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I wonder whether the Wolf situation has caused the volume spike at Ormonde today?

Personally I would have thought it can only have a positive impact on Tungsten prices, if a big chunk of Western supply has dropped out of the market? Hence benefiting those remaining.

Awax, I believe that those SP targets for various tungsten prices only refer to a standard operating pattern, is that correct? My understanding is that ORM are likely to move to 24-hour operation when the mine settles down.

Just looking in here as I have some cash looking for a home. Market cap is approx £15M yes? The idea seems interesting and clearly very scalable, and likely very high-margin revenue. Surely there must be many competitors out there though?? The idea is clever but not revolutionary. And if they are only aiming for 1M customers by 2020 thats's not exactly going to aet the world alight? I have no idea what they will make per table booked through their system, 50p max I would think, so £500K. If i'm right then it's already highly-valued at £15M? Any comments?

Thanks. So at 5000 tons and $4000 profit that would be $20m gross profit. Assuming fixed G&A then (based on your figures below) that could be $12M EBITDA. Say $8M post tax profits, or £6M. On a p/e of 10 with 1bn shares in issue, that's only 6p share price. Fag packet calcs of course, but have I missed something?

ATM looks like one of the less risky AIM miners, with cash in the bank and a clear path to substantial production....

However, I have seen a post suggesting that the cash cost per ton could be as high as $16K. Where has this figure come from please, or is it just an educated guess?

With tin prices around $20k does this not make the company significantly vulnerable/leveraged to a downturn in commodity prices, if we have any economic shocks/trade wars etc? It would only take a 10% decline in the tin price and the company's gross profits are halved... after G&A, taxes etc etc then it could be barely profitable.

Any comments?

Results for a company like this will be completely irrelevant. Obviously there will be a big loss - the company has no income after all. The thing to look for is updates on their strategy - and of course good drilling results. A market cap of £4M, with 6-12 months' money in the bank from the recent placing, seems low IMO when considering the recent drilling results from Star Zinc. NAI

Thanks. The eye wateringly complex corporate holdings structure and Guernsey base also seem a bit dubious IMO. Am still researching though.

Just looking in here. Market cap around £7.5M. Has a small pilot tin operation of 10 ton p.a. = $200k revenue (I understand that tin concentrate price is about $20k/ton ??). But obviously the gross profit will be less, and anyway swallowed up by G&A etc. So certainly a loss for 2018. They say they want an initial 65 tons per month of tin. At $20k / ton, that means $15M revenue! I don't know what the AISC will be at that volume, but I'm pretty certain it will be making a nice substantial profit at that time... perhaps $4-5M profit after tax? Can anyone clarify when they aim to reach their 65 tons / month target? Can anyone also clarify why the deposit hasn't been exploited before if it's so big... or if it has been, why they stopped? Low sale prices? Long term they target 400 tons / month = $100M revenue at current prices. Anyone got an estimate when that might be? Thanks very much.

Not really IMO. As long as they can start making enough cashflow to pay it down over the course of say a couple of years, then it's no problem. That's the gamble here - place your money :-) No advice intended

Are we expecting first gold pour as early as next week? I thought it was September?

...due in 3 or 4 weeks... will be very interesting... let's hope we see a tick up... though the wider markets are pretty rubbish :-(

why do you suggest a 'strong sell', any specific concerns or just a hunch? Genuinely interested to hear.

Quite possible to see a few consecutive years of revenue doubling from a low base, I would agree. It's hard to value at the moment and projections are risky, especially with tech companies. But one thing is for sure - Wagner will not have the intention to sell this company in due course, for just £12M ! NAI

What do you base £18M revenue forecast on, out of interest?

Depends Graham. I do think that one of the original founders must be offloading some or all of their holding, which is perfectly normal and nothing to worry about as they are (so far at least) doing it in an orderly fashion. However, it's only7 weeks until next results. While it seems unlikely that the company will be in profit for the period, the run-rate could be very encouraging. I think a takeover next year seems entirely feasible if the high rate of growth continues. See my post over on ADVFN for some thoughts (only my opinions of course).

This looks like an interesting company with some impressive clients. My only concern is whether they will come back to the market for cash. At Dec 31 they only had 300k in cash, plus 200k net receivables. As they are not yet profitable and don't expect to be for a little while yet (from what I gather), surely they will be running very low on cash? Of course any placing might not be at a discount... but I wonder why they didn't raise an extra million at IPO say, to make absolutely sure they could get through to profitability?

Skier you posted that the company is making "£50-100 per year" per customer connected to their system. Can you clarify this please? I wasn't aware of any recurring revenues once the kit had been sold? Thanks.

I think someone foolishly pressed the 'at best' button on their sell???

That's correct, as far as I understand it?

The updated RNS just (a) converts the Rs. 86 Crore figure for recovered receivables to Rs. 860M for us Westerners in case we don't understand!, and (b) indicates a relatively modest recognition of a bad-debt amongst the receivables of about £500K. No huge deal IMO.