Member Info for pekingduck

Have to say I expected to see the Q1 holders information updated by now - most recent one was 5/12/18 and these are done 1/4ly. Even our registrars seem to be sh*t at providing information..

Useful read BG. They have clearly benefitted from KN1 not producing and are supplying more gas to Tanesco & TPDC. They have quite a bit of cash on their BS relative to their market cap and are looking to diversify away from owning only one asset, where the license expires in 7 years. Worryingly, they are owed $59m by Tanesco as a gas receivable and only had $15m of this paid in almost 3 years. They appear to be shifting towards a focus on providing capital for new upstream projects. They've been doing this for rough the same time as AEX but are in a much stronger position than us. Where we would ideally like to be in 3-5 years..

I would guess that Bell as new chair has taken these down, either to review or remove altogether, although as the menu option is still on the site the latter doesn’t seem likely. Those answers were poor from a grammatical and governance point of view, under new ESG rules they probably merit a C-. Bell will want to tidy that up, hopefully.
At least they have put some more skin into the game, about all that’s keeping me +ve on this one right now.

Nothing yet TZ, the shares were admitted y'day but the next filing date for holders shd be c. March 5th, we'll know then..

TZ, not at all, getting rid if the debt was probably the best thing this company has achieved recently, and that's a fact..! Then again, neglecting their one source of revenue and relying on equity raises to fund operations isn't exactly a great outcome for shareholders, also a fact. The point I was making (from an admittedly position of near-term frustration) is the amount of capital this company has burnt through, to end up with a MC of c. £50m and no current revenues. The balance sheet may tell another story but the tangible assets on there are only a fraction of the total and the implied value of the various acreages completely reliant on their associated licenses etc, which seem tricky to pin down right now..

Summed up perfectly CP, and a tactic used by Detmer, Hall etc for decades now. JB has taken it to a new level though..! 15 capital raises in 22 years, >£110m of shareholder capital, plus warrants and the proceeds of stake sales (13% of Kiliwani for $7m is one I recall) and we sit here, plugging the gaps with share issues at 1.45p. WTF was I ever thinking..

I'd be wary of believing that all the recent cash raise will go towards Kiliwani - after >12 months of zero revenues and with no doubt plenty of undisclosed costs during this period, we must be on fumes. The justification for raising capital now was weak given the need to make progress with KN1 for over a year. I am finding it hard at present to believe any of the information AEX is providing shareholders. The new shares should be admitted for trading tmrw so we should get a clearer picture of which directors subscribed and how much Majedie added. For me, the only bright spot right now is that some of the new directors might have got involved and that a longterm investor has added meaningfully to their position. Struggling to find +ves for this stock outside of that. GLA

Well, KN1 was spudded in 2008 and it took 8.5 yrs for the first payment to be received for gas from the well, Ruvuma initially drilled early 2011 (?) and it seems still a long way from production. I scrolled through the relevant news articles and interim management statements going back to 2007 recently, lost count of the number of placings over the past 12 years, large numbers (relative to today) and even the occasional apology and 'thanks for the patience' comments, which have long since dried up! Malcy's frustration, evident in his call y'day, sums up the story here. Doing biz in TZ is clearly tough, and not for the impatient, but 8-10 year lead ins on projects seems ridiculous. WTF..?

Pure sarcasm DD, pure sarcasm....

Thanks for posting BG, missed that interview. However, the usual high conviction call followed by little or no real progress, six months later. Rather a depressing trend for Mr B, and of course never an explanation for lack of delivery. Maybe now he has surrounded himself with some better oil experts things will improve. If not, he really needs to step aside and let a new CEO salvage something from this slow motion crash. But he bought the Zubs to the party, so maybe not..

TZ, wasn't implying anything like that - the new shares aren't available for trading until feb 14th anyhow. No, I was just observing that Majadie had added almost 100m shares to its position, which is meaningful, and a positive. The shares are held in two of their funds, which implies they are either investing new cashflows or increasing their exposure to AEX. I doubt they would be doing it on a whim.
The bit from JB's call that seems like BS to me was the justification of the timing of the raise, 'to benefit from low oil services fees'. They've been low for 18 months, looks at the SPs of Seadrill, Schlumberger etc - the latter almost a 5 yr low. This all should have happened 12 months ago, when the problem was first identified. JB has yet to give a plausible explanation for this waste of a year, and yet no-one seems to have properly challenged him on this. That's why our share price is so weak, IMO.

For info, their cost basis/share is 1.88p, so this lowers their average too. Been accumulating since 2013...what would they take to offload their stake after all this..?

GS - extra 26m shares, so they now hold 1,069m, out of new total of 3,770m, so 28.35%, actually less than their current total (28.62%).

Doesn't come as a surprise, adding GMP as broker was a red flag, wonder what their fee take is on the gross proceeds? If Eclipse are only taking 20% of the raise, and the top two shareholders are subscribing, then Majedie is taking the rest (less the directors 4m) - this equates to a further 96m shares which takes their stake to 11.5% of shares out - doubling down again..
Watched the video, JB looked a bit flustered, pressure really building now to get something concrete delivered - interviewer backed off when he could have piled in on a woeful 2018, can't mistreat the customers too much.
Still holding out a slender hope of getting K-1 producing again but this seems all about KS and new drill prospects, so the can gets kicked along again. I emailed to ask about the AG review of ASPs and if this was impacting their license progress, suggested they update FAQs as this is a material risk. Not holding my breath - GLA>>

Judging by the article KW posted, it looks like the Attorney General has been reviewing all PSAs in TZ, starting several months ago. No surprise that the Ministry of Energy has been slow to grant any extensions etc during this period - and no sign yet that it's been completed. And it's to be followed by talks with existing investors on the terms of these PSAs.
You think JB might be aware of this and could have made reference during his regular updates...LMAO

Been looking to add to my position here and personally happy to see the pullback to get some cheap shares. Stock market behaving as per usual, transferring wealth from the impatient to the patient. Lots to look forward to in the following 5 months, although some of the SP predictions look fanciful, even with the projected ramp up in production ( and commensurate share issuance). I’d be happy with a market implied market cap of £200m, which I think is realistic...PD

From WH research note last year:
The Mokopane Tin Project is a brownfields tin project containing 18.5kt JORC compliant tin resources with an average grade of 0.12%Sn on two adjacent deposits. It is situated on the Northern Limb of the Bushveld Complex and consists of one prospecting right (2205 PR), covering six farms with an area of approximately 13,422 ha. Within the licence area, numerous further targets for open pittable resources have been identified, and the Company has explored and drilled two of the targets, Groenfontein and Zaaiplaats, upon which a scoping study was based and the results released in September 2014.
Tin was discovered at Mokopane in 1905 and 22kt of tin in concentrate has been produced from the area. There have been several periods of exploration and drilling to define mineralisation in the area. Groenfontein and Zaaiplaats are 3km apart.
AfriTin owns 74% of the Mokopane deposits.
2014 Scoping Study
The simple scoping study was based on a closed circuit multi-stage gravity separation plant, followed by small-scale flotation and electrostatic separation, and smelting to produce a high-purity metal.
The Base Case scenario is for a ~700kt ROM operation producing ~0.7kt/yr of 99.5% tin metal from 1.4kt/yr of tin concentrate (grading 51.4% tin). In 2014, capex was put at $16.7m and operating costs at $14,200/t tin. The economics of the project (at a tin price of $21,300/t) were positive showing a pre-tax NPV of $18.0m and post-tax NPV of $10.0m, (IRRs of 49.8% and 34.6% respectively).
The project is currently on hold as AfriTin explores its priority Uis asset in Namibia.

Any thoughts as to why they mention the fact that 'Aminex is currently funded..' when answering the question about further approvals being needed? Seems odd, unless this is also a question that's been raised and they have chosen to answer it by folding it into the response to the query about approvals...
Perhaps the question about funding has something to do with the recent non-exec and broker appointments, both of which come with experience (and motivation) to do transactions. Like fund raises.
I hope I'm reading too much into this. These confirmations today are very welcome, to be sure..

No surprise, doesn't mention appointment of GMP as joint broker. Maybe the analyst should have gone to the EGM, asked a few questions...

Aminex has announced the appointment of Linda Beal as an independent non-executive director with immediate effect. Ms Beal is a chartered accountant who enjoyed a career spanning more than 30 years at PwC, including over 16 years as a partner. She also spent two years as a partner at Grant Thornton, where she led the firm’s Global Energy and Natural Resources Group, with a significant focus on Africa. We congratulate Ms Beal on her appointment to the Aminex board and are confident that her experience will prove highly relevant as the company pursues its growth strategy. Our last published Risked NAV estimate for Aminex stands at 4.8p/share, reflecting the improved risk profile that we expect to result from the Zubair farm-out deal (recently approved by shareholders), which will see the company carried through a material work programme and straight into production at the flagship Ruvuma project.
Shore Capital Stockbrokers Limited acts as Joint Broker to Aminex PLC.
Analyst: Craig Howie – 0151 600 3703

Well, that's a clear risk and the consequences are laid out on pages 15-16 of the circular. This may be planning for that contingency, which isn't a pleasant thought. These next 11 weeks are crucial, and AEX's explanation of the situation remains far from ideal. I am surprised so little has come out of the EGM - apart from the comments you have posted CP. Some of these would seem to be observations that are crucial to understanding the current state of play with both Ruvuma and KN-1, and yet we're dependent on hearing it from unofficial sources. That is poor, but also typical of JB.