Member Info for okenia

Hi I think I've solved the RNS confusion about DL's role at Dolbear Looks like he stood down as an Executive Director 28/1/17 but has stayed on as a Director. That now makes the RNS make sense! http://www.mining-journal.com/people/on-the-move/behre-dolbear-exec-leaves/ "Behre Dolbear exec leaves The executive director at mining consulting firm Behre Dolbear, David Linsley, has stepped down, the company has announced. The Colorado-based advisory firm said Linsley would stay as a director but would give up his leadership of the company. Behre Dolbear chairman Amy Jacobsen said the board appreciated Linsley’s work. "We are appreciative of David’s contributions to Behre Dolbear and his help in formulating the company’s future," she said. Linsley will not be replaced, the company said. "An executive committee of the board of directors will manage corporate operational matters," the statement said."

But sure, he's just an accountant that does JORCs

Plus has been running funds that invest in natural resources since 1998. The first one was sold on to RAB Capital in 2005, and then he started Sirius. "Mr Linsley founded Sirius Investment Management LLP in 2005, a Gibraltar based multi strategy fund management group specialising in fund of funds and hedge fund products. The most notable fund launched was the Sirius Resource Fund which invested in global mining and resource transactions. Previously, Mr Linsley was a co-founder in 1998 and CEO of Cross Asset Management Ltd, a UK- based hedge fund management company which managed $500 million in assets across a number of strategies including Event Driven Equity and Credit. As a multi-strategy Europe-focused arbitrage firm Cross was involved in mergers, corporate restructurings, IPOs and private placements across Europe. In 2005 Cross Asset Management was sold to RAB Capital, a specialist asset manager focusing on natural resource and long/short equity investments."

And his role at Northern Zinc sounds a carbon copy of the CAF roadmap "David Linsley is a former Executive Director of Behre Dolbear. Prior to his work with Behre Dolbear he was a co-founder of Northern Zinc, a group formed to acquire a near production zinc asset in upstate New York."

BD may be like accountants, but our new CEO wears / has worn numerous hats. To quote: "Mr Linsley has developed strong relationships with institutional funds internationally, including in Europe and the US. In addition, Mr Linsley has been involved in numerous financings in the mining and resources sectors around the world and has sat on the boards of several mining companies. Mr Linsley is currently a member of the board of Behre Dolbear."

And BD don't "just do JORCs" - which makes them sound like a bunch of geeky geologists. Their mining consultants and advisors - for example they produce the annual "Where to Invest - ranking of countries for mining investment" report that gets widely circulate in the trade. http://www.mining.com/wp-content/uploads/2015/08/WHERE_TO_INVEST_2015_08.pdf

So if you were the CEO of a listed shell looking to reverse a (by definition) private mining asset into it, perhaps having years and years of being contacted by companies with assets has given you a thick Little Black Book of contacts and ideas? Being a mining advisory firm is exactly the way to get lots and lots of contacts, from which to generate ideas for a RTO. Remember the stated plan is to source a (near) producing asset i.e. an existing company. It isn't to buy licences and stake new claims, it's to do a RTO. Which needs a way to have contacts with lots of companies (many private and thus RTO targets). Which is what Behre Dolbear bring.

An interesting link The other chunk of the Kalahari (other than what MOD have got) is owned by Cupric Canyon, a Barclays Capital PE fund. https://www.cupriccanyon.com That's the Khoemacau Project. Now have a look at Dolbear: http://www.dolbear.com/our-projects/# And you find: "Guangdong Rising Assets Management (GRAM)/PanAust Technical review Copper · Silver Independent Technical Review of the Khoemacau Project in the Kalahari Copper Belt" Small world isn't it. Especially when the two NEDs are Kalahari copper specialists (from WTI, over the border in Namibia) plus CAF have snaffled licences next to MOD's T3 nascent superpit asset. I suspect this was all planned in advance with PJ doing what he's best at - the shell turnaround - and we're only now slowly seeing the 'reveal' of the follow-on plans.

Indeed. The effective free float here tends to be very small

MTR have a stated strategy under the new CEO to liquidate their 'asset trading division' so that cash can be used for their main Botswana copper discovery. The recent liquidity / volume here has obviously generated the space for them to step aside. If they haven't sold to zero (remember: they retain warrants) then I am sure they will do so soon. Most likely however, looking at the recent trading, is that they're fully out. There's been enough liquidity to allow that. Their usual approach is to exit quickly and fully before an TR1 RNS, because it will be harder to sell once the TR1 comes out. So get it all sold at one go, down to zero, and make sure you're pretty much all out before the TR1 lands. Does mean we've lost the seller, which is really good news.

They've got permission to remove 10,000 tonnes of ore as part of their exploration work (and they can then sell it). The graded MENF have got for that region are very very high and start almost at surface. The MENF 2016 infill RAB drilling programme at Kuikka, successfully confirmed the continuity of high grade gold mineralisation between the historical GTK diamond drill hole collars with over 19 significant gold intersections. The 19 drill hole collars were at 12.5m spacing, holes were inclined at 45 or 60 degrees and drilled perpendicular to mineralisation strike. The average downhole depth attained was 49m. Highlight intersections include: · 6.0m @ 15.58g/t Au from 12.5m in hole KU002; · 6.0m @ 18.10g/t Au from 17.00m, and · 13.0m @ 7.58g/t Au from 26.00m in hole KU005; · 6.0m @ 26.95g/t Au from 7.00m in hole KU008; and · 11.0m @ 12.15g/t Au from 34.5m in hole KU010. To get 100kg of contain gold they'd need to average 10g/t for the 10,000t of ore. Given that almost all the holes return well in excess of that we decent thicknesses it should be straightforward to get that 100kg of contained gold. Trivial question. With 35 ounces per kg and > $1100/oz price of gold, how much is 100kg of gold worth?

January - "easily manipulated" is a harsh phrase for what we all hope will happen to our shares ... which is that the price goes up, ideally sooner than later. It's not manipulation, it's judging a company with a capital structure (shareholder base) that allows for significant and quick upwards share price movement when good news arrives. Some shares are dreadful for this ... news barely moves them. For example, if there is an overhang (a lot of sellers waiting at a certain price to get out, or just waiting for any sort of liquidity to get out) then any news that comes in generates buys that are immediately absorbed by the market and the SP doesn't shift. For example SAV announced a cracking heavy metals sands JORC with Rio Tinto the other day, but the company did a discounted placing to Beaufort/Cornhill clients at the same time (ha ha) and the new buys that came in were matched with the flippers selling, as opposed to strong SP appreciation that you'd expect with such news. Very annoying as a shareholder I can tell you. CON however seems to have a relatively small effective free float, plus no obvious sign of an overhang that absorbs buys. Instead, it move briskly when buys arrive - either because someone decides to build up their stake (as happened this last week or two), or because news brings in fresh interest. The fact that a bit of random buying sends the SP up is good, it "tests the water" for what may happen when good news arrives. To me that's not manipulation, its choosing a good company with a capital structure that allows brisk and significant SP moves in response to news and/or buying. And yes, that is something I look for in a stock, in the same way I'll avoid those with known sellers or overhang until such time as they are gone - it just wastes good news.

CON is an explorer. That means that what it needs are tenements/licences that are prospective, and in which it can explorer either alone or in joint venture with another. When it finds something, that adds value to the company and that's the business model. It's not a developer that takes a defined resource and then turns it into a mine, it's one position along from that on the value curve Daisan, as you know. And the comparison with CanAlaska CVV is very interesting. As another explorer, CVV doesn't have much by resource either. What it does have are a number of interesting tenements in the Athabasca basin that it explore in JV with others. It has a land bank of these, and when a major (Cameco, Denison, most recently de Beers as there is kimberlite on some licences) comes looking for new areas to explorer in the basin, they go to CVV as (a) they have the licences and (b) CVV have already done the initial work to see if it prospective. Then they JV. CVV is much larger (mcap is 10x higher and the rest) but the parallels and the business model are the same as here.

How about "it's an illiquid stock with small free float that moves like sheet off a shovel on any sign of buying pressure"? Also look at the technicals ... volume tiny, RSI one the floor and heading for the basement, stocs equally on the floor, i.e. very very very oversold. Now look back to April and see what happens when a bit of volume comes - it went above 4p intra-day. I've been in CON for over a year now and like it both as an optionality play (a bit like a baby gold version of CVV:TSX), and the market/technicals side of things.

Paul Johnson has been buying - see his twitter feed As for what does someone know - have you seen the zinc one year and five chart? It's absolutely flying! Highest level in 5 years and a good 60% up since the January lows of this year. Ireland is world-class zinc country and CON are active in that area. http://www.kitcometals.com/charts/zinc_historical_large.html#5years

Ben is back and active.

No NOMAD

I have experience of a similar situation at Teathers (TEA). We never really got to the bottom of why AIM Reg didn't agree that the company had implemented its investing policy (they all seemed in line with the IP) ... the feedback was that the issue was the size of the portfolio, not its constitution. Ie AIM Reg are clamping down on small investing companies and are really looking for a portfolio at least £3m or more in size. Best bet here, as you say, is N4 Pharma as a RTO. Although to be fair, the hassle and cost of an RTO is not wildly dissimilar to a new AIM listing, which they could always do (a la GUSC). Hope it works out OK for you guys

Rachelsdad - "I don't so much believe it will be a reverse take over of N4 as N4 is not listed". A RTO is typically where a small listed company acquires a (larger) unlisted company. It's the way that the target company gets listed. So acquiring N4 should classify as an RTO if the relative sizes are right, being unlisted isn't a problem. The remaining 51% of N4 would be valued at what, about £300k based on read-across from the initial investment?

" The heads of terms provide that the Acquisition will be satisfied by the issuance of new ordinary shares of £0.01 each in Opera ("Opera Shares") to Highlands at a price of £0.15 per Opera Share (the "Consideration Shares"), valuing the existing issued share capital of Opera at £2.5 million." See they are already flagging the implied (ha ha ) valuation of opera as a result of this deal. They should have valued it even higher so that Opera now had an implied mcap equivalent to that of $AAPL lol