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Good luck with that P.

Goodness I hope so P - £1.50 and I will double down.

Those that have been using this site for awhile may remember that the last time we had a 4m odd UT I raised by own concerns about how high it was and suggested that it must by its very size and being so disproportionate to others that we had seen mean something - I was assured it did not and that of course turned out to be right. A few explanations were provided as to how the UT was determined were offered but subsequently I found the link below which is probably the clearest explanation you will get and is worth a look. With regard to the deal agreed between Barrick and the GoT which has been reported on the Barrick website and commented on in the press - Barrick and its Directors would be in serious trouble if they had just made this up and only an idiot or a shorter would try and suggest otherwise. https://www.londonstockexchange.com/products-and-services/trading-services/sets/sets-intraday-auction.htm

For reasons of my own I would be delighted if this situation dragged on into the new tax year and in all selfishness I would not be unhappy if the shorters managed to prize more shares from the hands of those willing to sell. Despite the criticism I sometimes receive for it I have always tried to give a honest assessment of the facts as they become known, having personally been involved with the purchase and sale of multi million £ companies I feel I have the experience to comment. There are two distinct parts to the news we anticipate firstly agreement with GoT and secondly the potential buyout of our shares by ABX or the company probably by the Chinese. In the case of agreement with GoT this, by itself, supported by our majority shareholder this should be fairly straightforward now and I believe news of this to be imminent. The prospect of a sale may take more time to actually complete but if that remains, as I believe it to, the most likely course then an announcement of the offer should again be imminent. A slight delay is more likely if they are trying to tie these two things together. Completion of the process may take a few months but the SP will immediately alter to close to the proposed offer price. That is my own conclusion based on the facts as they are currently known, I would be very interested to hear from any credible posters as to why an announcement, clearly in the best interests of the company and the country in which we operate can or would be delayed? Let’s have a quick look at the trades for today. Elly, a new poster to us but someone who has definitely proved their knowledge and value to this board has commented that we need to closely consider the trading volume - I totally agree. When I started this note about 150k shares had been traded - 87k shown as sells resulting in a 6p drop in the SP. Even if we consider all the trades as sells that is roughly a £25 million value drop in the value of ACA based upon sales of 0.036% of the shares listed on the LSE. If you still do not believe that this is a valiant but ultimately misguided attempt by the shorters to scare you into selling then they have won and deserve your shares otherwise forget the SP until the news. If you are not intending to sell before then it means precisely nothing if you are looking to add then they are once again giving you an opportunity. Whatever you decide I wish you well.

When MTRO announce the terms of the RI - that will be the time to buy.

As private investors we are normally at least one step behind - so we do not sell at the top and buy at the bottom but we can follow the market and still achieve results. You will be disappointed in me as I do have a grudging regard for the shorters and have made money by buying into companies that they have ‘attacked’ and avoided others when they have seen the truth when everyone else was looking the other way. They got it right with ACA for a long time - that proved of advantage to me (over time), they are now trying to manage their way out and ultimately that is likely to be to our advantage as well.

No company can do anything about shorters P. A buyback program would have helped but now the BOD have to do their job - who cares what the shorters do in the meantime. You must surely agree that when (not if) news lands the price will rise? - if that leads to the shorters being more screwed because they increased their shorts when they should have been reducing then so be it.

Dimi - I agree that knowledge of a company and its SP is the best advantage you can give yourself over the market. I don’t think it would be conceited for us to believe that we know more about this company, the challenges it faces and the opportunities it offers that any broker or financial advisor without insider information - many of us have lived and breathed ACA for the last two years. I would normally be with you with a diverse portfolio but sometimes, rarely and against all the odds an opportunity does come up that is just so good that you have to put restraint and rules aside and grasp it with both hands - I have.

I noticed how well PMO are performing - well done. As 64% shareholders ABX totally call the shots and they don’t need additional representation on the Board. Now ABX have agreed terms it really is just a matter of time before we get the news we have been waiting for. I choose to believe that the delay is simply process and ACA undertaking their fiduciary duty to get the very best deal they possibly can for us.

P - at the end of the day you must do what you think is right for you. Personally I think you have held through the worst and you have trading fatigue, please think it through again, weigh up all the news and ask yourself if now really is the time to sell? Whatever you decide I wish you well - I will be holding.

Lots of big questions there STB most of which are pretty impossible to answer so I don’t think I will try. What I would say is that the situation with GoT has to be resolved or the true value of ACA will never be achieved no matter what. When the dispute with GoT is resolved then I would guess the SP will double and if things progress well without a takeover £5/£6/£7 will come over time. A takeover will get us there much sooner so we can take advantage of other opportunities that exist within the market. News, when it arrives will probably come at 7am one morning - anything that happens during trading hours is just a side show largely controlled by the shorters. I think you should stop calculating STB all you can do is hold/add, you can no more effect the outcome than the rest of us so just sit tight.

I am happy to take you word for it Super as I fail to understand what it is that the article is trying to say.

Dimi - I bought a few just on principle.

Let’s home the rise is based on some leak about the agreement that has helped SHG but not reached ACA yet - possible I suppose. Very pleased for them their SP has been held back for a while.

Very interesting Super - this can only help us. We have to note that the dispute started in 2008 and the debt is still not paid. I would rather settle now with right on our side than wait 11years. The result does however show the value of an agreement for International Arbitration. I am betting that the GoT decided that they should have awarded the deal to the Chinese and tried to riggle out of their commitment to this Japanese company.

Hi Tiger - I have a small holding in SHG. We have talked about market cap in relation to gold production and SHG is a stand out buy. If they get production up to 200k ounces as they hope over the next few years then their SP could easily rise to 30p in my view. They are owed £20 m in VAT by GoT and no reason that should not be repaid more than halving their debt. They have also confirmed expansion will be funded by asset finance and not a call on shareholders. City Financial were forced sellers of 26 million shares which have been swollowed up by an African focused value fund. A great buy but for me ACA still better in short term but when news lands here I will almost certainly be buying more SHG.

I would be very happy with a WTO terms (no deal) exit - we were assured it was a binary choice in or out - out saving £39bn would be the best route. I accept it would be tricky at the start but strategic tax changes would sort that out. Unfortunately I think that there is virtually no chance that a no deal will be agreed today. The forex market is a law unto itself but if the £ did fall as much as 30%, as has been speculated, then that would make our exporters very competitive and we could all buy British - something we used to be encouraged to do. Yes it will cost more to go on holiday but that would be a price worth paying - especially for gold investors as our shares would rise 30% as we all know gold is valued in $.

All nicely put Super, sometimes I struggle to identify the difference but the actual proposed agreements was for a 50/50 split of economic interest taking into account the cost/allocation of 16% of the operating company - the difference between this and a 50/50 split of profit can actually be significant in ACA’s favour. The only reason for what I have now to consider a delay could be agreeing the actual wording (we have seen how difficult this can be) or perhaps ABX have been trying to justify £5.75 but ACA are pointing at the prospects and pushing for more. We shall see.

SWSt simply take a view based on the current reported accounts they do not speculate as to what might be or take a view of the circumstances surrounding the company - purely figures driven. Super may disagree but I think our quickest and best route to the most profit is through a sale a bird on the hand and all that but we certainly have options.

Dimi I agree, our market cap is ridiculously low compared to our peers. I suppose the SWSt figure doesn’t look quite so high as I had first thought but as you say I do not expect us to achieve that and would think we had a great result to get half. ATB.