Member Info for Daisan

Hargreaves Lansdown's position in BMN is just as a nominee i.e. it is actually our holdings rather than their own.

Capital expenditure should not affect the profitability in the short term but will impact the cash.

PE ratios are a standard (if not particularly useful!) measure of valuation so will always be referenced.

It is an interesting situation currently as the company could go either way - if they don't achieve funding to buy new equipment then they could just end up limping along with a gradual decay in the share price as people lose heart or the controlling family decide to take the toys away (not sure what form that will take). If they do achieve funding (or, indeed, if the price of gold moves strongly ahead) then the share price will rocket.

The last RNS provides some reassurance that the funding may well be available at some point (although what timescale that will be who knows?). I am betting that this is the case, although not the house! Worth a punt at these levels but be prepared to lose the lot.

Unfortunately I missed the opportunity to pick up 0.4p shares - they were 0.44p by the time I noticed the drop. Rather annoying!

It was the 9:00 auction.

Picked up a few just before it went into auction.

Interesting that they go out of their way to express the discount to NAV whilst simultaneously lopping 40% off of the share price in the placing.

Read the RNS again and Anthony's response and the terms still look awful for shareholders.

Not sure how that answer gets around a placing price of 0.1p?

On first reading, I think that the most appropriate term for what has gone on with this placing is "stitch up"

I believe that the following is the case viz a viz the mandatory offer rule. The Assaubayev family made a partial offer for 60% of the company before the city code for takeovers was altered. As such they applied the residency test to assess whether the takeover code should apply. As they are registered in the Cayman Islands (as I recall but I could be wrong) the 30% rule did not apply.

I think that is a pretty good summary of the current situation ResearchAnalyst1 and I agree that Altyn is fundamentally undervalued. However, I suspect that it will remain so until such a time as there is significant movement on the funding - if they get the funds in then this will bounce very hard indeed. The company provides no other updates to the market apart from interim and full year results (the latter due at the end of this month, very likely next Tuesday).

I am cautious on the idea of the major shareholder taking this private. This has been an obvious move for some time and yet nothing has materialized. I was half expecting it when the 3p purchase of shares reached its anniversary but nothing happened. When something like this doesn't happen you have to start believing that they want the listing for whatever reason.

The last update suggested to me that they are close to achieving the funding although we have been here before so caution is still the name of the game. That said, at current levels of operation the company has achieved profitability and has still managed to develop the deposit so imagine what can be achieved with more equipment. Given that, I confess that I have slowly started to build a stake. Small at the moment and I will take the opportunities should they present themselves (that said, I missed out last week as the available stock was bought before I could react!) but I do believe that there is significant potential here.

I need to do some calculations but on the face of it I can't see why the stated EBITDA has not resulted in greater cash generation which may have caused the muted reaction by the market.

BE may not save the world but anyone who watched David Attenborough's programme last night will realise that anything that helps with the issue is to be encouraged. Completely amazed that rain forests are not only still being cut down but the rate at which they are going is accelerating. At the same time that CO2 emissions are rising at the historic trend rate. We are all in big trouble if the methane beds are released so it should really be 'all hands on deck' at this point. All this at a point in time when we have the worst president ever in Washington, the Brazilian president is all for exploiting the rain forest and most governments seem paralysed. It seems that humanity is condemned to only learn from our mistakes in the hardest possible way.

This has been the case in the past so I have no reason to believe that this shouldn't be the case again this time around. Of course, one or even a few days is not a trend but it is at least a start! At some point this has to achieve price stability and there is no way that it is just going to stop dead and stay there. It will bounce.

A good start although all at the inferred level of classification - 25.09 million tonnes, grading 1.47 g/t gold and containing 1.19 Moz gold at a 0.5 g/t gold cut-off grade. Significantly more to come if you consider that the area explored is only a small part of the property (which is an area populated by gold mines) and that grades are increasing with depth - a very good sign indeed and warrants some deeper drilling.

It would be nice to have some infill drilling to upgrade the category on the currently defined resource but perhaps of more significance is expanding the resource base to start attracting the attention of more significant investors. Both will have to be done to move to BFS and development stage.

Extasio,

Stockpiles are unprocessed ore whereas bullion is processed. The company produced more than it sold last quarter so I think that it is fair comment.

A couple of things on this. Firstly, I do suspect that they are factoring in VAT repayment. Secondly, the figures are slightly skewed this quarter as the gold actually sold is lower than that produced.

It is imperative that the VAT situation is sorted out. No business which doesn't have control over its sales pricing is ultimately going to be able to trade freely with the VAT withheld.

Ok, not quite as good as I had hoped but a positive performance for a Q1 with some blended lower grade ore. Ilunga ore will have a substantial impact when it comes online. I suspect that it will take higher gold prices for them to recommence open pit operations with the lower grade ore but I do expect them to do this at some point.

I find it hard to believe that too much was used and what there was must have come from stock. Niobium is a smaller market than Vanadium and the sources are much more limited. I cannot believe that it is a realistic long term substitute for Vanadium.