Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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
What a waste of time and money!
Due to the Easter holidays I have been reading the boards and I've only just seen the post about Graham's email saying that the company is close to a resolution on the Togo project. There's nothing in the share price for Togo so if we get positive news on that it should lead to a massive re-rate
I don't think the government get the 10% free carry until the exploitation permit has been finalised. The main details are here, including the part about conversion of the company:
"Exploitation Permit
路; All documentation, including the Mining Convention and Exploitation Permit, expected to be completed by year end
路; Exploitation Permit will be a 20-year permit covering the current 15-year life of mine ('LOM') and any potential increase in Ore Reserve
路; 10% free carry to be issued to the Togo Government reducing the Company's interest in Soci茅t茅 G茅n茅rale des Mines SARL to 76.5%
路; Will require the conversion of SGM to a higher governance SA company
Commercial Production
路; Operations expected to commence at nameplate capacity of 6,500 tonnes per month ('tpm') of saleable manganese ore in Q1 2020, targeting the detrital and laterite ore horizons
路; Construction of an additional 70 tonnes per hour ('tph') scrubbing and screening plant to commence in Q2 2020 with steady state production of 17,200tpm planned for Q3 2020 subject to securing expansion capital
路; Expansion capital is expected to be funded through offtake agreements"
Very interesting!
One of the things that the company has been waiting for is the setting up of a state owned company before manganese production can commence. It sounds like it could finally be happening and we should get an RNS in light of the recent reports in the press
Those waiting for a placing before getting in will be disappointed.
The company is only interested in project level funding now.
Company is fully funded for its current work programme, the $1m is earmarked for the next programme begging in Q4 plus the annual exploration spending rebate is due in the next few weeks. There's also the possibility of divestments from non core assets and company is in discussions over other potential project level JV's.
So we're in Q2 now so should be lots of newsflow as Kouroussa is to start producing this quarter.
If we see another decent set of production figures from Yanfolila in Q1, like the previous quarter, I think we could see the share price back in the 20p range given the uplift in the gold price.
Did the company forget to release a Q4 production update?
The 'regular payments' the company says it is receiving are in Egyptian Pounds which is used to pay for overheads in Egypt and drilling costs etc. but it causes a problem as loan repayments to BP and head office overheads also need paying.
This has been going on for a while.
Do some research on the disposals of the Crown licence and the gas project (nice deal for PXEN). We were hoping the proceeds would be used to fund a new acquisition but instead they were swallowed up by loan repayments and director salaries which is a great shame for shareholders. The same is likely to happen to the proceeds from Maria.
Apart from the local currency falling in value the problem for UOG is it cannot transfer funds out of Egypt.
That's why I think the company needs to find a producing asset in a better jurisdiction, if it can get funding, so it is not so reliant on Egypt. Also the terms of the production sharing agreement in Egypt are very severe with the Egyptian government taking the lion's share of revenue from oil production
https://stockhead.com.au/news/asx-small-caps-lunch-wrap-who-else-is-buying-a-metal-detector-and-immediately-heading-to-ballarat/
Perhaps it was found on one of RRR's licences. It has a very large land package in the same area
Unfortunately Egypt is facing a deepening economic crisis which will exacerbate UOG's problem of being unable to obtain payments from the government for oil production. The soon the company finds a new project to diversify out of Egypt the better IMO
https://www.reuters.com/markets/currencies/pressure-builds-egypt-devalue-currency-further-2023-03-28/
I did that because there doesn't appear to be any recovery - see the link to the recent BBC article that I posted
Here's another recent article that seems to back this up and Egypt faces a severe shortage of foreign currency so UOG is unlikely to get paid https://www.middleeasteye.net/news/egypts-cash-strapped-government-shelfs-anticipated-sale-state-telecom-giant
This article has just been published which has some interesting analysis on HUM.
It's written by a very experienced equity research analyst and is independent and not paid for by the company like most analysis these days:
https://www.masterinvestor.co.uk/commodities/three-recovering-goldies/amp/
'Egypt keeps delivering'? UOG are having big problems getting paid the production revenue by the authorities in Egypt.
From the recent update RNS: 'The continued effect of global macroeconomic volatility on the Egyptian economy has resulted in both a significant devaluation of the Egyptian Pound in the year and ongoing restrictions on US Dollar transfers by the Central Bank of Egypt. These restrictions have made it challenging to repatriate cash from our Egyptian operations. In order to manage the Group's exposure to the currency devaluation risk of the Egyptian pound, in Q4 2022, United opted not to accept the payment of our USD denominated receivables in Egyptian pounds (EGP), unless required for operational purposes'.
There will have to be a write down in the next set of accounts due to the plunge in the Egyptian Pound and the situation doesn't seem to be improving https://www.bbc.com/news/world-64951519.amp