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Meant to say - so it's 10% cheaper to indirectly buy SAND stock via purchasing MARL stock, instead of SAND stock directly.

These are the Arbitrage players. Bid value currently at 96p(current SAND SP and exchange rate), so it's 10% cheaper to buy MARL stock, than SAND stock. Short SAND, buy MARL. These ARBs will no doubt vote 'YES' imo.

'Samara now holds 0.57% short position' - In Sandstorm Samara Capital inc, as well as Samara Fund Ltd, also hold Looks like the clerk at MARL is having a busy morning processing the file on his/her desk!

Bet their AISC aren't $338/oz either! Re Salinbas...completely different geology and hence the much lower grade(2g/t). That wouldn't be economic for open pit, yet alone underground - which it needs to be due to the topology of the area. Eldorado gold didn't think much of it when it sold 51% of the licence 6 months ago for AAU for just a nominal cash amount, plus 2% NSR!

I posted this on SA a couple of days ago, in response to someone asking the following : 'Question: If MARL couldn't sell their 30% to somebody then why should it be easier for SAND?' My answer : 'Because they've probably already agreed to give it to Lidya, with Sandstorm funding the whole $169m capex via a massive circa 20-30% stream.'

The trade date is the date is was completed on. Trades can be 'Ordinary Trade Immediate Publication' or 'Ordinary Trade Request Delayed Publication'

'trade', not 'trading'

The MAN 1.3m buy was reported on the day(26th) and then reported via RNS the next day. This one, from the same day(26th), was requested to be delayed when publishing until today. Why was someone hiding this trading by delaying it's publication? ;-)

IMO, Taylor Dart is a ramper and a just a trader. 4m oz maybe, but not 5m.

I don't think Sprott have another 20%. I interpreted the +20% email to an individual that posted here, as them having 20% more than the second largest holder (sand)

My view before the deal was announced was...As much as I'd like a resource update now, it's a pointless doing one until they've drilled the 25m x 25m collars to infill, as recommended in the PEA and JORC technical reports, to bring all of the resource up to an indicated level, which the PFS requires. Then there is the additional cost(Tens of thousands) to get RPM to undertake it. All of that infill drilling will be complete very soon. Eric mentioned finishing in March in one interview, so once results received, RPM can do their numbers(1-2months?). Hopefully we'll get that resource statement before we vote. As GP will gain from this deal and potentially be CEO of "spin-off" co, i'm expecting him to announce MARL news to support SAND sp(so they know how good HM is), so that the MARL value goes beyond the original 110p, to entice us to say 'yes'.

oh.....plus the IRR in the announcement was a joke. It said over 100%. The PEA said 153%!!!! Big difference ffs. Plus they said payback in less than 2 years, but that includes the 1-1.5 development years. Who includes the development years when stating a pay back period? It should be from start of production. It pays back in 6 months, hence the 153% IRR! If they had of explained the deal better and showing the cracking deal SAND are getting, then maybe the SAND sp would've risen, instead of fall making the deal worse for MARL holders.

Even the 'less than US$400 per ounce gold-equivalent' in the headline numbers in the press release, is still underselling HM. It's actually $338/ oz eq, as mentioned deeper down the press release. 'Total Cash Costs US$303 per ounce gold-equivalent All-in Sustaining Costs US$338 per ounce gold-equivalent' Although these numbers are preliminary and are not Reserves, they are very conservative and based on the following : - Only includes up to hole 62; having reported up to hole 106 so far. Circa 2 weeks to next results according to the KER interview yesterday. Ok, a lot of these have been infill drilling, but that in itself adds value by adding indicated resources, instead of inferred. - Additional mineralisation has been found in the Main Zone, plus the offset block to the west which is intersected by a fault. - No value added for the 125,600 tonnes of Jorc's Zinc resource. Zinc trades at $2,631/tonne. That's a market value of $330m! They had planned to just stack it at surface, but the PFS is being done with Zinc included. Ok, some extra processing cost and extra capex for a zinc circuit, but the NPV of the Main zone is going to increase with it added. - Higher grade mineralisation found post hole 62. eg Hole 71 - 69.6m @ 62.7/gt au + 2.68%cu and Hole 85 - 60.6m @ 82.2/gt au + 1.44%cu - Poor marketing used in the PEA. They're only getting 50% of the value of the gold in the gold pyrite concentrate that's being smelted! Lidya has a smelting plant coming on stream in a year or so. Plus there are other alternatives, so the PFS will have much better numbers and more revenue. I could go on, but these are the main reasons why even the spectacular $1.37bn NPV in the PEA is an underestimate of the true current value of HM. Plus, they've only explored 600m of a 4.5km trend in their licence. SAND are getting the biggest bargain of the century, so i would of expected their shares to rise on the news, yet the acquirer always gets hit in the early days of a deal when the arbitrage's are being worked by the programme trades.

http://www.kereport.com/wp-content/uploads/0429-2-4.mp3

Samuel Makela Comments (79) |+ Follow |Send Message Based on 150 million pound valuation on the deal (depends on SAND share price fluctuations) Mariana would be bought for about 200 million dollars. The current NPV share of hot Maden for Mariana is 411 million dollars. given that Hot Maden will probably grow significantly Nolan could pay up to, say 350 million $ for Mariana. The 30% stake of the initial Hot Maden capex is so low (50,7 million $) that SAND would still retain a lot of the upside for little cost even though they paid price close to the current NPV. They wouldn't even need to be the operator since Lidya has that role. When GG bought KAM they paid about the NPV, since they just knew it would grow significantly. Haven't read the details about how many votes are required to do what, but if Sprott now controls things, would be nice to see them bringing in another player or force Nolan to pay more. Accepting the bid for, say 75 million dollars more, would still be a no brainer for Nolan due to quality of the asset and discount to current NPV.

F29, indeed, so it's in everyone's interest to get us over the 50% line, but fall short of the 75%. Tricky one.

D220, Not really sure. Read it yesterday, but didn't really sink in what they meant by 'offer' if they get between 50-74.999% votes. Maybe an offer to buy the shares they haven't already hoovered(other makes available) up? It's worth following up on, if someone has SAND or MARLs ear.

'As this is a scheme of arrangement, the deal is dependent upon getting 75% acceptance although Sandstorm reserves the right to implement the combination by way of an offer thus giving flexibility should the 75% hurdle not be met' So they have a backup bid for the company if 75% isn't met.

F29, Good posts...my exact thoughts too and why I'm long and strong.

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