Member Info for Daisan

These things take time. He was not going to have a line of IIs just waiting to chuck money at whatever he was associated with. It is a long process of schmoozing and will have benefits in the longer term (maybe only apparent on a trade sale).

I suspect that they are partially right. I think that it is a reasonable surmise that they were struggling to finance the project as is (I also suspect in a couple of years time people will be throwing money at copper projects). So they have had to turn to a strategy to significantly increase the resource base to attract the finance and give the copper market time to wake up to an impending shortage. Anyone who thinks that they turned around and changed strategy today has no real understanding of the business world. This would have been considered over a period of weeks and months at board level. In my opinion anyone who wants the likes of Newcrest to come in now does not understand the environment or the history of the company. More funding is required now to drill the hell out of KSK. How much I don't know but it is certainly more than they currently have. It is a strategy I have long desired to be honest as I am pretty sure that there is a lot more to find.

Indeed. But it has been known for some time that this exists. Which begs the question as to why now when the focus was on getting BKM to production on the basis of the established resource?

How about this for a disclaimer on that article:

"PAID ADVERTISEMENT. This communication is a paid advertisement and is not a recommendation to buy or sell securities. Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") has been paid by the profiled company or a third party to disseminate this communication. In this case the Company has been paid by UBM fifty nine thousand two hundred and eighty six US dollars for this article and certain banner ads. This compensation is a major conflict with our ability to be unbiased, more specifically:

This communication is for entertainment purposes only. Never invest purely based on our communication. We have been compensated by UBM to conduct investor awareness advertising and marketing for CSE: UBM; OTC:UBMCF. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the company. The third party, profiled company, or their affiliates may liquidate shares of the profiled company at or near the time you receive this communication, which has the potential to hurt share prices. Frequently companies profiled in our alerts experience a large increase in volume and share price during the course of investor awareness marketing, which often end as soon as the investor awareness marketing ceases."

I sincerely doubt that buys have outstripped sells. I trust that you are not using the figures published on LSE as these are usually wrong.

It is difficult to ignore the delay to the BFS. This is AIM - a sea of investors who want instant gratification so any delay tends to get punished. Of course, added to that is the need to fund further work which raises the spectre of a fund raise. Nothing panics PIs more than a placing. Add that to the story of protests against Beutong and it was likely that the share price would come under pressure, even if the size of the drop is somewhat surprising. I had thought that ARS had a more sophisticated investor (Chartist2 excepted) but then I saw someone post that he didn't think that ARS had the funds to get into production. That shows a lack of research that is admirable even for an AIM investor! To further suggest the 'safe haven' of CRA compounds the impression.

From my perspective, this has obviously impacted the value proposition of the company if only to delay production by 6 months so it is fair enough that the market has impacted the price. It is a target date missed which chips away at the reputation of the executive team. It encourages rumours of funding in the short (they need working capital and drill funding) and longer term (the BFS is supposed to linked to attracting funding solutions for production so a delay for the reasons stated inevitably suggests that they were having difficulty attracting funding on suitable terms). Given the state of the copper market currently it should come as no surprise that things aren't easy for new projects but even so, it is disappointing to hear this news at such a late stage.

For the record, I still believe in the assets here and will continue to hold for the long term but there is no doubt that the short term outlook is less cost than it was, even if it probably didn't justify the blind panic that seems to have affected shareholders today.

Try doing a bit of investigation first and then you will see why it dropped.

I suspect that would have caused a decent drop in itself. Whilst there is potential for improvement of BKM/BKZ you suspect that the feedback they have had from potential financiers is that the market is challenging currently, particularly considering that the copper price is below the price used for the study, which I assume is kept at $3/lb. Improve the project somewhat and it may be easier to get the backing. It may be that the environment would have improved by then.

The additional exploration is interesting as is the consultant's pedigree and it is particularly welcome that Baroi is included and that the long established targets beneath BKM and BKW are to be drilled (I can only assume that this is drilling as anything else is not required). But this will need additional financing I suspect.

I know I should but I have only ever filtered one person.

Never a dull day on AIM. I was hoping that the silver lining would be that the inane chatter from one of the posters would finally disappear. But no.

OK. We heard.

RetiredBanker,

AIM is a strange place! My first gold miner, Norseman Gold, was pretty much producing profits equal to its market capitalisation ever couple of months at one point. It took me a little while to actually invest as I felt that there was a catch. At that time there wasn't and I benefited from the investment. I mention this as it is indicative of how inefficient AIM is as a market. As such, share prices can remain bargains for a long time. However, once the market catches on the prices can explode so I wouldn't despair completely.

Korg,

Yes, AAZ's share of its assets will reduce once the capital expenditure is recouped. I am not completely sure that this is understood but it makes the whole things rather less transparent. Nevertheless it is a well run company and is producing good profits at a time when the gold price isn't tremendously strong.

I have been in BMN since October 2013. It's been a good ride but given the Vanadium price increase and their increasing ownership of their producing asset, I have calculated that they are on a prospective PE of around 3, Considering that there seems to be no end in sight for Vanadium's strength and that they are aiming to considerably increase production by the end of 2019 before doubling it again, it has the potential to be trading on single digit PE even if it went up ten times from here.

Buyers beginning to return. It will be interesting to see whether this brings the seller back onto the market.

They have only just started the drilling campaign so whilst it is premature to compare with HM it is also premature to use the current grades encountered as the basis for future exploration results. These results are for channel sampling and rock chips and are only indicative of mineralisation. The reality will surface when they start to drill in earnest. I would also add that ore bodies can be very complex such that initial results are in no way indicative of the whole. Many of the largest systems have relatively small near surface, low grade material which has initially been met with disappointment only to find that there is a whale of a system nearby. I am not saying that this is the case here - just pointing out that it takes time to understand what you have and that initial results are not necessarily indicative of the end point.

I honestly don't think that value will be attributed as a result of publishing the BFSs unless they are accompanied by financing news.

I think that the market reaction is indicative of the value applied to Lemur - absolutely nothing. AIM is in no way efficient so the only way to add value from an asset is to monetise it or at least provide a concrete path by which that can be achieved. Until the project is financed/sold/JV'd this will continue to add nothing to the market capitalisation.

Owing to the Vanadium price rise and the increase in our share of Vametco, I believe that, at current nameplate capacity and Vanadium prices, we are currently generating about TWICE as much PROFIT in a MONTH as we were envisaging for a YEAR when we first bought Vametco.

I think that one of the problems we all have is that we live and breath BMN on a daily basis. As a result, everything appears to take so long to happen!

Notable that the volume has collapsed though. Somebody mentioned a seller's strike earlier but it looks like a bit of a buyer's strike as well. Clearly the fact that the Vanadium price is increasing our daily revenues by 2-3% a day is not enough to convince people to buy so I would suggest that more news is required to shift this or for the markets to settle down.

Alfacomp,

I have no problem with using this on TBP. It is probably worthwhile using the rest of the information which is posted below. If that is unintelligible, I can send you the spreadsheet.

FeV price Costs Nameplate 90% Nameplate % Share Anticipated Profit No of shares USD:GBP SP (p) Mkt Cap. Forward PE
2017 Apr 22.5 17.33 2750 2475 26.60% 2211969 735412137 1.248 8.03 59053595 33.32
2017 May 24.5 17.33 2750 2475 26.60% 3067663 762082137 1.292 8.16 62185902 26.19
2017 Jun 23 17.33 2750 2475 26.60% 2425893 763818804 1.289 9.05 69125602 36.73
2017 Jul 30 17.33 2750 2475 26.60% 5420822 764845471 1.303 8.17 62487875 15.02
2017 Aug 40 17.33 3035 2732 26.60% 10704492 806012138 1.321 9.72 78344380 9.67
2017 Sep 40 17.33 3035 2732 26.60% 10704492 806012138 1.297 9.9 79795202 9.67
2017 Oct 35 25 3035 2732 26.60% 4721876 806067694 1.34 9.47 76334611 21.66
2017 Nov 40 25 3035 2732 26.60% 7082814 806856897 1.326 9.55 77054834 14.43
2017 Dec 40 25 3035 2732 59.10% 15739586 820458541 1.351 8.48 69574884 5.97
2018 Jan 50 25 3035 2732 59.10% 26232643 875239905 1.349 8.24 72119768 3.71
2018 Feb 60 25 3035 2732 59.10% 36725700 887115049 1.425 8.53 75670914 2.94
2018 Mar 65 25 3035 2732 59.10% 41972229 899105456 1.376 8.38 75345037 2.47
2018 Apr 70 25 3035 2732 59.10% 47218758 1067755966 1.401 14.57 155572044 4.62
2018 May 67 25 3035 2732 59.10% 44070840 1067755966 1.361 22.86 244089014 7.54
2018 Jun 65 25 3035 2732 59.10% 41972229 1075354650 1.336 19.05 204855061 6.52
2018 Jul 78 25 3750 3375 59.10% 68714831 1079354650 1.321 23.2 250410279 4.81
2018 Aug 80 25 3750 3375 59.10% 71307844 1104201960 1.312 26.9 297030327 5.47
2018 Sep 85 25 3750 3375 74.00% 97402500 1104201960 1.296 22.15 244580734 3.25
2018 Oct 100 25 3750 3375 74.00% 121753125 1104201960 1.303 27.29 301336715 3.22
2018 Nov 120 25 3750 3375 74.00% 154220625 1104201960 1.303 27.29 301336715 2.55
2018 Dec 135 25 3750 3375 74.00% 178571250 1104201960 1.303 27.29 301336715 2.20