Member Info for saintpeter7

I am thinking of investing in UPL but I would be grateful for some clarification on the shareholdings in the company following the placing. According to the TR5 issued for Norza Zakaria's purchase of placed shares, he now has 31.2% of the shares in issue. Is that the case after all of the placing shares are taken into account. If so, is he supposed to make an offer for the company as his shareholding has exceeded 30%? And what is the free float now, please?

Hi to all the virgin posters to the Forbes bb!

Thanks barney for finding that. As no doubt you realise it must have been a sale on ISDX because as you said correctly it is suspended on AIM. You would have thought that the ISDX website would show this also, but they do not seem to have got their act together yet.

As you say p00rman, the re-rating is unlikely to arrive until financing becomes clear and we know whether the unsolicited offer bears fruit. Hopefully though we will hear before the end of this month, particularly because the DFS was originally planned to be announced by the end of the year.

Hi zatcha - was writing my post at the same time as you!

Yes indeed. With their connections in the City, one would expect Manish Karani , Peter Moss and Charles Goodfellow to be able to arrange the Nomad appointment. The Nomad has to carry out due diligence before accepting appointment, which obviously takes a while, but IMHO should be achievable in the time allowed by AIM. They may well have been aware that their Nomad was going to resign due to the company's change in direction. All will become clear!

I note that the CUL holders have until 9 May 2017 to convert to ordinary shares and that the company needs to have an RTO before 1 June 2017. It's possible therefore that we will not have the RTO announced this year and may be not for several months. It's a case of wait and see and check each day as to whether anything is announced. ISDX is not showing any trading in the shares at present as far as I can see. If so, I am not surprised as a purchase would be dead money for the moment and why sell when eventually we could end up with a handsome profit.

Sorry the SP information on Volcanic Metals was out of date. The share has been suspended since 4 November due to the deal with SMA needing to be approved, presumably on 13 December.

Thanks for that information and thoughts. I suppose then we will not hear anything from SMA until after 13 December. I note that Volcanic Metals opened on the TSX at 22cts having closed at 20cts on Friday and is up this morning (in Canada) to 23cts. Let's hope they keep going up as it increases the value of SMA.

Just to add that the free float in this share is just 41.8% and the founder Aidan Bishop, an executive director, owns 27.5% of the company.

RMM presented the Batangas Gold Project Pre-Feasibility Study results in June and they are due to be updated this month to a Definitive Feasibility Study by BMV now that they own 100% of the project. One would expect the DFS to show an increase in the known resources. Ignoring any improvement to be shown by the DFS, the PFS showed at a gold price of US$1180 (the current price), a NPV at 5% (pre-tax and admin) of £22.6m. In June, gold production was targeted by 2017. The company's mcap is just £4.6m. Although there are political uncertainties in being able to go to production, I would have expected the Bod to have confidence in being able to proceed in having purchased the share of the project that they did not previously own. Surely with a NPV for the project (at the PFS ) of £22.6m, this share is due a re-rating. Looking forward to hearing further about the unsolicited offer (which may aid funding) and the Definitive Feasibility Study. IMHO we should not have too long to wait now.

All we have to go on Cheesie is the RNS of 7 November in which they said:- The Company has entered into an exclusivity agreement to acquire new assets in the mining industry, and is carrying out detailed due diligence on these. Further announcements will be made in due course. The plus is that the company does have at least an agreement in place. As we are now almost one month on, one would expect an announcement soon, but more than that I cannot say. Hopefully the Bod will come to a deal. If and when it does, I can only see a jump in the SP. The question then will be whether to hold after the inevitable spike I expect to see.

I note that in the Lobo section of Batangas that as well as the indicated and inferred resources that have already been reported, there are 4 other areas of the section that have still to be explored further but had drilling results announced in 2013 and earlier showing in each section:- 1. Camo 5m @486 g/t 2. Signal - rock chips 72.6 g/t, 42.6 g/t and 32.7 g/t 3. SWB Structure 500m corridor - trench - 7.2m @31.1 g/t and 2.6m @28.6 g/t 4. Pica 2.5m @9.2 g/t Some decent concentrations of gold - will be very interesting when further work is performed on these areas.

Regarding Regina Lopez, I should say that it was reported on 24 November that Rep. Rodolfo Albano III, who is CA (Commission on Appointments) majority leader, said Lopez’s absence in the list of 15 Cabinet members resubmitted to the body “means that she was not reappointed.” I can't find any further update on this at present.

Once the Definitive Feasibility Study has been completed, the JVs were to look to advance the project into production phase by attaining finance. So no doubt BMV as the 100% owner will do so. So the DFS is due before the end of this year; so not long to wait if it is on schedule. Only $22 million of up-front investment is required to get the project off the ground, according to the release. The big question is how will they do that, but no doubt the Bod will have already considered how that will be done and we should hopefully hear about the DFS and the financing before the end of the year. I have not studied this in any great depth yet, but my first reaction is that BMV are on to a winner here, subject to them receiving any permissions they need from the Philippine mining authorities, which the Bod must be confident of getting. It is interesting that this acquisition has arisen shortly after the anti-mining environment minister Regina Lopez failed to be re-appointed by the Philippine government. Have the Bod been given an indication by the president that their application to take this project to production will be approved? Time will tell, but IMHO at the current SP, it is well worth taking the risk to invest at what could surely turn out to be a bagger at the very least.

On 16 June, Red Mountain Mining released the results from their Pre-Feasibility Study of its Batangas Gold Project. The findings of the study show that the Batangas Gold Project will generate A$46 million in free cash flow during the first 7 years of production (after capital and pre corporate tax & admin. at gold price of A$1,700 oz). With only $22 million of up-front investment required to get the project off the ground. Located 120km south of Manila in the Philippines, the mine is expected to recover 116,000 oz of gold during the first 7 years of production, with an additional 26,000 oz of recoverable gold added in this latest PFS, which was not originally identified in the 2014 Scoping Study of the area. The project is expected to generate A$190 million in revenue from gold sales, A$117 million of costs will be spent in the Philippines and A$13 million in royalties and taxes will be paid to the Philippines government and local communities during the initial 7 years of production. RMX announced that their Maiden open pit ore reserve at Batangas contains 128,000 oz of gold including high-grade 100,000 oz at 4.2 g/t gold, including silver credits. Due to the open pit nature of the mine, RMX is able to access the resource from the surface resulting in a relatively low cost per ounce of only A$999 per oz. With these healthy margins, RMX will have a buffer built in should the gold price for any reason fall and is also positioned to leverage any upside moves in gold as well, gold trading today at A$1,740 per oz. Cashflow generated could be used by RMX to further expand on the resource which is showing an additional 320,000 oz of gold inferred which was picked up in the study, including 14km of identified mineralised structures at Lobo. This Pre-Feasibility Study demonstrates the low operating costs, high margins and strong cashflow potential of the Batangas Gold Project. The high initial ore reserve grades from surface, averaging over 6.6 grams per tonne gold for the South West Breccia pit, will allow this project to achieve strong early cash flows and a high rate of return on initial capital. In addition, there is potential to expand ore reserves through drilling of the over 320,000 ounces of additional, mostly inferred, resources and upside potential remains to be tested within the 14 kilometres of identified epithermal gold structures at Lobo. The JV partners are now aiming to complete the Definitive Feasibility Study on the Batangas Gold Project by this calendar year.

At Archangel, 12 kilometres by road to the east of Lobo, gold and silver mineralisation is associated with extensive quartz stockwork veining and hydrothermal breccia’s hosted by shallow dipping andesitic volcanics. The stockwork mineralisation is variably preserved and overlies a complex of mineralised porphyritic dacite intrusions over a 6 kilometre strike length that represent targets for porphyry copper-gold mineralisation. Mineral Resources totaling Indicated and Inferred 5.59 million tonnes grading 2.0 g/t Au for 362,000 ounces of gold and 3. /t Ag for 595,000 ounces of silver have been defined in two areas at Archangel, Kay Tanda West and Kay Tanda (Main). This includes Indicated Resources of 2.59 million tonnes grading 2.0 g/t Au, 5.7 g/t Ag and Inferred Resources of 3.0 million tonnes grading 2.0 g/t Au, 1.3 g/t Ag. Previous drilling produced several significant intersections including from deeper veining on the northwestern flank of Kay Tanda Main, KTD 199-12, that intersected 2.2m @ 36.5 g/t Au from 203m including 1.2m @ 62.0 g/t Au, which is open to the northwest at depth. Potential extensions to the stockwork resource continue outside the Archangel MPSA down Lumbangan Ridge to the southeast.

For potential investors, here is an extract from Red Mountain Mining's website relating to the Batangas resource in which BMV now have a 100% interest. The Batangas Project is located in the Philippines, on the main northern island of Luzon, only 120 kilometres south of the Philippines Capital, Manila. The Philippines, and particularly Luzon Island, is strongly endowed with major gold and copper-gold resources. The Company is well established at Batangas, with granted Mineral Production Sharing Agreements (MPSA’s – the Philippines equivalent of Mining Licences) over established resources, with immediate upside exploration potential, and a development plan focused on taking the initial low cost project to development and production. The Batangas Project tenements cover an area of 270 square kilometres and include two key gold Mineral Resource areas located on MPSA’s at the Lobo and Archangel Prospects, and copper-gold exploration areas with some advanced prospects such as El Paso, Calo and Biga, on granted Exploration Permits (EP’s). The Batangas Project is located within the Batangas mineral district, within a mineralised corridor termed the West Luzon Volcanic Arc. Gold and copper-gold mineralisation is hosted by the Talahib volcanics, a sequence of predominantly andesitic volcanics and intrusives exposed in the key resource areas at Lobo and Archangel. At Lobo, high grade epithermal gold and copper-silver mineralisation occurs within the over 15 kilometre strike-length of epithermal vein-breccia hosting structures that have been mapped, of which only 1 kilometre has been tested by drilling to date. Surface trench channel sampling and drilling conducted by Red Mountain has intersected high-grade epithermal gold mineralisation in five areas on the Lobo Mineral Production Sharing Agreement (“MPSA” – Philippines equivalent to a Mining Lease), namely South West Breccia, Pica, Japanese Tunnel, West Drift and Ulupong. Mineral Resources totaling 604,000t @ 4.2 g/t Au for 82,000 ounces of gold have been defined in three areas at Lobo, including SWB with a total 98% Indicated and 2% Inferred Resource of 221,000t @ 6.3 g/t Au, Japanese Tunnel with a total Indicated and Inferred Resource of 34,000t @ 3.0 g/t Au and West Drift with a total Indicated and Inferred Resource of 350,000t @ 3.0 g/t Au (ASX release 30 June 2014, JORC 2012). The Company is focussed on increasing high grade resources through discovery of new, high grade, gold zones at Lobo. Five priority targets have been identified on the Lobo prospect area, for high grade gold as well as silver-gold-copper mineralisation at the top of the preserved epithermal systems.

Sowwy, I had a good laugh at that!

Wrest - your last post was an old statement issued when it joined the ISDX market. From the ISDX website, it appears there were no trades today and there was only 1 on Thursday and the SP ended with a middle price of 1p. Have you found otherwise? I see that the ISDX market also is showing them as Forbes, which of course we know is its new name. My broker HL does not trade ISDX shares, but some do. Does yours?