Member Info for leehardcastle

Ruffer speeding up the offloading, selling big chunks, I keep taking more, this sub penny opportunites wont come again, whether 0.9 or 0.8 or 0.7, I just take a ticke at each point.

Over at ADVFN I’m called johnybigarms, JBA, it’s because I looked like Johny Bravo when I was younger, I don’t so much now, but I do have big guns :-) I have tried to post a basic and confident perspective, I I truly believe in it, but as you say, doom mongering is prevalent, I have exchanged with Footloose, his negative outlook got tiring, but it’s common sense that being such a mature business, $250 million invested with only $100 million in loans, that’s how I look at it, not we’re doomed because we have a $100 million in loans, of which I reckon will be about 50:50 between the banks and our major shareholders by the end of March, it’s not that complicated, the banks get paid back first, and the major shareholders second, simple, the crooks of the matter is getting gold production to speed, and by the recent Share Prophets snippet, we’re already doing that, the money generated from gold sales is all we need to focus on, but we are constantly focused on finance, Mr Bowden has never spoken about finance, he knows that is not the issue to solve, gold production is paramount, get that right and the money flowing in will blow the cobwebs out and everything will naturally come good. Hold on to your shares, this drop is nothing other than heavy selling from an institution getting out of AIM, nothing related to our current standing as a business, so relax and let this competent CEO lead us to better times.

Mr Bowden said from day one when he first spoke, the no 1 priority is to get the mine to full speed, it’s the ticket to success, we are all focused on the finance, he never even mentioned finance, because he has always known that will come good with production, Share Phrophets has obviously got contacts in the know, sounds like the mine is munching pay dirt at a vastly ramped speed, more in, more out, bet you he whipped the staff into realising their jobs are all at risk if they don’t move their arses, efficient gold production is the way out of deep waters, not obliterating share value, never happening in a million years.

Leo, we all know your outlook on MTL, it’s permanent doom, but like Kingpin, you just end up showing your self up

Good old share prophets, that’s comforting, I still like his “catch a falling star and put them in their pocket” I’m doing just that, sticky hands.

I just took another 100000, thank you Ruffer

Well put Volmer, it’s not in the major share holders interest, neither ours, so it’s the last thing that will happen, I’m certain they will support any income required by means of loan to meet the March 31st bank payment, as I keep saying the company will have the majority of that equity raised through gold sales and cash in bank, they would never agree to diluting shareholder value, as they are the biggest holders, that would cost them the most, we are making gold and at a rate that only Mr Bowden, majority share holders and banks know, but by making numbers and targets that are possible is in the interest of all, that’s why the re-financing is laid out and agreed to buy all parties, I can’t believe we are not estastic about the fact we are refinanced, most here were anxious yesterdays news wasn’t coming, I got one saw it as great news, a direction and a fresh set of terms, I topped up again yesterday and will continue whilst they are so cheap, you can thank Ruffer for that, but I’m sure will find gloom in that too.

In case you gave forgotten, we are a running gold mine, we generate our own money, we just haven’t generated enough in the past, facts are we had $4.2 million in unsold gold and $1.7 million in the bank at 31st December, we were running at 64% at that point, even without increased efficiency we would produce $21.1 million in gold sales this quarter, so that’s $27 million in hand before costs, I’m allowing $15 million running costs, so we will have $12 million in the bank at the 1st payment due date, that’s all based on fact, what we have in hand, historical costs, and 64% running rate as stated in the recent RNS, so even if we haven’t improved performance we are only short by $3 million for the payment, if we are running anywhere near 80% of design we will even find that €3 million, but at the worst we need $3 million and another $5 million for running the mine, although the banks have given us 60 days grace to get that in place, so I’m not sure we need to raise that, as it will come in from gold sales over those 60 day.
The most we need are a few million, not $20 million as you state, that’s rubbish, and would be impossible to raise if it were true as our market cap is only $25 miiliion.
I think scare mongering is going on, I’m basing on material information we do have, it’s all been printed if you have followed MTL closely.

Net equity proceeds = equity raised less costs, the equity could be gold sales and major shareholder loans, the costs being the operational running ammounts and loan arrangement fees.
The banks have agreed to refinance the deal, good news, the interest rates are fair, but in reality they are only loaning $63.3 - $15.5 = $47.8 million, as the 1st payment of $15.5 million is from day 1, so if we raise that money from gold sales this quarter and any short fall filled in from a major shareholder loan, we are all good, why wouldn’t they loan more? They always have before, and this new loan agreement states that the senior loan has to receive all money raised from gold sales (above a $6 million balance for running the mine) before the mezzanine loans from the major shareholders can be paid back, so as we have negotiated this deal early, you can be confident the major shareholders are happy to follow the terms.
At the end of the day, the loans are still a mix of the banks money and the major shareholders money, if they are happy to let us proceed and get our gold out the ground at the rate intended, then we have absolutely nothing to worry about, the loans total 1.5 years net profit, so in my mind it’s simply a matter of getting production up to speed, it’s that simple, gold prices are at a 9 month high and that’s very helpful, all is looking good, just seems people are unsure, I’m sure Mr Bowden has it all in hand, he’s agreed to the refinancing.

The net $20 million to be raised by the 31st of March will be made up of this quarters gold sales less production costs, last quarters 3k ounces of gold unsold and current cash in the bank, any shortfall of the $20 million demand will need to be raised, but I can’t see that being raised by releasing shares at our current share price, I think with decent production this quarter and the $4.2 million unsold gold, plus the $1.7 million cash, we will be short by about $5 million, then it would make sense for the major shareholders to lend the company the money, after all, they have already loaned numerous times already ($35 million) so they have always been supportive before, it would keep the banks happy as we will have met the deed conditions, the major shareholders will simply charge interest on the additional loan, so they are rewarded and never out of pocket, and the share holdings aren’t diluted, the following senior debt payments are much smaller and easily covered, with any excess of $6 million in the offshore account being taken to reduce the final large payment.
Once the senior loan is paid, the major shareholder loans can be paid back, currently $35 million plus the estimated $5 milllion I think they may stump up on the 31st of March, $40 million total, that would take around 9 months profits at design gold recoveries.
I think I’m on the right track, it’s not difficult to meet these payments with design gold recoveries, we will have paid both the senior lenders and major shareholder loan in full by September 2021
At some point in the next couple of months we will have to start the 90 day test to prove nameplate design can be consistently obtained, as we have to meet this condition by the end of June 2019, so Mr Bowden needs to use his skills and make sure we have the plant running at 100% as soon as possible, I have a feeling that’s going well as the he was extremely confident on that point.
Thoughts on my ramblings would be welcome.

2 million @ 0.95 that’s Ruffer, keep it up, PIs very happy soaking them up

Bet you they have off loaded a few million today alone, always spoil the party, but they will run out in the near future.

I don’t think we need a placing at all, I think they can raise it from pure gold sales, we have the whole quarter, not 6 weeks, last quarter with fuck ups they produced 14k ounces, but kept 3k ounces back, so if we produce 19k ounces this quarter, plus the 3k from last quarter, we have 22k ounces to sell at $1320 per ounce, that’s $29 million income, plus $1.7 million in cash gives us a total of $30.7 million, after costs that’s around $15.7 million net profit, BINGO, can we run the mine at 75% design? Of course we can, it’s fundamentally right, just needs better operators and we have them in place already. IMHO

They had $1.7 million cash and $4.2 million in gold unsold, so were looking for $9.1 million profit after costs, that’s about $24 million in gold less $15 million costs, so to produce $24 million in gold we need to run the mine at 74% nameplate design, so that’s only 10% more efficient than at Dec 31st 2018, it’s very possible indeed, we may be running at that level already, they have 60 days to get $5 miilion in the bank as running capital, with a smaller payment the following quarter, they can achieve that and cover production costs. Looking great

It means as I have said all along, they have agreed to refinancing by extending the senior loan end date, the large payment up front shows signs they must have got production running to speed, interest similar to the original agreement over 2 years back, exciting times boys

Agree 100%, this is Ruffer offering packets of shares to the market, say 0.9p or so and the market makers just offer at 1p and fill the order, I’m just surprised they don’t hold back to let things settle and start selling at a higher point in the future, but at the end of the day, this is a fantastic opportunity to get back in, or take a position if you haven’t, or increase your position, the lower the price is, the quicker Ruffers shares change hands, as long as current investors don’t lose sight of the goal, and sell out, you will definitely regret that in 6 weeks or less, there absolutely nothing stopping MTL releasing a refinancing deal at any point in time between now and before the end of March, we dont know how progressed talks on this subject, we may already have the mine processing at full speed, perhaps another stream of finance is agreed from a third party, all I do know is we have exciting tones ahead, I’m here for the journey, been here over 2 years and just keep collecting shares, catch a falling star and put them in their pocket.(recent Share Prophet advice) :-)

I’m still here, taking a peep on the evenings only, I know it’s always painful when the share price recedes, and you have to ask yourself should I have sold out by now? Well remember why your invested, if you remind your self that we’re part of a business that’s transforming in the back ground, we don’t find out just how much that is week to week and you can start to doubt your reasons for buying in, the share price had no relation to our business position, this drop is an opportunity to increase your holding, Ruffers selling is the biggest reason for the lack of progress, they stifled the rise on the fantastic news we have had recently, going bust is off the cards and yet the share price looks like we are, I would have preferred Ruffer to dump in one go, hit us with selling 70 million in one go, they would get snapped up in a day @ 0.5p, then upwards and onwards, I urge investors not to sell out, it’s a very temporary position we’re in, Ruffer will pass their shares to sticky hand investors over the coming weeks, any one buying on this fall will come good in as little as 6 weeks, I am utterly confident on that, if you can afford to pump in even more cash, I honestly feel it’s an opportunity, we’re all buying at levels that simply don’t reflect the business, key points: we have over a $billion in value of gold over 8 years at full production, that’s half a $billion profit after costs, we have further lands in ownership to explore at the current site with potential to increase the life of mine by decades, we have proven supportive major share holders, we have successful proven management, and all this at 1p gives us a market cap of just £20 million, come on guys, that’s plain stupid, but as I said it’s an opportunity, selling out is just crazy, look beyond this dip and keep hold of your shares, this is not me ramping, it’s me telling you how it is, risk is smaller than it’s ever been in 12 years, yet the share price is hanging around the lowest in 12 years. Hold and ADD, won’t be long before the facts are out we have turned the corner, higher production and new finance terms, a surprise buyout is very possible at any moment, that would be at multiples of the crazy share price, if your out, you will miss out, so I advise to chill and use this opportunity to your long term benefit.

Ronald Wayne (born May 17, 1934) is a retired American electronics industry worker. He co-founded Apple Computer (now Apple Inc.) with Steve Wozniak and Steve Jobs, providing administrative oversight for the new venture. However, he soon sold his 10% share of the new company back to Jobs and Wozniak for 800 U.S. dollars, and later accepted $1,500 to forfeit any claims against Apple (in total, equivalent to $9,724 in 2018). 10% of Apple in August of 2018 was worth over $100 billion, which if owned by one person would make them the second-richest person in the world.
The point I’m making is this: I have 2.5 million shares in MTL, that’s a lot, and at a penny they ain’t worth much, so I’m not remotely thinking of selling this week or next year, this is a golden opportunity to be part of something huge, not Apple huge, but my point is in 3 years time when 10p plus is fair value, I,m made, enough to relax back and retire early, so I’m going to put these babies to bed, leave time to do it’s work, so I’m going to go quiet after today, the writing is all ready on the wall, we are going to be a class act gold mine, I’m totally sure of that, so my stake is in good hands and thinking about it won’t change the outcome, it’s a great chat board, but I really need to get on with living, see you at the 10p party GLA

A take over is possible, multibagging instantly, but I’m happy with fresh repayment terms and a clean line to start again, this time with a fantastic experienced team and gold on a 9 month high, We had the Kingpin spouting rubbish too, but he’s long gone

Leo, your talking rubbish, they have $5.7 million in their hands as of 31st December in cash and unsold gold, the mine was running at 64% performance at that point, even at 64% and gold at $1300 an ounce, we generate $21miliion in gold sales, so by the end of this quarter, we should have around $26 million before costs, costs are normally $16 million, so were ok financially even if we don’t improve, but you know this new team are in place to improve and have already stated it won’t take long as the mine is actually sound. We DONT need equity,