Member Info for dusty42

Anglo Canadian would have been a much better name.

@ raxfactor I can see where you found the 98000t number in the 2023 results.. your second sentence also sounds like a quote, what was the source?

That number for total recoveries, is it based on the original resource estimates, and original assumptions on recoveries?

There are numerous references to expected recoveries being exceeded, hard to find out by how much, but even in the 2012 results there is a chart suggesting expected recoveries were being exceeded by more than 10%. That's pretty significant and could make a big difference to LOM

My impression from the presentation and production figures at the Kounrad western dumps was that the leaching process is outperforming expectations. Reference was made to early stage assessments of whether it may be possible to extend mine life.

It is not my expectation for production to significantly tail off in the latter years of mine life, because they have designed the process for a consistent level of production. Production levels have been impressively flat for years. The way they work through/manage the leachable areas is imo designed not to lead to a spike in production and then steep declines.

Another factor here is technology. I believe there are some companies looking at whether it may be possible to drill and then further/more efficiently leach waste dumps/material.

Coris already had a handpicked CEO in place when the 2700/oz week was announced. They were certainly not trying to fool their creditors.

@ DavidBrent - I am confused at why you think they would be motivated to do that? I would suggest it is more likely they just hit some of the high grade ore that the drill result for kouroussa suggest is there. Other weeks produced less, eg the declared period of commercial production was on average a fair bit less. Only Coris really knows, all I am suggesting is that the do seem prepared to dip their hands in their pocket again.

"CIG are bailing the company out of possible insolvency, by agreeing to purchase new shares priced at 2.6777p each to pay off existing debt."

@ kenj.. they are not exactly a white knight. The debt is owed to them and they previously strongly suggested that it would be extended/rescheduled on a gold-linked loan basis. This, just as after a long, long ramp up at Kouroussa (finally) reaches comercial production. We don't know what caused the slow start here really, but if Kouroussa is capable of living up to it's promise(we already had 1 week of 2700 oz poured), then it 'could' obviously start throwing off a lot of money. And 'if' dugby could be sold, that'd obviously help with the near term debt situation. So this does kind of smack of opportunism. Coris know better than anyone what is going on with the company.. and they still seem to be prepared to put more money in. And if it does go to admin(maybe it will), they will have to write off $100m or more in equity and unsecured debt in all likihood. A less messy route for them is to not let it go to admin. But, it all depends on how viable things really are.. if they want to roll the debt a bit more, I'm sure they can.

So it's sort of - suportive lender, suportive lender, suportive lender, then suddenly as the mine starts producing 'the only way to save the company is for us to buy all the shares at 2.6p'.

'the debt to equity conversion is conditional on the offer being made.'

Having looked again, this does appear to be the case. One would assume then an offer will come early next week or the meeting will be pushed back. Is it the case that the offer is guaranteed to be 2.6p though(if made)? And another possibility is that Coris decide the company is just unviable and walk away, though I'd expect they would not be keen to do that.

There is absolutely no guarantee an an offer of 2.6p or less will be made at this stage. If Coris get the rule 9 waiver, they are free to do pretty much what they want. Including probably converting more debt to equity and dilute anyone remaining to oblivion.

I'm not sure anyone here has offered advice along with information on any position held. Are you referring to someone specific DavidBrent? And, it is a somewhat overly simplistic view as even the best investors in the world have all had bad investments, it does not mean their opinion is worthless. Any who claim they haven't taken losses are likely lying. Indeed you yourself have invested here so should we ignore your opinion/advice, or was you holding of a size that makes you not as stupid as people who made a bigger investment?? But.. anyway, it generally a bad idea to follow the 'advice' of anyone on the internet. Personally I am not trying to 'advise' anyone.

"mining licences are worth the 2.66p to the offerer especially with the high gold price."

Once you give them permission to go ahead with the debt to equity conversion, thereby taking FULL control of the company(and mining licences) - what possible reason do they have to pay you 2.6p a share? The conversion will hugely dilute any remaining holders. And, If they intended to make this 2.6p offer, why has it not been made? These are questions people should think about before voting in Coris's favour.

"which risks total loss of shareholder value"

Dan Betts and the board have already overseen a near total loss of shareholder value. Though funny enough, Coris Bank(our formerly 'supportive' lender) still seem to see something worth putting further money into. Maybe they will choose to push the company into adminstration and write off c$100m of their own money(it's quite possible), or maybe they won't.

@Wildcamper I totally understand your choice. As for being able to trust then, well Coris are pulling the strings now.. so all that can be trusted is that they will act in their own self interest. Can the supposedly 'independent' directors be trusted? Debatelable.

I like the bit from the 'comfort letter' dated May this year..

"We also understand that there may be concerns from potential Lenders regarding the repayment profile of the current Coris Bank International loan facilities held by the Group. Given the Group's current unexpected circumstances, we are working closely with the Company with an aim to restructure these over the next 36 months to provide a more appropriate repayment profile such that there should be no reason for us to call a default."

Also, has anyone clocked the 'possible offer' page on the website? /investors/possible-offer/

Glad to see people still holding on and hopefully a few going to exercise their right to try and stop this.

@Ballio I understand your position, though if they are able to go ahead with the conversion the dilution is going to be severe.

Anyone got a take on the most recent rns, have David Crichton Watt controlled entities increased their holdings? I thought they amounted to less than 8% previously(though maybe I am wrong). Whatever.. how *they* vote, will matter.

So out of interest - who out there is still holding and how do you intend to vote. Not really clear yet if/when any offer might be fourthcoming.

Lots of names I've seen on here over the last few years that haven't said much of late.. all sold out?

For the shares I control it'll be a NO. FWIW I'm keen to see what Coris do if they get the ball thrown back to them.

Nice to see gold knocking on the door of $2700 again.

If they make an offer, it likely won't be until 7 days before the meeting. And if they are not ready by then, the meeting may be pushed back. I've also had voting stuff through from II.

I didn't notice the below bit in the rns about dugby. Obviously if that was sold for $35m or more it'd be a big help with debt due this year.

"Pasofino has reported significant progress in its strategic review, as detailed in press releases dated 26 August 2024 and 14 November 2024, which may result in the sale of all or part of the company to a third party. Pasofino is currently in active discussions with several interested parties, with two having submitted non-binding expressions of interest to acquire the company."

In the end, tha last rns is just coris/nioko, saying 'vote the way we want you to, or we *might* force the company into admin'. Question is, would they? In administration, even if they were fairly certain to get their secured debt back - it may well be that they'd be loosing more than half of everything they've put into hummingbird. Not exactly a route they'd be wanting to take unless they genuinely considered there was absolutely no other option.

Sort of akin to shooting yourself in the foot.

Whether it is part of an offer to save the company is debatable(I'm sure that's what coris want people to believe), they are also the holders of the debt. If they give wriggle room in th debt schedule, there is no imediate problem.

Several years of income being used to pay down debt, is still income.

Reserve life is 6 yrs currently, but obviously that could be increased. Most miners look to extend life of assets as they go.

Over the life of the mine, they potentially get their debt back(win), see an increase in equity value(win) as the debt goes down and later hopefully some profits, and then ultimately the upside of any explortion success. Dugby sale could also move the debt down quicker and you never know maybe a new CEO can get Yanfolila making some kind of profit.

Peronsally I also think Kouroussa could be doing more than your estimate $75m/pa

And as has already been said, there is nothing to stop holder voting NO and still taking the 2.6p or less that they might offer.

In terms of unsecured debt and equity, Coris have a lot to potentially loose by this going into administration. Arguably not only did dan build up too much exposure to one lender, they may have built up too much exposure to the company. I will vote NO on the basis that I think there is a strong chance Coris will not want to go the adminstration route. As I see it if Kouroussa is producing at even the 1900 average previously declared, they'd be crazy to let go of the reins. A successful NO vote will force them to choose a different path. And, if not enough shareholders vote against, I will to take whatever they offer.

To me the only risk of voting against is administration, and I do believe that to firmly not be in Coris's interest, even if they can't get everyones shares for 2.6p

"No the fantasists on here are sad individuals, I’m real , I put real money in and fled as new information came to market"

PMSL. One minute you were claiming you needed very big balls to do what you were doing and it was a near 'certain' outcome, the next minute(and the very next RNS) you totally browned your trousers and panic sold into the market open. Big balls, eh? You didn't even outlast liz truss. Now you come back on here every day posting the same boring repetative rubbish, seemingly desperate to convince people you are some kind of genius for loosing 'only' £70k in a week.. and more than that in total on this one share. So riddle me this, if you got it SO wrong, why should anyone listen to your advice now? Or do we just need to understand that you were 'very foolish' (your words) a couple of weeks ago, but now you can accurately predict the outcome?

Everything you post is slightly misleading and you portray things as fact when really it is just you speculating/guessing/talking your own narrative.. mostly not in a very coherent way.

"hope they do offer 2.66P"

All I will says is, if they are offering this, they likely think it is worth a fair bit more. And they've already paid a lot more then this for shares, with pretty good visibility of what was going on with the company. They also lent the company well in excess of $100m. As Crossthetea commented(I think), 'The only ones who can see value here, appear to be Coris'. (or along those lines) I don't think anyone should be snapping off anyone's hands for 2.6p