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As Cobra is main market, they are limited in how much they raise each financial year. Anyone know the exact amount allowed and what percentage this raise is of the maximum allowance? Could help in determining whether and when another raise might or might not come.
Think everyone’s getting a bit carried away with TriBeCa. Quick google about “cornerstone” and “strategic” investors bring up this.
“Cornerstone investors should be distinguished from strategic and anchor investors. A cornerstone investment is typically financially motivated rather than strategic. Strategic investors will generally invest earlier in the IPO company's history and will often have involvement in management and strategic decisions.“
It’s definitely been mentioned before Ace…not sure if there’s a timeline on it though. Could be after the publication of the FS.
Hey Antigua, on your laptop version of ii, for to corporate actions and GGP should be there. If it says “VOTED” on the right hand side, you should be all good.
As Shaun says we are a very liquid stock, especially as we are still quite low cap and on AIM. Couldn’t the shares “on loan” or “shorted” just be hedges covering themselves? I know a few funds that go long and short to “earn” their monthly percentage gain regardless of fundamentals or the company itself. Doesn’t always have to be nefarious reasons behind everything. Be thankful we’re liquid! (Thumbs up emoji)
Spratt, fair dues, we all have our own opinions but I suggest you look at a few other AGM’s and their resolutions. You’ll find that 90% of them have the same “jargon” resolutions as 3,4,5. This is not something new or anything to be worried about.
Just voted YES to all resolutions. I suggest everyone does the same and let the team get on with it. 3,4,5 are just technicalities. Don’t scupper SD’s plans by being petty people. Either trust the board or move on.
Another good presentation.
Loved how he got a bit excited about the “link zone” :-)
People have been talking about a low-ball offer for like two years…still hasn’t happened…
No company ever becomes “BIG” with a majority PI investment. We are naturally more vulnerable to external circumstances and “feelings”. That’s why it’s seen as a good thing when “insiders” have shares. Why do you think everyone always wants directors and executives to buy shares. Shows confidence! Well, more often than not so do institution holdings. We need them more than they need us. I for one am very happy with more and more institutions coming aboard and therefore generally more “sticky hands”.
Chill, have a smoke or a drink or whatever your vice is…VOTE YES and let the fun begin…
Everyone needs to vote FOR on the resolutions guys. We have this discussion every time we have an AGM. It’s just standard jargon talk like TimberTrader mentioned earlier and 3,4,5 are usually in every company’s resolutions. Don’t hinder our progress by being stubborn. Chances are 99% of us have less than like half a percent stake in the company anyway, so hindering them and moaning about dilution seems counter-productive. Shaun hasn’t duped us at all since he got here, so until we are given reason to doubt him, let’s support him.
Interesting developments over at Rincon Resources. Tenement acquired close to us in the Paterson and David Lenigas appointed as executive chairman!
https://hotcopper.com.au/threads/ann-acquisition-expands-paterson-footprint-and-capital-raising.6955291/
https://hotcopper.com.au/threads/ann-rincon-appoints-david-lenigas-as-executive-chairman.6955330/
That cracked me up bottomrung!!! :-) Good effort though. Made me question my own sanity for a few minutes!
GGP capex is currently estimated at $73m for the PFS. As we’re adding an extra 50% to that for the FS, say $105m, adding any inflation and other changes, let’s say ballpark $150m, to get to production. We are not paying for the full capex, only 30%.
SD has played a blinder here coz with our equity and debt funding we are covered for most eventualities leading into production and all the rest is money for Shaun to play with. That’s where the shareholder value will be made. As SD has told us many times, Havieron is just the base, the starting blocks if you like, then using Havieron’s “leverage” - again, one of Shaun’s favourite words, we create value elsewhere. And don’t forget even another few moz find and it’s basically a second Havieron to us. 20moz @ 30% = 6moz
I think we’re capable of finding another 5moz ore body, especially at Earnest Giles. That basically means we have 2 Havierons :-) Although, as Shaun has stated too, we’d prefer to find it in the Paterson due to the current infrastructure already in place.
First few Lego blocks placed and we still have no idea what we’re building, but OUR BASE…? Well that’s solid as frack!!
The NCM/Antipa Wilki JV is the interesting one. It’s still very much a greenfield site but that JV pretty much includes all the surrounding area of Telfer and some of the area that is between Havieron and Telfer. I’m actually surprised NCM haven’t gone drilling quicker there. Think that’s their plans for this year. As I own shares in both these, personally I would like a nice big hit in this JV right between GGP and Telfer. NCM could then kill 2 birds with one stone when/if they decide upon the transportation route of all the Havieron gold.
And I’m still kinda hoping SD is thinking about maybe a little standalone plant at Havieron to maybe process any valuable material that Telfer won’t be able to process - eg. Nickel/Cobalt etc.
Minyari/WACA is the one that will go to Telfer. The other hits are too far away I think. Personally I think Antipas scoping study on a stand alone plant is their way of telling Newcrest not to charge them too much for tolling as they’ll do it alone if needed. Newcrest NEED ore for Telfer and with Antipa AISC being around $1200 I think it will be cheaper for them to toll treat it. That should bring down the AISC. Don’t know they’re plans on how to get it out as I just speed read their scoping study.
Either way, I still think the most important factor is that Telfer needs ore and Newcrest need Telfer open so it doesn’t cost them a fortune to close or adapt and they especially don’t want to lose the staff if they envisage returning to 20mt per annum. I think this gives the little explorers around the Paterson a bit of an advantage now when negotiating new deals with Newcrest to use Telfer.
Don’t think it’s quite as simple as 10 years Ben/Bamps. If Newcrest found something else then they could also fast track it.
This in my eyes is probably the biggest risk factor in terms of GGP going mining, and I’ve had a little look and think about it and I’m not worried yet. The key I think is depth of ore and all the permits/PFS/FS stages.
Luckily, Telfer itself has been mined to death so all the shallow stuff in and around Telfer is long gone. Shallow stuff is what would mess us up a bit (but it would need to be a huge find either way).
Now Antipa has some shallower stuff and is probably the nearest to production with the release of their scoping study. But even that was estimated at 3mt of ore, so same as us, and they are also around 50km away, so without the PFS/FS they are probably still behind us, but much shallower. Even with GGP and Antipa combined it is still only 6mt ore into a 20mt plant.
There is a lot more Paterson ground in and around Telfer that has yet to be explored but currently nothing has been found. Due to the sheer size of Telfer, I can’t see any problems arising from other ore bodies for a good while, unless they find like 10-20moz at quite a shallow depth.
But, we will eventually share Telfer with some more ore from elsewhere. Antipa seems a very obvious choice for Newcrest (I don’t buy antipa going alone). And I hope more ore comes from another one of our tenements to add to Telfer. It’s one big bad ass production plant. Needs to be filled!!
Haha, some great chat today on the BB. Some crazy wild scenarios being thrown about too so here’s another one…
Newcrest play silly buggers and decide to not to mine it at the meeting, so that GGP have to raise the cash to pay “FMV” for the 70% and maybe go bust…by then the resource has expanded more and SD goes and sells the 30% at a more elevated price to another company to pay for 70% at Newcrest FMV price.
We end up with 70%, cash in the bank and probably buy Telfer for a £1 too!! (Lol) - love crazy scenarios…someone do another! :-)
Agreed. This won’t be used to pay Newcrest off. No need. The extra 40m is stated as debt financing. Will not be another placing for that.
We knew it would be a quick turnaround. Disappointed at the 15% placing discount as I believe we could of raised at the current SP. However, with this raise and the additional 40m debt finance included on top, we should get an RNS stating “fully funded till production”. This is the minimum required now from SD with this discounted raise!