Member Info for JohnBull65

No reason for scaremongering either regarding delay in publication of 2019 Accounts. I suspect that many companies will take advantage of the time leeway allowed due to the CV crisis. 2019 Accounts for this business of little relevance given massive change to trading elements since March. Cannot see any benefit in further panic selling as whilst I agree timing of RNS not great, if a deliberate act to impact the SP then no doubt the underlying reason is that someone wants those shares as they see value potential here.

I can see the appeal to Dbay of trying to pick up the remainder of ESL as cheap as possible. However, this theory would suggest there is real potential for value growth in ESL so best advice IMO for existing holders is to HOLD. No new negative news in RNS. Presume we will hear nothing more from TF on this share given it is “uninvestable” in his words but he may continue to try to protect holders from further losses by more deramping.

Fortunate to be in both ACP and GGP and I see some similarities in the investment cases. Both have excellent prospects and, most unusual for AIM, are companies with strong BOD’s who appear to have genuine commitment to maximising shareholder value. I don’t feel the need to watch either share as fully confident in where they are both heading which is to multiples of current SP’s, albeit no doubt with some fluctuations along the way.

At least the spread is a little more realistic at present - typically has been 25% which hardly encourages buying unless for genuine LTH.

Given everything going on in the wider world recently, it is understandable that there has been a slippage in this SP. However, recent RNS’s show that plenty has been going on behind the scenes and as general corporate focus switches to the future (post CV-19) hopefully the time for this company to begin to realise true value is fast approaching - certainly the recent fund raise evidences strong confidence within the HNW shareholders and fundamentally the economics of the project warrant very good support. Hold for......graphite????

As certain as possible that news tonight/tomorrow will be excellent but not expecting a significant uptick in the SP immediately. Firstly, there will be many recent s/holders who will realise ST profit of 20% or so and move on. Secondly, some LTH will undoubtedly top slice to bank some of their substantial profit as it will genuinely be life changing. Thirdly, it will take some time for II to get on board due to the likely need for board approval for investment in such as GGP. IMO the true value will occur upon MRE and I expect a purchase by NC of GGP’s share in HAV shortly thereafter and that is why I am totally relaxed and have no intention of selling. Remember that our other prospects will need to be proved up and will generate significant extra value. This is a great, informative board and long may that continue to help existing and new PI’s to make the right investment decisions.

GGP JV with Newcrest is $65m phased for up to 70% of the Havieron prospect, with an option of a further 5% at “fair value”. A good deal for GGP at the time and given how massive HAV is looking to be an absolutely fantastic deal for NC. Holder in GGP but new to ECR today - hopefully this will be in the early stages of becoming GGP 2??

Agree with Pottersfield. Sale of GGP’s interest in HAV at a fair price will be best deal for both companies and each can then concentrate on their own specialisms leaving the door open for future collaborations when GGP’s other prospects are proved up.

Barc should pay divi not suspend or cancel. At a time when many people are seeing a significant squeeze on their incomes a decision at this late stage to not pay the declared dividend is outrageous and in the greater scheme of things retention of that capital would not see any increased lending by Barclays. As usual in troubled times the banks do all they can to hold on to as much of their cash as possible and it is the less affluent/those in need of financial support that lose out. The “rain/withdrawal of umbrella” scenario in all its glory and I know this is the reality after having spent nearly four decades in the banking industry.

Prompt response from Rolf to my earlier question re liquidity - doesn't really add anything to content of RNS but very good of him to actually reply at what is, no doubt, a busy time with many calls upon him - which in itself reinforces my confidence in the BoD and my opinion that we will come out of this delay in a much better position:
"Thank you for your email it is much appreciated. Our liquidity is being managed carefully and you are correct operating costs are being reduced during this period. I am confident that we have the required liquidity to see us through this period of time, but am also being cautious, as I am uncertain as to how long it could last. In terms of seeing positive cashflow from operations that will depend on when we can resume work in Arizona, which at this stage I do not have a timescale on."

Delays as outlined in RNS could have been expected given current global turmoil and lockdowns causing cessation of many business activities. Very sensible course of action re O & G as drop in oil price needs to be factored in to any viability analysis of that acquisition - ultimately if it goes ahead we can be confident that pricing is right. For Arizona, Trump will ensure that work can resume in the US at the earliest opportunity so this aspect of no real consequence as it may only mean a delay of several weeks or a month or two IMO. This should be a positive for the only area of concern which is the level of current liquidity - how much cash does MNRG have and how long would this cover (presumably much reduced) operating costs pending a return to normal trading conditions? I shall pose this question to Rolf and report back with any response. In the meantime, happy to hold what should continue to be an under-priced share given potential opportunities.

Not naive at all. Is a common restriction on share dealing for employees within the financial sector and essentially inhibits speculation. Severe damage is being and has been done to businesses and investors by shortest and (intra?) day traders IMO.

Re question on knowledge of anyone with CV. From this “north east coastal town” as per the wartime reference?? official record suggests no confirmed cases????
On another point for general discussion, I think the current circumstances both market and medical, prompt me to suggest the FCA should firstly prohibit shorting and secondly make it mandatory that any investment in shares should be held for a minimum of 30 days. These actions would reduce greatly the volatility of share prices and the perception of the market as a “casino”. Thoughts?

All this talk of a takeover by NC is a bit premature IMO. However, I do think that NC will bid for the rest of HAV and probably at or around the time of the MRE - will probably need some form of ‘evidence’ to justify this action to their shareholders. GH has stated many times that GGP is an exploration company so talk of becoming a mining company is IMO again wide of the mark. I think he will use funds from sale of interest in HAV to prove up other prospects before selling those on to NC / RIO etc. One final point to those critical of the terms of the JV with NC re HAV. I believe that this was the only way GGP could progress HAV - the commercial risk analysis of any potential lender on such a prospect at that time would have been very different (and more negative) than that of an experienced mining company with significant infrastructure on the doorstep in desperate need of life-saving intervention! Let explorers explore and miners mine??

“My goal is to maximise value for shareholders and I go to work every day with that attitude”

Good enough for me!!

If earlier messages on this board are accurate regarding the level of job vacancies being advertised at Telfer surely this is clear evidence that NC will be progressing HAV as soon as possible, whether or not a MRE is published at this stage. Bodies cost money and I am sure NC would not be employing people for fun at what would otherwise be a facility starting to be wound down if not for HAV (with perhaps more to follow).

As Mercman suggests, I think NC will take option 3, i.e. buy 30% residual share of HAV from GGP. However, I don’t think that GH has any intention currently of making GGP a mining company - instead he will continue doing what he is best at and maintain good relationships with NC (with RIO in the background at worst) on developing future prospects.

LT holders will ignore today’s sales as the future of this SP is excellent. Without tempting fate it seems inevitable that HAV will prove to be a significant resource capable of catapulting GGP into a completely different corporate space.
I would expect NC to acquire the remaining 25/30% of the HAV prospect which would make GGP cash rich to continue identification/development of its other prospects.
IMO GH has proved very capable so far and hopefully he will adjust to the higher profile that GGP will attract once news of HAV is fully out there, keep his feet firmly on the ground and his focus on taking GGP (and the SP??) onward and upwards.

I for one don’t mind a bit of ‘noise’ - as with all ‘advice’, listen/read it but then decide for yourself what to act upon. Pleased to say it was noise on the TW board that first alerted me to GGP several months ago and both TW and GGP boards are great examples of how these chats should operate. IMO NC unlikely to give a MRE on Wed/Thur but will make it very clear that HAV is a prospect that they are looking to progress as quickly as possible as it meets all of their criteria, with added benefit of close proximity to Telfer. Certainly exciting times ahead for GGP!