focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Q: How much is anything worth ANS: whatever anyone is willing to pay.
MCAP £9m all assets minus (non core W Africa assets) Senegal & Cameroon according to Bob worth £8m
IAMG spending £4m in Senegal
Cameroon licences acquired and lodged ownership of Bibemi going to 90%
Why oh why did I not just stumble across this share now :o)
Good spot and essentially the maiden drilling programme now needs to map out that area and work out where the best concentrations of gold is likely to be that would support a commercial open pit mining operation. Essentially it would be impossible to have the entire 20KM yielding all commercial gold. I mean it would be great as a share holder but that doesn't happen. Let's hope there is a decent consolidation of gold that can be mapped out and easily mined and we can get out of this naughty price range.
Lets hope the Assay results are a bit like this........
https://twitter.com/justinscasey/status/1407372606655848449?s=20
Results out all resolutions passed, voting quite light. Am thinking Kutzz must not have voted looking at the numbers.
Five working days for 3 sets of RNS. One assumes all rolled up now and dropped this day next week?
MTM I get the feeling the AGM will just be about business, resolutions getting passed and vote results. Don't think there is any Q&A they got that out of the way before the revealed the first drill results (cheeky).
That said they posted on Social media pictures of a strategy meeting (NB which seemed to be minus Claire). I would expect a strategy meeting to happen once they have all the results. So read from that what you will. After all why strategize on results that haven't come in yet. In that scenario my strategy would be to wait on the results!!
So we can either expect all results as promised by end of Q2 and then some kind of strategy update.
I wrote to Crux investors today and suggested they do another no nonsense ORR interview to get ORR pinned down on the value and their newly thought out strategy.
I think it would have been tough to renegotiate the JV with IAMG . Ultimately IAMG are the right partner for that area given their spend going in and let's face it the under spend was fairly negligible @ $172,000 out of 3 yrs. I think renegotiating would have been time consuming and costly in legal fees. Lots of mitigating factors COVID etc, look at the delay in our Assays. SO it probably would have left a bad taste with the partner.
I think the reporting of the ISSUE was badly handled by ORR. Supposedly IAMG report every month with ORR on progress for the JV. Well if you are getting a progress report every month then this underspend should be visible and logged as a risk in terms of not finishing the work and dealt with in advance. ORR seemed to wait until it became an ISSUE and then had to deal with it after the fact which wasn't great. Ultimately the best they wanted in Senegal was to force the hand of IAMG a bit and go do their own drilling, however with Cameroon being the love child at this time can they really afford to do excavation work in multiple places. At least I was pleased to see concurrent drilling undertaken in Senegal by IAMG.
The JV will be interesting as IAMG can earn up to 71% so that is a decent Royalty for ORR if they get a working resource going there. I definitely wonder what will happen with FARE currently there is no option to split the licence so IAMG may have to develop that or leave it sitting for a while. Smart thing would be to negotiate with the GOVT and split the licence to sell FARE off if IAMG didn't want to develop it as it is not trackable to BOTO. Possible option to add a bit more value. That said if the grades are good IAMG might wish to hold onto it just depends on how big their outlay is at BOTO. Production costs a heck of a lot to get going.
@pixar it did look like they posted a picture of a mass grave.
However i Can see TL still laughing in that picture from the side view so I am openly optimistic!
Dudes, in this day and age this probably isn't appropriate but I ain't seen any fat ladies warming up their tonsils. So don't get yourselves too down yet.
Keep in mind the non core non West African assets have an estimate on them of around £8m. They are owed around $1m in the Turkish courts.
Senegal is in a fantastic area. IAMG spending like mofos down there $60M ear marked for this year. So you bet that ORR JV is on their mind and in their plans.
Cameroon still results to come from the first drilling programme. Ok first results didn't look as good as somewhere like Djibouti but still there is plenty in here to at least get your money back (or most of it). As long as you can afford the patience money wise and mentally.
Anyone would think this was a total train wreck, it ain't there yet. TL and team always come across as genuine in their quest to try and get share holder value. True I saw someone posting about warrants etc on ADVN but deep down I think the ORR BOD want to see value for all. After all we all take pride in what we do when we are working eh?
Even Kutzz takes pride in his Thus G&Ts on his Quarterdeck.
Let's see what tomorrow brings and the last of the maiden drilling results as they come!
@Pixar that's quite funny, I was thinking the same the other day, could this be ripe for a takeover. The way of the world and all of that. Knowing my luck it would go through at around 1p. However to be fair. I don't think the BOD would let that happen, we know speculatively Senegal should have us around 1.4p when they put that resource on it at least. Then the other assets even if Cameroon was a right off. But Cameroon has gold so it has to have some value even if Bonanza grades aren't coming out of the ground "yet" there is still a "district" sized set of licences to look over. After all the world is running out of virgin ground to prospect over! Djibouti also @12% I think that could be turned into something decent.
The ORR guys were posting on Linkedin today, they posted a pitcure of their strategy , it did make me laugh I was going to caption it. If anyone has linkedin here is the link I don't know how to share prictures....
https://www.linkedin.com/company/oriole-resources-plc/posts/?feedView=all
My caption was going to be "Right how do we break this next batch of news" or Tim saying "Bob, can you do the next Crux interview"
@Kutzz was thinking the same, I need this to "bag" from here to break even. I was hoping for it to bag when i started investing, just not like this!
I'll go for rock since hopefully rock contains mineralisation which leads to gold.
I thought they would have got something out before the AGM but there we go. AGM tomorrow to see what they say e looking for a big sales pitch. Was looking at the assets in Djibouti (PANDORRA, HESDABA, ASSALEYTA) Oriole has a 12% interest in the company there. Looks like there could be some potential on that ground too. I note from their website it needs updated as results talk about 2020 updates and COVID delays so I'd like to see a bit more information coming out of there.
Lol Galaxy 001, what's with that dude.
It's like "tomorrow there will be rain" (the rain doesn't come) "clouds are forming"
Well today is the longest day, in some ways it feels that way. We have 8 trading days until the end of the month, an AGM to squeeze in and 3 sets of results supposedly to come if there is no slippage! Fun times, let's hope what comes is of good commercial value.
So as guessed, no results RNS today. Forget about the SP today and go have a nice weekend. 42oC where I am at the moment so heading out of town to a pool resort and will work from there.
Big week next week I'm expecting results on Monday or at least before the AGM on Wednesday. AGM may reveal a bit more on strategy and realising value from some of those legacy assets.
Cheers Lseking, Paintingpolly Ns20 & Joli10 hang in there folks.
Great to see AZ on the proactive interview today with an immaculately hair sprayed bonce. A few more grey hairs on the chin but that's good and shows commitment. All the people I follow in the industry that know about this company remain positive about what is going on. The investors and the business being acquired may not have the same skill levels as the average financial expert on LSE but I'm going to stick with the non LSE experts and their opinions for now.
Good luck all.
We did this while ago and we all got a big F since no-one was correct with their prediction, so in the spirit of insanity (doing the same thing again and expecting different results. What are your thoughts for the next results RNS?
From my perspective, I think next results will be in a next Monday morning RNS. they said they hope to get them all done by Month end. We have 2 Mondays left in the month. My money is on a Monday RNS followed by another Monday RNS.
I would like a cheeky set of results tomorrow but then I might have a nicer weekend if they don't RNS and I don't read all the doom and gloom :o)
There you go dude, think - PMT
No not that PMT - the other one..... Positive Mental Thoughts. It won't do 5h1t for the assays since if the gold ain't there in big puddles it ain't there and if it is there it has been there since around the time of the dinosaurs!!
So like I say PMT won't do **** but it will make you feel better! Plus post COVID Thursdays are the new Fridays and I've got another batch of Gin enroute from Turkey!!
@kutzz & Leathal - come on lads try and stay chipper.
Maiden drill programme, drilled far apart, first set of holes and they found gold. Let's see what the next results bring. TL or Claire were already saying the initial discovery is exciting and lends itself to open pit mining which as I am sure you know is cheaper than tunnelling it out because it is too deep!
I am excited to see what the rest of the Bibemi results yield and it should all be with us in exactly no longer than 2 weeks!
What's not to like. It could be like having the winning docket for the Grand National and not knowing it.
As a modest prediction I want to see at least 1.4p by end of month 1 Q3
@fisch "Regrettably, AZ must shoulder some responsibility for courting this attention with certain comments ("Ready to Fly"), but I put that down to an over-enthusiastic entrepreneur excited about his vision, rather than a deliberate attempt to mislead investors."
Totally agree but AZ is only human and under a fair amount of pressure from desperate shareholders to "deliver us news and make it good". I think he's made the mistake of getting ahead of himself which trips him up when he over promises and under delivers.
I've been in the same position myself (no where on this scale) in my business we have pitched and been excited about winning new contracts only for it to get stuck on the back burner for months. We've told the staff and others in the business it's coming and then it doesn't materialise straight away, so people get sceptical, some don't stick around.
Business isn't easy. Of course SYME do not help themselves with the other issues like the accounting dramas, I was surprised that he wasn't better advised but like anything else it takes time to build a team around you that you can trust and there is always the temptation to think you can do it all. Hopefully as TF onboards they can help shoulder some of the strategy and getting a new CFO is a good long overdue move.
Hopefully AZ is learning that he isn't Superman and that it's better to captain the plane, which means taking a shift in the left hand seat and not feeling he has to control all of the flying & navigation tasks, selling tickets, serving drinks and food down the back and performing maintenance when the plane reaches the next airport. He should build a great team of experts, trust them and they can take on his vision and also improve upon it. He obviously seems to be a good dealmaker so he should play to that strength.
When Amazon came up with AWS Bezos didn't micro manage it, he let Jassy head it up & Jassy wasn't a "computing guy" but they built a solid team and look at what AWS is worth as an entity now. So it shows how a good idea can develop into a powerhouse with a good leaders a strong team and a great strategy. I think SYME to some degree many of these aspects and as they keep going they will get better at what they do. they certainly don't lack ambition.
As usual all the keyboard financial wizards imparting their knowledge, no doubt drawn from personal experiences having been in similar scenarios as AZ & the SYME team. Most people commenting have ZERO experience in Fintech or starting and growing businesses with a potential global reach. If they did they would realise it is very hard for businesses to get funding regardless of what sector they belong to. Throw in a global pandemic and that gets much harder. Have a look at this web link as an example, even household names now well established will confirm the difficulty of raising funds.
https://www.bbc.co.uk/news/av/business-57404646
Let's face it if the guys at Tradeflow are willing to be absorbed into SYME after no doubt going through extensive due diligence then it is good enough for me. I find it highly unlikely the Negma finance agreement materialised out of the blue and therefore did not show up in any due diligence TF's advisors performed. So that suggests to me TF are comfortable with what is going on and how the deal will be financed. After all the TF guys are party to more information than the financial experts here on the LSE BB.
If the TF guys aren't happy and it did appear out of the blue then we will soon know as they will vote with their feet and back out of the deal! However from what I can see one of the parties (Parzival partners) who was involved in the early stages of the SYME & TF deal seem pretty happy with the news that has been released.
Lots of people asking questions about why AZ needs this amount of money for X,YZ. AZ has no obligation to keep all of the LSE & Twitter financial Keyboard experts apprised of what future acquisitions or plans SYME may have. Let's face it 2 - 3 months ago very few people outside of SYME & TF knew about the planned deal. Otherwise it probably wouldn't have got off the ground. Business is a bit like poker you don't show your cards until you have to.
I think there are a lot of people who because they own a couple of million shares think they should have a seat at the table to the right of AZ's elbow, it doesn't work like that.
Others also complaining about how the lack of eloquence in his responses to them, etc, perhaps be thankful he provides responses. Or indeed perhaps put your questions to him in his native language Italian and then he may be more eloquent.