Member Info for ocelot

Agreed, it's a proposed debt facility, but I did speak of "the ability" to borrow money.

gkb47,

As others have said, the ability to borrow money on Saltfleetby's prospects does confirm that the project is bankable.

It's remarkably quiet trading for such a momentous RNS.

Has the placing gone into firm hands?

Even allowing for the revised capex, the Company's reworking of the CPR calculations show the Company's share of the Field's post tax revenues net of costs would be of the order of GBP20m on P90, GBP33 m on P50 and GBP60m on a P10 valuation.

If we look at the mid-case, P50 forecast, then the CPR's figure was £36.3m (with a 0% discount rate), so the downward revision to $33m is of £3.3m or 9.1%.

On the other hand, once the proposed debt facility is finalised, then Angus's balance sheet is of a size more in line with the size of, and the time-lines of, the Saltfleetby project.

The Company is pleased to announce that it has raised gross proceeds of GBP1million as result of the fundraising announced earlier today (the "Fundraising").

A total of 111,111,105 new ordinary shares in the capital of the Company ("New Ordinary Shares") have been placed by WH Ireland Limited with new and existing investors (the "Placing") at a price of 0.9 pence per share (the "Issue Price").

https://www.londonstockexchange.com/news-article/ANGS/proposed-placing-and-proposed-debt-facility/14695102

Checked on London Stock Exchange's site and they are there, too.

What's that all about?

From the RNS of 6/08/19:

Alba's Executive Chairman, George Frangeskides, commented:

"The completion of this extensive exploration programme over the Dolgellau Gold Belt has confirmed what should already have been apparent from previous announcements: Alba's licence area has serious potential to host one or more new gold deposits that could rival the historic Clogau-St David's Mine in importance. The fact that the Cerys-Gwyneth anomaly trend is four times the size of the anomaly over the Clogau Mine should need no further explanation."

My personal suspicion is that "huge" means more than the 500k ounces of the 2012 report which was the basis for the Daily Telegraph's article, but, then, I'm positive on Alba!

Their use of that particular word is very interesting, they are an experienced team.

Just about the only indication we have from Alba themselves is that of the Dolgellau belt's "huge" gold potential.

Alba are always measured in their statements, so "huge" does mean "huge", for each reader to interpret the word as they think best.

No estimates for the amount from the company.

The Daily Telegraph wrote of 500k ounces, but that dates back to a study of 2012, so pre-dates the work done by Alba:

https://www.telegraph.co.uk/news/2020/05/24/gold-mining-company-lodge-planning-application-dig-snowdonia/

Fair enough, but creates the curious situation where the holder is expressing his/her confidence in a share by selling it!

Not so sure about that one, cminhinnett,

If holders believe they'll be able to exercise their warrants at 0.55p, why would they miss out on the gain up to 0.55p by selling their shares now?

Huge regional gold potential

Av. grades for 10 new anomalies (inset map, yellow areas) exceed those for known mines – strike length of largest new anomaly is 2km (4x larger than Clogau mine)

From page 17 of the August UK gold assets presentation:
https://www.albamineralresources.com/ul/Alba%20Presentation%20-%20UK%20GOLD%20ASSETS%20(AUG%202020)%20FINAL.pdf

It's been left behind by the market rally (although there are reasons for that, of course).

But market and financing conditions do seem to be easing for some of these small oilers and mineral companies, so it has a lot of catching up to do.

We shall see.

Yanis,

Happy to let the figures speak for themselves :-)

Adjusting for increased number of shares following the placing:

Telegraph's £750m figure for Clogau's potential worth + 100% for Welsh gold premium = £1,500m.

1% = £15m = 0.263p per share.

https://www.telegraph.co.uk/news/2020/05/24/gold-mining-company-lodge-planning-application-dig-snowdonia/

Alba's in a better place today than it was on Friday, it's got £1.3m more on the balance sheet.