Member Info for Broxburn68

GFD

The shares issued at the placing have the same nominal value as the shares already in issue (pari-pasu). The additional amount raised over and above the par value will be reflected in the share premium account.

GFD/ RMR1969

Agree that this is a good contingency measure to be put in place for any future capital intensive expansions, but I would suggest that the £250k refers to the nominal value of the shares, ie. 0.1p. This would give the company authority to issue an additional 250m shares.

"In accordance with section 551 of the Companies Act 2006, the Directors be generally and unconditionally authorised to allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company ("Rights") up to an aggregate nominal amount of £250,000 "

Morningsun

The license may well be for TGK, I hope it is, but my post pointed out that there is other significant PGM activity in the Murmansk region. There's more in the link below:

https://www.interfax-russia.ru/northwest/news/moshchnost-goka-dlya-razrabotki-mestorozhdeniya-mpg-fedorova-tundra-sostavit-15-16-mln-tonn-rudy-v-god

"Murmansk. May 20. INTERFAX NORTH-WEST - The development of the platinum group metals (PGM) deposit of the Fedorov tundra in the Murmansk region will require the construction of two open pits and an ore mining and processing plant, according to the press service of Deputy Prime Minister Yuri Trutnev.

The Fedorova Tundra project is being carried out by the Fedorovo Resources company. The company is also the holder of the suspended license, which expires in June 2021.

Trutnev instructed Rosnedra to speed up the work on the renewal and update of the terms and conditions of the license for the use of the Fedorova tundra, and to report on the results of the work by July 1."

There's also a license for the Fedorovo Risors PGM project, bought in May by Rostec and Oleg Seleznev from Barrick , which is expected to be approved soon according to reports. This is located in the Kola peninsula, about 100 miles or so away from Monchetundra.

https://www.interfax-russia.ru/northwest/news/rosnedra-v-kratchayshie-sroki-vozobnovyat-deystvie-licenzii-dlya-sp-rosteha-na-razrabotku-fedorovoy-tundry-vlasti-zapolyarya

Yes, this is the permit that Sean Wade saw as pivotal when I spoke to him a couple of years ago. I'm very pleasantly surprised at this TBH. Well done to BKY and all LTHs. Over to the CSN again now....

Hello matnotan :)

https://amp.lainformacion.com/empresas/berkeley-gobierno-cepo-legal-mina-de-uranio/2811262/

"The full CSN reports favourably and the Ministry for the Ecological Transition and the Demographic Challenge must now decide whether to approve the renewal and its duration.

The plenary session of the Nuclear Safety Council (CSN) reported favorably this Thursday, July 23, on the request submitted by the Berkeley Minera Spain company for the renewal of the prior authorization of the concentrate plant of uranium that it plans to install in the Salamanca town of Retortillo.

In this way, the company renews the prior authorization for the construction of the uranium concentrate plant in Retortillo, as a first-class radioactive installation of the fuel cycle, which was granted by Order IET / 1944/2015, of 17 September, from the Secretary of State for Energy of the then Ministry of Industry, Energy and Tourism, and which had an initial validity until September 2020.

The report approved this Thursday considers that the circumstances and characteristics of the uranium concentrate plant are the same as those contained in the prior authorization issued in 2015, and it is now up to the Ministry for the Ecological Transition and the Demographic Challenge of the Government of Spain to approve this authorization and establish its duration period."

https://www.elnortedecastilla.es/salamanca/renovada-autorizacion-previa-20200723141246-nt.html

It looks like the Ananievs disposed of the majority of their holdings in Queeld to Pchelkina on 7th May, which may seem a bit strange in retrospect. The Ananievs' finances have been under scrutiny for some time however, so there may be a good reason on their part for this.

https://opencorporates.com/companies/cy/HE226164

http://johnhelmer.net/promsvyazbank-to-sell-shares-in-london-whats-an-ananiev-or-two-worth-when-russian-banks-are-sinking/

Yes, I've glanced at the website before and it does look a well planned project with lots of potential upside. I've found prospectuses very useful in the past as they have to be passed by "competent persons". I'm familiar with them from BKY's main market listing in London and on the Spanish Bolsa. It's refreshing to see a project that's relatively free from the political risk such as that suffered in Spain. I'll quite possibly be on board sooner rather than later .

I note that there is a requirement for working capital of A$76.2m needed at the end of the year to commence production at Longonjo. Perhaps PA will use a similar path to obtain funding as he did with SGRF at BKY? Having no debt at present is also a big plus.

Yes, I think I need another coffee!!

Correction - par value 0.1p per share.

There's obviously the big question of how this project is going to be financed - a par value of 0.1p per share allows for large amounts of dilution. PA's legacy of the SGRF financing for BKY suggests that down the line this could be done on advantageous therms for shareholders however. The $7.5m investment from the Angolan sovereign wealth fund is undoubtedly a very positive sign.

It's one to watch for me at the moment - bid was around 30p on the LSE at close yesterday, but it's trading at 19p on the ASX as at close this morning.

I'm working my way through the prospectus at the moment; here's a link to a copy from the website. It would be interesting to hear others' views..

https://www.pensanametals.com/index.php/en/investors-3/asx-announcements

Just as an aside I notice Paul Atherton's new venture, Pensana Rare, was admitted to trading on the main market yesterday. It's an early stage battery metals (NdPr) project in Angola which has the mining license in place and has already seen investment from the Angolan sovereign wealth fund ($7.5m), so little apparent political risk there.

There's obviously the big question of how this project is going to be financed - a par value of 0.001p per share must be some kind of record and allows for large amounts of dilution. PA's legacy of the SGRF financing for BKY suggests that down the line this could be done on advantageous therms for shareholders.

It's one to watch for me at the moment - bid was around 30p on the LSE at close yesterday, but it's trading at 19p on the ASX.

The Russian listed subsidiary of Barrick Gold, Fedorovo Risors, was sold in May to a consortium involving Rostec and Oleg Selznev/ Andrei Komarov. It's 100 miles or so away from Monchegorsk and should provide a reasonable benchmark for potential value of MT at least. The region's governor, Andrei Chibis, describes the Fedorova resource as "the largest deposit in the world by palladium reserves, very relevant and important."

The difficulties experienced by Barrick in renewing the license reinforce the point of view that any potential buyer for MT/ EUA will be Russian. Foreign investment in strategic reserves has been strictly curtailed since the changes in subsoil law from 2008.

It's also notable that Norilsk Nickel were not involved in any bidding process. From the second article from 2017, Norilsk Nickel reported that it didn’t consider the partnership or purchase of the license from Barrick. The RBC article states that Barrick Gold is unlikely to have received more than it invested in the project - $ 60 million (data from the authorities of the Murmansk region).

https://www.rbc.ru/business/15/05/2020/5ebd49a99a7947123b2e6937

http://www.russiamining.com/mining-news/barrick-waits-renewal-russian-license

An interesting article, just to balance the "Bashers" debate:

“The Wisdom of Crowds” by James Surowiecki holds some great lessons for online investors. Surowiecki talks about the four conditions that need to be in place to form a wise crowd:

1. Independence - where people’s opinions aren’t impacted by the opinions of those around them.
2. Diversity of Opinion - where every individual in the crowd makes decisions based on their own private knowledge.
3. Decentralisation - where every individual is located separately and able to draw on different local information.
4. Aggregation of Results - where there’s some mechanism to bring individual perspectives to a collective decision (e.g. a market).

The problem with bulletin board crowds is they break the first three of these rules.

Firstly, the initial frames for a stock pitch are often made by just a few very vocal, highly intelligent and confident people. People often defer to authority figures (known as authority bias) and so these ideas are shared and accepted by a growing number of people without critical thinking. This creates an information cascade that denies independence of thought, especially amongst time poor private investors. It also leads to over-confidence.

Secondly, diversity of opinion on bulletin boards is not welcome. Time and again when a critical, bearish thinker appears on a bulletin board he’s blasted as a ‘deramper’ or a ‘troll’. Often he’s banned from the thread. Investors only seek confirmation and confidence that their decision to stay long is correct, they seek to silence challenging or contrary opinion.

Thirdly, while most investors may sit in their home offices or at work, they often aggregate in a single forum to think and share all information together. This is the antithesis of decentralisation.

All these factors are completely contrary to wise crowd formation - and they tend to lead to groupthink.

In the cacophony of voices in a bulletin board the best storyteller with the best story wins.

https://www.stockopedia.com/blog/can-you-beat-the-market-reading-stock-market-bulletin-boards-144414/

Yes, good replies about patience required. The annual report suggested ALM were working with two year plus timescales to maximise returns.

Couldn't resist posting this for you NuckyT; as a fellow Scotsman I hope it makes you smile!

ATB Brox

https://m.youtube.com/watch?v=BZFFTu2GCjI#

HappyScot, the address at CH matches the registered office address on the website.

ACF Equity Research Ltd is run by a Christopher James Nicolson who is sole director and 100% shareholder. In the last micro-company accounts submitted for YE 31 May 2018, ACF had a balance sheet value of £2,170. I see he's a bit late with the May 2019 accounts...

https://beta.companieshouse.gov.uk/company/07629519

This is the reply from BKY to a standard price and volume query from the ASX. Similar releases were made after sharp SP rises in Jan 19 (favourable CSN reports subsequently received) and May 19 (positive local election results and award of non-uranium exploration licenses were announced a fortnight later).

The company obviously can't state any developments that have not been officially ratified by the authorities, but I strongly suspect that the latest rise is due to speculation that the CSN ratification will be granted. I don't think we'll have to wait too long to find out if this is indeed the case.

https://www.asx.com.au/asxpdf/20200618/pdf/44jrg6dfhx8157.pdf

.....it's also good to see that the National Court continues to reject the spurious legal challenges from the environmentalists.