Member Info for freefaller

Ah gotcha, that was the only thing I could think of as well from what you might mean but thanks for replying. Yeah, that's not really right and I would have hoped in II those two pools (shorts and leveraged) were in different business areas and to fully paid up shares. As in the others you never own the shares as they are usually contract for difference (CFD), unlike fully paid up.

As far as I know, HL doesn't do anything beyond fully paid up shares, so wouldn't have that issue.

Noel - just curious because I don't understand what you mean by "shortfall".

In the scenario where you have bought shares on the market value, and have not bought them on the platform with leverage etc, ie, you've paid for them outright.

What scenario can bring about a shortfall that might have something to do with numbers of shares?

Seingred, not sure where you're coming from because I'm in no way knocking those platforms and have used them before in the past.

My only point was I thought the concept of an app building out your own fund was interesting but also made me feel like I had a thought as to where the higher numbers of just smaller transactions were coming from than say months back... We can all do micro transactions if we desire.

Nothing negative or bad about them ... Holders are holders for whatever reason, but if it's available in that style where more holders naturally have exposure to this company it is not a bad thing.

Anyway, sorry if I misinterpreted your reply, but just wanted to clarify

Hey, was speaking with family yesterday and I think I know what's up with these micro trades.

Trading 212 - looks like they have added this stock to their investments. If you don't know the app, it's commission free trading (Like RobinHood).

Now, what was interesting is that the app gives people the concept of "Pies" ... Basically, you create your own "Fund", selection of shares, proportion and rebalancing approach, then you add whatever money whenever into that and the app does the balancing. This can be a huge selection of shares as well. The "pie's" can also be shared as ideas and discussed, followed and copied. So someone might add £25 to a pie of 60 shares.... Hence the micro transactions.

Learnt something new - thought I'd share!

Hope you all have a nice end to 2025. To 2026 🍾

Andy, I think you are correct with that. If I remember correctly Dupax was outside the distance to be "part of Runruno".

I believe it was only with an extension of Runruno, which a few years back with the drilling proved that they weren't going to be able to extend and Runruno EOL was confirmed

Years back, dot com era times, Amazon went from over $100 a share down to $6. This lead to Jeff B saying a quote that you should keep in your mind and is seriously true of this company.

"The stock is not the company, and the company is not the stock"

Watch here (3 minutes of your day) https://m.youtube.com/watch?v=msFwJ5xpg_g

Invest long term .... and usually the stock eventually catches up.... Though I'm the first to admit it takes far longer than I would like as well

LMA, couldn't agree more with "Whatever happens, the next two years are going to be good and should encourage those in the know to hold for multiples of today's price ahead."

LMA - to avoid doubt I agree. Personally I feel 2028 is too soon anyway and much prefer growth over dividends.

My comment was purely aimed as the discussion of large holder exits, especially where someone mentioned a takeover or buyout. My opinion is that exit style not as good as a dividend based return from the kind of time needed to be invested in these companies, and that that is a form of "exit" and doesn't require a buyer on the other side.

If they could avoid doing dividends, that's my preference, just to be clear I'm more for 100% 👍

Whilst I don't disagree that a cost effective use of generated cash is the acquisition of further assets and growth, dividends are also a useful approach for excess cash in a company.

Whilst IMO the value of a company "should" be the sum of it's assets plus cash, we know the stock markets lead and lag depending on other factors, be future gains or pessimistic events.

A distribution by dividend, when paid, notes a reduction in market cap as it is a distribution to each share. The reciever can re-invest or us the cash however. The point here, is that there is a reduction in Mcap on distribution day, which as above is the "market" value of the company.... For ease, let's just say it is assets + cash in the example...

So ... say you've had your own capital invested... At some point you want a return .... Your options are a) sell you shares and therefore need a buyer or sensibly priced MM on the other side, or b) you receive a divi that doesn't need a buyer on the other end.

If done correctly, dividends can be a useful way to provide the necessary return to keep LTHs from selling shares and over enough time they get a full return of the value of the initially invested capital, whilst still retaining their full investment.

IMO, I feel that that is the large holders "exit" because once the initial investment is returned, the asset is running free and likely to continue the payments.

Just my thought..

Https://x.com/IMCEXPLORATION/status/1986709133324956021?t=Y_T3jjZHWpvBeKc_2ToDDQ&s=19

A nice confirmation on twitter that on the completion of the Masis upgrades, they will then also continue with the actual mining at the mine. The RNS states they have already started processing the stockpiled ore at Karaberd, of which there is a very reasonable amount.

Just sounds like they're timing it to empty the stockpiled ore off to a refinery before additional ore is piled on top and before their Masis refinery could accommodate the higher monthly input.

So, compared to 2019, where there was a presentation showing the company with just Avoca and other Irish interests, Mcap £5m.

2025, Mcap £5m, beyond the 2019 point, it owns an operational mine with 240000oz Gold, has always planned to find further 200k-300koz mines to expand and help in Armenia, has plans for a refinery in country (eco friendly approach), is likely going to use the revenue from the Armenia mine to fund the new refinery and anything in Ireland (limited debt requirements). So, mitigating the risk of single mine collapse, being a refiner as well, multiple jurisdictions, focusing on spoils and tailings (shovel and crusher) to work with governments to clear land.

In top of that, the likely currency debasement since 2019. Ie, £1 from 2019 is not worth £1 today, but less... Therefore the £5m Mcap from 2019 would need to be higher today to accommodate.

From a pure value perspective, this is undervalued and if over time they do manage to do this, the potential return here looks alright....

I wonder if this is just missed because retail investors are looking for small caps on the AIM market, whereas this is on the Main market as well. In NO way thinking this should be in AIM... Not one bit!!! .... But just a thought.

Yeah, I had been nervous, especially with the Russia stance and invasion of Ukraine. Their biggest issue had been Azerbaijan, but they signed a peace deal in the US earlier this year, obviously giving the US something in return for "brokering" it, sounded like a new trade corridor that was mentioned as well in the company report last week.

I think that, cosying with the US to manage the peace and to give the US an interest to support trade routes should settle those concerns, certainly in the near term.

The activity in Ireland is also interesting, the tailings project hits cime Ireland/EU eco targets as well as opening a copper resource to support Ireland's desire to have 10% copper locally sourced.

I think they're doing well to hedge their company across jurisdictions. The chap running it is a banker and previous business builder it seems ... But looks like he's putting the right people in the right places....

... I recall the name from time back, but don't know what happened.. obviously only say more if appropriate..

Well just before covid they were lining up to do a reverse takeover of MVI in Armenia. That was just delayed to the nth degree because of the restrictions so before was just an exploration in Ireland business. That then happened (the big spike) where directors also bought in around 2.5p. then as it's just a slow news company (personally I prefer it!) the share has just trickled down.

This was because of the Russia Ukraine war putting sanctions on refineries owned by russians that IMC had to abide by. Hence, stockpiled ore that has recently started being refined now another European company owns a refinery out there.

So I would say in the next 6 months it's going to likely correct. Dual listing will expose it to Armenia institutions who want to own gold miners, they'll use the proceeds from the refining of this gold to run the operations, ao unlikely to fund raise, and at the same time advance Ireland (which they just need a big shovel and crusher to get going)

Hi all, TrekMadone, Troajan,

Stumbled across you all probably around 2017/18 when your thread here was on a different board. Never posted, but did read now and then and helped with some investments. Anyway, I like you guys like under the radar shares so wanted to offer something back :)

IMC - LON Main market Irish company that owns an Armenian mine that's now back to producing after earlier issues with Russian sanctions on the previously used refineries. Making progress to dual list and getting close with the government for future projects. Likely in the next 6-12 months to start showing revenue from the crushed ore that was stockpiled, end of the year starting to open up the underground phase. They also have plans to construct a new refinery.

On top of that, in Ireland, they have a tailings project to work through (150 million euro metal value est.) as well as another exploratory licence.

All with a Mcap of £5m .

Might be nothing, but I've kept an eye on it for quite a while and believe it's heavily undervalued and just totally overlooked by the UK market... If you do look I am honestly curious of your thoughts!

:) just wanted to suggest something back after spotting some tips and ideas over the years.

I truly hope you're all well and are having success in the markets.

Couldn't agree more cedbin. This is completely off the radar! The sanctions did cause a ripple, but then at the same time the price of gold took off for when the ore is now being processed...

There are plenty of miners on AIM and I think that until next year when we have the higher grade from the underground being sold and the sale income from what is being crushed now, this is likely to remain in the background.... Judging by a single trade today.

But looking at the stock from a value perspective, the Mcap from the tailings in Avoca alone make it seem wrong ... A crusher and some big shovels could get it going...

It's been quite the wait for this to get to this point. I feel the board changes should line up the dual listing for some success and hopefully it won't be too much longer and we'll book some profits as a producer.

At least at that point we'll start to be able to figure out an AISC too

Well a top morning read....

Avoca tailings, positive, valued in June as 151million, additional tonnage valued, Team ready to work on it, Ireland positive to move forwards.

Armenia, progressing on dual listing, secured a refinery, starting to process stockpiled ore, building underground mine

Indeed Profit. A lot of updates to come and from the last RNS a good move forward towards dual listing as well as all the other mining updates.

Usually it comes out on the last working day of the month, even after close, so I am expecting it late Friday.

...They've got to make sure they have the calculations right for the value of all their resources ... as it's increased a reasonable amount since the last one!

Certainly a higher volume that usual. Plenty of news on the horizon here for numerous avenues from the last half year report.

Should see the next scheduled report in 4 ish weeks.

I'll at least reflect my reasoning and adam I think this line in your message sums it up for a number of LTH.

"did you just get ahead of an inefficient market that failed to process publicly available information that clearly indicated the worst was past."

I think I watched the business for probably a year before taking a stronger position. The company had a new approach with DB and you could see in the quarterly reports the output recovery improving and the debt being taken out positively. Knowing what the life of the mine was, a better AISC with the recovery rate, and a confirmation of what rate the debt was being paid off each quarter at I personally valued what the share price may be if Runruno just got to it's end of life and the company was then just cash and had made no further moves. To me, that was the balance of risk and I was generally looking for an undervalued small-cap turnaround business in general.

Secondly, I don't think of myself as an investor, but try to take the view of being an owner (I know, same thing with shares, but mentally helpful). That way, I just think - "how would I run it, what kind of team" etc and if reality aligns with my mental model then that's a big tick for me.

Say you decided to start your own business... Well you hear of people putting a lot of their sweat into them and their capital ... Are we any different if we have a large amount of liquid capital tied up in our business? It's the same if you ran any kind of shop with stock, hiring in a manager, etc, would get to the same place.

Taking that kind of view, I personally don't take too much notice of the short term stock price as it's just like getting an unlisted business valued every day depending on who's looking..... If I had my own business that was not a public company, everything would be even more illiquid and you wouldn't be doing that either.

Anyway, that's just my take.l and thought it may be helpful to share.

Assuming costs are "relatively" known, and we "relatively" know the amount of resources, then artisanal miner surprises, and the like are ultimately just delays. As long as there is a way to manage the finances over those periods then all is good.

What the market thinks, well is whatever the market thinks, but in the longer term massages out in my opinion...

On the AGM call, DB specifically was asked about dilution. He stated that for months he has had banks calling up to have MTL take on debt and he has declined at this time as they are fully funded for their current plan with a comfortable buffer. He stated that if there was a requirement (with a good valid reason too at that) then there are many options before even considering going to the market and dilution.

As to the point at the start, ultimately it is delayed revenue from selling extracted resources. The resource isn't going to suddenly all disappear! (Okay, artisanal miners may pinch a bit, but that's splitting hairs here as it's probably the same amount lost in the recovery process anyway over the mines life...)

Regarding Dupax and Abra, the first to come online was a short truckable distance and requires an adjustment to the Runruno extractor, which was minimal cost and if was to now continue the plant running and existing workforce could be completely valid to take on a bank debt, especially if the La India construction is done with all in-house funding and is spitting off cash flow etc.

Sure, tons of unknowns and plenty of risks, but that's what makes your investments grow on the chance they do succeed 🤷‍♂️

Not sure if anyone else emailed alliance news this morning, but I pointed out their headline in the article was quite misleading for the actual position of the company.

They replied, their main metric is usually the profit.

I can see they have put out a further news article that seems a bit more balanced 👌