IPO if it so wishes ... it also has circa £240k due when the recently stated transaction with Salawin / Oyster closes.
AIMHO APR

Presentation and Intaba investors interview all good stuff and both reaffirm what we all know. NvS also confirms approach by another 2x major miners and private equity but clearly happy with current arrangement under AAL Exclusivity whilst confirming timeline as likely to run the full 6 months as a number of us have suspected.

Keep calm and carry on sitting on your hands and/or accumulate as is your wont.
APR

Key Extract from Text answers all our questions about what ARCM are gunning for ...

“We’re not here to simply keep drilling for the sake of drilling, as I think many junior companies do without really an end game in sight. We're equally not here as a lifestyle company. "

“We’re really going for ideally some sort of commercial relationship with a much larger company that can drill this out as it should be because, truth be told, on any of these 14 targets, we really should be spending $4-million to $5-million per target. It is what I call the butterfly approach; we identify, on an opportunistic basis, as many key targets for a partner to come and develop them, either exclusively or jointly with us,” he added.

So upshot is extracting maximum value for Shareholders as many of us have been suggesting.

Thanks Scotty, I missed that, where did you find it?
APR

@graham the beauty of investing with your own money is that it is 100% your choice what you do with it. Invest or not, sell or not which is wonderful if you think about it.
We all have different means, needs, goals (time & money), experience and risk tolerance ... you have yours and I have mine. We could both be right for all you and I know.

Sorry @Graham £120m ($150m)+ for a single Tier 1 asset would be an opening offer I 'might' consider if we kept an equity interest or a 3% NSR so we retained a share in the upside, but an outright sale of everything and just 'rollover'? I think not

Still no announcement or prospectus on ASX for Rincon listing posted 3-Nov-20 and due to open Tuesday 10-Nov-20. Exchange is closed for the weekend so will just have to wait I guess?!
@ ASX upcoming IPOs: https://www2.asx.com.au/listings/upcoming-floats-and-listings

@setanta Nice going, I'm still looking to add to my 1%+ whilst we are down here too ... unlikely to require a TR1 anytime soon though.

Thanks @Reapwhatusow I might take a rerun through my asset valuations over the weekend, but REALLY waiting on RINCON IPO prospectus for the IPO SP Strike price as that is what will really move GUNs SP
APR

Well whoever he is according to todays TR1 he holds 3.3% of GWMO or 54,661,712 shares.

Looks like the bottom is in after a 100% retracement from recent high 0.39p on 20-Oct-20 to recent low 0.185p 2-Nov-20 and establishes 0.185p and 0.215p as strong support going forward.

Commentary:
I said a bumpy ride was likely but I wasn't expecting it to be so brutal. Still solid bounce off 0.185p lows with near term target and retest of 0.39p high and possible extension to test implied top of new uptrend channel high around 0.42/0.45p over the next 2-3 weeks.
AIMHO APR

@Scotty nice spot ... extract from the news release
"Eagle Mountain Mining (EM2) has received high-grade assay results from initial drilling at the Oracle Ridge Mine Project in Arizona.
The primary aim of this drilling is to target extensions of the high-grade portions of the existing mineral resource estimate
Of the nine holes drilled, two were abandoned due to stuck or broken rods, and of the seven completed, six intersected skarn-hosted copper mineralisation.
The company has received results from two holes with grades peaking at 13.05 per cent copper, 127g/t silver, and 2.24g/t gold.
Samples from four holes have been submitted for analysis, with results expected in the upcoming weeks.
Eagle Mountain is up a healthy 15.6 per cent and shares are currently trading for 37 cents."

Commentary:
GUN has invested £255k in ASX:EM2 over 3 tranches (RNS 22-Jul-20 +14-Oct-20 and 21-Sept-20) for 2,563,172 shares or 1.8% of EM2 or £526k value using latest SP of A$0.38c @6-Nov-20
APR

I think we might have mentioned it once or twice on this BB ... if in doubt take a look at Rincon's prospectus from ASX announcement 16-Jul-2019 when Artemis had an option to buy them before passing it up and GUN stepped in: https://www.artemisresources.com.au/index.php/investors-relations/announcements

Rincon’s main asset is the South Telfer Project - 12km from Newcrest’s giant Telfer mine (+25M oz gold) where historic exploration drilling took place at the Hasties prospect.
• At South Telfer, Newcrest drilled over 200 holes for 22,000m. Extensive high-grade gold and copper exploration including:
Gold intercepts:
o 57.80m @ 2.05g/t Au from 17.40m including;
o 16.10m @ 4.75g/t Au from 42.70m;
o 68.00m @ 1.33g/t Au from 1.00m;
o 36.00m @ 1.66g/t Au from 2.00m;
o 33.20m @ 1.46g/t Au from 25.00m;
o 23.00m @ 2.06g/t Au from 23.00m; and
o 5.00m @ 3.73g/t Au from 50.00m.
Copper intercepts: o 20.60m @ 1.23% Cu from 87.60m;
o 10.90m @ 3.39% Cu from 91.80m; and
o 4.00m @ 4.84% Cu from 49.00m.

Commentary:
Nearby Wishbone AIM:WSBN has an option to buy a nearby licence and is now MCap £14m (up from £3m a few weeks ago), but like GGP is drilling through 150m+ barren cover whereas Rincon doesn't seem to have that problem with 22km over 200 drill results from NCM to draw upon. Rincon is a private company but is looking to IPO on the ASX mid Dec-20 and raise a minimum A$5m which I suspect will not be a problem.

We also know NCM's Telfer Copper/Gold processing plant has a low head grade of circa 0.5g/t and consequently high AISC. NCM are keen to find a a higher grade local source of ore to both keep the mill running but most importantly to drop their AISC hence their interest in GGP over 40km away. If Rincon's Hasties project is a viable source of higher grade ore and is as shallow as it seems then an open pit operation may be economic/quick so become another possible source of Telfer ore and consideration of a JV with NCM must be on Rincon's radar.
AIMHO APR

RINCON are not yet quoted on ASX so no RNS hence why I am waiting for their ASX prospectus to be issued as that will form basis for eventual RNS at IPO in Dec-20.

@AG the SP could do with a bounce ... just wish I'd had more funds when the SP dropped over the last few days to top-up!
RINCON IPO really is a gamechanger for GUN so I hope they hold onto the strategic shareholding post-IPO. We've seen what happened to GGP earlier this year and their resources are under 420m of cover whereas RINCONs copper/Gold is near surface and only 12km from NCMs monster Copper/Gold processing plant at Telfer.

I just love the irony that NCM drilled up 22km of hi-grade intersects at RINCONs Westies project and walked away when they mothballed Telfer as it was uneconomic due to its (then) high AISC. Greatland shareholders are also currently enjoying the irony as NCM are funding their mine at Haveiron via a Earn-In something I'm hoping RINCON will also do post-IPO with its ASX A$5m fundraise in Dec-20
APR

I will update my scenario when the ASX prospectus has been issued as this contains the currently unknown IPO strike price.

My prior Rincon IPO scenario involves 3 main variables IPO strike price, amount of money to be raised and GUNs appetite for IPO shares. We know that:
> GUN has 15.4m shares @ A$0.0166 costing £137.8k or 28.4% of 54.3m pre-IPO shares as RNS 22/23-Jun-20 refers
> GUN has a CLN for A$100k or £54k convertible into shares at 30% discount to IPO strike price RNS 4-Nov-20 refers
> GUN stated intention to maintain at least 15% holding in Rincon post-IPO (P Ruse podcast)
> RINCON intend to raise A$5m or £2.7m at planned IPO @10-Dec-20 RNS 4-Nov-20 refers
> ASX prospectus will confirm dates and target IPO Strike price
> GUN has significant cash available to invest further at IPO to maintain target 15% holding post-IPO

Commentary:
RINCON valuation .... Once we know the RINCON IPO strike price from the ASX prospectus we can revalue GUNs 15.4m shares and calculate the amount of additional shares the A$100k CLN will convert into on IPO and hence their value. Fingers crossed for a healthy uplift!
Forecast Cash Position ... GUN has approx. £500k cash to hand plus 3x transaction due (2x Malachite & Sajawin) for min. £400k . Once transactions closed forecast available cash = £900k approx .
APR

RINCON not yet showing on ASX upcoming IPOs: https://www2.asx.com.au/listings/upcoming-floats-and-listings

Summary of investment case from Share Talk target near term 1.2p with reference to forthcoming Sunshine and RINCON transactions https://www.share-talk.com/gunsynd-gun-l-thoroughbred-mining-investments/#gs.k1hlix

Investment & RINCON IPO summary:
> GUN hold 28% of Rincon pre-IPO plus £54k CLN into shares at 30% discount to IPO strike price
> RINCON IPO on ASX target early Dec-20 to raise target A$4m or £2.2m
> cost £138k @22/23-Jun-20 RNS & further £54k RNS 4-Nov-20 so (very) conservative NAV = £192k & await IPO for uplift

Reference Materials:
> Rincon maps & asset details @ https://www.artemisresources.com.au/index.php/investors-relations/announcements
> DL facebook post & his views on GUN & Rincon strategic shareholding @13-Sept-20 https://t.co/JqKcxNoSQ1?amp=1
> DL Proactive Investors @21-Sept20 GGP, Artemis and GUN (from 08:00/11:00) https://t.co/14NX6hdyrj?amp=1
> Peter Ruse Podcast @5-Oct-20 https://www.share-talk.com/peter-ruse-director-gunsynd-plc-gun-l-interview/

Commentary
Announcement of IPO date is fantastic news and this will value GUNs holding in RINCON as a liquid asset post IPO. The granting of the CLN at a 30% discount to the IPO strike price also reaffirms the intention to set the IPO strike price well above prior fundraise SPs to 'reward' early investors support for RINCON pre-IPO. GUNs pre-IPO 28% shareholding puts GUN in a very strong position going forward.

I will update my previous RINCON IPO scenario "Rincon IPO ... a scenario?" later
AIMHO APR

RNS today announced A$100k or £54k via a CLN in A$400k pre-IPO fundraise in RINCON Resources with IPO planned for early Dec-20 on ASX exchange.
GUN picked up 25% of the pre-IPO fundraise so is definitely in a good position at IPO and as an added bonus the CLN is convertible into Rincon shares at 30% discount to IPO strike price.