Member Info for freefaller

Off the top of my head I couldn't remember if Nic would be dores as IIRC Runruno is. If it's only 80-90% of $4,500 for example, my point still completely stands. They used $2,500 for feasibility to decide if purchasing condor was worthwhile. Gold market price is far above that level now, and costs won't have risen the same amount.

CM, you originally asked about the costs, they are easy to find on their public site without digging through their presentations etc. If you want more details (which will answer your dores question) dig through those.

Someone asked about anticipated costs at La India.... https://metalsexploration.com/projects/nicaragua/la-india-district/overview/

Down the bottom.

AISC $1,176/Oz. (Sure some costs may have gone up since, but not by more than a few hundred at the very very worst.)

NPV of asset @ gold $2,500/Oz = USD 882m.

So at the original plan, $2,500 - $1,176 = $1,324/Oz beyond sustaining cost.

But gold is already approx $2,000 higher than the original expected price. So that's about $3,324/Oz beyond original planned AISC.

First pour is still said to be planned for Dec 2026. 6 months plus a bit, as I hope it'll be before Xmas. That'll pass in the blink of an eye.

"What will it take?"

Probably after first pour in December and they start booking the new stream of revenue, potentially only after it shows up on the accounts at the following quarterly. Or people realising between now and then.

Honestly, it's like this in a lot of IMO massively undervalued stocks. Why, no real idea except it's still not "fashionable" and money is going to AI

Lol don't get me started on the amount of the market absorbed by "AI" companies.... Then through in SpaceX....

I've moved everything away from indexes and funds for now.

The other fun one to think about is pensions.... Blindly going into funds as it is all Defined Contributions.... Where people have moved 100% stocks over bonds ..... Now every months it's putting buying pressure on these big 7 etc. Stock goes up.

Yet, younger work force reducing, more people will end up with drawing pensions then younger buying, as a larger older generation, more selling pressure than buying, stocks go down, indexes go down, younger generation in 100% equity fund pensions go down from these levels.

Yeah, happier with some choice stocks 🤞

Hope you're all doing well. Just checking back into the forum 😃.

Last month now for the final part of the year. October will be interesting at a minimum where their annual report will show what occurred over these months revenue wise!! As the half year report only went to December and all the Armenia activity was in early 2026.

Still looking forward to when the Ireland tailings project moves forward and the Avoca copper mine.

Still think this is a sleeping giant, crawling along, and some nice fundamentals.

Rarely look at this board ATM. MTL is just chugging along and doing it's thing - news will come as and when...

Gold is still way above the required price for the plan of finishing Runruno and building Nic without needing external finance at today's higher interest rates.

We know the timeline for the build and it's on track. This quiet period was always known to be now. They have mentioned further ideas for after Nic.

At some point they will be likely to start dividends. Said like that as you can't be 100% certain (and I'd rather only growth...), but again something for the future.

It's been an easy few months - not looking at a portfolio and just trusting the convictions in my stock picks. Some have moved,.some haven't, but accepted that things just take time

From previous posts on here (I'm not on IG) it sounds like they are only allowing sell actions due to their change within their platform and if IG can continue to hold this stock (hopefully moving to AIM prior to that date change).

Mendell is also aware of this timeline

"Gold Production Commenced" 💪

They don't publish a date, but it is regularly at the end of March

Must be Surry, with an uncrossed trade at the end of the day for 15.60 compared to the rest of the days trading

It is low, hence the opinion this is quite undervalued.

That is also only looking at the Market Cap against the Armenia mine and it's likely revenue production. It does not include all the items in Ireland (Avoca copper mine reopening, the spoils and tails on the surface (~£150m), the exploration elsewhere in Ireland that could discover a larger resource.

Half year report due in the next few weeks as well

I'll bring some boxing gloves to the meal for you lot at this rate ... 🍿.

Let's just agree the past is behind us, no one can change or needs to defend past choices, and look forward as a collective. Because regardless of how you are here today, if you're currently invested then you have your reason to be so right now - no point challenging or arguing why because come'on, we're all invested because share price up / dividends out.....

Though if your reason is not share price up / dividends out .... Do tell me 😅

Right, just dug it out as I wanted to remind myself as well!

Valuation report : https://www.imcexploration.com/media/attachments/2023/10/09/valuation-analysis-of-acquisition-target_alvarez-marsal.pdf

Page 13. Gives their forecast of gold revenue using around $1800usd/Oz. Gives about $27m gold revenue.

Recalculate with current gold about $5000usd/Oz.

Gives about $77m annual gold revenue from underground.

Which is £57m annual revenue.

4 times the current market cap.... So a P/S (ISH) ratio of 0.25.

So to answer your original question, no,.I don't think your missing something. Yes, should be significantly higher I would have thought from those valuations.

If I recall correctly, that revenue was from a shipment of ore a while back which occurred just before the takeover, or something to that effect. So was just a small scale shipment.

Have a look on the company website at the documents for the acquisition of the Karaberd mine. Inside there it has a 3rd party analyse the asset and operation to confirm the value. For the Irish company IMC to achieve the take over, it had to be valued at over 30 million (which it was). This was using a gold price in the region of $1,800 p/Oz.

I would need to go back and re-run their calculations with the current gold price to see what it would be!

So, at a gold price of $1,800, Karaberd was valued at over 30m .... Our market cap right now is half that. And the gold price has risen as well. Not forgetting the exciting exploration in Ireland, the Avoca copper mine, and lastly the £150m spoils and tailings on the surface in Ireland.

No - I don't believe you are missing anything. This will correct in price. When it does, it's likely to be sudden and sharp. We know they're on the cusp of getting revenue from Karaberd... When that starts showing on the reports, and then we can see what kind of revenue is generated compared to the market cap, I think that's when the market will more widely see the disconnect and the opportunity.

What that number is likely to be I can't look at this second.... But find the acquisition document where it values Karaberd as they have annual forecasting in there using the older gold price and then just adjust it for the current price.

I would expect the main focus to be updates on Karaberd. They've had the approval to start mining underground, so I doubt they'd waste any time from starting the extraction and stock piling the ore. We're waiting here on confirmation that they are in the process of refining the ore and receiving revenue. This is a matter of time, not if... Hardest part is getting it out the ground, which I hope they are doing now.

Ireland, maybe some idea as to the plan for exploring more of the last bore hole and how this will become a proved resource.

Ireland, if they are now booking revenue in Karaberd, the starting gun of the team to process the spoils and tailings on the surface. (£150m there).

Ireland, progress on opening the Avoca copper mine.

Armenia, progress on wider discussions they have had looking for further in country opportunities.

Armenia, the starting of building the eco refinery at Karaberd.

... Just a few things. For all that at a £15m market cap is quite undervalued in my opinion.

Well, this stock isn't really one everyone is talking about... Why, not a clue because there's so much about it... But that really is not a bad thing.

Doesn't need to raise, especially with the inevitable incoming of revenue from the Armenia mine.

The general strength of the company is improving and this still is no where near reflected in the share price.

Is it going up? Well that only matters if you want to trade it and sell... Is it staying where it is? Perfect if you want to accumulate.... Is it going down? Well even better to accumulate.

But don't get me wrong. This stock will at some point re-rate to reflect it's true value. My opinion will be when accounts show the revenue from Armenia, because that's usually very easy for most investors and MMs to correct the price.

Until then, long hold here IMO

A fantastic RNS! Whilst it has felt the focus has been on Armenia for the last few years, this is a fabulous reminder of the Irish opportunities as well.

So, we have Armenia producing, Avoca copper mine to reopen, Spoils and tailings on the surface to process (I'd guess with revenue from Armenia), a refinery to build in Armenia, and further confirmation of the exploration holes in Ireland. With a strong uptick in metal commodity prices. All, yesterday, at a MCap of £12m.

Any guess is as good as any... If nothing as hoc, the half year annual report is likely to be issued at the end of March (6-7 weeks) covering to the end of the year and also usually includes points of note between them and the report release.

Although, 31 Oct 2025 Annual Report, Armenia Operations, it directly says "Importantly, processing of IMC's pre-mined Karaberd ore has already resumed."

And as they put out in their last RNS, they have the mine extension permitted and so will be working through the underground mine plans and getting that up and running.

And still priced below the last director purchases..

Very quiet indeed SPicks. Under 2 months and we'll get the next 6 monthly report. Hopefully between now and then we'll have confirmation of the Masis upgrades being completed as well as then the processing of the ore continuing...

It has been quite a bit of time to get to this point... What's a few more months to LTHs 👌