Member Info for Markyess

It was planned to be included within the AGM resolutions, conditional on us having been given the permit.

I'd imagine we're looking to have the share price correct and re-rate to over the 1p mark before allowing the consolidation so we're a bit more credible with institutional investors. The creep back to a 1/10 penny has done us no favours at all.

Broadly the same. Part of me would love to grab another 5m or so, but I am already beyond 'sensible' levels in this.

The Calidus exposure is helpful!

I know. July 2011, I made my first purchase of Ferrex shares, for my newborn nephew, to grow with him. £0.04 a share.

Fortunately, I've averaged down somewhat....

Yeah, I had a good scour across Twitter, using the derivatives of the company name, project location, #KRS, $KRS - there's not much news, and not many views of the small number that are there.

I'm not expecting news for a probably a couple of months, whilst Covid-19 is still the big ticket news. If it emerges sooner, I'll be delighted.

12-18 months and I think we'll be looking back and laughing that there was ever a period of time this had a sub £3m market cap.

Hi Prop

I like to try and keep things conservative, so bear with as I explain my thoughts behind the calcs.

Jupiter are currently reflecting $6.16 DTMU @ 37% Manganese, so lets say we can obtain a price of $5.10 DTMU (and correcting my 'formula' below to reflect 75% ownership by Keras, not 85%), I used a conservative profit of $2.50/DTMU and P/E Ratio of 5 for Phase 1, generating a Market Cap of ~£50m and a share price of £0.0183 per share

We're expecting to get to stage 2 inside of 6 months of production, so assume most things remain the same, production rises to 2.5m DTMU (less wastage and inefficiencies), AISC rises to around $3.60/DTMU (so, profit falls to $1.50 DTMU) and P/E Ratio rises to a still very conservative 7 giving a Market Cap of ~£180m, and a share price of £0.0642/share

That's based solely on extraction and scrubbing of manganese ore, not taking into account any uplift or potential from the scoping study.

I have some less conservative projections that shows all of us LTH's having a booze fueled month on a tropical island.

One component I forgot to add in that. I also popped in an additional multiplication of 0.8 on the Tonnage/DTMU to allow for inefficiencies and wastage.

Yep.

The calcs I did were based on the following:

Projected Tonnage (Month) x 100 (DTMU) x Projected Profit per DTMU (Phase 1 AISC based on $2.60 DTMU)

Multiply by 12 to reach annual
Multiply by 0.85 to remove SGM and Togo Government Profit Share
Multiply by 0.8 to convert from USD to GBP
Apply a P/E Ratio multiplier to reflect MCAP based on EBITDA (Producing miners usually have a PE Ratio of 9, but I used a more conservative 5)

Hi English_Parisien

In my view, the current valuation of the company is ridiculous. The company is not at threat or risk and yet has a rapid pathway to production. The company was projecting being in production in Q1 - naturally this has been missed, and Covid-19 and Presidential elections have not helped with finalisation of the permit (that was granted late last year). In short, production could be imminent.

The company is ready to roll on production of 650,000 DMTU/month with no extra investment, at a cost of $2.60/DMTU - if you assume a profit of only $1/DMTU - this already makes a £3m MCAP look ludicrous if an assessment of NPV.

Investment has already taken place on machinery to increase production to 2.5m DTMU per month and there is an anticipated ramp up to this production level inside of 6 months of production starting.

I think the only thing holding this company back is sentiment (given how long the Permit has been awaited) - but this really could be a 'blink and you miss it' opportunity - especially now the President has been inaugurated.

Only in my opinion, naturally. I wish I had the spare change to nab another few million at these levels.

I still find myself perplexed at how much this share's price seems to fluctuate in response to such proportionately small trade volumes.

I thought I understood market forces until I encountered AIM.

What utter bull sh*t. They must think you were born yesterday, Andee.

As I understand it, there's two elements to this -

1. Actual mining effort is low risk for viral transmission and so once we're able to go, this *shouldn't* be a show stopper
2. The work effort to get the final sign offs and completion of the license and permits *probably* relies on more social interaction and also the need for people (who are currently in countries with travel bans) to have more freedom of movement

I think the best we can hope for is prudent management of cash flow (furlough where possible) and accept that the timeline may be impaired a little - whilst having gratitude that when the green light is given, we're in a fortunate position to be cash generative very fast - and we all know what the corporate value could and should be when that happens.

I don't think that's as far fetched as it *should* be. The money markets are filthy and entirely propped up by chancers, gamblers and middle men, gambling themselves a living.

Would we be able to construct a group case to be reviewed by a Financial Regulator or Ombudsman? It does seem distinctly out of the ordinary.

Let us know how you get on JR - I have a few in an ISA, and a small amount in a Share Dealing account for my nephews with those charlatans.

I've played around with so many spreadsheets in lockdown... it's about the only thing keeping me sane and giving me something positive to look forward to!

Perhaps to be a little clearer. The operating company in Togo will be Societe Generale de Mine PLC

SGM PLC is owned 75% by Keras PLC, 15% by SGM and 10% by the Togolese government.

SGM PLC will be responsible for investing 0.75% of its turnover into social responsibility programmes.

Post tax profits will be shared amongst the ownership structure as above.

Hey PC

As 10% owner, they'll be entitled to 10% of post tax profit/agreed dividends. SGM will be entitled to 15%

The Corporate Social Responsibility payment of 0.75% of turnover will included in EBITDA

That was my thought. Despite my pious 'let the pandemic pass' rebuttals to anyone getting impatient - the messaging all seems quite positive.

It's good that operational set up and progress is commencing in readiness for the boring admin completion.

https :// fr.sputniknews.com/ afrique/ 202004231043633082-changer-de-paradigme-pour-un-togo-100-electrifie---ministre-de-lenergie/

Remove the spaces...

Should come up right at the top of the 'News' tab on Google....

Search Google news using the term 'societe generale des mining togo' - some positive noises about our project.

There is an article from April 23rd in Sputnik France that is relevant to our project. You can Google translate the piece into English. The Nayega Managenese coverage is towards the end of the article (about a third of the way down the webpage, there's a lot of adverts.