Member Info for Juxtapose

That parallel with the financial services was in my mind, as I posted. The difference is that the UK financial services are wholly backed by the government, whereas coca growing is now no longer main stream policy, being contradictory to the receipt of foreign aid and investment: the clued up barons, who want to stay barons will quietly slide sideways. Fingers Xed for decent news on CPO-5 and the next monthly production figures.

It would be extraordinary, if in a country such as Colombia, with its history of lawlessness and difficult terrain, could roll out the new regime in less than 12 months: amazing to think that the peace process all happened this time last year. The interesting thing about the proposition for the govt. to buy the coca is that it highlights the position of the farmers: for them, it is just a cash crop and not the way to fabulous wealth: that, as in all societies, has been reserved for the privileged few. For that reason, rolling out the program is not a big deal: they are farmers and it is just a change of crop. Obviously one of the issues is that the coca is already growing, so perhaps buying the coca is a fairer way of compensation than an arbitrary sum, particularly if corruption is still rife? The real tipping point will be when the farmers can rely on the government to break the feudal yoke of the drug barons, that privileged few.

That they had to side track Plat 25 to get production, suggested it was not going to be a cracker, but it would have been good to get some numbers, to see how much closer we are to the target exit figure. At least the Plat 27 news is good: it means that they are rolling out the plan and can be assumed therefore, to have some confidence in the model. Will the added bonus be that they gain more information on the new horizon (for which we are awaiting the environment extension)? Good news that Mariposa has finally snailed its way to the LTT: it is, of course, the reserves which are as important as the production and particularly so, if we thinking of that "for sale" board.

I have no time for this manipulation theory, general or RH specific. The market sees the production numbers, but is waiting for consistency. News this month of Plat-25 figures, Mariposa and then drilling Plat 27 should give the assurance that Nov will confirm an upward trend.

Perhaps RH understands zeitgeist and that is why recent selling by him has been negligible. Crude now standing at $57.25, driven by the imminent Saudi Aramco sale, production trending up (and all through the OBA) and Mariposa LTT production within sight. Compare that with the recent end of May high of 27p, crude standing at $50, production 4845 bopd and Mariposa production months away. Upward trends on both unit value and unit volume: fundamentals looking excellent. Chart now also looking good from a T/A perspective: sentiment has changed, according to the chart. So, a few day traders will bail with 10%, but will they dent the volumes that we are now seeing?

JTD JW is a mining engineer, rather than a geologist. Despite the Gran Tierra exit, I would take Dana Coffield as CEO over JW any day of the week and GC is an excellent chairman. As for overpaid, it is JW who is the stand out director for greed.

Yesterday's trading volume distorted by cancellations at the beginning of the day (one for 3.5 million, which largely accounts for the volume). The underlying story that needs to unfold is good monthly figures, preferably best month yet for the year and a good indication that the end of year exit target will be comfortably met (preferably exceeded, if Plat 27 performs).

NYO drilled Guji and the results were really poor. the attached table is the best of the results from 64 drills and less than 10 with grades above 1g/t and then on small intersections. Someone should challenge HAA on how he calculates the 1.5 g/t and as for 300/500,000 ozs, not a chance. Table 1: Guji Saprolite Drill Programme - Peak Gold Intercepts Borehole ID Depth From Depth To Mineralised Grade (m) (m) Width (g/t Au) (m) ------------- ----------- --------- ------------ ---------- GRC_005 22 23 1 2.87 ------------- ----------- --------- ------------ ---------- GRC_006 22 25 3 0.52 ------------- ----------- --------- ------------ ---------- GRC_006 28 30 2 0.78 ------------- ----------- --------- ------------ ---------- GRC_008 11 12 1 6.21 ------------- ----------- --------- ------------ ---------- GRC_010 0 12 12 0.50 ------------- ----------- --------- ------------ ---------- GRC_012 4 27 23 0.75 ------------- ----------- --------- ------------ ---------- GRC_014 4 9 5 0.57 ------------- ----------- --------- ------------ ---------- GRC_024 32 43 11 1.28 ------------- ----------- --------- ------------ ---------- GRC_026 33 41 8 1.27 ------------- ----------- --------- ------------ ---------- GRC_028 36 39 3 0.94 ------------- ----------- --------- ------------ ---------- GRC_031 29 39 10 2.26 ------------- ----------- --------- ------------ ---------- GRC_032 46 55 9 1.86 ------------- ----------- --------- ------------ ---------- GRC_038 24 33 9 1.00 ------------- ----------- --------- ------------ ---------- GRC_049 0 9 9 1.27 ------------- ----------- --------- ------------ ---------- GRC_049 13 34 21 0.91 ------------- ----------- --------- ------------ ---------- GRC_052 10 15 5 1.76 ------------- ----------- --------- ------------ ---------- GRC_052 21 25 4 0.63 ------------- ----------- --------- ------------ ---------- GRC_052 30 43 13 0.62 ------------- ----------- --------- ------------ ----------

Reck The plans have changed with the success. As far as I know, the next well is to be up dip from Mariposa 1, in the early part of next year: they say that they have really good 3D seismic.. Sol-1 has a completely different target and is some distance away.

What will lift the SP here is consistent delivery on promises made and today was a good start. All it takes is a couple of sustainable wells flowing 1000 Bopd and that takes the average up from hovering around 5000 to a comfortable 7000 Bopd. Plat 27 will be the fourth well in this northern step out area and it is to be hoped that will be sufficient to establish the projected significant uplift in reserves, as well as delivering good production. "Provisional re-mapping has been performed and the Company estimates, using volumetric calculations, the potential for up to 7.82 MMBO of recoverable reserves within the Pad 2N structure, as opposed to the previous estimate of approximately 1.4MMBO. The eventual reserve uplift will be defined by further drilling to establish the exact position of the barrier and hence the extent of the enhanced closure at Pad 2N". The real excitement is the potential to add the new structure and that is why confirmation of the model is so important. "Significant further upside has been identified in the Platanillo field, in addition to the separate northern structure, with the N Sand Anomaly in the north/central part of the field targeting 18.8 MMBOE. The studies required to modify the Platanillo environmental licence to include further locations located over the N sand anomalies have been completed. The modification application was submitted on 18th August to ANLA. The Company expects approval of this application in December. After civil works, it is expected to spud the well in Q1 2018". In the meantime, we should also expect announcements on CPO-5 and so a lot to look forward to in a relatively short space of time.

JTD My view of the mechanics of shorting is not quite the same as yours. When shorts in size are taken out, they create the downward trend, artificially overwhelming any reasonably balanced market where supply/ demand are matched. That pronounced trend is reinforced by any traders using TA who pick up a trend which has not been created by fundamentals. The recent fairly dramatic rise is clearly partly due to the shorts closing as they are part of, rather than separate from, the demand (and of course, are now creating the upward trend). Overall, the short effect is neutral, other than they have cratered the share price for a period of time. Thankfully, the company was fully funded and did not need to raise funds during this artificial low (usually the double whammy, as the shorts then get closed out of placing goodies and there is no reversal). Where I suspect the real money has been made is on spread betting, since that does not require any sale or repurchase of short sold shares. It has been most regrettable for those who may have had to sell during this period and quite a relief that fundamentals have taken a turn for the better, particularly the Mariposa LTT now being in sight and better throughput on the OBA seeming possible.

esh Trading always is a low margin business, particularly hedged, but that virtually zeroes risk. If they can achieve the targeted margin of 2.5 to 4% that makes a difference and particularly on increased turnover. It is the margin that should improve by their entering the supply chain at the earlier stage: so, the plan specifically addresses that issue. Often, these bright ideas simply do not translate into reality (the AFPO debacle last year is a good example) but these already have the finance and are giving it a go on what I would describe as a "trial" basis, showing that with age, has come experience. ,

The presentation did go ahead last night and certainly took the accolade for one of the most extraordinarily entertaining company talks that I have ever attended, albeit taking everyone through the presentation as it appears on the website. The basic idea comes across really well and makes perfect sense as means of increasing the margin. One of the questions from the room was whether there would be an uptake from the independent miners and they are said to be queuing up (well, who wouldn't want to exchange their "pick axe" for a shiny new "kango hammer"?) but the really big plus was on the "refining" where extraction is poor (50/60% thrown away currently). The obvious question of security came up (joke at the expense of Condor, the previous presentation obtaining cheap equipment over the border) and because of the government interest in getting the scheme up and running, they will get state assistance (army). Equipment supplied is to be demonstrated and checked (and insured) and so it does look as if the expectations are realistic. First equipment deal happening now and looking at three this year. In many ways, it is intellectual property rather than mining and for that reason, may not have appealed to the mining investment audience. It is an interesting proposition, but a bit of background research required before jumping in with both feet: it was mentioned that the stock is not particularly liquid, so one of those where more care required. My research will center on whether or not this bunch of old lags might deliver (The funniest question asked, was wickedly ageist...what if the wrinklies all snuffed it...was there a contingency plan?...which cannot have done much for Poulden's self esteem, but he took it in good part). As a general comment: very positive on gold: they subscribe to the "Chinese plan" (and based in Dubai, through which so much gold passes, they perhaps have some basis for their belief).

Far from paying dividends, this is more likely to raise additional capital and the market can see that. At the current price of copper, cash generation will be respectable and the balance sheet should be improving, but there are substantial other current liabilities to be satisfied, as well as Astor and the new mine will also require cash. If copper broke through $3, this would motor again.

Well, thanks for that, Mr. O. So, the dirty linen to be washed in public and we get to see it was all lies that they could not obtain any debt finance and the share price driven down to maximize the dilution at our expense (not to mention "seconds" on the offtake, to which Astor already had marketing rights). So why, Mr. O was the $50m a problem, when we later had the convertible loan in the next year and it was easily got round by saying that it would be converted or repaid on drawdown of senior debt, thus seemingly differentiating it from the senior debt?

Well, the usual reasons are that: it has not made a profit (different from cash flow) it is not expected to make a profit (the first half year's payment is probably an advance on estimated profits for the whole year) or, most likely of all, that the expected capital expenditure on Project Echo will be such that 100% capital allowances will offset any profit for the calculation of tax

Tedoby If you re-read that extract "All outstanding principal and accrued interest of the Notes will automatically convert into new Ordinary Shares at the Conversion Price at the time the Company (or any of its subsidiaries) makes its first drawdown (the "Drawdown Date") from the facility to be made available by senior financial institutions for the restart of operations at the Company's Rio Tinto Copper Project in Andalucía, Spain". As Dofmeister has kindly confirmed, the loan note and interest were converted into shares at the time of the major financing (which was immediately drawn down to pay off the loans). The similarity is because in both agreements, the second as recently as 2013, the plan was stiil to finance the mine using senior debt and that terminology simply reflected the expectation of the parties at the time as to how the mine would be financed. At this late stage, we should all just wait for the judgement and I am now clear in my mind from the various adverse reactions (not aimed at you Tedoby) that most posters are not expecting ATYM to lose and so regard the subject as scaremongering. So, no more from me.

It probably is better to wait for the judgement rather than second guess it, Tedoby. Astor clearly did not see the risk in the detail: their payment was condition on the two things that were needed to get Rio Tinto going again: the Mining Licence and the money. The money condition was worded to avoid it being triggered on any interim funding to get the show on the road (and of course, they also allowed an amendment into installments). It was always fully recognized as a liability in the accounts until Trafigura came along. The reason why the 2013 excerpt has a bearing on the matter is that the Orion and XGC funding was worded in the same way: their agreement has been honored and Astor's has not: they also were conditional on drawdown from funding made available by senior institutions: perhaps Astor's lawyers might not have noticed that, but if they have, it would add strength to their case. FWIW I have always (following on from my communication with EMED which I had already posted) assumed that it was a delaying tactic, going right to the wire, by a company which did not have the money and thought they would wing it until either they did have the money or they were forced to "find" it. It might actually be linked into the deferred contractor payment (which probably was not an option earlier). Perhaps, the correct way of looking at it is to see the delay of 2 years as the win and any more favorable outcome as a bonus,

If that was aimed at me, average down, then you have not read my posting history carefully enough. This from me on the SLP board, on the 11th November, when the SP had already got into the 120s "Well, glued to my ATYM (copper) shares as they rise from the ashes, I seem to have missed the fun (one of those juvenile outbreaks of poster warfare on the SLP board) here" How could you conclude that I had sold in the 80s? Perhaps you prefer not to consider the possibility that Astor might win, given that the company itself acknowledges the debt and that this therefore is a case about when, not if it is due?

In the weasel stakes, you might have to look long and hard to find a candidate to beat Trafigura. Interestingly, the US$ 15m secured loan from Orion and the Chinese was triggered by the equity finance even though their agreement was also quite specifically referenced to senior financial institutions in the 2013 RNS. "All outstanding principal and accrued interest of the Notes will automatically convert into new Ordinary Shares at the Conversion Price at the time the Company (or any of its subsidiaries) makes its first drawdown (the "Drawdown Date") from the facility to be made available by senior financial institutions for the restart of operations at the Company's Rio Tinto Copper Project in Andalucía, Spain". It does seem that ATYM itself has used the term "senior secured debt" somewhat flexibly and that may well not have escaped the notice of Astor's legal team.