Member Info for CarefreeCarry

Spot on CV7Blue, a trading opportunity every quarter until the debt is cleared.

Looks like a p&d attempt currently but the SP will naturally retrace because all the investors, bar two, will not be seeing any of the proceeds from the quarterly gold sales.

Groundhog Day for about 16 quarters.

Looks like a new pump & dump tag team.

Les - If you read it that way then there would be nothing to stop the company paying off the Mezzanine Facility interest and principal first, which would be the sensible thing to do. I very much doubt that is the case.

The order of payments listed later in the same RNS states that the Senior Facility payments are made before the Mezzanine Facility payments.

Les - Unless the wording in the 8th September 2020 RNS is ambiguous, an option on repaying the Mezzanine Facility interest has not been published in any RNS that I can see.

I don't want anyone thinking that I am de-ramping here. The production figures are great, especially when you consider the difficult conditions that they have been obtained under.

Well done to the BOD and the workers on a great quarter.

Les - I'm fully aware of the terms of the finance restructuring and repayment schedule. It would seem that some posters aren't aware that there is more interest being added in each quarter. Each quarterly payment covers fees and costs of the lenders, interest on the Senior Facility and Principal on the Senior Facility. When the Senior Facility Principal has been cleared then the payments will start to clear the Mezzanine Facility. At the current rate of payback it will be another 8 quarters before the Senior Facility has been cleared in which time another £22m will have been added to the Mezzanine Facility. The interest will then reduce to 7% on the Mezzanine Facility which will be £87m outstanding.

Lee - The £7.3m payment doesn't drop the outstanding debt as far as you think. MTL are not clearing any interest or principal off the Mezzanine Facility. This is compounding quarterly at 7% a day. Approx £2.5m for this quarter.

Jim / Lee - It would appear that our canned fiend has been on the sauce today (not HP). A number of posts on a earlier thread, each one more incoherent than the previous ones and finally this thread's post with zero punctuation.

DusterMan - Considering that 16,794 oz of gold were poured in the 1st quarter of 2020 and 17,213 oz of gold were sold neither of these figures is nearly 18,000 oz.

Cash at bank September 2019 was $5.2m.

Cash at bank September 2020 was $9.6m and that was only after a $4m debt payment during the previous 12 months.

Gaddes - My calc is based on $40m profit annually with gold at $1900/oz for next 6 years (who knows it might stay that high) and mining at current levels (not 80,000 oz that Iglu suggested) so room for some improvement there. Also assuming mining costs stay the same.

Not really negative, just conservative.

Best case scenario that I can realistically foresee is about 4 years to pay off the debt.

Either way, whenever the debt is finally paid off, I will still be here holding onto my 3m shares. How many of the recent posters here can say that? Some have sold out after holding for less than a week and are still hanging around the board.

Spaghettihoops - You are confused. The RNS stated -

The Company will instead be required to make a quarterly payment to the Lenders (a “Quarterly Payment”),within 5 business days of each quarter end, being an amount equal to the Group’s net working capital (“NWC”), subject to first establishing and maintaining a US$5 million cash buffer.

- NWC is to be defined as the Group’s available cash on hand plus gold sales proceeds due, and gold doré on hand or in transit, less all current liabilities (including budgeted operational, CAPEX and exploration expenses, taxes, hedging costs and overnment charges, but excluding all unpaid debt principal and interest)

What does that mean?

It means the company will be making a little payment (being an amount equal to the Group’s net working capital (“NWC”), subject to first establishing and maintaining a US$5 million cash buffer) to the lenders each quarter (a “Quarterly Payment”) so that it will take about 5 maybe 6 years to pay off.

Anyone else wondering why our SP is so high now? ;-)

Pharmajohn - It's pointless trying to converse or reason with Spaghettihoops. He was cluelessly banging on about 50p by the end of this year when there is more chance of Donald Trump getting another four years in the White House.

He likes to compare apples with snow and then wonders why MTL's sp is not like other companies.

AAZ are a similar company that are a couple of years ahead of MTL. Take a look at their sp when they had a load of debt a few years back.

Wow, you held for almost a week.

What nerves of steel you must have.

Goodbye then. It's been a pleasure reading your insightful posts here on the MTL board.

Africanskies - Roy will be posting his cryptic waffle at some point.

He could still be busy baking his cake, delivering the baby or just gardening!!!

Adr987 - Excellent first post.

Keep it up.

#Spaghettihoopsmainone

Smitty - Only 1 person has been talking about a 50p share price.

That 1 person is clearly clueless.

According to the RNS it was on 23/10/20.

Spaghettihoops - 50p equates to a £1bn mcap.

There's more chance of a COVID cure by the end of the year than a 50p share price.

Spaghettihoops - So a £600m mcap in just over 2 months!!

Dream on.

"The poster also assumes the mine will be operationally successful, that gold prices will remain high, there will be political stability in the Philippines, there will not be an environmental 'problem' that the Mining Licence is secure + many other unexpected aspects that mining can deliver."

I have assumed nothing of the sort.

The major shareholders may that have assumed that with their initial intention and attempts to delist the company a decade ago and here we stand, two and a half weeks away from that situation.

I agree with you that a Stock Exchange listing will benefit everyone but, for whatever reason, the major shareholders seem to think delisting the company will benefit themselves. That is the assumption that I have made, based purely on their historical actions only.