Member Info for Swatton

I think that was for Mali but then there is VAT in Guinea on top which I wasn't aware of being an issue. That was a few £M I think so roughly $25M in total

Well on VAT I have noted down that there is a total of $25M outstanding on VAT. I also noted that since the last AGM this figure has not got smaller! They also said that they were able to offset this against other taxes like profit but first they have to make a profit! I am not holding out any hope of them ever recovering the VAT and I didn't get the impression from the directors that they were too.

No assurances on Yani. Just really confirmed what was already in RNS and also the VOX market presentation. Plan is to go underground at the KE deposit in Q4.

Think it was a grace period of 18 months from when they agreed the loan to coincide with the opening of the mine. So payments will be starting this summer I think.

Dugbe is a long way off providing any income for the company. Any sale is greater than 12 months in my opinion. Was at the GM today and the finance director indicated that it could be 6-12 months before Passifino aquires the project due to various approvals required. So can't see any sale happening for some time. Directors mentioned that they are happy to wait to get a good price for the project as they don't need the cash right now.

Ahh yes. For some reason I read the first RNS as AGM as opposed to GM. Cool look forwards to meeting up before hand.

These were my questions I sent to HUM
Can the company confirm that the Kouroussa mine is still on track for first gold pour by the end of Q2?
One of the reasons for the placement was to expedite a drilling campaign at the Kouroussa mine. But given that the company has already a life of mine of greater than 4 years why the urgency and why can’t the company wait a few months for cashflow to improve following the opening of the mine?
The conditional second trance of the placing to CIG is dependent upon Shareholder approval at the AGM. Given that the AGM is planned for late June after the planned opening of the Kouroussa mine and cashflow should improve then can the company explain what cashflow issues this investment will de-risk?
Can the company confirm that it has not already used the investment from CIG associated with the conditional second trance and that it will not use the money ahead of Shareholder approval?
Can the company provide details of how much VAT is left to reclaim from the government of Mali associated with the Yanfolila mine.
Can the company comment on the current mining activities at Yanfolila? Are there any issues that are affecting the current mining? Has the mine been operating throughout January and February at the same rate as it was reported for the Q4 quarterly results?

Hi BB2 - that sounds great. What sort of time will you arriving. I am planning to be in London for around 11 so will be able to drop by early.

Hi BillyBoy, I will be there too all being well with weather. I have sent in a number of questions for them to answer. Will be interesting to see if they do. Look forwards to seeing you on Monday.

"The energy company had alleged in its defamation suit that it was accused by two media houses of offering bribes for the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation.
But the media outfit and 6 defendants in the case had maintained that the publication was done in the public interest and intended for the public good following controversies that trailed the acquisition.
When the court resumed on Thursday, there was no legal representative for Seplat Energy Plc.
Counsels for the 2nd to the 7th defendant, Mr. Oladimeji Adebayo and Nnenna Eke, informed the court that they filed a notice of preliminary objection against the suit on October 11, 2022.
They added that the plaintiff has not replied to their processes on points of law."

https://thewhistler.ng/absence-of-seplats-lawyer-stalls-hearing-of-alleged-defamation-suit-against-media-house/

I do agree with your sentiments but my feeling is that the baseline dividend is more likely to change after ANOH is finally up and running. Up until that point I suspect the additional 5c will be a special dividend. So I feel it is likely to be one more year before that happens.

I wonder if there is something else going on in the background like a future possible investment the company wants to make. The major bulk of this is dependent upon a vote at the AGM which last year was end of June. And by that time all being well Karoussa should be up and running and cash flow should start improving significantly. I know there are costs etc falling after the mine is built but cash flow should pay for that I would have thought. Maybe it’s in line with going underground later in H2 at KEIG and whether they need to purchase more kit there?

Well not going to lie. I was pleased to wake up to no RNS this morning. It being Friday and all that!

I'm not sure I understand. I'm reasonably new to all this. If there is one person buying a lot of shares, where are the market makers getting the shares from if there isn't a seller to match? Surely they would increase the price to tempt sellers back into the market? But I really don't know.

It feels like a big sell is going to land soon! I can't believe what looks to be so many buys and the price hasn't moved today.

https://businesspost.ng/economy/nigerias-oil-production-now-1-59-million-barrels-per-day-nnpc/

Good news!

I would like an explanation of the -$70m foreign currency translation too. I have looked through the document but can't seem to find an explanation. I can only assume that it is the difference between the price at which they have agreed to sell Chromium in Rand and then the drop a month later or so when they finally get the cash but the exchange rate has declined when converting to USD. But I am clutching at straws.

I think I heard on the call that the divi calc was excluding the Karo gain as this was cash neutral but I think the divi calc includes the -$70m above, which explains the drop in divi.

I would assume it is a % of ore through the mill

Why do you think that?

Why do you say ANOH remains on schedule. I couldn't see anything about that in the update. Or am I missing something? Absence of an update means no change I suppose?

What I find staggering too is that we are in Q4 and their updated guidance is still showing a spread of 10k oz!