Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
Do not recall any comment yesterday on Axis Capital Markets Ltd appointment as joint broker. This is a US$27 billion
asset company based in Bermuda and quite a coup for £6m asset ECR to be accepted.
I take this as a positive for future sp performance.
According to my reckoning the BOD currently hold over 3.5million shares between them
all purchased at above current sp.
I do not think that they would be happy to write off this investment. We are all suffering
from the negative sentiment on mining/exploration companies at present.
The market seeems to have ignored the announced intention to sell Danglay [90% held]
Carrying value as at 30th Sept 2022 was £1.5m although this has been impaired in full for
the latest published accounts.
Last target for mineral exploration was 95000 to 170000 ounces at 5 to 7.5 g/t.
With gold now hovering circa $2000 [and will increase imv] this sale could net a tidy sum.
No mention here of MOU signed on 7th Feb setting up Yuan clearing facilities between Brasil and
Peoples Bank of China thus encouraging mutual trade.
China is reducing reliance on $ for international trade and promoting bilateral agreements denoted in Yuan.
Defintely positive for future Amapa iron ore sales--inc stockpiles.
If the Mexican government tore up the present licence agreement it would surely be a major setback for
any outside investment in battery manufacture.
The only outcome will have be an agreed process for development of Sonora by Ganfeng.
I was given to understand in discussion with our BOD members at the last AGM that it would be impossible
to replace Gangfeng's expertise in extracting and producing the Li needed for batteries from Sonora.
The Mexican Gov needs Gangfeng as much as Gangfeng needs their cooperation to develop a mutually
beneficial national asset. Compromise will out.
A really positive interview from AH, particularly towards the end.
A good prospect of confirmation of Queensland assets and Blue Moon drilling to be
carried out in run up to year end.
Good to hear all on track despite disappointing sp to date.
Important note in interim report stated that cash position at 30th June was £1.99m.
So adequate cash to see us through to well into 2023.
By then we should have PFS on Amapa and maybe Ganfeng Sonora development news.
Surely overall a positive Interim Report?
Seems to me that the basic problem for lack of interest lies with the huge backlog of assay results
in Victoria. Did I see ecr had 300 core results outstanding?
Normally we would have a constant flow of news but these assessments will eventually arive.
Lets hope they have a positive outcome.
On a different note I am sure we wil see a dramatic end to the constant paper gold sales on comex.
Rise in pog coming soon imv.
@mentalmax your comments 11.59 are correct imv.
Supply of repothicated gold backing "paper" gold short sales is dwindling due to BIS ceasing to
lease bullion to liquidity providers as per Basel 3.
Central banks are buyers at these prices, expect speculators of paper gold comex contracts to be rinsed.
Only question is when not if.
My wife and I have also just returned from AGM, unfortunately a little last due to train cancellation.
In answer to my questions Kiran stated
a] that finance for Amapa to take us 49% is expected to be 60/70% debt and balance in equity.
MRE and PFS were likely to be available "relatively soon".
b] There were no specific projects in mind which would require any immediate cap raise--we have just
authorised £1m nominal increase in share capital.
c] The shipping of the stockpile of ore from Santana will commence when there is a profit margin of at
least $20 per ton. Even though shipping rates have come down we are not there yet. We are not under
pressure to repay bank creditors for time being.
A great shame more shareholders were not present as Kiran and Andrew were very willing to remain after
meeting and discuss any aspect of the company with those that attended.