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MaxH: There is little doubt that LS is the "big one" for MAFL. LS stands at virtually nothing in the books (plus perhaps some drill financing cost), so everything to play for without much risk imho. They have already achieved one successful sale of assets bought at same time as LS and the BOD's experience speaks for itself. Admin costs are kept very modest. Whilst a further capital raise cannot be excluded (to build a war chest), profits from LS could make this unnecessary. One positive unknown to keep an eye on is its economic stake in LS; set at 49% (through THCrestgate), this may actually increase depending upon the drill financing terms. Otherwise, I do not think either of the concerns in your last para are likely to apply. DYOR.
MaxH: The fundamentals are indeed strong, indeed it is hard to find a negative one imho. Whilst most of the attention on this BB focuses on the upcoming final drill hole results and the ensuing overall Lagoa Salgada (LS) resource re-appraisal (and its sale), there is a wider portfolio with some interesting positions and the BOD's broader search for other opportunities. This is a resource sector investment and financing company, not a mining production company - and we believe very much focused on delivering shareholder value. Liquidity is a problem if you are getting in, so some patience and monitoring required there. Good luck, DYOR
It has indeed been encouraging to see some liquidity, some decent trades go through and the price holding at around these levels despite the delayed news. There seems to be no end to the number of uncommitted holders prepared to sell when the tree is shaken. As only 340k shares held represents 1% of shares in issue, lets hope the buyers include some meaningful LTHs?
I suspect today's buying is more one of those periodic topping up spurts rather than any leading indicator of the overdue RNS tomorrow. But who knows?! The last drill news is bound to be good news imho, just a question of how good. I doubt the market will really start to wake up until the overall resource review by the geo is published - but then this is AIM...
Zan: Yes, the last hole is numbered 5 and it is well overdue. No explanation has been given but delays are nothing new for MAFL announcements! As for the geos, they will undoubtedly already be working on all other 9 recent holes so might get an updated resource estimate out sooner rather than later but I think best to expect it by year end. It likely that will have to be published before a definitive sale can be announced. As ever for MAFL, continued patience is required! GLA etc
S19: Indeed one might wonder, news is overdue. What we do know after a long series of good to excellent RNSs is that it is unlikely to be bad news, more likely a question of just how good imho. We are awaiting the final hole results, followed (maybe quickly) by the already-appointed Canadian geo's assessment of the overall LS resource which will better enable a value to be placed on it. Sadly a little continuing patience required. DYOR, GLA
Nom: Whilst we are indeed past the 3 week period, experience tells us that one should not regard time indications with too much precision. Spain where the assaying is done has also been going through a bit of turmoil of late! Pencil in next week as a hoped-for date by all means.
U69: Agreed but I suspect a bit of continued patience is required before we have all the data needed to support hitting "the big time": the final hole results (with a week), the geo's fresh appraisal of mineral resources (soon) and hopefully announcement of a sale (around year end?). GLA
Zanman - definitely more bite recently, as one might expect as we get nearer the moment (or moments) of truth. The RNSs seem to have been excellent or even outstanding but only a geo's interpretation will tell us - and, more importantly, a purchaser - what is really there. At some point the price has to take off from these relatively low levels where nothing for LS is priced in imho. The low volumes and possible limited liquidity will both play an interesting role as and when the true value of MAFL starts to be properly appreciated. GLA
With so many buyers over last few days, perhaps some of them new to MAFL, this brief summary of what to expect from MAFL may be helpful (based upon management pronouncements, not a crystal ball!): :: Imminently (perhaps this week), the results of the sixth and final hole (called Hole 5) at THC's Lagoa Salgada (LS) resource in Portugal :: Followed by (over next few weeks), overall assessment of all LS drilling results and re-assessment of its total mineral resources by a Canadian geologist who was appointed a few weeks ago :: Around the end of the year, announcement of sale/JV/other disposal of LS. Both THC and MAFL (which owns at least 49% of THC) are investment companies and not mining companies so will not exploit the LS resource themselves. A series of highly positive RNSs have been issued late last year (4 hole programme) and over this year (6 hole programme), the object of the latest series being to raise the indicated resource by 75%-125% from 4.5Mt to 8-10Mt. The defining events for MAFL will imho be the geo report and the sale announcement. DYOR, GLA
You are pretty much there. Maurer is a fund manager or similar, I think Basel based, and is a director of THC. I suspect some of the former significant holders are probably his clients (his name might have appeared on earlier TR1s) so that would explain a lot of the earlier "European" support for MAFL from placings etc.
6z: I agree it is unclear and actually I suspect it is an error in that the same custodian is involved but the previous sub-accounts details were copied without making the ultimate beneficiary changes. I feel sure today's buying is not institutional, indeed imho MAFL is too small cap and too illiquid to attract any institutional interest at this stage of its life cycle. But good to see so much interest and, hey, we are almost through the �5m market cap!
Mask - yes "Bed&ISA" is the process but the ISA rules used to require (think still applicable) that any ISA purchase must be an arms length, thus market, transaction. Its one of many examples of unnecessarily complex HMRC/Government rules which do not serve the best interests of or provide simplicity for savers (like the so-called transparency on fund fees rules, which has resulted in many cases in increased costs and complexity).
Hardy - well, you got a good price for them! I do not think we need to be apologetic for selling or buying, what matters is that we support the investment case to whatever extent possible. I know of some accounts planning to switch MAFL shares into an ISA, which will have to be done through the market; whilst this may temporarily create a false impression on dealing volumes, it will soon be forgotten and keeps the shares in the LTH category.
Some reported sells are in fact buys - two recent 12.90 trades for example. The fact one can buy below mid price shows some mm tactics that I do not fully understand. But topping up at this stage is surely wholly understandable imho if this is travelling in the direction so many are convinced it is going? DYOR, GLA
Mask: Might be a bit early for sale details (they have indicated around end of year). More realistically, I would first expect the geo's overall analysis of all holes, historic and recent, and re-assessemnt of what resources lie there? That would make the task of fixing a fair price rather easier!