Member Info for hedged

Potential takeover as four directors are removed?

A much higher focus on the Ukrainian business rather than the Russian business.

DT, do you reckon this will be out by the end of the month or do you think there will be another delay?

Are we still expecting drill results first week of June?

Peter stated "Weeks, not months" back in September referring to publishing the BFS. This was after missing the first deadline they set themselves in July. Once they realised they wouldn't get funding with the current economics they were forced to drill more.

Without looking at the notes, Steve said it would be out by June (he said this in Nov 17). Then the infamous "weeks, not months" comment from Peter. Then they said 4 to 6 months in October. Now it's end of May.

I think they said between 4 - 6 months back in October. This is like the 4th Delay in a year and 6 months.

Wasn't the BFS due between Feb and April? Has there been another delay?

Sounds like either sour grapes that you've missed the rise from 30p or you're the one pumping and dumping.

2H17 + 1H18 I make revenues $82mm with 2H17 greater than 1H17. But 2018 revs should be slightly higher than that.

With the operational update from 10 Jan and production update from 29 Jan, what are the expectations for revenue for 2018 and increase in production throughout 2019? From my numbers I'm looking at revenues +10% vs last year so around + $8 mm.

I only recall Tony talking about a JV for Beutong because it's too large and it makes sense to bring a bigger player on board. I've never heard him talk about a JV, until recently, regarding BKM. If you can find something from 2 years ago, I'll accept it. I think it's also wiser to have more debt than equity. Having to fund $200mm of which 66% is equity is 3x our current Mcap. The cost of debt is around 10% whereas the cost of equity is much higher.

Why would JV be the preferred option vs doing it yourself? Tony has done this before and has previously used debt/equity funding to maximise profits. It doesn't make sense to give % of your profits away if it's more economical to fund the mine yourself. We have the skills, we just don't have the funds.

Although it's a moving target in terms of the price of Copper, no-one expected it to be this low. However, they managed expectations by giving timelines to the BFS which they've delayed 3 times so far. The problem with the BFS was no-one was prepared to fund it with the current economics. So we've resorted to Plan B to getting a JV.

I agree. It probably won't be in April either. The money runs dry in May / June.

ARS stated in October the BFS will be out between 4-6 months. So between February to April. This is the fourth timeline they have provided. They've had more than enough time to sort things out, at investors expense.

I think buys being reported as sells are a trivial issue compared to the Copper price atm. However, having a CEO preside over delay after delay and to continually fail to invest and align his interests with shareholders shows ARS doesn't have a top class BOD. Tony is the only top class member we have so far. No wonder why Tony doesn't let PB speak anymore.

A large proportion of boards mention their share is ideal for a TO. This company is in no position for a TO yet because the true economics of each mine are not yet known. Once we get the details of Beutong then we could be talking about a TO but we've not reached that point yet.

I think many of the 'researched' were expecting a good 2018. Q1 could go either way. The BFS is delayed, no JV and another placing in Q2. Or a JV early on with the BFS out in April with longer-term financing sorted at a much higher price. It's all about management delivering.

Another down day after a hoofing 10% up day on Christmas eve. I think institutionals will only look at this when more certainty has been established which is likely to be when a partner is on-board. They will look at JP having injected £6mm at 11p and think "once biten twice shy". Quick question: do we still need the "bankable" feasibility study if we are looking for a partner instead of needing to do to the "bank" for funding?

You might be right. Looks like a seller or two had finished their onslaught and the buying has produced a blue day. If we end up at 4.25p in the short term then some savvy buying from Mrs £17k.