Member Info for jamesjohn

The RNS 24 0ct 2019 stated...

The Directors believe the facility with Atlas offers full funding to reach production at the Company’s Baita Plai Polymetallic Mine in Romania (“Baita Plai”) and at the Chiadzwa Community Diamond concession in Zimbabwe (the “Diamond Concession”), and subsequently to generate positive cash flow for the Company. This facility does not affect the Company’s continuing process with the Swiss Bank or other funders, and the Company’s intention is to continue its efforts in securing a long-term financing facility for Baita Plai and its other Romanian assets.

They still have tranche 2,3 & 4, worth circa $8 mil for the diamond mine in Zimbabwae.

I thought they had the Atlas arrangement to fund Zim. Tranches 2,3 and 4.

I'm very busy at the moment, but was able to catch a large part of the first half. All sounded good. My only concern was the answer to the question, when will the funds be received. I think he said a month after final close. That would suggest end of April. Any delay could push this towards elections. I was under the impression that the funds from the investors would be released immediately it was closed followed by the senior banks. May be someone can correct me if I'm wrong.
I will try and listen again when I have more time, I may have not heard correctly

As far as I remember the funding from the bank was not for Zim. The funding was to pay off Atlas regarding tranche 1 and I think some funds were to be used to ramp up production. The remaining Atlas funds, tranche 2,3 and 4 would stay and be used for Zim. It's possible the bank may not like the idea of using future profits from BP to go into the Zim mine, they threfore would like to keep them seperate.
Again this is mostly guessing !

Pecten11... Yes he's done very well with TXP. It's just at the time that I was following, very few seem to be interested and oil and gas were going out of fashion, so I lost interest.

Reasonable comments, but try telling that to TXP shareholders. I spotted this share in OCT 2019. I bought in at circa 13p and then sold out quite quickly because it wasn't doing anything. I'm so annoyed at myself, (160-170p).

I don't spend much time on here, and I won't pretend to know that much.
With regards to the restructuring, I have very little idea as to what that is going to mean for us. However what I really don't understand is why do we need the bank anymore.
We have I believe only drawn down £4 - 5 mil of the Atlas funds. Atlas are only allowed to convert 10% per month which started in July/August, therefore approximately £2.5 mil so far.

We have approximately £4 - 5 mil in the bank'.
I'm just going to throw this out there as I have no clue if this can be done.
Could we not pay off the first tranche from Atlas, and then draw down on the second , which I believe is circa £3.5 mil. As far as I remember Atlas can't convert for 12 months and there after at 10% per month intervals. By this time we will be making a strong profit.
Another possibility is to sell off a small percentage of the asset for funds to partly expand and pay off Atlas.
When we originally applied to the bank we were a long way from production and we had very little cash. Now we are 2-3 months into production, £4.5 mil in cash, and copper is rising very well.
As I say, may be someone with more knowledge can correct my many mistakes, I'm always willing to learn. At lot of this is done from memory and the figures may be out too.

Fantasy... I have checked your reply, and have no problem with your feelings towards this share and the other. It's just that the rampers on here are no different to rampers on other shares and the exact same conversations take place, but people only criticize when it suits them.
For what it's worth I still believe HA will deliver on TK, but I also have major doubts.
With regards to this share, I'm happier because we are producing. I also think AP has options and probably knew some time ago that this may happen.

Fantasy... I follow Kefi too, and the same happens with TK and SA, but I'm not aware of you making the same criticism over there.

It appears that after many months of due diligence, etc by the bank, that the executive team thought that approval would only be granted by the bank's committee if Vast were to raise additional cash. If we had not had so many delays in getting to production may be this condition would have been avoided. Regardless of our guess work the executive team have deemed this a necessity if the process is to reach the final stage. We have to hope that this final step, albeit a difficult one, will at long last enable us to achieve the rapid expansion of the mine and hopefully a rapid rise in the sp.

Here's my prediction for the re-finance and diamonds. However there are 3 big 'ifs'
'IF' the re-finance is approved next Tue/Wed, and 'IF' there are no big shocks within the re-finance package, then I think the share price could go to a min 0.35-0.5 max.
'IF' the JV is signed in January then +0.75.

All guess work obviously, but could be very exciting !

To be honest I think he is correct, the coming weeks does not appear to refer to money in the bank. I think it is when the two senior banks agree to the new terms. If you remember this was already completed before , when we were waiting for ANS.. Since then ANS have gone and we now have a new consortium, consisting of the local investor and mining financier . As a result we have had to go back to the banks to agree new terms. As far as I know this is what we are waiting for, hopefully in the coming weeks. Then we go back to the local investor and mining financier to arrange the final details before the full funding can be released into our bank. This was expected to be this quarter, but now looks like Q1 2021. I may be wrong, but I believe I'm not far off.

I guess it is still a better sign for AST that the vote went this way, rather than the other.

This for me highlights the problem with the Slovenia authorities, nothing is clear.

This decision does not change anything. First of all AST were told by ARSO that they agreed that the method used by AST to extract the gas was not regarded as fracking, were as this news article does. Also when AST applied for the permit, fracking was always allowed, which from this vote, still is allowed, but you are required to go through a full EIA.

The dispute is still with the EIA, not whether fracking is allowed or not.
Also I'm not sure why after all these months AST have not submitted their application for the environmental impact assessment. May be they have to wait until the dispute is over, who knows.!
Like before, decision making in Slovenia goes on and on and on.......

Harry has always been laid back. From what I've witnessed, African nations tend to be this way too. Just an observation, not from experience.
However I would say it is sometimes better this way, compared to the fast talking enthusiastic Car Salesman approach.
To be honest I believe Harry will deliver the deal before Christmas, I do think it's close. Were as with ANS, I had more doubts than confidence.

mozzie.... The link I used before to watch the interview does not appear to work at the moment, and there is no update on the Kefi website as yet. May be they will upload it with the next day or two. Or someone else may be able to find another link. I used the one from the RNS of the 23 Oct., but as I say I can't get it to work .

dsrt.... Yes, even a partial amount in the bank, just to kick-start. This would be welcomed very much. Any tangible progress and we should be up and away.

If I remember correctly, $30 mil is the off-take, through the mining financier and $10 mil is from the local investor. They may also have rules on who can invest or how much. I'm sure I recall a statement in the past saying the government wanted a variety of investors involved in the project, but I'm probably wrong.

To be truthful it doesn't bother me, it's a case of swings and roundabouts. Either way as management you are required to raise money when these situations arise. If they had kept the money in readiness for a possible conversion they would still need to raise funds to cover the costs, due to the delay.

From memory I think the money raised in late June was just enough to cover the Atlas conversion. (which didn't happen), and to cover costs up to mid-late August. This was when first sales was supposed to happen, but as we know it didn't take place. So I would imagine they used the money earmarked for Atlas to take us through to this point in time. Obviously we are still not in a position to sell and also have additional bridge costs etc, hence the reason for another raise. All guess work, I'm afraid to say!