Member Info for oldstockbroker

Probably there will be a gap in production. Sega is due to finish production at the end of 2014 and they have not started construction of Baomahun yet, it couldn’t begin production until 2016 at the earliest. They are looking for opportunities to relocate the Kalsaka/Sega plant so could continue small-scale heap leach production until the larger projects, Baomahun and Yaoure, come onstream and this could potentially happen in H2 2015, so there may only be a short gap. Options include buying a new deposit or JV-ing with a company that has a suitable deposit, or maybe processing the 400koz of oxide resources at Yaoure. They are still in the process of working out what would generate the best returns. Also it may best for the Share valuation if they reverted to being an explorer/developer as Yaoure and Baomahun projects are much stronger than Kalsaka/Sega -the market does not seem to be focussing on this aspect of AMA at the moment hence in my opinion the under-valuation of the Share price-despite the rise over the last few days.

Please supply the note number to accounts-I cannot see the Director's loans.

I am not sure how Pedro666 read this as a prospectus. The Company has the skills to develop the assets. They have always stated a JV or funder could be required. As I have stated as I understand all options are being looked at AMA to realise shareholder value over the long term. I would look at the CV of the management team if you are concerned about their ability to manage these assets. Contact Katharine at Amara if you have questions.

Where do I live-Laugharne, Carmarthenshire, once home of the Poet Dylan Thomas.

Correct-the Company are actively looking at this.I am pretty confident there will not be a gap. Had a chat with a mate who looks at funding these sort of things-AMA does fulfil the criteria a lender/investor looks at. I would not be surprised if some-one lent the money and took a share option-so get small initial return but with an option in place to make a significant Capital Gain. But that is the risk/reward we are all looking at. My view is some-one out there will take the opportunity-$100m is not that much compared to the resource AMA have the potential of developing.

Good meeting, and shareholders who have concerns/questions should contact Katharine, Investor relation,Amara. She normally responds withing 24 hours and is very helpful-but obviously can only help not provide "inside information" or investment advice. Once the project financing is resolved all , in my opinion, AMA look's very good. But please do your own research and do not rely on my comments. Do understand my views are based on the meeting, reading Peel Hunt report and a "gut feel".

Obviously the prime aime is to fund/JV the new mines. I can see no downside following the PEA on Yaoure. I was impressed with Katharine-she had a great knowledge of mining and the mining sector-my knowledge is relatively limited but she explained in easy terms how the Company is progressing. There was a consistent message that the company was focussed in delivering value for shareholders and appreciate the support of the P.I in what has been a hard investment climate to attract Institutional investores. They are doing an Institutional Investor road show over the next 4 working days, and with the facts and figures I would hope they will begin to get some institutional buyers. I can see no reason why not- this is one of the best managed companies I have visited/followed. Been some time(since the 1980's) since I have done this, but AMA are professional and all seem to understand the business well. To me that is always the key- and I am totally convinced the Board a re working for the best interest of us, who own the Company. The gold mining sector is actually a long term business, it takes time to find and develop resources. I came away with confidence that Amara is in a good place. Current activities seem cash positive and the future developments are looking very promising. As long as the Gold price remains above $1200 p oz things are stable. If we see an increase, which I believe will happen, the company will start paying dividends-maybe in 3-5 years time and the returns will be then potentially very good and elevate Amara from a small Miner to a more significant producer. Achieve that and I have little doubt that the larger companies will be running their slide rules over the company.

Obviously funding is required. The one thing I did ask was would they do a private placement and below the market price. I was told they would not consider this. The main options are a JV or a debt funder. There is also a possibility of a take-over, though I was told that the company had not received any recent approaches. M&A activity is occurring in the sector and I would have thought AMA is a possible target, especially as the Shareholder base is mainly P.I apart form one major holder. On that subject one major seller is out and Libra fund have only a few % left(they are sellers as they are changing their investment objective to be a family investment firm rather than managing money for others). Obviously the higher the Gold Price, the easier it will be to get a form of debt funding -with possibly an option attached.(My thoughts not mentioned by Katharine).

I asked about Cash movements over the coming year. Due to the actions taken hopefully year will be cash positive. Due to Gold price (though as moving up could change)Sega is having good production from High grade reserves-the lower grades are being stockpiled for later production. Samsung loan repayment on track. I forgot to write down, but I think on track to have cash balances of £10-12m at year end.(from memory)

One of my questions was why did it take so long for mining to commence on a mine. This was explained to me as due to Canadian regulations. Apprently a few years ago a company was making claims for reserves, which turned out to be ficticious. Therefore there is now a stringent procedure in place in terms of consultsnts being used, evaluation reports etc. These take time and many different Consultant firms with different skill sets are required. Hence the length of time since identification of land to mining. So I learnt some-thing.

Head Office costs have been cut- looks like H.O overhead will be 6-7m versus £9m last financial year. Staff numbers have been reduced and many have taken a pay cut.. This I think is a good indicator that the staff believe in te company and the directors. Last year was tough as we all know with the fall in the gold price and the management have reacted swiftly to that and I found that encouraging.

The Investors meeting. This was organised internally by Katharine and her colleague(many other firms would have employed an outside firm). I was not there, but not sure why some who attended were disappointed. Under the rules there was never going to be anything "new" as under listing rules all information must be told to all Shareholders etc. It was an opportunity to meet and ask questions.

Had a good meeting with Katharine at Amara. Nightmare journey back to Wales-fog most of the way. Obviously nothing not in the public domain came from meeting, but confirmed my belief that Amara is a well run and good communicator to all shareholders. I would suggest that any-one with questions contacts Katharine-she does respond within 24 hours. I will write up later-but Peel Hunt have upgraded R-Nav to 53p(Total Risked NAV ) and NAV to £1.52 based on gold at $1300.

I am holding-there are reasons for this move and as Nibor says maybe a take-over planned. No Uk listed company would go through the expense of moving to Nasdaq without good reason-in my opinion.

You are correct-and the bridge will be completed as I recall in 2015 from HK. Went to Macau in 1986-should have bought a flat-they were cheap them-no business and threat of takeover. Loved the place, they were just building the racvetrack then. The only potentail risk is the Chinese government clamping down on the use of Casino's as methods of bribing-but cannot see that working. They are closing down the illegal Gambling dens so for the legitimate looks very good.

No wine for me-I am driving! I will have a full chat I hope and raise the issues.Long time since been in the Square mile-but remember it well. I am there mainly to attend RBTE a trade fair(my business) but was invited in, so lets see what comes out.

I am fairly confident in Magna-I have no inside knowledge as to their portfolio I am afraid. PEBI is pretty tied in with the performance of Magna-hence cannot understand the discount and to be honest why the people promoting Magna are not getting clients to invest in PEBI as a cheap way in. I did speak with them and I am not sure they have thought about it-possibly they get no fees, so little desire. Re AVAP worst de-ramp ever, I am in communication with Company and the guy was posting rubbish. MPO- a nice one and more to come as they are distributing cash. I am waiting for PEBI to get to NAV-maybe a few months and will then sell-I bought due to discount and plenty more out there, though having to look increasingly at HK for good opportunities

I note you have made no comment. No surprise as you did not actually I assume research the company.

Bit more.Consequently, we will be holding an EGM in the near future at which shareholders will be asked to approve a number of proposals including the following; 1 a distribution to shareholders of approximately US$29 million, or US$0.35 (21p) per share, representing the entire net profit generated by the sale of our Zhuhai properties; and 2 the proposal to bring forward the continuation vote to the upcoming EGM and the scheduling of the next continuation vote to no later than 31 December 2016. Subject to the passing of the above resolution, the Board intends that not less than 50% of any future net profits from asset sales will be distributed to shareholders and further acquisitions will be considered only if exceptional shorter-term opportunities present themselves.

Must be wife's dealing account. I will look into it. Have a few profits that I should cash in and move to PEBI-one of the few shares I totally beleive in. I tend to avoid the it is going to double overnight stocks.