Member Info for HarChris

Before a mid-year operational update a closed period is a lot shorter, a couple of weeks max - 21st November is when he bought those shares...

With the cleanest of balance sheets, with low/no debt as and when they choose, with such considerable cash generation, with all the positive soundings in relation to Coringa (Indigenous communities agreement, Ore Sorter purchase etc), with the mine life extension and improvement in grades at Palito, with the backdrop for gold being so favourable there is no doubt that this is the strongest Serabi has been in the past five years.

So what's the five year high? 119p! And only one smallish raise since at 75p so similar amount of shares in issue since that high.

Well they’ll regret it now but that’s the point of hedging, it’s a risk averse strategy that protects against the worst case scenarios (no BTC rally prior to halving in this case).

Such a healthy level for SRB right now.

At $1940 through 2023 so far (9 months) SRB generated $5.4m PBT but also built up 1500/Oz inventory = $2.9m so once sold equ. of $8.3m

At $2040 compared with $1940 free cash flow increases by ~25%, from $1m p/m to $1.25m p/m. 25% increase in cash inflow is a big deal so just need POG to stay above $2000/oz and patience.

We're already at a net cash position of over $10m, every month that grows significantly.

PW kept the market engaged because Argo were in a totally different position, they were raising tons of cash and were expanding at pace and hence there was lots of news to report. The new ceo has been brought in to keep Argo afloat, to keep them in business so there obviously isn't going to be news to release to the market week after week like there was in 2021.

And for completion I missed out SPR's option to subscribe for up to 40m more shares up until the 28th February 2024.

There's also the $14.1 new CLN with Orion but as that conversion would take place in June 2028 (or 50% in June 2026) it's not worthwhile inluding it in any calculations.

Yes as Faramog said last formal number given via rns was 1,557,541,859 in issue on 9th August.

Since we've been informed of

(i) 233m shares being issued to BEE for the rest of Vametco

(ii) 486m shares being issued for the combined placing and subscription (announced today)

Then we have $4.7m at 3p a share being issued to Orion. $4.7m = ~£3.73m = 123m shares to be issued.

I make that 2.4B.

In addition there's the retail offer which adds a maximum of 67m and BEE up to a maximum of ~130m.

Less than 0.04% once all the shares are issued to Orion, SPR, Orange Trust, Acacia and BEE.

I'm hoping he makes a larger purchase on the open market, a separate rns for that a few weeks down the line would give us a boost.

additional cash coming from acacia and orange trust. craig only took £25k worth but al**** over £50k. an extra 40m warrants at 3p for spr expiring end of feb, so not long. bee essentially has warrants at 3p too up to 13% ownership too but haven't worked out how much that comes to.

$18.4m being so close to the max is very positive.

Far from being out of the game they are probably selling to those in Europe willing to take it at a reduced price, playing a major part in the crumbling of the European V price.

No and I'd hazard a guess that we don't see it now, at least not in its current form of 3p. It isn't worth the admin costs.

£3 a share would be a market cap of around £1.6B now, although realistically for any sort of medium term upside to be achieved a well timed placing is essential. Call that a 30% dilution and that takes £3 a share to well over £2b valuation.

There aren't any circumstances where that could occur.

Disappointing to see palm oil prices unable to hold around the $4000/oz mark, that really would make a difference right now especially with thousands of tonnes of inventory built up this year.

There is no chance of Argo raising the necessary capital to pivot into a new revenue stream as they sit here with $70m debt and around $5m cash. Bitcoin needs to go on a tear i.e continue upwards like we're seeing, early enough before the halving to get a big enough raise away to keep them in business.

That's their one hope, not starting all over again but with a $70m debt in a high interest risk off environment.

That's true. Same with BMN, they now have a little bit of leeway once this equity raise is finalised to hold back sales to Europe and r.o.w in an attempt to place pressure on supply. In tandem with Largo.

Not much point selling with absolutely no gross margin.

It’s tricky to know what they’ll do - they have a working capital facility they can draw on for some time to come if they are comfortable with ballooning debt.

You’d think halting production was the obvious choice but it depends on how long it then takes to bring their mine back online once V recovers to a healthier level - it’s a gamble whatever route they choose to go but the risk averse one would be pausing operations.

It’s inevitable that it rises from these lows, the more important question is where will it settle? BMN’s average sales price taking into account the geographic distribution of sales, Nitrovan etc is just ~$29/kgV currently,that only just covers the cash costs.

We need it at least back closer to $40/kgV than $30/kgV for the bloodletting to ease here.

I didn't no and I'm really kicking myself! Only hold Mara currently so certainly not positioned to make the most of this.

And yes i'm jealous of all you guys haha

It's strange to have POG comfortably through $2000/oz and yet feel a bit disappointed but that's how i'm sure a few of us are feeling after this sell off today.

'It was a good idea, but funding this, the plant building and Cellcube all at the same time as re-building the two plants proved to be a step too far financially.'

Tens of millions have been invested into the plants since the $65m Orion deal in late 2020 and yet production has 'increased' in that time from 3,631 mtV to what is looking like 3750mtV this year. A whopping 3.2% increase compared to 2020, the year of covid...

Whilst it's hard to disagree that FM attempted too much at once it would have been somewhat more manageable if the operational failures over the past three years hadn't been so egregious.