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Maybe you got some of the shares the fat-fingered seller dumped at 1.35p. Crazy spread action, not helped by zero newsflow..

CP, can you see a scenario where production assets are injected into AEX, from either the Zubairs asset base, or from another producer, willing to sell, and this is funded by a loan to AEX from Eclipse/the Zubairs, where the revenues from the asset cover the financing costs? AEX is their listed shell, more or less, and is trading at a deep discount to the price they paid for their share holding. It has no revenues - to bridge the gap to Ruvuma revenues and to establish some form of cash flow until then..? As you mention, our existing assets, barring the 25% stake in the farmout, don't have much current value. Just thinking through what our options are to getting short term cashflows. PD

C'mon AV, lets have an update....

Tin US$ 15,465/t vs US$15,250/t yesterday - Shanghai tin prices hit three-month high
• Reduced global tin production caused by lockdowns is likely to result in supplies falling short of demand, meaning tin is likely to outperform other base metals this year.
• The market is still in a huge backwardation, indicating a tightness of short-term supplies, due to robust demand for the metal used in electronics.
• The most traded contract on the Shanghai Futures Exchange climbed as much as 3.5% yesterday to 135,390 yuan ($19,058)/t - the highest since January.
• Three-month tin on the LME rose 0.7% to $15,470/t this morning - the highest level since the 28th of April (Reuters).

Does malcy ever get anything from his chats that it isn't already known to the market? No..

HM, if you take a look at the Ops review in the annual report, they have prepared a plan for low-cost remediation on KN1 and are ready to implement it upon approval from the TZ authorities. They estimate 3-6 months lead in time to start work if this ever happens. The cash from the fund raise in feb 19 has paid for this, they sound optimistic about it working. For some reason, this approval is taking forever. It's not about the economic justification of it, but clearly (?) linked to other issues - previous royalties, tax disputes, contract clauses...? Who knows, the question has been kicked around for years and the failure by our board to resolve this is a key reason we are where we are now. Cash strapped.

We're fully funded on development of Ruvuma but that won't produce revenues to AEX for 18-24 months minimum (?). We have no cashflow (part from a -ve one) which he was happy to emphasize and then threw in some vague comments about a merger or acquisition of production assets, and declined to give any detail. Didn't touch on the obvious issue about when we can resolved the KN1 problem, so in line with the other CEO's we've had of late. And disappointed the market with the timeline on the new spud. So overall, quite a first PR exercise from Mr A. But he is staying healthy during Covid, so well done to him..

I would be pretty p*ssed about that as well. Given the background of our new NEDs and the declared strategy of diversifying away from TZ assets, i can see them considering assets outside of this region and in places like northern europe. I just don't see how we can possibly do a deal without giving away more of the value of our current assets. An asset swap with other Zubair producing fields? We're effectively a listed shell for them anyway. If the new directors weren't also seeing the value of their 'salaries' getting cratered again today, i'd be long gone. I was really disappointed with Ambrose today, and that follows the really badly handled RNS on the stock options.

NM, i can't see how we can do a deal with anyone for producing assets without either a massive fund raise (equity rights issue) or, giving up some of the remaining share in Ruvuma. What else do we have to pay with?? To me, the interviewer should have pushed more on KN-1 and what the board plan to do about it, and when. FFS, this is a potentially producing asset again for far lower cost, why has this been neglected for so long. It bugs the **** out of me that it has been allowed to stagnate and never gets proper attention. ATB, PD

Outside of the interim results, one operational update in 8 months is pretty poor. After a period of raising the company's profile, AV seems to have disengaged. Disillusioned with market reaction to the progress made so far? Disappointed with the newsflow this year.

If the payment of the CGT bill opens the doors to getting the TPDC to pay AEX what it owes for gas sales at KN1, and gets the remediation work approved, then it'll be worth it IMO. There won't be much of the $5m left after these pre-payments and getting those revenues in will be crucial for our cash position. We don't need any more dilutive or expensive short term funding solutions at this stage. GLA

Clearly, wasn’t a great idea to rush out he first RNS without the crucial detail on exercise milestones, but they have corrected the mistake and this makes for better reading. Don’t have a problem with the board being incentivised and they are clearly taking a large cut in cash earnings to turn AEX into a success. £100k for the chairman seems toppy but all board members are now taking on a greater workload. This board seems capable, happy to see the results come through and for them to be rewarded for getting the share price back to a sensible level. Opportunistic, no doubt, greedy, I don’t think it is. The alternatives could have been disastrous. GLA.

If the options have no exercise price, and these don't appear to have any, then the company receives nothing. It's an award and a cost to existing shareholders by way of diluting their stakes. AEX have been using their shares as currency for as long as i can recall, in this case it seems they've been extra generous.

The EUR .001 value is the nominal value of the shares and was set when they were first issued. It's basically an arbitrary value for balance sheer purposes, has nothing to do with the current face value of the shares or the exercise price of any options issued.
With this new RNS, it looks like the recipients are getting shares with no exercise price, unlike the Feb ones which had an exercise price of 1.02p. So free shares which replace a large chunk of the Feb options and reflect the significant amount of cash the board gave up in salaries detailed in the chairman's report. The size of the awards seem well in excess of that figure though, about 4% of the number of shares currently in issue, so worth about £1.2m at a share price of 0.8p ..? Someone correct me if my math is wrong..
Big bonus above & beyond what they have foregone in salaries. Cost of them keeping the company alive and getting the farm-out completed..?
The next update of the share register will confirm their significant new stakes in AEX I would guess.

Well done John Bell, by far the most informative and well written chairman's report i can recall reading for Aminex, ever..!

another 2.5m booked at 16.38, also LRGS trade, part of the same position building..??

For the umpteenth time, this isn't AIM...
SECURITY INFORMATION
FTSE index -
Market Main Market
Market identifier code (MIC) XLON

Tin producers close as coronavirus locks-down major tin producing regions
• Mine closures and supply chain disruption may cause a significant supply-side shock for the tin market affecting >40% of production.
• According to Reuters at least four of major tin producers have either suspended or reduced operations, not including Chinese producers which often take material smuggled in from Myanmar
• Chinese tin production is also expected to have suffered during the lockdowns in February and March.
• Peru, suspension of Minsur which produced 19,600t of tin in 2019
• Brazil –Taboca suspended. Produced 6,500t in 2019
• Malaysia - MSC suspended. Produced 24,300t iin 2019
• Bolivia - EM Vinto suspended. Produced 11,500t in 2019
• Indonesia - PT Timah cut production by 20-30%. Was 76,400t in 2019

I hear this making good progress..GLA

Trading halted on Euronext..?

Tax year end stuff, b&b'ing..?