Member Info for pablo2

Strange how someone reckons it's a good time to be dumping 1 or 2 million late on most days. I'd have thought it was a good time to be invested not de-risking or whatever is that's occurring.

Anyway, getting back down to very tempting levels if one has any cash.

See, however, CAI has also been drifting the last few weeks, down to A3.0c

Ok Ariel, pity. Sp hasn’t done much these last months and know a lot of people are frustrated.

For interest, are you able to say how many you’ve sold lately?

Markyess - reckon you're right in that Brian and Dave did need to convert to shares to qualify for CAI distribution. I remember with SOU distributing CORO shares I exercised some warrants in SOU otherwise the warrants did not qualify for the CORO distribution.

Really looks to me that ECO sp has got legs for the next month or so pre their next drill results. If we feel we have to de-risk further I hope we wait a while yet. If their next drill hits.......

Pity PIRI is now as quiet as a mouse, again

CLIMATE: Togo has a tropical climate with two wet seasons in the south, one from March to July and the other from September to November, while the north has one wet season from April to July. Most rainfall occurs in the mountains while coastal regions are basically dry.

We're in North Togo, so our 'wet season' is normally over now I suppose.

Don't know about 'moaning poms' but the Hotcopper Aussies are moaning about having a drill program that might last a while and the sp responds downwards for CAI. Necessary for the DFS though, all these studies do seem to go on a bit with all miners : Pre-Feas, Feas, Bankable Feas, Definitive Feas, .......

Prop - go ahead, I need the publicity, so does Keras !!

Yes you're right, the first thing is the GM to gain shareholder approval for the whole distribution business (obviously a foregone conclusion).

"This process requires the approval of shareholders, UK and Australian tax and regulatory authorities and subsequent approval by the Court." No wonder with all that red tape to get through it will take to year-end. No bother, it'll be worth it in the end and if anyone has any cash, it's still well worth buying more KRS simply on the CAI distribution never mind the 'imminent' (lol) Togo license.

Think the next we'll hear on the matter will be the court date(s) for the 'reduction of capital'. Don't think we'll get the 'Record Date' until after the court (which may take two visits) but the actual Record Date could be announced provisionally before the court takes place. (Just using the timetable SOU used for reducing capital to give away CORO shares)

I found it on Vox markets where I have KRS alerts. Vox are excellent about nudging me when an RNS arrives for my watchlist, really quick, quicker than Investegate

“Calidus represents some 58% of the value of Keras Resources at present“

Keras Resources* (KRS LN) 0.49p, Mkt Cap £11.2m – Calidus raises A$9m from investors in Australia to fund drilling and DFS (Keras holds 723m shares representing 33.8% of Calidus (CAI AU) t at a value of A$25m (£14m).
BUY, Valuation rises to 1.08p from (1.04p last published on 30.07.19)
Click for our last full note on Keras
• Calidus has placed A$9m worth of stock with institutional investors in Australia to support work on its flagship Warrawoona gold project.
• Keras which held 39.1% of Calidus prior to the placement did not participate due to the scale of its holding.
• Keras’ holding falls to 33.8% as a result of the additional dilution.
• The placement means that Calidus are now fully funded to continue drilling and complete a Definitive Feasibility Study.
• Calidus have done well with the Warrowoona gold project with particularly good grades reported from the Klondyke section of the deposit in recent weeks
• Grades include:
o 13m grading 11.1g/t gold form from 30m, including:
? 1m @ 107.16g/t Au from 36m
o 13m @ 5.58g/t Au from 46m
o 10m @ 6.81g/t Au from 47m, including:
? 1m @ 50.77g/t Au from 49m
o 22m @ 2.13g/t Au from 19m
o 5m @ 3.16g/t Au from 126m
• The recently published PFS at Warrawoona shows:
o IRR - 47% post-tax
o NPV - US$118m at an 8% discount rate assuming a US$1,400/oz gold price
o CAPEX - US$66.5m
o AISC costs - US$811/oz LOM
o JORC Probable Ore Reserve - 8.9Mt grading 1.5g/t for 418koz gold at Klondyke.
o Gold production estimated at 97,000ozpa
o Throughput 2mtpa mining rate and conventional CIL processing.
o LOM – 6 years
• Valuation: our valuation rises to 1.08p from 1.04p based on the rise in value of Calidus Resources shares to A$0.035c/s. Calidus represents some 58% of the value of Keras Resources at present. The remaining value in Keras is calculated on the value of the cash flows expected from the Nageya manganese mine in Togo.
• Keras recently completed a bulk shipment to an unnamed manganese alloy producer which showed the Nageya ore was best suited for silico manganese alloy production.
• The company is now waiting on the Togo government for issue of a full-scale mining license before ramping up production to a rate of around 6,000t a month in accordance with the existing mine plan and machinery. (Current plant capacity is for 75,000t per month).
Conclusion: A$9m is a decent amount of funding for drilling and completion of a DFS on a relatively well defined orebody. The level of funding and support indicates new investor appetite for gold stocks and sets up Calidus well for its future gold mine development.
*SP Angel act as Nomad and broker to Keras Resources

I’m assigning our Togo operations zero value, not a value of £5000 for £5000 paid. (There must be a certain amount of CAI value locked into our KRS sp, I’m saying 100% I suppose, all our value is CAI).

Anyway, no quibble, surprised to see the £ has improved against the AUD, must be one of the few currencies it has lately.

Russell’s comments do seem to pave the way for a court date for the necessary ‘capital reduction’ fairly soon. However, I’d say the ‘record date’ for qualifying for CAI distribution is perhaps a couple of months off still, who knows.

Well absolutely necessary I suppose (reluctantly).

Our ownership percentage has been considerably diluted AND the sp goes down 10% with perhaps lower to follow short term towards the placing price.

Russell states we now know what we're dealing with with regards our distribution, brilliant less value to KRS holders. If someone would care to check my workings on what 1m KRS shares get you in CAI shares in £ value, I'd be interested to know. I

OLD calcs (confirmed in JANUARY by Dave R) :
723,750,000 CAI shares coming our way on positive PFS
2289m KRS shares exist

So dividing up, one needs 3.1627 KRS shares to merit 1 CAI share

So 1m KRS shares gets one 316,186 CAI shares

Current costs and values : 1m KRS costs about £3,800
316,186 CAI are worth about AUD7905 = £4,300
------------------------------------
Obviously buying 1m KRS now costs more but the exchange rate has actually moved in Sterling's favour since January (unbelievably)
NEW Calcs :
1m KRS now costs £5000
316,186 CAI are worth about AUD11,066 = £6,197

----------------------------

THINGS have improved !!!! A 24% bonus(£1,197 on £5000) from a 13% bonus (£500 on £3,800)

According to one HotCopper punter this raise is being done at quite a discount (17.95%) @3.2c and for a massive AUD$8m or so

Looks to me that ECO does indeed have a lot going for it in the coming months. Hopefully mgmt will hold most of our shares for a while longer, and,yes, widows, probably very wise of them to de-risk taking some good profits.

Holding, to see if we can benefit further from ECO's story and perhaps other muted stories from our mgmt elsewhere, though those have been going on for years.

Little disappointing we’ve only got 847,250 shares left out of 3.125m bought on ECO’s initial listing on Aim in Feb ‘17 (@ 16p), but what the heck, that was a fantastic investment.

Wonder if ECO has still got considerable legs from £1.14 in the near future?

An oil discovery is one thing but having the ability to turn that into a Sale or profitable production is another. Anyone up on ECO?

Returns an 'address not found' - so not working.

Gary N. on Twitter suggests looking at 'sometimes the notes in the accounts go into more detail on the positions these investment cos hold (when they make adjustments for changes in the asset value, via a note)' - but busy today

I've asked PIRI via their web enquiry page whether they could disclose their remaining holding.

I'm abroad but perhaps someone could call Peter Redmond

Think we have made some 'disposals' since that 3.125m figure though but difficult to find exact figure

The Company announces that it has subscribed for 3,125,000 ordinary shares in Eco (Atlantic) Oil & Gas Ltd. ("Eco") at a price of 16 pence per share for a consideration of £500,000,

At last, something to shout about for PIRI. Well done chaps.

Hobione, not sure of the answer but on 24th Jan we stated :

"This increase is principally as a result of the performance of its investment in Eco (Atlantic) Oil & Gas Limited ("Eco") whose share price has increased by around 22% since 31 October 2018. The Company's shareholding in Eco now represents approximately 87% of the Company's investment portfolio."