Member Info for Cacher

Hey MS. Hope you're well. Yeah it's been a good start, and they've done well in the gold space too. Picking up advanced gold projects was always going to be hot money given the precious metal market right now, but they've done very well to get Lake Rebecca and Warrawoona in particular.
Expecting a pivot to base/battery metals over the next 6 months now. I suspect we might see something on that front by year end..

Pretty sure that's an older interview

Good Crux Investor interview with Altius Minerals has been recently aired. It's worth a watch as it's very relevant to the base/bulk/green royalty space that APF occupy too. Here's the link:

https://youtu.be/Lvw0KdilE7Y

If you pop onto their website you can download it. Just need to provide an email address

I agree Spindok. I've taken an initial position for hopefully a lucrative long term hold. NEXS are very well positioned

https://youtu.be/IIswFBvn_V0

Sam,. You have to remember though that TRR have a much lower focus in terms of investment returns. JT here needs a handful of projects that will result in £20-30m p/a in royalty income to replace Kestrel. Picking up a copper royalty paying £1m per year or more development stage projects isn't really going to cut it.
For disclosure, I'm invested in both.

I'll post the replay here when it's available. Really interesting discussion on how China is switching to cleaner iron ore pellets (IOC), and how the green/ESG thematic really is king as far as finance and investment in this sector goes right now. Covers a whole host of relevant topics.

Funnily enough, I listened to the Altius webinar yesterday, and the CEO Brian Dalton was pretty explicit saying that there isn't much in the way of attractive deals out there at the moment. The sector isn't as starved of cash as many people want to believe. Fortunately for them they have an extensive royalty generation pipeline and a renewables arm to keep the flow going. I did wonder though whether there's not much out there that meets JT's strict criteria though.

Yes, just downloaded it. A good research note. A 6 month target of 40p. Obviously looking for way in excess of that over the longer term as the portfolio and royalty income grows.
Great start

Obviously the timing of kestrel winding down and Piaui coming online is out of APF's hands. Last I heard from Julian, he was confident that there'd be enough deal flow to fill the gap. Obviously there's Incoa coming online next year, but yea I'd like to see a couple of deals in the near term. As I've said previously, I believe they had terms agreed on SO4's Lake Way, but SO4 switched funding options at the last minute. I'm not going to blame covid, but I suspect that hadn't helped either. They've got plenty of cash and debt at their disposal to make some significant moves. Obviously the precious metal space is flush with cash at the moment, but many base metal co's are still struggling for finance.

https://www.miningreview.com/base-metals/diversification-the-name-of-trident-royalties-game/

Yes, the 'plan' is that Brazilian Nickel's Piaui project gets into full production 2024, having ramped up. At that point (and assuming APF have invested up to $70m), Piaui could be worth $15-20m per year in royalty income. That in itself goes a long way to replacing Kestrel. Obviously I don't expect APF to stop there, and this recent weaker period for Kestrel has served to reinforce the fact that they need further diversification in their royalty income. One of the most important things for a royalty company to have is visibility on earnings . As Piaui develops, that becomes a lot clearer. There's a few new royalty co's popping up now, wanting to be a green/battery/EV royalty player, but the likes of APF and Altius have a distinct advantage in that they already have revenue that they're channelling from depleting assets (mainly coal), and filtering that Into those seen as 21st century/renewable/green assets. Altius has done this particularly well so far with their ARR (Altius Renewables Royalties).
Piaui clearly has a better than average chance of getting fast-tracked given the backing by the US government. That's going to be a very exciting (and potentially very lucrative) one to watch for us here. Largo are the bar setters as far as pure vanadium production goes.
I'm hoping to see one or two deals closed out within the next few months, and I'm certain we'll see a clean energy slant on these.

Perky today. Wonder if there's news imminent..

I read it that Jason Gray takes the position of company secretary, which KF held along with his position of CFO. Ergo KF carries on with CFO and ED roles.

https://www.proactiveinvestors.co.uk/companies/news/933072/trident-royalties-five-deals-over-eight-royalties-in-five-months-since-being-listed-933072.html

Yes. All sounds relatively positive. He thinks income has bottomed out, and will see a better Q4. Unfortunate timing regarding Kestrel longwall change out, but that's done now and Q4 should see production increase considerably.
JT mentions a couple of deals getting closer to finalisation. The big point for me though was JT confirming that by middle of the decade Piaui could be bringing in $15-20m per year in income.

Short JT interview.
https://www.brrmedia.co.uk/broadcasts/5fa16a774351411bdbe685ff/anglo-pacific-q3-results

Underwhelming but not wholly unexpected given Adaro's report a few days ago. Really need to get some new projects into the portfolio, diversify away from one dominant asset. They say it every quarter yet we still wait.

Not to forget that RGO have a considerable position in Tanzanian Gold too, listed on the TSX