Member Info for SGD27

A minor piece of good news: BLM just added a new EA, so they're obviously still working, despite covid. Let's hope they deal with ours soon...

Interesting that Woodford may be involved again in the sell-off of the Link (ex-Woodford) SNG holding :

https://www.ftadviser.com/investments/2020/03/18/what-neil-woodford-did-next/?page=2

"
A group of institutional investors and family offices have come together, to potentially work with him to acquire the unquoted holdings.
...
If a group associated with Mr Woodford, and others do buy the stakes, it would mean the rump of the fund would be wound up more quickly...
"

(Although they say 'unquoted', I believe this includes listed companies that are difficult to sell in large volumes e.g. SNG)

Thanks to timbo003 on the adv-fn board :

https://www.clinicaltrialsregister.eu/ctr-search/trial/2020-001023-14/GB

https://www.channel4.com/news/factcheck/factcheck-new-moves-towards-effective-coronavirus-treatment

76.18m

https://markets.ft.com/data/equities/tearsheet/summary?s=SNG:LSE

@maqsood7 Thanks for the link, though I couldn't find that bit about the cured 61 year old. Perhaps you could cut & paste it for us?

@maqsood7 Hi, could we have a link please for the news you posted at 11:20 ?

https://www.hardmanandco.com/wp-content/uploads/2020/03/Arix-2019-results-19-March-2020.pdf

As Rich says, the Woodford holding is now with Link Fund Solutions.

https://www.synairgen.com/investors/major-shareholders/

Being publicised quite widely now :

https://business.financialpost.com/pmn/business-pmn/britains-synairgen-gets-green-light-for-coronavirus-drug-trial

(Of course it should be described as a "treatment" rather than a "cure", but no less important for that.)

Sorry gggg21, didn't see your post!

https://www.theguardian.com/world/2020/mar/18/uk-coronavirus-patients-trial-experimental-lung-drug-synairgen-cure

Hi Mineralex,

Yes, as Dubliner explained, we just needed to understand why this particular crusher couldn't do the job, and now we know - they used the wrong type of crusher. (I'm sure you wouldn't have made that mistake!)

So now we understand what the problem was, and everyone's happy (I hope).

OK, I emailed and got a very quick reply back from Patrick. Just for those unaware of what this is about, some of us were a bit concerned about this paragraph in the recent Final Results :

"In order to meet customer demand for additional testwork 18 tons of pozzolan were submitted to a commercial custom grinding facility but the process technology proved unsuitable and could not achieve the required grind size and further processing will be required using more appropriate grinding technology."

We wondered if this meant there was something problematic about our pozzolan.

Anyway the answer is that there is no problem. What happened was that this custom mill was actually designed for other softer materials, but the owners thought it would also work with pozzolan. They were wrong. There is nothing special about our pozzolan in this respect, and it has been ground in a potential customer's mill without any problem. So it just meant a slight waste of time and effort, that's all.

So that's that one put to bed :-)

@Dubliner, yes, disappointing but understandable. At least they've said this :

"Any investor relations enquiries or questions related to the AGM can be emailed to info@sunriseresourcesplc.com".

Are you going to ask that question about pozz grindability? If not, I will, but don't want to waste their time with duplicate questions.

Added a few at 76.9p. The discount to NAV is getting a bit ridiculous now.

Proactive, on today's RNS :

https://www.proactiveinvestors.co.uk/companies/news/914821/arix-bioscience-to-invest-us30mln-in-ipo-by-portfolio-company-imara-inc-to-retain-94-stake-914821.html

Just a quick reminder that the plummeting oil price is a Good Thing for us, as transport costs will be a significant factor in our profit margins.

There's also this bit further down, where they hint at the royalty value :

"Yes. So a brokered ash, you might have a revenue share, and I'll just pick a number of 35%. And so for every dollar we make, we give 35% away. For a Montour style or a Kirkland style, we pay a fixed cost per ton. And that fixed cost per ton is single digits, so $3, $4 a ton, and then we add value through whatever the processing and the manufacturing. And then for Kirkland and specifically, if we're paying a few dollars for the material and we're selling in the western markets where the pricing is $80, $90, you can quickly see how -- even if you add in the cost of grinding or drying or the other things that we do to improve the value, there's a big dollar amount in there that allows us to maintain and get the margins that we're talking about, and that was mid-20%."

$3-4 seems quite cheap to me, but perhaps the Kirkland owners (private company I think) are happy not to have to lift a finger, and just wait for the cheques to start arriving!

I've found a bit more info on the Boral-Kirkland deal, in this transcript of the recent Boral half year results investor conference call :

https://finance.yahoo.com/news/edited-transcript-bld-ax-earnings-084524587.html

"In December 2019, we acquired long-term exclusive marketing rights for 24 million tons of high-quality natural pozzolan in Arizona. The beauty of this product is that it can be used as a fly ash replacement with no blending required. We will mine and process the pozzolan in a facility being constructed at the Kirkland Mine site with production expected to ramp up to 500,000 tons over a 2-year period. This is a significant source of supplementary cementitious materials for supplying Arizona, Nevada and other western markets. We have acquired the mining rights for USD 4 million, which we will pay over 4 years. We will invest some capital into the construction of the facility, and we've negotiated an attractive per-ton royalty once we start mining in late financial year 2021. We expect EBITDA margins to be in the range of 20% to 25% on this project."

Thanks , Dubliner. Just as well the NGS did close, as it more or less cancels out the Kirkland mine. No chance of it coming back now I don't think.

Hope your hangover isn't too bad...