Member Info for Broxburn68

Yep..meant profit, not revenue. Point still stands though.

No offence taken uNnwnTrader; scroll back and you'll see previous posts predicting this scenario. Been here before and feel I got out lightly compared to some. Have you looked at the accounts - where is the future revenue coming from?

I have every sympathy for Mr Poulden and his admirable efforts to look after his handicapped son. These things are far more important than money can ever be. However...

This is a misleading RNS and leaves out some rather important financial information. I'll fill the gaps then.

From the 2018 Audited Accounts:

Turnover: $10,896,045
Cost of sales: $10,849,774
Trading Profit: $46,271

OK - fine so far then. But..

Take off administration expenses of $1,064,988, which leaves an operating loss of $1,018,717.

What about cashflow then? There's $36,271 in the bank at 30th June 2019 after all. Placings raised $747,289 in Y/E 31.12.18 and $983,325 in P/E 30.06.19. Where did that money go...?

This is the type of stock that gives AIM a bad name. It must be one of the worst examples of financing a lifestyle business that there is. If you want to play a quick pump & dump trade, fair play to you but companies like this should not be allowed to put out misleading RNS's like this. The only way the company can survive is by raising money on false promises and giving discounted placings and warrant issues to those who can partake and fleecing naive PI's who chase the rainbows. Something needs to be done by the regulators of AIM, if they actually exist to any purpose! Please be careful here..

https://www.lse.co.uk/rns/WSBN/interim-results-ywuqskaxwjgjdrj.html

Hi fenakit,

I use this for live prices, charts, etc. It's free and fun to play around with!

https://uk.investing.com/equities/tullow-oil-chart

I hope this helps. ATB

More rumour from Align on twitter this morning fwiw...

https://mobile.twitter.com/AlignResearch/status/1205771192327659520

I found the comment in this article by JP Morgan with regard to Carapa quite encouraging - I hope they are right.

22 November 2019

"The final Guyanese drilling target of the year is now more crucial than ever for the company’s exploration campaign and the near-term recovery of the share price. The Carapa well currently being drilled is the first in the Kanuku block, split between operator Repsol of Spain (37.5pc) and partners Total (25pc) and Tullow (37.5pc), and the first to test the Cretaceous play—both Jethro and Joe were found in the Tertiary.

Tullow says around 50pc of prospective resources across both the Kanuku and Orinduik blocks are located within the Cretaceous, indicating that the well is likely the most important of the year. A report from US investment bank JP Morgan highlighted that the oil quality is unlikely to be an issue given the light oil discovered in the Cretaceous at Liza. The rig at Carapa began operations one month behind schedule, but the partners aim to conclude operations before the start of next year."

https://www.petroleum-economist.com/articles/politics-economics/south-central-america/2019/tullow-s-last-chance-saloon

Another new broker note from Panmure Gordon today. They reaffirm their buy rating with a revised target of £1.05. The broker notes issued in the last day or two have all been positive; hold or add/ buy, so there is a consensus that there is strong potential for a further recovery from here.

https://www.stockmarketwire.com/article/6707754/Broker-Forecast-Panmure-Gordon-issues-a-broker-note-on-Tullow-Oil-PLC.html

Today's broker updates:

10-Dec-19 Canaccord Genuity Hold 220.00 60.00 Downgrade
10-Dec-19 Berenberg Bank Buy 230.00 80.00 Reiteration

Canaccord cuts Tullow Oil to 'HOLD' ('SPECULATIVE BUY') - TARGET 60 PENCE

https://www.lse.co.uk/news/uk-broker-ratings-summary-investec-prefers-pagegroup-over-hays-578hiabus5pyxz7.html

This is a TSXV (Toronto Stock Exchange Venture) listed company which is in the early stages of a Palladium Venture in Finland. It has recently attracted an over-subscribed placement which has attracted a substantial investment from Eric Sprott, a billionaire Canadian gold and silver fund manager. It illustrates the level of interest in Pd in the region.

There's some interesting reading in the links. Some parallels can possibly be drawn with MT. The CRUX interview shows EUA how it should be done...

https://www.marketwatch.com/press-release/palladium-one-announces-closing-of-oversubscribed-private-placement-2019-12-02

https://ceo.ca/@CRUXinvestor/palladium-one-mining-tsx-v-pdm-use-your-cranium-invest-in-palladium

https://www.palladiumoneinc.com/projects/palladium/lantinen-koillismaa-project-finland

https://www.palladiumoneinc.com/assets/docs/financials/2019-Q2-FS.pdf

You may need Canadian friends or relatives if you're interested, unless anyone knows a UK broker who deals with TSXV..?

I think you should be aiming your criticism squarely at the current government of Spain for putting constant obstacles in front of the project, Richie, rather than PA. He did perhaps get a bit too cozy with the PP which no doubt upset some of the current incumbents in government and the constant repetition of "pouring concrete at the bottom of the price cycle" did grate a bit, but it should also be remembered that he did broker an exceptional finance package with the Omanis.

What we need is a change of government in Spain rather than placing the blame at the door of the BOD.

Hi jippyjazz,

These late trades are most likely a form of dark pool trading. Dark pools came about primarily to facilitate block trading by investors who did not wish to impact the markets with their large orders and obtain adverse prices for their trades. These dark pools will be operated in this case by the MM's. It's unlikely to be II's at this level of market cap (no TR-1s either), but these dark pools are quite commonly used by larger PI's to obtain the best price for their deals.

The original matching of trades in a dark pool would be done based on the average price of the best bid and the best offer available on a displayed stock exchange, so it's almost impossible for us to know if they were block orders for large buys or sells. The large block orders will be filled with a large number of smaller opposite sells/ buys.

Note that, as dark pool participants do not disclose their trading intention to the exchange before execution, there is no order book visible to the public. Trade execution details are only released to the consolidated tape (the listed share trades) after a delay.

I hope this helps and all the best with your investment.

https://www.investopedia.com/articles/markets/050614/introduction-dark-pools.asp

https://www.dummies.com/personal-finance/investing/10-things-you-need-to-know-about-dark-pools/

How on earth do you bed & ISA £150k of shares when the annual limit is £20k? Good grief.

"mocheduntra with flanks has an estimated worth of $27bn to us"

Norlisk Nickel has a market cap of $43.9bn just for comparison.

https://www.bloomberg.com/quote/NILSY:US

Its production in 2006 was 244,000t of nickel, plus 425,000t of copper, 3.16Moz of palladium and 752,000oz of platinum, so about 4-1.

There's a lot of interesting reading in here; it illustrates the difference in scale between the deposits at Talnakh and Montechundra. There's a very positive outlook for Palladium especially.

There are more than 6000 mt of proven and probable reserves and over 1.5 bt of ore in resources at Talnakh compared to 28mt of C1/C2 grade ore at Monchetundra per EUA. The PGM grades of 9.7 g/t at Skalitsky and 5.9 g/t at Oktyabrsky compare with 2.1 g/t at Monchetundra.

https://www.nornickel.com/files/en/gsm/agm2019/materials/2018-annual-report-100619.pdf

https://www.eurasiamining.co.uk/operations/monchetundra

http://igi.ie/assets/files/courses/NRReporting%20Workshop/Alignment%20of%20CRIRSCO%20and%20RF%20systems-NYoung%20et%20al.pdf

Not good news. Perhaps the company will concentrate on their EV metals exploration in the near term.

Per Reuters; another election next year??

"The most likely outcome appeared to be a minority Socialist government. The bigger question would be who its allies could be and how long such a government could last.

“We’re ready to negotiate starting tomorrow” with the Socialists, said Pablo Iglesias, leader of the far-left Unidas Podemos which tried and failed to reach a coalition deal with Sanchez after the last election, urging the left to unite this time to stop the rise of populism.

There seemed to be three main possibilities to reach the 176-seat majority in parliament, all of them fraught with difficulties, including the one involving Ciudadanos.

One would see PP abstain and allow Sanchez to lead a minority government. PP leader Pablo Casado, who had in the past repeatedly ruled out supporting Sanchez in any way, made clear breaking the stalemate would be even more difficult than before, but said he would wait for the Socialists’ next move.

“Sanchez has lost, now it’s much more difficult for him to form a government,” he said. “Spain cannot wait any longer, but it cannot be hostage to his partisan interests.”

Another option would gather the majority that toppled the conservatives in a corruption scandal last year and first allowed Sanchez to become prime minister. But that would require Catalan separatist lawmakers to back Sanchez, which would be hard to imagine at a time of such tensions with Catalonia.

The third option would be that Ciudadanos would support the Socialists, alongside several regionalist parties.

https://www.reuters.com/article/us-spain-election/spains-far-right-doubles-seats-in-hung-parliament-idUSKBN1XJ0JF

@minerirritant, to follow this particular thread it may be worth looking at the company's own figures to get an idea of the the value of resources quoted at Monchetundra. Their grades of palladium are quoted at 1.08 g/t and platinum at 0.56 g/t. These are not high grades, but could still possibly be economically mined through low-cost open pit mining as the company states. The figures are Russian state approved.

The classification of the resources per EUA are C1/C2. This equates to indicated and inferred resources rather than measured resources according to CRIRSCO; link below.

I hope this helps with your research.

http://igi.ie/assets/files/courses/NRReporting%20Workshop/Alignment%20of%20CRIRSCO%20and%20RF%20systems-NYoung%20et%20al.pdf

https://www.eurasiamining.co.uk/operations/monchetundra

Unfortunately this project is no longer relevant as the Kyrgyz parliament approved a bill banning the extraction of uranium on 31 October . It would appear that the memorandum was signed pre-Fukushima (March 2011) when the Uranium market was massively different to how it is now.

https://www.neimagazine.com/news/newskyrgyz-parliament-bans-uranium-and-thorium-mining-7487717