Member Info for oilmagnet477

Do you really think you are helping to ex-stench-uate the benefits of this company by continuing this line of posting? (should that be com-posting?)

on=only so OK my typing stinks too lol

The on thing that stinks around here (apart from the SP) is your sense of humour :)

The MASSIVE Phosphate Fertilizer project going on in Togo? Manganese is used in the production of fertilizer....................... just saying :)

No worries, the more exposure the better, you never know, one day we might actually cause the SP to re-rate lol

http://translate.google.co.uk/translate?hl=en&sl=fr&u=http://www.republicoftogo.com/&prev=search Would this be detailed if permit wasn't going to be forthcoming. DR still saying this is expected 2015. GLA

Think I'm going down with something lol 'Kerrets' gets my vote - gets confusing otherwise and my little brain can't cope with too much change all in one go!

I'm glad DR has got some Aussie based assistance now, that should really help us move things along on multiple fronts. If DR is in Togo today and then back here on Saturday for the Conference then he can't be in all places at once. Good to see he has come out fighting and I'm really optimistic for a great outcome at last.

Google HAVE FINALLY got FRX listed as Ferrex instead of FISHING REPUBLIC, just as we announce name change - somewhat Ironic lol Will Google keep calling us Ferrex for another 6 months now?

Yep - I spotted that - wonder what has changed? DR wasn't kidding about the increase in news flow Go DR go!!!

JR - all just games being played at the moment - all the buying before this week has probably resulted in the get rich quick crew bailing coz they are off to find a quicker return elsewhere. Dilution is such a divisive word in the markets but in reality what have we actually achieved from this deal? This is not dilution to progress an existing project, this is controlled dilution to purchase the right to mine this prospect for 5 years - we have essentially paid £930,000 for a prospect that has proven capability to pay back up to $45m over 5 years. I'm really impressed with the change of direction towards short term cash generation - this will turn us from hopeful wannabees to a profit making, self sustaining concern - an we will know if DR succeeds in short order - he has said it himself - generating cash within 28 days of delivery of gold ore to the factory - we get paid whether Norton process the stuff or not. Add in the fact that the 2nd tranche of shares to cover the remaining buy in of £465k is being covered by revenue as we don't pay it until we have sold 10,000 ounces - at $150 clear profit per ounce (min) that brings in $1,500,000. This is also not 'normal' Darwinian type dilution, the shares are going to be held by new directors and other staff who will wait for a longer term payback - I think you could be bang on the money, talking about special dividend - how better to reward the long term faithful and ensure they hang on to shares for future big bucks returns. Had comms with DR since Wednesday - in high spirits - the silence is OVER and he is back in control of his and our destiny - strong news flow from here. I will sell my holding in 6 months time if he fails to deliver! GLA

Hi all, been out and about busy today but managed to park up and listen in at 11.00am. Pretty much all my queries satisfied, particularly around shares issue - these are going to 5 members of the Auzzie mining company we are acquiring and they are committed for long term deliverables. This essentially means that DR retains control - the 2nd tranche of shares (paid at total value of £495k) are only given if we reach the 10,000 ounces threshold - if we get to that point, we are highly likely to be a significant premium to today's SP so the dilution effect will be considerably less. No Darwin pumping 93m shares on the market whenever they feel like it. DR sounds like he's on fire! I appreciate that he has always been upbeat (I actually admire his tenacity, given the last 12 months). The change of focus towards 100% cash generation and away from exploration IS MASSIVELY transformational. I guess there are still questions over DR delivering but he made a big point about ensuring that HE does deliver to these published milestones. He does that and in 6 months time we are a very, very different beast. Failure is still an option but at least we haven't got to wait much longer to find out! I've been in over 3 years now and the fact that DR has put his reputation on the line and also that the 2 Peter's have come on board with shares rather than taking cash, speaks massively of this being a success. These guys could have raised £300k to get this up and running without Ferrex (based on the finances of this) so they must recognise the same things in DR's added value as I do. DR was talking about US $300/oz margin after ALL costs, including royalty - even if they achieve half of this then profit on 20,000 oz is $3,000,000 per annum. If they do achieve $300 on 30,000 then it's $9,000,000 PA I'd cautiously suggest we are over the worst :) GLA

Just submitted questions to St Brides in advance of tomorrow's call and I will be listening intently. I urge you all to do likewise GLA

Thanks for posting - a good listen If DR delivers on his last 3 reasons to invest, we will all be smiling here: 1. Short term cash flow 2. Recycling cash flow into Togo to make more cash 3. Further acquisitions and general market improvements (assuming we are somewhere near bottom) and 1-2 yrs could look very different here. DR sounds like he just wants to dig holes. This to me reiterates a fundamental change in attitude from selling prospects (as they did before) to actually becoming producers. In spite of the market reaction, you can't fault DR once he has something to sing about....

What has gone before is now somewhat of an inconsequence IMO. What it has cost to get this far or what value it would bring to FRX has had no bearing on the SP for ages. For DR to move on provides hope of much shorter term recurring revenues from the gold. If the disposal of Gabon/SA IO projects and the SA MN project generate a fraction of their 'perceived value' for me that is a great thing - it puts more cash in the bank, allowing DR to be far more acquisitional - today proves that he can deliver on that front and still move the company forward against the backdrop of difficult commodity markets. As has been said, 1% of the mining value of these projects will still inject significant cash into the coffers - who knows, we might even get a 'special dividend' - now wouldn't that be nice! However, I suspect in DRs mind, receiving 1% of the value of these potential projects is nothing to crow about. As PIs and shareholders though, I think today speaks volumes. Predictably the get rich quick crowd will no doubt disperse until further news - hey ho. GLA GLA

I'll take a 10% dilution if it doubles, trebles or quadruples the MC of the company. Prospects from here are looking a lot more within DRs control

Ferrex hopes for golden future The commodities crisis has forced junior miner Ferrex (FRX:AIM) to abandon three projects and find its fortunes elsewhere. It hopes near-term cash flow from a collaborative gold project in Australia will help fund development on a bigger project being sought by management. The market likes the news, sending the share price up 22.2% to 0.55p. Ferrex will try to sell iron ore interests in Gabon and South Africa, saying the assets cannot compete on a cost basis with the major iron ore producers. As it cannot achieve the objective of being a lowest quartile producer, it is in talks to ‘realise value’ for shareholders from these assets. Managing director Dave Reeves warns investors not to get their hopes up in terms of the sale price. ‘No-one will pay a huge slug of cash for anything in this market,’ he says. It will also find someone else to develop a manganese project in South Africa, saying this asset no longer fits the company’s investment criteria. However, it will persevere with a manganese project in Togo. The Nayega project has been held up by delays in getting the mining licence. Reeves says he sees no reason why it cannot be granted and will travel to Togo next week for an update. The small cap miner is paying £465,000 to buy Chaffers, the private company that has an agreement with Norton Goldfields to work part of its land in Australia. Norton bought former AIM-quoted Bullabulling Gold in 2014 and was itself taken over by Zijin Mining earlier in 2015. Ferrex will pay mining and processing costs and a 22% royalty on gold recovered to Norton. That royalty rate looks extremely high, yet Reeves argues that Ferrex has no capital expenditure requirements and walks straight on to a project that is already drilled and ready to mine. ‘You have to pay something (extra) for that,’ he adds. Norton benefits from the deal by the commercialisation of ground that wasn’t previously on its plan to mine in the near future. Reeves says Chaffers agreed to become part of the Ferrex group because of the opportunity to develop other projects. Ferrex’s plan is to take the cash generated from both the gold project and the manganese asset in Togo (assuming it gets the licence) to provide money for development work on any bigger project it acquires in the future. Shares understands that a high-grade project has already been identified as a potential acquisition. The gold asset is expected to have all-in costs (apart from royalties) of A$900 per ounce. Gold presently trades in the local market at A$1,550 per ounce. Reeves believes Ferrex should make a $300 to $400 per ounce profit margin. There is a small working capital requirement to start the Australian gold project to the tune of £200,000 to £300,000, says Reeves. He is looking at financing options to get this money.

Cracking stuff from DR Major overhaul of strategic direction Moving into a broader resource base - focussed on short term wins and cash generation Looking to leverage value from IO assets Still expecting Mn in Togo to deliver revenue All to generate cash for a 'future project we hope to be able to announce shortly' Ferrex as we know it is dead - name change in the pipeline. This is transformational IMO At last something to get excited about. DR has proven yet again that he doesn't sit around waiting for things to come to him. This Gold company could have gone it alone to quick and relatively cheap short term cash generation but they saw significant value in coming on board with Ferrex for the longer term......they know more than we do obviously. Finally, This project is not in Africa!!!!

Nobody expects the Spanish inquisition!! Talk about pulling a rabbit from the hat, and who expected it to be a golden one! Hopefully a good time here for a change. Is this the game changer? GLA

CB - I agree, there weren't sufficient sells to satisfy all the subsequent buys so where the heck did they come from. Can't see that the MMs have been holding back any cheap shares. I don't get it! Come on DR get this bl00dy show on the road and stop all this naval gazing.