Member Info for Castaway

Interesting bit from his profile on Business week - " He serves as Principal of a boutique Chartered Accountancy Practice, focusing on advising companies on finance raising, mergers and acquisitions, business strategies and entry onto the OFEX and AIM markets." - looks good to me!

into PIRI - not much happening with it at the moment - they look well connected though, and should have access to finance hopefully!

until the results of the meeting on the 30th,. Hopefully if the s/holders vote for the placing/name change/mine purchase, we should be moving up after that. Only a few trading days to go. It will then be up to the BoD to get their act together, and get things moving in Zim and Romania - they will be incentivised by the fact they are collectively buying around a quarter of the placing shares personally (76,819,400), they already own 3.39%. Roy Pitchford CEO's comments from the last RNS - "On the basis that the Proposed Acquisition completes, the funding from the Placing would enable AFCR to start its first mining operation in Romania, which in turn would be expected to provide the base for the development of the very much larger mines that are part of the Remin Group. Baita Bihor would complement the development of the Pickstone-Peerless Mine in Zimbabwe and would be a further step in the process of transforming AFCR from an exploration company to a mining company. AFCR looks forward to having two operating mines in H2 2015". The 30th December is just the start, if all goes to plan 2 mines by mid 2015 - these will generate income for ramping up production at the "world class" PP gold mine, and the sentence in the above statement I am drawn to "development of the very much larger mines that are part of the Remin Group" REMIN - This is a small section taken from a paper published by the US Geological survey in 1999 - Compania Nationala REMIN S.A., which was a regia autonome based in Baia Mare, was involved in the production of copper, gold, lead, silver, and zinc in concentrates. REMIN operated 4 divisions that oversaw 18 mines. Production levels in 1999 were in excess of 2 million metric tons per year (Mt/yr) compared with about 5 Mt/yr prior to 1989 (the last year of central economic planning). About 70% of REMIN’s output was polymetallic ore, 15%, gold ore; and the balance, copper ore (Hinde, Hall, and Walker, 1999, p. 4). REMIN accounted for 100% of Romania’s production of ferroalloys and barite, 75% of zinc, about 65% of lead, more than 50% of gold and silver, and 27% of copper. REMIN’s divisions were, Baia Borsa with two mines, Baia Mare with eight mines, Bucovina with four mines, and Rodna with two mines. In addition, there are two open pit iron-manganese mines and two flotation plants. That production was from run down mines with old equipment - can you imagine if it was all mined with modern equipment and techniques?, and the opportunities VAST has working with REMIN

Here is the link to a pdf from EDM who were looking to buy the Romanian mine in 2011 for €15mil - have a read down to the bottom of the article apart from the massive resources in the the mine they reckon there is over 300kg of gold in the tailings dump (due to inefficient processing) that is about £8mil worth just sitting on the surface!. The mining equipment needs renovating and efficiency improvement but this is a great asset to be buying - here is the link: http://stratosresources.com.au/sites/stratosresources.com.au/files/asx-announcements/41xmlvvtt47jr4.pdf

I think you might have - not long to wait now - 4 full trading days left before the 30th

Has massive potential - there is uncertainty at the moment regarding the placing. If the meeting on the 30th votes in favour of the proposals then 2015 will be a good year for share holders. The current s/p gives a market capitalisation of £4.37 mil - the value of the BB mine AFCR are purchasing 68% of was valued at €15 mil in 2011 (well not valued at, that was the purchase price in a very poor market) - that alone is worth a penny a share AFTER the placing on the 30th. AFCR are buying a massive copper/gold/nickel/silver/zinc mine for peanuts. Add to that production in 4 months from funding (the placing which directors are heavily involved with), and the PP open pit mine in Zim producing gold by July. There are also 10 other prospects AFCR hold licenses for in Zim and Zambia for mining gold/diamonds/nickel and phosphates. All this for half a penny a share - total f***ing bargain. all in my opinion of course, and the facts that smack you in the face!

I will be throwing everything in if it does - that will be 40% discount to the placing price that the directors are buying in at.

I should add that my average is probably about .6p and I am happy with that - it is very difficult to buy AFCR when it is rising and you never know what will happen on AIM - I would rather be in at .6p with a possible small downside than trying to get in on the 30th

Agree with you Everton - only a couple of weeks to wait. The s/p could drop to the .4's after the placing, I don't think it is likely, as no one will be selling at that point - but you do general get down to the placing price. It depends on who is taking part in the placing, and if they sell into it. I wonder if Brimfell sold out to take part? The upside is also pretty good 2p near term in my opinion, so for me this is a multibagger in the near future.

The "nominal" value of the share does not have any effect on the market value - when the share reorganisation is done the share you hold will have the same market value it is only the nominal value that changes from 1p to .1p. So yes it will be the same. Don't mix this up with the placing though - that could have an effect on the value of your shares

Basically the share price is so low it has dropped below the nominal share price of 1p of existing shares - a company cannot issue shares where the issue price is below the nominal price of the share - AFCR want to place @ .5p they can only do this if the nominal price is below this, hence the nominal valuation of the new shares of 0.1p. To get around this they issue existing holders of shares with a matching number of 0.1p shares and their existing holding then become "defferred" shares with a nominal valkue of 0.9p, which in effect have no value and no voting rights. So basically existing holders are in the same position as before - the actual value of the shares are the same but the nominal value is 0.1p - nothing to worry about

I can see an initial rise after the placing - unlike some placings I think it has already been sold into (Brimfell sell off) so we could get a big rise early 2015. I think the s/p is not showing anything like true value of the company. I think the BB mine is worth 1p per share after dilution based on the NAV of the asset alone. If you add PP and the other assets 2p is not unreasonable at the moment, moving up to 3-4p when the mines are producing. But this is AIM - could be delays with the mines, or could be better than expected so +/- 100% on those prices - I think this is just the start in Romania, if you do some research it is a great place to mine - and in the EU! Anyway you look at it at it IMHO it is a great buy @ .625p

But realistically s/p 1.5- 2.5p - there will be 1,168,955,664 shares in issue if the placing and renaming of the co., is accepted on the 30th. I think a market cap of £40mil is possible when the mines are running, and that would be 3p per share. In my opinion - I am happy to here others views

by mid 2015 is a very real possibility - Romanian mine could be running in April NPV $100 million IRR 563% - plus possible huge undiscovered reserves of copper gold silver zinc. Open cast mine in Zim funded and could be producing by July - big future revenues. All for .65p per share! IMHO there is a lot more to come in Romania - they have been working there for some time and have good contacts with the main nationalised mining company - the country has vast resources and just needs a bit of investment.

Potential here is astronomic

sorry s/p .6p not .06 - .6p was used in the calculation the other figures are correct

The directors have not bought shares they have received their remuneration in shares based on a share price of 2p. This is significant as the actual s/p is .06p - they are in effect receiving their salaries in shares at a discount of 70%. i.e. Roy Tucker was owed £78,542 and to pay for his directors fees has received 3,927,100 shs @.06p = £23,562.60. One would therefore assume that they feel the share price is going to be significantly higher in the near future!

I think you are right Everton - We should get some attention after the meeting on the 30th and the deal is done. We will then get notification of the funds going to re-open the mine and it will be lift off. I can't see much selling of the placing shares, the directors are buying a quarter, there are no major funds holding, that will sell into it and there is so much upside it makes no sense either - let's face it we are pretty much at rock bottom anyway. It is a great opportunity to buy in at a good price (which I have taken advantage of). If AFCR/ Vast are able to get both mines producing I can see 4-5p a share by mid 2015, could happen sooner depends on progress.

Good for you - bargain!

There were lots of PI's picking up millions but in smaller chunks also - the big buys look spectacular, but you pay more - 83 million shs traded yesterday