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#HUM is pleased to report that key equipment, including grade control rigs secured in Q3 to supplement the underperforming drilling fleet, are performing well at #Yanfolila allowing us to mine to our scheduled mine plan and accelerate our production for the remainder of the year
https://twitter.com/HUM_gold/status/1600463701051523073?t=Bn3Ax5pKNQbho6T29ksc6Q&s=19

People may be 'anticipating' a fundraise. TRAC had $300k cash at the end of June so likely to be running on fumes given the usual cashburn. The auditors will probably want to see more cash on the books as year-end approaches

As we all know, 'ESG' is becoming increasingly important in the mining sector. The 'G' is for governance and these sort of corruption scandals are very damaging as a company will lose support from institutional Investors which puts downward pressure on its share price and increase the cost of funding

If a large company is embroiled in a corruption scandal it will usually pay off legitimate claims against it to draw a line under the scandal. This could be very good news for RRR and certainly strengthen its case. Although RRR is small it is publicly listed and could create negative PR for Glencore which may be more damaging to it's reputation than the amount claimed against it

Not too surprising when you do some research on the history/track record of the CEO

Shame they sold 80% of the licence in return for a spend of only £200,000

'Anglo Buy-back option

Under the terms the Bushranger Acquisition agreement, if a deposit of greater than 2 million tons of contained Cu equivalent (e.g. 450Mt @ 0.45% Cu equivalent) is ultimately identified, Anglo may buy-back 80% of the Racecourse deposit at fair market value as determined by an Independent Expert in accordance with the JORC and Valmin Code.'

Would have been exciting if the grade was double the amount that has been reported :-((

Landstead are on the other side of your trade ;-)

https://youtu.be/Qmd5SmMcPbQ

How is this progress from the umbrella agreement that was signed in June?

Harry is the master of dressing up delays to look like good news. He's done it so many times before!

Correct me if I'm wrong, but this suggests that the average production rate during July and August was 1256 boepd

From the RNS: "First half (1H) 2022 Group working interest production averaged 1,552 boepd net (1,290 bopd oil and 262 boepd gas). Group working interest production to 31 August averaged 1,478 boepd net.

The full year 2022 average group working interest production guidance range has narrowed to 1,450 - 1,500 boepd (vs 1,500-1,650 boepd previously guided)."

The reduction was only around 0.3% but Ruffer had to report it as the total holding went below the 11% threshold

Institutions not instructions

Been a great day but can't help feeling a bit peeved that millions of 6p warrants were dished out to instructions over the last few weeks so the company will receive far less funds when they are exercised
It's a shame they couldn't have waited a bit longer and they could have been issued at a far higher price. The institutions warrant positions are showing profits in the millions over the last week :-0

If you know all that ginger, why are you multiplying the boepd figure by $90? To try and get accurate figures for revenue or profit you have to strip out the gas production first as it contributes very little as the gas price in Egypt is $2.35 which is a fraction of international market rates.

When making revenue calculations:
First you have to use oil production and ignore the gas due to the low gas price in Egypt. Initial oil production announced today for ASH 4 is 291 bopd
You then have to deduct the government take which is 58% (42% to UOG)
You then have to assume a decline rate for the Ash field. Perhaps 35% annually but perhaps someone can ask Jonathan about this tomorrow.

Once you have an approximate revenue figure you can deduct cost of sales/operating cost which I assume are around 25% from looking at historic accounts.
Then deduct the cost of drilling/completing/testing the well which I assume from historic accounts is circa $1.2 to $1.5million net to UOG and you can arrive at a sense figure for the cash flows generated by the well

Nick, I don't think the company would have deliberately excluded you from the recent placing. The company must have had a reason to change brokers and it would have been unethical to contact Shard clients to participate in an SP Angel placing. I'm not sure why the company changed broker, perhaps they have negotiated better terms to save the company money or they feel SP Angel will get them greater coverage. It should be noted that the company didn't have to offer warrants as an incentive to take the recent placing which is positive.

I don't see ORR as a lifestyle company. The directors have participated in most of the placings unlike make directors running AIM listed companies and they are willing to take part of their fees in shares. I also think they have been successful in Cameroon so far. Shareholders are naturally very disappointed with the current share price but given the assets there is an opportunity to make multiples on funds invested at present.

As others have already stated it would be good for you to have a chat with Tim. He said in the recent interview that he would welcome shareholders getting in touch with him.

£126,000 might be loose change for you but I'd call it a decent amount for directors to buy in the open market

To illustrate how far the Lupuzor clinical programme has regressed, the previous phase 2 trial started in July 2006 - that's over 16 years ago - and now it's back to before the phase 2 trial stage!!!
At least today's fluffy RNS allowed some people to exit before the implications of the announcement sunk in and the share price began to plunge