Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Good to read that the impact of the lightening strike still has us within guidance albeit at the bottom range, I thought production could of been hit harder.
Demand for product is still strong, and nice divi increase.
Just hope world events don't derail us, as we are ina good position operationally and financially with only the upcoming WCP move a potential risk.
Pro Roger Brown detailed newspaper article below, makes the point among many considering that the board of Sepl has plenty of Nigerian influence in high positions why if the allegations are true would they allow it and not deal with it?
In other news I see Russian oil has been selling for well above it's price cap, US EU and UK turning a blind eye reports the Global Witness, IE not doing any checks, so my take is they don't really want to sanction Russian oil it's all a posturing exercise, say one thing do another.
https://sunnewsonline.com/seplat-who-is-orchestrating-disputes-between-stakeholders-and-the-authorities/
United States was reported to have privately urged some commodity traders to shed concerns about shipping price-capped Russian oil in a bid to shore up supply.
The above statement was slipped in their daily review of the business news says all you need to know about future demand, even with more rate hikes forecast on todays US jobs data, Brent steadied and rose slightly even though down on week overall.
Having read the Reuters article updated on 6th March stating Exxon are looking to complete the deal with Sepl, then we have all the shenanigans of this week seems more than coincidence to me, anything to stall or stop the deal but that's just me.
https://www.reuters.com/business/energy/ceraweek-exxon-seeks-unblock-stalled-sale-challenging-nigeria-top-executive-2023-03-06/
Considering Roger has been around Sepl for a decade and the last three as top dog I find it curious that if these allegations had angy merit then there would of been evidence in years past which would have surfaced to back up the current claims.
The fact that there are none smacks of a smear campaign, desperately trying to derail the ongoing acquisition.
Good of Sepl to come out and refute the claims.
Manolo does it again obstacles left right and centre yet he continues to find a way round or between them all, we've heard about not enough barges we now have more capacity, we heard about restricted production now we are back up again, he can't do much about the onp, the fund for the local indigenous people recognises their grievances.
The bond repayment is happening as is capital returns, obviously not for the faint hearted here considering what could and does awry, warrants aside management have constantly delivered todays update is further evidence.
Platinum outlook for 2023 is forecast to in deficit, continued substitution of platinum in ice vehicles to continue this will be a driver more than production figures, when new models are introduced with substitution it will last for the life of the model.
Output from SA due to outages and Russian sanctions to impact supply.
https://youtu.be/Rg3Zc5PDayY
Nice article regarding EVs basically the subsidies applied to these vehicles stopped worldwide on Jan 1st, in the US, China and EU what happened to sales when the free market applied to them?
They halved, so longer will society allow the generally better off buy more expensive vehicles at a discount, until I suppose they realise they can't let the market collapse as badly as it has and reintroduce the subsidies in the future.
https://www.ajot.com/news/ev-sales-collapse-as-subsidies-and-tax-credits-come-to-an-abrupt-halt
I see the company put out an operational update detailing the incident on their website it's pity that the RNS has not found its way here on lse, further updates to follow in due course.
Sometimes acts of God happen and there is not a lot you can do to mitigate the incident, only rectify the damage done.
Production guidance is between 11k-13k bbls/day plus Montara, Production from the Montara Project averaged 7,509 bbls/d during H1 2022.
So I would assume 20k is achievable, more especially if there are additional acquisitions which is likely.
Cracking set of results delivered today remarkable that they are now cash positive from memory $300m + net debt previously, the deal is not dead in the water as was a possibility, plenty of drilling has gone on, the pipeline for more secure transfer of oil the good news goes on and on and I haven't even mentioned the special divi.
It's been a while coming, these results should attract the wider market to what's on offer here.
I might add I am of the Eric Nuttall persuasion, US shale filled a big void and that is in decline now compared to what it was, lockdown reduced usage and China being offline and below capacity has also skewed demand.
We can't forecast the future so it pays to be cautious, I believe when central banks raise rates it can take months before that turns into a recession and shows up in the data.
Good luck to all invested here I am not heavily invested here but I do have a stake looking to add on weakness.
Released their half year results with record first half year sales compared to H122 with sustained demand for all products resulting in 32% increase in price of product sold.
Some price moderation since the new year rutile still high however ilmenite and zircon down from recent highs.
So it all bodes well for our short coming update on the 22nd March.
I don't have an agenda, it's an alternative view to what is a fantastic update today and for the sp to be up only 5% is disappointing.
As for my views which are relevant to all shares and markets watch portfolio matters monthly update for February it's only ten minutes or so.
https://youtu.be/SdIOZHGdrPQ
Another good update mine life extension looking very likely, the news flow over the last 12 months has been flawless operationally and financially it couldn't have gone much better, the refinancing opens up opportunities with more cash to play with it will be interesting to see how and on what they spend it on.
Although today's news is disappointing the important news came earlier this month being the General Direction issued by NOPSEMA was closed.
They must of been on tight schedule to get all the work done and in their defence who expects bad weather in an Australia summer, so they can't be far off the restart of production maybe a couple weeks which is a complete guess however as stated some of the work has started so it isn't down to technical difficulties purely weather a set back but it is temporary.