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just about spot on….a hold

2014 INM share of Aussie profits = €10m Less interest payments €6m Equals = €4m profit. 2015 INM Share of Aussie profits = 0 Less interest payments = 0 Equals = €0 profit. Maybe the trophy asset wasn't such a burden after all.

On reflection, the arb results are slightly disappointing because these are initial rates that will soon slip back to 75 bopd. But a103, does prove up the southern part of the field. I did not realise a H well was planned for L. That will be interesting, and makes up for the slightly weak results from A. Lots of progress ,

My eyes are firmly on the northern half of the license. These recent results were expected, The value of the ruble is critical here, with PTR getting roughly 50% more bang for its buck during the $45m drilling. also drilling costs and 3d seismic costs are all down at the moment. So as DF said it acts as a hedge. License 67 could be sold, the resulting cash injection will lift us here too. The T-5 shut off is messy but will be sorted. roll on the summer. lots of little wins here, even chopper fees are down. final point,If S-373 is a winner in waiting and if the 3d comes back with better reserves, it will boost us.GLA.

I wasn't happy to hear that T-5 has halted temporarily and the overall RNS didn't excite me, other than to read a decent frilling contractor is being used and then the en dog year estimate of 4000 bopd. Now that did make me happy.

I would say so

Trophy asset gone.......good move indo.

nice company //// reckon the India thing is a nonsense

I think a merger with Wolf would be a good fit too.

I finally really sat with the figures here. I valued the mine at $74m based on reserves. I Placed a harse10% in the ground value for the proven ore - that's $27 a ton. I then applied a 2/3rds discount for reserves roughly at $9. I throw $3m for the secondary license for gold prospect . Paying back the recent $1.5m borrowed. We get a sale price coverted to Stg at 12p. That's actually a fair price . Now I think these messers will still bid 5p.in a 1 for 1 share merger, and still no guarantee of funding for the mine. We could be waiting a few years. As for Oaktree? It seems their offer is a straight injection of funds in exchange for a share . How much and for what percentage ? The rise of the dollar sweetens the deal for me even though the price of tungsten has fallen. Just because it's worth 12p a share does not ensure u get it. I expect the Canadians to be considering a messy share swap merger but will wait for Oaktree to make their offer first. Our mine is better prospect . Once the Americans are fair the Ormers will support them. My earlier guess of a 5p a share may be exceeded. The Americans may want 60% of the mine in exchange for the Capex . Maybe more?!!! When we get the offer we can crunch down thr figures....currently the SP looks cheap but lots to sellers so be careful

What will Almonty offer? I can give this a very close estimate and here are the Calcs, Here goes.. Back in Dec 2013, we were offered 5.9p by Almonty per share buyout which we rejected for being too low. However , Since then we have a few changes to factor in. Firstly, we now have the license in out hands so factor in a 15% price increase for this, and other works undertaken at the mine etc. I am being conservative. Ok so plus 5.9p plus 15% = 6,78p. However, Tungsten has dropped in value and the best way to value the fall in is to look a rival firm's SP movement, The obvious one is actually Almonty and it has dropped 33% since that original offer. So, lets take 33% off the expected offer price and we have 6.78p less 33% = 4.52p But, thats not all, with other suitors at the table before them with an offer down, I think Almonty will have to be a little braver than before and stretch a little . I think they should and will offer in minimum of 4.75p a share.. Lets also factor in another change in circumstance, the mine has expenses in Euro but sells in Dollars so this time around it is more attractive to Almonty, I think the change in euro weakness adds at least another .025p so thats a total expected bid of 5p even. again I am being tough on Ormonde. Long Term, However, I think the project is worth more and a the real price here is closer to 10p and it will be realized within a year or two. But for now. I predict an offer of 5p but it will be in the form of shares in a merger. .( which may interest new investors and disgust the old...

I hope this helps answer your questions…..i posted it yesterday, by the way since then I ran the rule over Almonty, even to buy ORM at 5p they would not be able to raise the cash so they will offer a share for share, 1 for 1 merger. Not a bad deal at these prices but again it works out at……yep 5p. But potential to grow. people are upset here because 90% of us are long termers , At this price levels new investors may get a premium but I think the original investors are sick because the dream is not as bright as it was. Before the Almonty offer I gathered there was upside here ….at the current price it is cheap and I think new investors should do alright. I am an old timer here myself mind you so….bah.

This share had the real potential to hit 15p, but the slide in the price reduced that to about 10p and thats with production started. I do think that 5p could be offered. it's not the result people wanted and deserved here. But its not a wipe out either.

see the sells to the buys….some huge ones…..Hmmmmm? don't like that….but i am holding

well if they could offer 6 to 7p and still have lots of headroom to make great progress and profit at the mine, you might be right . either way todays SP is below both our estimates.

you know me, I always am, but thats ok too, I play it safe,

What will Almonty offer? I can give this a very close estimate and here are the Calcs, Here goes.. Back in Dec 2013, we were offered 5.9p by Almonty per share buyout which we rejected for being too low. However , Since then we have a few changes to factor in. Firstly, we now have the license in out hands so factor in a 15% price increase for this, and other works undertaken at the mine etc. I am being conservative. Ok so plus 5.9p plus 15% = 6,78p. However, Tungsten has dropped in value and the best way to value the fall in is to look a rival firm's SP movement, The obvious one is actually Almonty and it has dropped 33% since that original offer. So, lets take 33% off the expected offer price and we have 6.78p less 33% = 4.52p But, thats not all, with other suitors at the table before them with an offer down, I think Almonty will have to be a little braver than before and stretch a little . I think they should and will offer in minimum of 4.75p a share.. Lets also factor in another change in circumstance, the mine has expenses in Euro but sells in Dollars so this time around it is more attractive to Almonty, I think the change in euro weakness adds at least another .025p so thats a total expected bid of 5p even. again I am being tough on Ormonde. Long Term, However, I think the project is worth more and a the real price here is closer to 10p and it will be realized within a year or two. But for now. I predict an offer of 5p.

nearly there, its 4p offer I bet a straight 33% discount to industry norms from the last offer with a the license uncertainty removed…could be more though

I have been waiting so so so long for this……it stacked up on very level. we now have two bidders.

MOOOONNNEYYYYYYY………a