Member Info for highlandmatt

Indeed. That was my attitude last week. Material reserves upgrade expected imminently.

Actually, interesting to see two views of the same issue, debated civilly. I think all shareholders benefit from this sort of thing, and it is what a discussion forum is for.

I'm buying every month as funds allow, but I'm not big enough to move the market. Before the reserves are confirmed and Coho connected is the opportunity. Once these are in place, I think the market will wake up.

I seem to remember the VAT refund was supposed to be $5m. I wonder if the other $2m is part of a funding agreement for infrastructure?

...having been caught with his pants down? Metaphorically speaking of course.

Crusty - that echos my thoughts. If it was a cheap and easy fix to get hundreds of thousands of dollars a month, then it would have been done already.

There is also the small matter of the £5m cash, the refund of expenses incurred and reducing the wage bill through transfers to APT.

Agreed Crusty. I noted those caveats too.

I would encourage all shareholders and potential investors to read pages 38 and 39 of the AR. This details the exploration expenditure incurred in 2019 (the element spent on Ruvuma is due back as part of the farm out), the cash balance at 1 Jan 2020 and how much of the cash settlement has been drawn at 30 Apr 2020. Cash flow has been planned to be sufficient to Jun 2021.
http://admin.aminex-plc.com/uploadfiles/Aminex%20PLC%20Annual%20Report%20&%20Accounts%202019.pdf

Thanks PD. I must admit to having skimmed the AR due to work pressures at the time, and had mentally written off KN1. It is good to see that the BOD still thinks there is value to be had there.

I think this thread sums it up. As PekingDuck says, we are asset rich but cash poor. There now seems considerable doubt regarding KN1 remediation, to the point where you wonder if the BOD has done a cost/benefit analysis, decided it's not worth it, but don't want to admit that. to the outside world? Or are they just prioritising where the biggest rewards are? If KN1 remediation is not guaranteed to work, and/or there is uncertainty about getting paid, then it is understandable that the BOD are reluctant to put precious cash in to that, and are focussing on other ways to bridge the gap to Ruvuma production in say 2 years time (assuming a GSA is agreed promptly, although I suspect now Zubairs are involved, this is less of a risk than in the past). So, where to get cash in the next 2 years? The answer seems clear - trade development assets that we don't have the funds to develop for cash. It is good at least to see the BOD taking steps to preserve cash and look at other options that just waiting for the Tanzanian government to pay its bills.

A slight delay to CH1 would suit Solo. Gives longer to find the money for its share of the costs.

Or some of the 25% of Ruvuma? Or both? I would have no issues with that. No point having assets but no cash. But I got the impression he was talking about a merger of the whole company rather than a farm in to particular assets?

Q1 drill? Just rewatched the vid "I don't want to over promise and under deliver, and what with COVID, I'd be very disappointed if we weren't spudding in Q1". I get the impression he hopes it is sooner, but is a cautious chap, so would prefer to under promise and overdeliver. Do I recall previous drills have started in December?

Practically anyone. I would prefer a company with interests outside of Africa for reasons of diversification.

Not going anywhere, and accumulating on the dips. The business case just keeps getting better every time Ortoire is drilled, so it makes sense to see it out to the conclusion of that. COHO and Cashcowdura will be hooked up by then. 2 years time this could be worth a few hundred million mcap.

Plenty of life in my opinion. A low cost producer with management that make good decisions is exactly what you want at the moment.

Think I'd rather a cheque than be issued with government debt. However, if there is a decent market for the bonds, should be able to sell the bonds for cash. Some folk might like 3.3% right now, but with our capex, I'd rather the cash.

We've needed ARA to advance cash for prep work and to pay the CGT. Had the licence been issued 2 years ago, £3m for the deal would be in the bank, and we'd be sitting back watching APT spend money, results from CH1, and looking at production shortly. But it wasn't, so we've had to limp along. Does it look 'generous'? Yes, but the alternative would be what? Another loan? From who? On what terms? Or a fundraise, with the fees that would entail? Same as this but costing more, and no performance links? Sometimes you just have to accept things aren't ideal and move on.

There's some sense in a straight merger? Producing, development and exploration assets. Reduce overheads for both operations? A bigger entity to leverage when seeking capital?