Lovely rise today.
I'm looking at a similar rise to happen in KRS another rock phosphate producer with a mine in the USA. It currently has a very low market cap as the share price has been hit by a large seller but the overhang has now cleared with an institution buying the seller out so it is primed for a big rise. Anyone else also holding KRS?
Ginger - UOG didn't actually receive $8,705,686 from AS like you make out
It is just an accounting entry. There were matching outflows of $5,610,924 and $2,972,201 which adds up to $8,583,125 nearly all of which was spent in Egypt. The Egyptians just give back enough oil revenue so the operator has enough to spend on exploration and drilling of new wells to try and stem the fall in production
I think the warrants were exercised by the company's broker SP Angel. They had another 14 months left to expiry so no sure why they would exercise them now before drilling results. As far as I'm aware nobody else had 1.3p warrants.
I would have thought the company could pay off the bank debt by mortgaging the property that was mentioned in the recent Q1 update or by achieving a quick sale. This would also provide funds to accelerate growth:
'The Company has mandated a real estate broker in Gabon to explore the potential for a sale and lease-back of its unencumbered 14 hectares of real-estate production sites in Mouila, Gabon. These were independently valued at $15m in May 2021. This could enable the Company to reduce some of its more expensive debt, to allocate additional capital to business lines with the highest anticipated IRRs and fund initial work on its afforestation project.'
Excellent results for Q1.
Big improvement in AISC down to $1109/Oz which is the lowest in a long time
EBITDA rises to $17.5m for the quarter
Kouroussa on time and on budget. Mining has commenced and first gold pour this quarter
Don't usually read The Guardian but Serabi shareholders might want to read this article about the company
https://amp.theguardian.com/environment/2023/apr/18/uk-company-mining-gold-in-amazon-on-disputed-land-brazil
Robex are taking on a bit more debt than Hum to build its mine in Guinea. $135m ($35m for feasibility study then another $100m). HUM did well to get a fixed price to build Kouroussa before high inflation really kicked in
Just had a look a Robex Resources. It's a very interesting comparison to HUM.
HUM's projects have much high grade resources in both countries and the Kouroussa mine is about to start producing whilst Robex is in the process of completing a feasibility study for its project in Guinea and will then have to build the processing plant.
If anything you would say HUM should have the higher market cap out of the 2 companies
Main thing for me is that the full year guidance of 200k tonnes has been reiterated. It doesn't matter what quarter the sales land in. The dips in the share price provide a good opportunity for long term holders to load up
Kershner, Grosso & Co (KGC) was founded in 1979 by Chris Grosso and his former partner Thomas Kershner. Chris built KGC from scratch, and he prides himself on the firm's independent research and intuitive investments. Tim Fontaine, a Certified Financial PlannerĀ®, joined the team in 2019 as a principal client liaison. Tim focuses on the overall financial picture of our clients, and he brings a unique perspective and personal touch to the business. Together, with colleagues Gabrielle Hoyt and Vicki Bush, the firm has flourished, growing to over $450 million in managed assets.
Kershner, Grosso & Co has maintained offices in the historic Collamer Building, right in the heart of Downtown Saratoga Springs, for the past 35 years
Yes, next accounts are finals due by end of June.
I think we'll get an operations update shortly. This time of year they usually start rehabilitation of the access roads to the mining area. Another shareholder I'm in touch with was in contact with them earlier this year and they seem very happy with how the phosphate project is progressing. It should be a very good asset for shareholders for many years to come.
Give the email posted here recently we should get an update on progress in Togo as a resolution is expected soon although we've been waiting ages for that project to get into production