Member Info for johnpwh

Hence my comment about funds interest!
I accept that though, and it is potentially a big advantage. Missed your earlier post as frankly I cant get though the hundreds each day on this board - odd really, I looked up another share on LSE this morning and there hasn't been a chat comment for over 6 months! Some shares capture the imagination.
Worth noting the IHT advantage though folks, when HUR transfers to a main board you lose that (considerable) advantage BUT the length of HUR ownership at the point of AIM delisting can be (nominally) 'transferred' to another AIM share. There is plenty about this on the internet, all should be aware if they aren't already.

Why the rush to move to the main market? Genuine question.
Whilst on AIM there is no stamp duty on purchases and a definite IHT advantage when us old 'uns pop our clogs.
On a main board compliance is greater (and hence more expensive), representation from very expensive brokers like Morgan Stanley is pretty much compulsory. Advantages I guess are B/O spread tightens (better for traders (but see comment on stamp duty)), likely greater interest from funds (where AIM shares may be beyond their investment profiles) and easier fund raising (which I and everyone else here hope wont be necessary).
Press 'post' and await a backlash!

Chris Gilbert comes across in interviews as a nice, genuine, decent and honest man. I have no evidence to suggest he is anything other than that. But is he up to the job? Seem to recall he made is money in the record industry in the UK - I suppose you could argue about how relevant that is to mining and marketing marble in Kosovo and Macedonia!

I have posted before, used to be a shareholder when the operation mined tanzanite in Tanszania. Oliver was in charge then and I recall him as a fair man, taking little or no fees while they battled to get the operation profitable - which it should have been had it not been in an utterly corrupt country. Locals tunnelling into the mines, not only stealing stones but leaving the mines unsafe. I also seem to remember a member of staff being murdered by these illegal miners. Hence one of my biggest investing rules - don't touch anything in Central Africa no matter ow attractive it seems!. Since then of course the Tanzanian government has effectively stolen half of Acacia Minings' operations there. However, does appear RLD leapt from there to a clapped out sapphire mine. Like others here, sadly I cant see anything but a lingering death. Hope I'm wrong, best of luck to all.

When I saw the RNS and 30+ posts by 10.30am I assumed you would be having constructive debate.
But no, squabbling as usual!
Can I just comment on the RNS. No great surprises (in fact from what I can see no surprises at all), just a welcome reassurance that all is on timetable, under control, on budget. Great, what we needed. Wont move the share price, but wasn't expecting it to. One thing I picked up, which I didn't see in the original farm in announcement RNS, is that the Spirit deal frees cash for GLA development AND Whirlwind. Maybe you all know that, but for me that is new (and welcome) information ie Whirlwind development is back on the map in the foreseeable future.

Hmm, I agree.
I've seen several AIM shares where holders of debt eventually become the major owners following debt /equity swap due to the inability to service the debt, leaving the original equity holders with next to nothing. In that sense issue of equity is preferable. I will watch for the results, make my mind up then. ATB

That is logical, didn't think of that, after all the presentation at FINEX Is on Salinbas! Duh!
Looking forward to what is said in the next Salinbas update, seem to remember there was a flurry of encouraging Salinbas information between September and December last year. Hopefully this year will be just as positive - from memory Dr S hinted in the BRR results interview in August that trial mining at Salinbas (Ardala Porphyry) had been going 'very well indeed and the market would be updated shortly'. I picked that up at the time as sounding encouraging. Since then POG has been constant and the Turkish economy doesn't seem to have gone into the tailspin some feared, at least not yet - would be nice if the company made a statement on how the economic situation could impact the timetable that appeared in the last presentation document.
Talking of which, the last 2 presentations published were Nov '17 and May '18 - are these diarised ever 6 months or was that just how the last 2 fell?

Update expected shortly I believe?
Still watching this, over a month since I last posted and all that as happened is a continued drift down. A couple of you posting here are clearly passionate about FOX, and I can see t attraction, but the constant likelihood of dilution due to funding calls still scares me off. I genuinely wish you luck, and that the update meets your hopes/expectations. But remember pretty much the first rule - be objective and don't fall in love with a share.

Well, we had the RNS about Ivrindi trial mining. How long before we get an update from the Salinbas drilling do we think? Imminent?

Just read the blurb. Not sure its one for me. It is good to see AAU invited to present though:
FINEX’18 is a two-day conference focusing on the role of funding exploration, development and mining. It is the 6th of a biennial conference series established in 2008 with the aim of bringing together explorationists and mining companies with those from the financial sector, in one of the largest mining capitals of the world.
FINEX’18 will cover a wide range of topics associated with funding exploration and development by prominent experts in their field. The invited speakers bring to FINEX’18 the latest trends in exploration, development and finance within the sector.

I'd assume that this is a technical paper probably aimed more at academics than dimwits like me. Do you agree?

Hi DJ
That is my worry a bit. I think VanVan agrees that one reason for the constant exploration is to satisfy licence conditions - its almost as if this company has too many prospects, too many balls in the air.
Id like to see Ivrindi and Kizilcukur sold into the JV without delay, which would give an immediate source of revenue and a certain method of processing the ore. That would be a concrete bit of news for te market to digest rather than 'jam tomorrow'.
Most of all I do not wish to see more dilution!

VanVan, I cannot match the depth of your knowledge!
Yes, the potential of this company is astonishing. Why can I now buy for 1.285p after todays news? I didn't buy, was a dummy transaction, but I was curious.
My point on the plant was that we have to have a development at Tasvan to accomplish 50k + production (and revenues to match) by 2021. To expand the plant at Kiziltepe to produce the same output would surely have similar capital cost (and problem in raising that capital from Turkish banks at present), drastically shorten mine life (and hence advance eventual plant redundancy) and still leave no way of processing Tasvan material?
Do the various prospects you list have to be explored to keep up the licences? I would like to see a focussed approach, at times it feels like there are too many balls being kept up in the air rather than getting them through all stages and into production before moving on to explore other areas? Am I being unfair in saying that?

Good points.
Someone on the other board suggested expanding the Kiziltepe plant and produce more there pa (for a shorter time) rather than using discoveries like Ivrindi to keep expanding mine life with the existing plant. Not totally convinced as when all the gold is gone what you are left with an empty pit and a load of expensively developed machinery and buildings that are as useful as a chocolate teapot. There has to be an optimum plant size for given finite resource size.
One thing I am possibly misunderstanding is the argument about how the exploration is potentially significantly enhancing the 'buy in' value of Invindri if eventually taken into the JV (which seems both logical and likely, especially as the jointly owned processing plant would need to be used). As I understand it there is an agreement, formal or implied, that Procea can buy into the resource for twice the exploration cost. So the entry fee for them is related to cost of discovery work not per oz of discovered gold - if I am understanding that then the discovery of a new rich seam doesnt really affect the potential revenue to AAU from this 'buy in' source - it would be the same if that same seam were a dud.
Totally agree with the potential problem of financing Tasvan as currently in the plan, due to the economic problems in Turkey. I do find it worrying, a delay in net revenue in Tasvan will either delay Salinbas or force fund raising. I think we have to trust the BOD to provide the correct decisions to all the above, which comes back to my oft voiced opinion that if PIs dont trust the BOD then they had best sell.

Hi
Unexpected indeed,. Appreciate your comments VanVan, but I cant see Ivrindi as replacing Tasvan, especially as the RNS talks more about extending, not expanding, current production (the current Kiziltepe production facilities are running pretty much flat out).
This comment is based on ignorance by the way, but that is how I understand it.
Tasvan has already been delayed a year between the last 2 presentations. Tasvan is projected to expand output (and hence revenue) by over 100% compared to the c. 25000 oz currently being achieved, but that relies on new processing capacity. Can Ivrindi replace the net revenue implied by Tasven from 2021 onwards, cashflow that will be used to explore/develop Salinbas (which, at the moment, is the resource we all expect/hope to be the making of this share)?

DJ

Another good read! Wasn't accusing you specifically of being a keyboard warrior (and the La-Z-Boy reference was my poor attempt at humour based on a cliché!). I was referring to all of us on these boards!
In a sense I didn't even support the company when I bought my shares - all I have ever purchased are 'secondhand shares' on AIM, I didn't subscribe in any placing etc (though I was a shareholder at the last discounted placing and would like to have been asked....it pretty much my only grump at the BOD so far). I suppose the argument is that the primary funding market doesn't work without the secondhand, but you get my drift.
I asked about T & M as I was interested in an opinion from over the pond, especially from someone like yourself who is business orientated, because both of them ply their trade as the champions of business. Wheras most people you speak to over here think T is an unfathomable idiot, I get the impression that some (especially in the bible belt) regard him as a the bees knees.. The November elections should be an interesting barometer. As for Musk, to me he is a self publicist who is rapidly losing the plot - I have no idea how much of the cars he has engineered himself, I suspect little, but to me he is someone who has generated an adoring following who will keep pouring more and more money his way irrespective of whether they will ever see a return. Its like our Channel Tunnel (or Millenium Dome) - a success now, but the capital expenditure to achieve that success could never have been serviced by the original owners - only the current owners benefit.
As you say, back to Ariana. I am only 2 years in by the way. The company seems to be doing its job, very busy on all fronts, maintaining production (and hence generating revenue which is substantial compared to market cap) and digging lots of holes all over. So is the major problem just simply the image (or lack of?). What are the PR people achieving, where are the newspaper/tipsheet articles? I am holding. Put it this way, in the UK we get about 1.3% on instant access accounts, so the inert share price isn't a lot different!
John

Hi DJ
Enjoyed your post.
I guess I may be being naïve here but I see the criticism on the 'other board' of Dr S and the rest of the BOD and wonder why they want to remain invested. If they don't like it they should sell and move on. I read comments criticizing the BOD on how they are running 'our company' as if we are the big cheeses and the AAU staff are lackeys there to solely serve us and make us rich. Yes we are equity owners and part owners but we have to be realistic about the size of the average PIs interest. At the end of the day posters on these boards are keyboard warriors sitting in their La-Z-Boy chairs in the warm with a laptop in one hand (I'm old fashioned, sorry) and a cappuccino in the other pontificating about what the company should have done and what should be explored/developed next. Would I like to be out in Turkey in scorching sun supervising drilling dusty holes and accurately interpreting results under pressure to (correctly) make key investment decisions? No, neither I doubt would other posters. Are the BOD doing anything different, more greedy, than the boards of other quoted companies? I don't think so, and if I did I would vote with my wallet and leave. This looks to be a cracking company, however one that I will continue to watch very carefully (along with POG and the state of the Turkish economy). And it is nice to have a BOD who actually will both talk in person and reply to Emails from individual shareholders. I consider the success of my investment to be in the hands of people who I therefore want to see adequately rewarded and incentivised - and that extends to the locals employed at the 'coal face', especially where those locals are suffering directly as a result of their weak economy - a good part of the reduced cost base is because the guys who actually dig and process the stuff are now costing AAU significantly less in $ terms. Without these people on board the SP will be zilch.

PS Was going to go to an Auction in Leamington Spa and bid on a 1974 Alfa 2000 Spider today but a) Its solid blue which I'm not sure about and b) I don't have a garage for it at the moment so I've decided to delay procurement!
PPS What are your views on Trump? And Musk?

Hi
Been away a few days, peddling to Aberystwyth from Llangollen via Bala and Machynlleth. And back (return partly by train). Great.
Anyway, I see little has happened to the share price while away, proves watching all the time (like I do when at home) is a bit of a waste of time!
I see that on the 'other board' some bloke who calls himself debt collector is running AAU down again. I always wonder why people do that, although I see the value of doubters as well as enthusiasts - its no good if every post says AAU is the best thing since Mothers Pride. What I don't understand is why anyone should spend an inordinate amount of time dissing a particular share they hate and wont invest in. Its not like this is a good trading share given the bid /offer spread and with a stagnant share price shorting (if available to a PI) is unlikely to produce a profit.
Anyway, I agree that, with the research I have done, the wise words of VanVan and speaking personally with the BOD, this is potentially an absolutely cracking share. I agree that the detonator is Salinbas, but that isn't the only thing which may ignite the SP. I may be alone in visualising this company as the sum of 2 parts, the Western covered (largely) by the current JV partner and the (currently) wholly owned, undeveloped but potentially huge North Eastern bit including Salinbas.
Ignoring the latter, the existing JV can also benefit the SP when it includes Kizilcukur and Ivrindi (both currently being trial mined) and the Tasvan site is successfully funded and developed (2020?) and starts contributing. Then it will get more exciting, but at the moment I have reached the conclusion that, a take over aside, the SP will wander along as we are now, so one for the bottom drawer..

Not sure what will drive gold price if I'm honest. For years they said quantitive easing would, but where other assets (top cars, art, property etc) boomed, gold sort of got left behind.
My two major investments, Ariana and Hurricane Energy are both at a stage of their developmen where I cannot see them at their current SPs this time next year. At least I hope not! Naturally I would prefer movement to be up....
I did have a Sud, a Sud Sprint wich had a lovely wedge shaped body far more attractive than the comtemporary Alfetta GT (which I also had, always looked a bit bulky at the rear). I thought at the time Suds were a bit 'girly' (sorry, not very PC now) until I drove one. Absolutely brilliant...but boy, did it rust

Not such a good start to the season, but a long way to go!
To be honest not a huge follower of football but many of my drinking buddies are so I try to keep in touch!