focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
I suspect MS is referring to the obvious desirability of Lake Rebecca being good news for Trident.
You're right, what Apollo sells for is irrelevant - but what is very relevant is the fact that two very well capitalised companies want to spend a lot of money drilling, defining, developing and ultimately producing on the property. That'll happen much faster in the hands of either suitor. With a 1.5% NSR on the entire package, that is without doubt great news.
Yes HZM, now having an approved shelf prospectus, doesn't have to reissue a prospectus every time they look to raise capital over that 25 month period. Variables such as price, warrants etc are not part of the shelf prospectus, but that's a lot quicker detail to add when the time comes to raise. It gives HZM the ability to do a raise in Canada and the UK concurrently, whereas they'd have been waiting for an approved prospectus in Canada otherwise
Probably a sensible move. Take some now, and another tranche once the debt repayment is behind us.
Hi MonkeyPrice,
Worth watching this presentation if you haven't already done so. It's a very good overview, and questions towards the end specifically address the La Mancha loan.
https://youtu.be/7yB3pj2D8X0
Congrats on Triple Flag MS. One that I haven't pulled the trigger on yet but I'm certainty fond of. I think I probably would already be a holder if I wasn't overweight gold royalties already. Sandstorm being my biggest hold in that particular sphere, closely followed by Wheaton. I've a few other smaller gold royalty plays which I expect to move faster than their larger peers, so I'll probably look to recycle cash into the likes of TFPM, as I like the bigger players on a long term horizon.
One I'm particularly keen on is EMX. Some of the base metals royalties that are about to start paying are seriously big globally significant assets. I've long been a fan of Dave Cole and Eric Jensen. Two of the smartest brains in the sector for sure.
As for TRR, exciting times with the bidding war for Apollo. Lake Rebecca getting cash thrown at it for discovery and development to production just adds to the value here.
Looking forward to seeing what Adam and team deliver next.
Another bidder appears today for Apollo:
https://www.e-mj.com/breaking-news/gold-road-makes-offer-for-apollo-consolidated/
Yes, I like it a lot and have held in the past. I'm a particular fan of the royalty model.
Hesitant to get back in here solely based on the loan repayment terms - with the recent La Mancha loan having a 6 month term to be repaid in February.
Very much on watch with a view to a long term position here.
Excellent news. Ramelius is 10x the size of Apollo, so will undoubtedly be able to throw plenty of cash at exploration and development. I expect the timeline to production to be a lot faster and smoother if this does proceed as outlined.
ARK could easily have sold their ownership of Stonepark many times, and for multiples of the current ARK valuation. Stonepark is likely a tier 1 asset, akin to Glencores Pallas Green operation just down the road. Pretty obvious where Glencore will go when they look to expand the resource at PG.
Yeah I agree regarding foresight. The shift to a more ESG centric world has been ongoing for some time. That said, now that APF can point to this disposal it'll open up more doors with the bigger investment houses who have a mandate not to touch thermal coal. I think they've probably surprised themselves with a relatively successful disposal. Potential buyers would be few and far between vs when they acquired the royalty, so it isn't any wonder that it's the operator who has bought this back.
I have confidence in the Voiseys Bay deal. Wheaton (another of my holdings) was also involved in that deal, and has reported excellent progress from Vale at that operation. Wheatons due diligence is second to none, so APF did well to piggy back on that deal. One must be mindful though that Voiseys Bay makes up less than 2% of Wheatons portfolio - vs a much higher number for Anglo Pac, so that particular risk comparison is slightly skewed.
Must admit I'm disappointed by Julian stepping down. I think he's done a good job. He's a good capital allocator on the whole, and with the likes of Piaui and VB he leaves the company with a much more attractive portfolio going forward.
https://www.brrmedia.co.uk/broadcasts/6166c8e54e29f55a941937bb/anglo-pacific-update-on-the-narrabri-thermal-coal-royalty/
Excellent deal imv. Thermal coal exposure has been a drag on the portfolio for some time. This'll open up the opportunity for more ESG centric funds to look more closely at APF.
@mullins58, here's a snippet from the APF interim report - dated 27/08/20:
"We have seen strong and growing momentum in our development assets which could see considerable value accrue to the Group for assets which are ascribed little balance sheet value, noticeably the recent permit grant for Berkeley Energia, the cornerstone position Fortescue have taken in the Canariaco project, the earn-in agreement we consented to for Dugbe 1 and the efforts being made to bring Amapá back on line as reported by Cadence Minerals."
The Amapa royalty? Julian referred to it fairoy recently in a general update.
Here's the info on the gross revenue royalty that APF have over the life of the mine...
https://www.anglopacificgroup.com/royalties/amapa-tucano/
Here's last nights presentation:
https://youtu.be/nFlWwKx7zD0
It's a better gold royalty portfolio than some of the junior precious metals specific royalty companies! The jewel is clearly Lake Rebecca, with the NSR over the entire project.
Would like to see some nickel exposure added, along with more iron ore and copper. They tend to be significant life of mine operations, which provide that earnings visibility that's key for Trident going forward.