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Hi Panda, not sure the date, but you have to assume its recently as they have linked the Investors presentation in the video. Regarding the POX Hub from POG it has to be very recent. If they can push $400m dollar from the Cypress debt to the Russian debt it makes sense to do this as they will more than likely be able to refinance the debt with the Russian banks. I am happy with both videos, Nesis is keeping the shareholders well informed that the business is continuing pretty much as normal as you can see from the Q1 update and the Investor presentation as well as these recent youtube videos.
https://www.youtube.com/watch?v=JuPnkjEtLoo
The above link was on 2 days ago about not buying POG
https://www.youtube.com/watch?v=LcBjosCcZns
This link was on 20 May about the debt
Roxy or anyone else considering considering buying POG please read POG's RNS on the 16 May regarding 'Update on Gazprombank (GPD) Debt' it states 'The Company also announces that the Group is unable to pay the coupon due on 14 May 2022 of approx US$12.36 million in respect of the $500 million 8.125% guaranteed notes 2022 issued by POG 2016 Limited (of which $304 million remains outstanding). AMONG other reasons, this is as a result of the INABILITY of the Group to extract cash from its Russian subsidiaries in the current environment and the previously announced acceleration of the approximately $201m (including accrued interest) term loan between POG and UMMC-Invest (formerly with GPB) (the "Term Loan").
As a result of:
· the acceleration of the Term Loan;
· the existence of payment and cross defaults;
· the LIMITED cash resources available to the Company; and
· the Board's assessment that it will be very challenging to REFINANCE the Notes in the present circumstances;
Petropavlovsk continues to explore its options to determine the Company's course of action in light of recent events and their impact on the Group's financial position in the best interest of all stakeholders, including creditors and shareholders. As announced on 14 April 2022, these options include the SALE of the Company's entire interests in its operating subsidiaries as soon as PRACTICALLY possible. That process is continuing, and it remains UNCLEAR WHAT RETURN, IF ANY, may be secured for SHAREHOLDERS or the holders of the Group's listed debt securities as a result of that process.'
At the start of the year it had debts of $600 in total that they are struggling to pay, I could be wrong but that RNS state it owes $304m loan that they are paying interest on and they can't pay this back as they have limited cash resources and are unable to refinance this loan. Who do they owe this loan to UMMC-Invest. Who is the speculation to buy out POG = UMMC-Invest(formerly with GPD). IF POG go bankrupt as they cant pay their debts to UMMC-Invest, then UMMC-Invest could get Petropavlovsk as collateral leaving shareholders with nothing.
Regarding Polymetal buying out POG that is not going to happen, if you listen to the 'Investor day presentation' Nesis states The POX Hub is the only asset that would be a strategic fit to Polymetal portfolio, however realistically he states this transaction is not possible given their financial stress and other challenges on Petropavlovsk plate (which again suggests to me its not good)
I hope I am wrong on this and people who have got shares in POG get their money back or even a profit, but any investment in POG is purely a casino play at present and you may as well put it all on red or black. Nobody will know until its too late for shareholders and you will either bag or bust! Hopefully you all make a profit who are invested in POG.
DYOR and GLA!!
Polymetal's Debt Explained - YouTube
Over the last few days there has been a lot of mention about the war and not about Polymetal again. Many risks have been priced into the stock during its fall from £14 to £2.38 per share, which we know is the war, however Polymetal's cash balance covers all of 2022, therefore if the war continues through out the year Polymetal can cover their debts. Above is the link which is an interview with Vitaly Nesis from the 20th May explaining Polymetal's debt and why he is so relaxed. He states 'We mostly and exclusively bank on bilateral basis so we don't have public debt security, we are such advantageous position and use collateral to the bank in the form of physical gold. Which the bank love and why they an can low rate interest rates. Vesis goes on to state Polymetal is an established company, with strong financial results with a stable business model. He states there is a general shortage of high quality banking clients globally so we can leverage our position with multiple banks and able to rollover our debt portfolio, even in during much financial difficulty. The clip goes onto the debt structure on the 'Investor Day' presentation which confirms the cash flow is highly seasonal with Q1 traditionally the weakest quarter (still earned $616m in Q1) with Q2 results weak (I predict could be $680m for Q2 with Nezhda mine now in operation) with the bulk of free cash flow generated in the second half of the year. They are still wanting to push $400m from the Cypress debt to Russia as they state funding is still available in Russia, therefore we can finance the debt when its due. However the main point is if this war continues through out the year our existing cash balance covers all of 2022. However POG cant pay their current debts and are in financial trouble and this is my opinion why.
Only1WestHam - Good post, don't forget you would also get a dividend yield of 31% at £2.42 and with 4,132 shares at 74p dividend per share you would get £3,057 per year in dividends. Therefore your return in investment is just over 3 years before you get your initial payment of £10k back in dividends alone. As well as potential share growth up to £10+ per share in the future.
Remember last April director Manuel Lino De Sousa-Oliveira bought 2,020 Poly shares for £30,829 (NOT SOLD). Today you can buy the same amount of shares for £4,888 (approx. 1/6 of the price he paid) at a SP of £2.42. Mr Sousa-Oliveira would have had to pay approx £60,000 for 4000 shares last April, that you can at present for £10,000.
Ash11 - The 'Trading Statement' is not an event, therefore that's why its not on their website for upcoming events. The trading statement is an expanded version of sales portion of the Income statement. The trading statement's main objective is to determine sales, cost of sales and gross profit. Check out Next plc on the 5th May for a 'trading statement', it will only be a brief guidance for full price sale, profit and earnings per share as well as cash flow, shareholder distributions and investments. Their may be an update on production guidance if sanctions are starting to bite. As per their Investors Day presentation they stated first half of the year is always the lower end of production as its seasonal with the 2nd half being the higher end of production.
They would only consider POG's POX HUB, no buyout
As per CNBC over the weekend it states Russia are looking to cut their interest rates by a further 2% down to 12%, which will be good for Polymetal's short term finance. (As majority of their long term loans are fixed rates set before Russia drastically increased their intertest rates).
Looking at the threads over the weekend plenty of comments on the board again about the war, so I will say my 2p, after 4 months of war the BBC has finally reported on the concrete dam Ukraine had built shortly after Russia's annexation of Crimea in 2014. Ukraine built a concrete dam cutting off drinking water to people living in Crimea. 2 days after Russia invaded Ukraine the Russian army blew up the dam and water is now back flowing into the Crimea. Was this Putin's first objective, as he has been stating for months before the invasion that the dam was starving residents of Crimea. Russia has now took full control of Mariupol. Putin will try and class this as a major strategic and military success. Putin may want Ukraine not to join Nato (another objective) and the Donbass area to be Independent (final objective,) Donbass maybe what that they can negotiate on as neither side are winning at present. Over the last few days Zelensky has stated the war can only be fully resolved through diplomacy and negotiations. Hopefully to avoid any further loss of life to the innocent Ukrainians they can start to negotiate some terms to end this war soon.
DYOR and G
Hi Timydogy - No I am not on ADVFN board, one chat forum is enough for me! I have a quick read on a morning and to check if any RNS's. No need to be on two boards. I have been checking in more recently to see if anyone provides any links for any news on peace talks as we all know this will effect the SP. Any mention of positive peace talks and I will be topping up. For now I am happy with my holdings, but may also have a top up on Tuesday if the RNS is positive.
DYOR and GLA!!
Big-blue I don't think anyone has said to invest all your pension pot in Polymetal, however everything I have said on this thread is facts about Polymetal. (I personally have sold all my AIM shares and bought Poly and EVR to go with my rest of my portfolio of blue chip dividend stocks and happy to hold these now as I personally believe they will be fine in the long term). If you read the start of the thread regarding risks, it is still a high risk / high reward share and the SP has fallen due to the invasion into Ukraine from Russia. Majority of the II's have been forced to withdraw funds from all shares associated to Russia:
RISKS - Many risks have been priced into the stock during its fall from £14+ to £2.65 per share. However the fall in the share price has nothing to do with how the company has been run. This is still being run as a £14+ company, top 100 FTSE company.
I wanted to make a thread to talk about Polymetal rather than the war, I keep telling people to watch the Analyst & Investor Day presentation as they confirm its pretty much business as normal and still on track to produce 1.7Moz of gold this year. Nobody knows what the SP will be end of today, end of next week, end of the year. However I think we can all agree once the war is over this SP will increase. Hopefully the war will end soon, especially for the people in Ukraine and for everyone in the world. Just read some of the headlines from yesterday. 'Global Food Crisis - World bank to provide $12B to address the situation'. 'G7 agreed yesterday to $18.4B to Ukraine. US approves $40B in Aid'. 'Zelensky states Ukraine needs $6B per month to survive'. However UK's inflation now 9%, US inflation 8.3%. 'Sri Lanka yesterday defaulted on its debt for the first time stating they cant afford to pay it. The island has run out of petrol and Sri Lanka's inflation is at 40%'. This war cant continue on much longer. Newdealz's latest thread hopefully suggests Russia and Ukraine can start peace talks soon for everyone. RNS Tuesday - hopefully positive news with the updates.
DYOR and GLA!!
*That should say If the SP rises higher the Yield will keep decreasing. At the moment with the current share price if Polymetal do eventually start paying 75p dividend a share again (and they will do), if you buy at todays prices the yield would be 30% (as its the Weighted average price you paid for the shares, not the share price when any dividends are declared), therefore in just over 4 years as I personally don't think/expect they will pay any dividends this year you would get your investment back in dividends alone, as well as potential share growth back up to £10+. This is a solid company with a current P/E of 1.71 (again this will go up once the share price starts to increase). Polymetal has 10 gold mines and 6 growth projects and 6 exploration joint ventures.
Polymetal's Veduga Gold Deposit - YouTube
In case you missed out Gopnik's post on Wednesday evening check out the YouTube link above regarding one of their growth projects Veduga, Nesis states on the link after exploration its more than likely it will be 10Moz of a goldmine and look at those grades of gold. Q2, 2022 they are wanting to fully consolidate the asset. (I'm sure in the question and answers on the Investor Day somebody asked if they had consolidated the asset and they said yes). Possibly we get an update on the 24th May 'Trading Statement' regarding this. As per their website start of construction for Veduga is Q3, 2022 with first production Q2, 2025. They have received status of a Regional Investment Project, so should benefit from reduced income tax for the project 2025 - 28 and Mineral Extraction Tax until 2034. Veduga is going to be a world class mine!
With the current climate as investors in general are offloading shares due to inflationary pressures, I would rather invest in a company that earned more than $2.89B in revenue last year, made $904m in profit and has more than $2.2bn in assets and is on track to make more than $2.9B in revenue this year. Still a great opportunity to buy at the current SP. Looking forward to the Trading Statement on Tuesday. Any positive news should push up the support price level.
DYOR and GLA!
Anon3 don't confuse the dividend with the yield. The dividend is the cash you receive. The Yield is the annual percentage return in dividends on your investment. If Poly keep paying 75p (the dividend) a share once they commence paying a dividend (which they will do in time). The Yield is currently 29% at todays SP. (0.75/2.55). Very unlikely we will get a dividend whilst the war is going on, however they did mention in the presentation if they paid out a dividend in August it will be from the Cypress money, which is so they can pay the Russian shareholders out of the Russian money. Any talk of a dividend the SP will rise. If you end up buying at £5 the yield would be 15% (0.75/5). Talks of peace in Ukraine and a dividend and the SP could be back up to £10, the yield would be 7.5% (0.75/10). If the SP rises higher the SP will keep decreasing. As per their website 'Strong capital discipline - We engender a strong focus on capital discipline throughout the business; maximising risk-adjusted return on capital is our priority in all investment decisions. We do not retain excess cash and return free cash flow to shareholders through substantial dividend payments while retaining a safe leverage level.' They have stated its business as normal, any positive news on the upcoming RNS will help increase the SP, but I am happy to keep accumulating for the long term as I have a nice yield. I wouldn't like to day trade this share as the SP may not come down as I think some people are wanting it lower. Annon3 you may not get your order filled. Look at those late buys today £436.88k and £280.50k buys I am happy to follow the money!!
DYOR and GLA!!
Only 4 trading days before the RNS on the 24th May 'trading statement'. Any update on meeting the production guidance of 1.7Moz for 2022, gross profit and update on Earnings per share and any mention of a future dividend will hopefully see the SP continue to rise!
There has been a lot of non Poly discussion over the last few days on this chat, so for anyone looking to buy this share:
COMPANY - Tell me a company that earned more than $2.89B in revenue last year, made $904m in profit and has more than $2.2bn in assets and is on track to make more than $2.9B in revenue this year (despite the limited sanctions on Poly at present) that you can buy for £2.65 a share!
DIVIDEND - With a potential dividend yield (once and they will recommence) of 29% at current SP. I don't want to know about any companies that are not generating any revenue or making any profit. Valuations on POLY are low because of the very high level of risk that comes with the company.
RISKS - Many risks have been priced into the stock during its fall from £14+ to £2.65 per share. However the fall in the share price has nothing to do with how the company has been run. This is still being run as a £14+ company, top 100 FTSE company.
Q1 UPDATE - If you haven't already, I would suggest you read the Q1 update and watch the Analyst and Investor presentation too. They stated all debts for 2022 are covered and already found alternative suppliers/distributors to the limited sanctions.
REVENUE INCREASE - Revenue increased 4% year on year to $616m for Q1. Poly said it still expected to produce 1.7 million ounces in 2022. They will also be selling silver from this month and Kutyn mine to commence from Q3. I still think gold price will be $2000 per oz by the end of the year.
AUDITOR - They are confident a new auditor will be in place for when they need it. Tendering in place with a tier 1 and 1 tier 2 auditor and also looking at least another company.
TAKEOVER - They believe no risk of any takeover as ICT is still the largest shareholder with 24%. Very little risk of Nationalisation as Putin has stated he will only do this if companies are thinking of moving away from Russia resulting in Russians losing their jobs, however no risk of any job loses of the 13,000 staff Poly employ.
SANCTIONS - It could get sanctioned, but I think it would have already been sanctioned by now. I think their main banks are Italy-based UniCredit that was mentioned in the presentation, Sberbank and Rosbank who are still operating in Russia.
DEBT - Confirmation peak of the debt will be the end of 1st half of this year, then the debt will start to reduce. Also trying to push $400m from the Cypress debt to Russia. Any dividend paid in August will be paid from cash flows from Cypress and Kazakhstan. Also looking at opportunities in Uzbekistan.
Still a fantastic opportunity for PI's to accumulate shares at this SP before II's are able to invest again (Nesis talking to UK brokers to get them
Rony the RNS will be on the 24th May when Poly provides is trading statement. Look at Next Plc who provided their trading statement on the 5th May if you want to know what a trading statement looks like. Any good news of cost of sales and gross profit will hopefully see the SP continue to rise.
'Ukrainian President Volodymyr Zelensky said he was ready to meet with Russian President Vladimir Putin and hold talks without intermediaries. Zelensky said this in “I, as president, am ready to talk with Putin, but only with him, without intermediaries and on the terms of dialogue, not ultimatums,” Zelensky stressed. Its on EuroNews now stating 'we must find an agreement'.
Good luck Bringo with Reach, TR1 as well today, but if you bought in this morning you have just missed their dividend as Ex-divi day was yesterday. Current Yield is 5.77% which is a good yield, however when Poly starts paying dividends again at todays price your yield will be 32% approx. Also last April director Manuel Lino De Sousa-Oliveira bought 2,020 Poly shares for £30,829 (NOT SOLD). Today you can buy the same amount of shares for £4,805 (approx. 1/6 of the price he paid) at a SP of £2.37. Poly made as much revenue in Q1 than Reach did in the whole of 2021!
Afternoon Chique - Thanks for re wording - I was baffling on whilst having my breakfast and getting ready for work! Looks like Lavrov has been in Algeria today. Hopefully Russia and Ukraine can start peace talks soon.
(Reuters) - Russian Foreign Minister Sergei Lavrov said on Wednesday that Moscow did not want war in Europe, but that Western countries were keen to see Russia defeated in its military campaign in Ukraine.
"If you are worried about the prospect of war in Europe - we do not want that at all," Lavrov said at a news conference in Muscat after talks with his Omani counterpart. "But I draw your attention to the fact that it is the West that is constantly and persistently saying that in this situation, it is necessary to defeat Russia. Draw your own conclusions."
Lets talk Polymetal! Tell me a company that earned more than $2.89B in revenue last year, made $904m in profit and has more than $2.2bn in assets and is on track to make more than $2.9B in revenue this year (despite the limited sanctions on Poly at present) that you can buy for £2.60 a share! With a potential dividend yield (once and they will recommence) of 30%. I don't want to know about any companies that are not generating any revenue or making any profit. Valuations on POLY are low because of the very high level of risk that comes with the company. Many risks have been priced into the stock during its fall from £14+ to £2.60 per share. However the fall in the share price has nothing to do with how the company has been run. This is still being run as a £14+ company, top 100 FTSE company.
If you haven't already I would suggest you read the Q1 update and watch the Analyst and Investor presentation too. They stated all debts for 2022 are covered and already found alternative suppliers/distributors to the limited sanctions. Revenue increased 4% year on year to $616m for Q1. Polymetal said it still expected to produce 1.7 million ounces in 2022. They will also be selling silver from this month and Kutyn mine to commence from Q3. I still think gold price will be $2000 per oz by the end of the year. They are confident a new auditor will be in place for when they need it. Tendering in place with a tier 1 and 1 tier 2 auditor and also looking at another company. They believe no risk of any takeover as ICT is still the largest shareholder with 24%. Very little risk of Nationalisation as Putin has stated he will only do this if companies are thinking of moving away from Russia resulting in Russians losing their jobs, however no risk of any job loses with Poly. It could get sanctioned, but I think it would have already been sanctioned by now. I think their main bank is Italy-based UniCredit that was mentioned in the presentation (they are not sanctioned) who are still operating in Russia. Confirmation peak of the debt will be the end of 1st half of this year, then the debt will start to reduce. Also trying to push $400m from the Cypress debt to Russia. Any dividend paid in August will be paid from cash flows from Cypress and Kazakhstan. Also looking at opportunities in Uzbekistan. Still a fantastic opportunity for PI's to accumulate shares at this SP. Once II's are able to invest again (Nesis stated in the Investor Day that they were talking to UK brokers who have banned buying to get them to buy again) and any talk of future dividends in the future will also help the SP but this is the time to accumulate your shares.
It looks to be holding at £2.50. I still think this is a risk at present but the long term reward of this top 10 in the world gold producing company far outweighs the short term risk and any talks of peace and the SP will be a lot higher than todays SP.
GLA and DYOR
Valuations on POLY are low because of the very high level of risk that comes with the company. Many risks have been priced into the stock during its fall from £14+ to £2.58 per share. However the fall in the share price has nothing to do with how the company has been run. This is still being run as a £14+ company.
If you haven't already I would suggest you read the Q1 update and watch the Analyst and Investor presentation too. No major updates but confirmation its pretty much business as usual and no significant impact. They stated all debts for 2022 are covered and already found alternative suppliers/distributors. Revenue increased 4% year on year to $616m. Polymetal said it still expected to produce 1.7 million ounces in 2022. They will also be selling silver from this month and Kutyn mine to commence from Q3. I still think gold price will be $2000 per oz by the end of the year. They are confident a new auditor will be in place for when they need it. Shortlisted a One tier 1 and 1 tier 2 auditor and also looking at another company. They believe no risk of any takeover as ICT is still the largest shareholder with 24%. I think their main bank is Italy-based UniCredit that was mentioned in the presentation (they are not sanctioned) who is still operating in Russia and I believe will stay operating in Russia as UniCredit has exposure of €12.6 billion, most of which is a self-funded loan position. Unwinding a bank with 4,000 employees and more than 1,500 corporate clients, and absorbing a loss of up to €7.5 billion is not going to happen anytime soon. Confirmation peak of the debt will be end of 1st half of this year, then the debt will start to reduce. Also trying to push $400m from the Cypress debt to Russia. Any dividend paid in August will be paid from cash flows from Cypress and Kazakhstan. Still a fantastic opportunity for PI's to accumulate shares at this SP. Once II's are able to invest again (Nesis stated in the Investor Day that they were talking to UK brokers who have banned buying to get them to buy again) and any talk of future dividends in the future will also help the SP but this is the time to accumulate your shares.
With the amount of posts (hundreds) over the last few weeks by some it look like some people here have sold out and are wanting a lower entry point to re-buy. I still think this is a risk at present but the long term reward of this top 10 in the world gold producing company far outweighs the short term risk and any talks of peace and the SP will be a lot higher than todays SP.
GLA and DYOR!
I don't think the war will last months, if not years when Ukraine's president has told the world's finance ministers his country needs $7bn (£5.4bn) every month until the summer to keep functioning. US and Europe cant afford to keep paying this out every month. However this afternoons article regarding Russia cutting their interest rates is good for Poly's new debt which Vitaly Nesis did state would happen on Monday. If Russia keep reducing their interest rates this will be excellent news for Poly when they start looking at refinancing / borrowing any more money in 2023 as all debt for 2022 is already covered.
https://www.reuters.com/business/finance/russian-central-bank-lowers-key-rate-14-flags-more-cuts-2022-04-29/
April 29 (Reuters) - Russia's central bank lowered its key interest rate to 14% in a sharper-than-expected move on Friday and said it saw room to cut rates further this year, as it tries to manage a shrinking economy and soaring inflation.
Have a good bank holiday everyone and hopefully any positive news over the weekend will be good for the SP next week.
DYOR and GLA!!
Yes I am very happy with the Q1 update and the Analyst and Investor presentation too. No major updates but confirmation its pretty much business as usual and no significant impact. Revenue increased 4% year on year to $616m. Polymetal said it still expected to produce 1.7 million ounces in 2022. They are confident a new auditor will be in place for when they need it. They believe no risk of any takeover as ICT is still the largest shareholder with 24%. Confirmation peak of the debt will be end of 1st half of this year, then the debt will start to reduce. Any dividend paid in August will be paid from cash flows from Cypress and Kazakhstan. Also confirmation they now have 100% ownership of the Novopet mine. Hopefully for Ukraine the UN's Secretary General talks with Putin & Zelensky will be good and they can start to negotiate some kind of peace and the SP will then be back to pre-war levels. Still a fantastic opportunity for PI's to accumulate shares at this SP. Happy to be here for the long term and re-invest the dividends.
GLA and DYOR!
this would be it. Despite the war and the tumbling Share Price Polymetal reported a rise in first-quarter revenue, driven by higher prices and despite a fall in production. Revenue for the three months to March 31 increased 4% year on year to $616m. Production of gold equivalent was down 6% to 372,000 troy ounces. Polymetal said it still expected to produce 1.7 million ounces in 2022. (et that sink in 1.7 million ounces (the same as before the war started). Nothing has drastically changed for POLY from a business perspective for the SP to drop from £17 per share to £2.90. It is still a top 10 in the world gold and silver mine, which you can still buy below £3 per share is unbelievable.
POLY reconfirms its FY 2022 production guidance of 1.7 Moz GE (1.2 Moz in Russia, 0.5 Moz in Kazakhstan). Q1 gold equivalent production ("GE") decreased by 6% year-on-year (y-o-y) to 372 Koz as planned grade decline at Albazino and Svetloye more than offset first material contribution from Nezhda. (production at Albazino and Svetloye should increase in Q2 once rectified). Sales were lower by 50 Koz primarily due to concentrate inventory accumulation at Nezhda and Kyzyl. Revenue for the quarter grew by 4% y-o-y to US$ 616 million underpinned by higher gold prices and on the back of large historical sales/production gap in Q1 2021. Net debt rose to roughly US$ 2.0 billion on the back of higher working capital needs. The Company moved swiftly to increase stocks of critical consumables and spares to address supply chain issues related to sanctions (which we already knew in the recent RNS's but shows how a great company operates as they anticipated they might struggle to buy parts so increased stock levels early). Seasonal concentrate inventory accumulation and the need to blend materials to comply with Chinese import restrictions on arsenic also played a role. Remember they have recently just built the Nezhda mine which is why the debt has accrued, but Nezhda is now in production and the Total cash cost guidance has only raised $50, to $850-$950 per gold equivalent ounce from $850-$900. I am happy to have accumulated the amount of shares in Poly as the support level should stay at least £2.80 - £2.90 on the back of RNS. Once II's are able to invest again and any talk of future dividends in the future will also help the SP but this is the time to accumulate your shares. Hopefully for Ukraine the UN's Secretary General talks with Putin & Zelensky will be good and they can start to negotiate some kind of peace. Looking forward to the Analyst & Investors day later.
GLA and DYOR!
Who else is looking forward for tomorrow? 'One Day - Three Events' as per their website. We have already had the bad news from their recent RNS's 'Mounting uncertainty with availability of funds due to sanctions on Russian banks and economy. Higher working capital needs as a result of liquidity crunch and supply chain limitations. Balance sheet constraints imposed by lower credit availability as well as significantly higher cost of funding.' As well as their auditor leaving however tomorrow we will get the Q1 production results. Could be $500m in gold sales and not paying the dividend will save them $246m, so should free up some liquidity. I will be watching the Analyst and Investor Day to see what they say about the future operations, projects and impact on sanctions. If this is good it will reflect in the SP tomorrow. Any positive news on the finance and future dividends as well as any mention of interviewing any potential auditors will also be good for the current SP. I was going to wait until tomorrow to buy more but topped up at the start of last week instead on anticipation of positive news tomorrow. I am happy with the amount of shares I have now managed to accumulate in Poly and Evraz, which I never thought possible prior to the war. I am happy to keep these for the long term and keep re-investing the dividends once they start paying out. Hopefully a peace deal will be soon. 'UN chief to visit Turkey on Monday to speak to Erdogan, then head to Moscow on Tuesday and Kyiv on Thursday'. Hopefully then we can get some peace talks.
GLA and DYOR!