Member Info for dusty42

I think there is very little surprise that this rns comes with as 'bleak' a spin as possible. The people trying to take over the company are effectively in charge of what gets released.

I would argue that my IF is the one that really matters, the others are just sub IFs.

Eg if Kouroussa starts producing properly, the AISC will much improved as a result. If production is sustained then it must be the relationship with Corica is at least workable. etc.

I could write a long list of IFs with regard to any company.

Unless Coris or a proxy of Coris has bought the shares, they are still out there, just with a different owner.

I would have thought a better outcome for any true independent shareholders might be achieved by just voting against the rule 9 waiver. If Kouroussa can sustain anything like 2700oz/week, the company is worth more the 2/3/4p imo.

Ok, so far as I am aware Nioko is the vehicle in which the shareholding of Coris is held. But they are all basically the same entity. I though you were referring to other non Coris affiliated shareholders.

What other major shareholders are you referring to them being allied with?

"Problem is an offer is not gauranteed, it can be 2.67 offer,it can be lower than that and there might not be an offer all all.Administration is highly likely as why would they pay shareholders when they can wipe them out."

Plenty I don't agree with goldinvestor on :) but imo he is right on the question of administration(extremely unlikely). The biggest shareholder is Coris(or related parties), allowing it to slip into adminstration is NOT in their interest. And some suggest may actually be a better outcome for minority shareholders than the derisory 2.6p offer. Fact is, based on the latest weekly run rate at Kouroussa, the business is viable as is. So seems to me any independent shareholder should make sure they vote NO to the rule 9 waiver. Even if that fails they can still accept whatever offer Coris might come up with(as a last resort).

DYOR and all that, just my opinion.

I'm not sure any action, by anyone, guarantees 2.6p - any offer is in coris's hands and whether they are able to go ahead with any conversion is in the hands of independent shareholders.

If Kouroussa is producing at 2700 ounces a week.. would the largest shareholder allow the company to go into administration?

And even voting against the rule 9 waiver fails.. why would that stop shareholders from accepting any offer made?

Their largest lender who probably doesn't want them to go into administration, could just give them more wiggle room.

Or another lender could be found.

"The proposed Debt-to-Equity Conversion will be subject to, inter alia, receipt of all necessary governmental and regulatory approvals (including for change of control) and the Takeover Panel granting a Rule 9 Waiver, to be approved by the Company's independent shareholders ("Independent Shareholders")"

There is a lot of 'noise' here. But anyone who still owns shares could be wise to consider just voting against the rule 9 waiver. All shares going to Coris at a price of 2.6p(or less) is not really in anyone's interest but that of Coris. And we know Kouroussa is now producing decently. I will vote against.

BushyTailed - if you have a chance can you drop me an email: dustyfortytwo at gmail dot com

They are, on a rolling basis extending due debt repayment schedule until one or both of the mines starts making some(enough) money, to pay down debt. And why wouldn't they? Meantime interest continues to accrue.

While the possibility of going into adminstration can never be entirely dismissed, given that the company's largest lender is also it's largest shareholder, and likely mostly calling the shots - it seems pretty unlikely to me. It would not seem to be in their interest for that to happen.

Some question as why they would even bother with the presentation, everything was just an awkward repeat of information already known, barring some potential dates. Maybe to get out this message of 'no provision having been made' for existing shareholder to remain part of the private company.

I'm down a fair chunk here, the only slight positive is that my holding is outside my isa. My general view is that it's probably not in coris's interest for adminstrators to get involved. If equity holders lose out, they lose out. Some things are obviously not worth trying to save(good money after bad and all that), but if this is on the verge of semi decent production, then it'd be nuts for them to let it go. I am a bit confused as to why they would expect independent shareholders would vote in such a way as to allow this to be taken over/delisted, beyond the dubious carrot of 2.7p. Or at least anyone who paid more than this offered price for shares. It'll be interesting to see what they say tomorrow, but likely I will vote against. The line in the rns advising inaction was odd, I'm not sure why they would care and I would guess someone other than DB has final say over the wording of the thing. Maybe it was reverse psychology!

anyone else see the crescat weekly presentation today(260424)?

in the later third of the discussion(*****on hennigh), mention of a company/technology that could significantly increase recovery from heap leach.

imediately made me think of kounrad and it's possible application there. potentially increasing the overal recovery of metal there and extending it's life a bit could make a big difference to caml. the difference of managing to recover say 80% of the metal from the site rather than 60% would be a rather positive surprise.

obviously i have no idea how effective it actually is.. but sounds like they are working with a couple of sizeable copper producers(freeport and anglo mentioned).

The timing of hitting these lows is a little urprising, as the current quarter may end up being 'all right' imo. I added a few.

But the market doesn't like the fact here that there is a couple of years to wait.. I'm not sure what income streams you are referring to coming online in 2024?

The big problem is obviously the fact kestrel is winding down on spraying the cash it has over the last decade or so and they've not really got anything high calibre enough to replace it. The copper stuff looks decent, but it ain't happening tomorrow.. or the day after.

Hopefully, they'll come out and surprise us all by explaining where the remaining outstanding funds from the divestment of the Narrabri royalty are!! In the context of getting through the next 18 months the sums of money that are 'unexplainedly' missing, would certainly be helpful.

Rio Tinto making a fairly sizeable investment in Guinea (couple of 100km from kouroussa?)

https://www.ft.com/content/80f37963-c718-4f8b-8d77-0f0d5b1c99fe

They've been talking about expansion for a good while, but it sounds like things are gathering pace. I'd welcome a 3rd project, and the potential of exploration in Kaz. Ideally while maintaining the dividend in the sort of 8-12p kind of range of course.

"Management's focus on business development has accelerated during the first six months of 2023, with 22 opportunities reviewed, five non-disclosure agreements ('NDAs') signed and three site visits conducted. Also, during H1 2023, the company entered into an arrangement with a team of experienced explorers, Terra Exploration, which comprises early-stage exploration geologists with international and significant Kazakhstan experience and a proven track record of discovery. The team is reviewing a series of potential target areas using historical data and its advanced database, combined with its analytical abilities, and applications for exploration licences in Kazakhstan have already been made."

Been on holiday, so only just seens the q2 update. And it seems there is *still* a lack of the previously described income turning up from the Narrabri royalty, and zero explaination from management as to why it has not turned up. I still hold fair number of shares here at and average of sub 80p.. but I am extremely concerned as to the ongoing practice of management of not informing shareholders of what is going on. If no further income is realised from the sale of this asset, then they got an *extrememly* bad deal and sold at exactly the wrong time. Communication at the time of the sale was unambiguous as to the expected schedule of further payments, yet here we are, more than 18 months on - being kept in the dark.

As I posted previously(and someone also questioned during the recent q&a), further income should have arrived by now.

Oct 21 rns:

"Anglo Pacific will receive $21.6 million in fixed payments, of which ~$13 million is due within 18 months of the transaction close date. The remainder will be received in annual instalments until the end of 2026."

"Contingent payments totalling $5 million, payable in instalments, will become receivable upon the approval of the Narrabri South extension project by state and federal authorities in Australia, prior to 31 December 2026."

"In addition, Anglo Pacific is entitled to receive bi-annual contingent payments linked to future realised Narrabri coal prices ranging from $0.05/t if realised prices exceed $90/t to $0.25/t if realised coal prices exceed $150/t up to the end of calendar year 2026. Assuming Narrabri ROM production of 4.3-5.0 million tonnes for fiscal year 2022 and 7.0-8.5 million tonnes per annum in the southern panels, the Company would be entitled to receive approximately $9 million in price linked contingent payments, were realised Narrabri coal prices to be in excess of $150/t."

I guess it could be that as of the full year results, they'd had a partial period of income from disposed office/leisure assets that was completely lost with respect the the most recent half yr period.