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The information is not enough to assess this. You would want to get a closer look at the report. But, this looks pretty decent, that said, we have seen and heard it all before. Lots of start up costs involved. Gold mining is the sport of Kings and Clowns, and both shed tears along the way. If they produce a further report, this would interest me. It's just to sparse.

Ferrexpo's biggest and most efficient competition - Samarco, will no be reopening any time soon following BHP's report today. here is a snippet. ""Restart of Samarco's operations remains a focus but is subject to separate negotiations with relevant parties and will occur only if it is safe, economically viable and has the support of the community. Resuming operations requires the granting of licences by state and federal authorities, community hearings and an appropriate restructure of Samarco's debt"". There are clearly lots of hurdles, the community won't be an issue, licenses will come once proper compensation has been made, and that's complicated, and even if these are all settled up, the issue of debt remains. somehow, I feel that VALE and BHP will lose this asset, likely seized by another power, bondholders or a government agency, and will eventually reopen as a state owned asset, with profits pumped into that region, for its benefit. This legal wrangle will take years. BHP are questioning the viability of the whole project unless everyone plays ball. The govt will put themselves in a position of control, the asset is with zero to the bondholders without licenses, and these won't be given unless compensation has been secured, therein lies the issue. meanwhile Ferrexpo controls the low cost base end of the pellet market.

Best of luck to the new CEO here, It remains to be seen if this will be a progressive move, I think it will. Bernard was a good guy, though his strength was perhaps in the mining aspect, and maybe the new man adds more in the way of marketing and sales. The mining process being relatively straight forward. Still, sorry to see Bernard go, hope to see him do great things elsewhere, by nature he is a straight talker, and I could sense his frustrations here. meanwhile the SP is so low one wonders if it offers an upside potential

The big bad woft is now the saviour . The irony. They better have his $2m in 12 months or he will asset atrip. That money doea not guaranteee anything drill wise

This could be at least 3 months .

Hi Kev, still here after all these years, me too. Buys some time, but it's cash burn money secured against assets I bet, It is hardly unsecured ? Maybe some used for a drill ? maybe. Still it proves that Max still believes in the place, and the company.

there is no comment on the current period. as expected, looks like the refurbishment may have overran .

30 Days? There was one in central rand gold that ran for a year before falling through. 30 days seems tight, 60 to90 would be my estimate.

It’s late, never comforting

well costs. This should be no more than $25m per well. TOR said it was multi-well farmout, so lets call that two wells, and that would be $45m, rig moving discount allowed.

That's in interesting way to value, a bit like a Plan B value, but I like the way you think. If this is a multi well programme, then the investment will be $50m. But who pays and gets what. an investor could demand a 70% stake for a full carry deal here leaving us with 24% and Lansdowne with 6%. But if it was. successful drill the value would rocket. There could be claw back cash on previous spend too. whats BR really worth, that depends who is buying,

What a-strange appointment , the only comnection i can think of is they are big in the regatta sailing sponsorship world, and the CEO here is a sailing enthusiast .could prove a very nice alliance . Full of surprises in PVR

Wrong board

What a-strange appointment , the only comnection i can think of is they are big in the regatta sailing sponsorship world, and the CEO here is a sailing enthusiast .could prove a very nice alliance . Full of surprises in PVR .

Great post Early Bird. I’m Not as generous with my figures. I’m With the mainstream values , roughtly around 17p a share. But .... it is hard to call it so well done for giving it a go.

The report hasn’t arrived. Maybe tomorrow .

The MM are needed to create the market, espexially on illiquid trades, their profit is the spread, the higher the risk, the higher the spread . On active shares the movement is computer altered , on quiet shares its managed, and a ‘book’ is formed. So the spread tightens when busy. Busy means no risk, and tight margins. So it changes all the time . It used to be a big blackboard in Dublin, in chalk, the MM were like a bookie with two boards, a price to buy and one to sell. The difference was his orofit . Thats a MM. on slow movers they widen it to protect themsekves . People dont like it, but there is more than one MM, and Platform ( board), so if they widen the spread, they get no business . So here its hard to manipulate the market . Look. If you are an MM Holding a share at 10p, and you ask for 12p , but the other MMs aeek 11p, mr 12p gets no sales. ,

I should add there are many MMs, and they are not an a cartel together, so take this share, the spread is only 5%, that's about right. No manipulation here. Most of the trades are Auto Trades. Under regulation the MMs are kept separate from the trading arm of broking houses by law, so they really can't be at it. they make a tidy sum from the spread but they take the 5% risk too. By nature they don't like to hold shares on inventory unless they need to. to suggest they are gaming the market makes no sense. how many UT do you see. not many. and then it is usually inside the spread. The spread moves automatically so the days of MMs playing games is surely over, certainly on active shares. Or maybe I'm too old and the young fellas can tell me how it is

Naz11, why do you say 'don't let the MMs have them cheap"? MMs ( Market Makers ) are nothing to do with this. this share is traded DMA Direct Market Access, This is the ability is trade a stick without MMs, and that applies when it is on the SETS platform. SEAQ is the auto quote system used to place trades, through the MMs, but this share is on BOTH platforms. Meaning you get access to the market on both of these systems.it is also on ISDX the brokers AT platform that they can place trades through instantly with MMs. So you see, MMs Cannot game the market when this is on 3 system platforms, it is nonsense for you to suggest this. Plus it is also on the Irish ISEQ exchange. MMs manipulation is extremely difficult and frankly it does not happen in shares like this. I hope this helps you understand how it works. There is no corruption, it is highly regulated. all the best here.

MMs?