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Phoebus the company position has been much improved since July. As part of the 2 July 2018 share placement, the Company settled approximately GBP 2.1 Million of payables through the issue of Company Shares at a price of 2.5 pence per share. They also have a couple million on the books. I'd expect a further placing in 2019 however things are looking much more promising here that it could come at a premium to the last placing.

Have read the results but still none the wiser as to how much cash AAU received after tax. Is the JV partner only providing the after-tax sum of the profits to AAU?

I believe they will conduct a PEA through to PFS to prove the economic case for a small open-pit operation initially with scope to move to underground mining after the first couple of years. Look at AAU, they brought in a JV partner for a 160koz resource which will produce 20koz of gold over 8 years. The simplest solution would be to have a willing JV partner earn into the project but I don't see that happening until we have the PEA and more of resources confirmed as reserves (which means drilling at closer steps). There is in my mind no doubt there's more this project could offer, given the even spread of intercepts at consistent grade quality and with it open along strike and the potential to prove up higher grade ounces at depth. Money is the biggest issue and bringing on board new financiers and partners would help speed up the process and add security. I wouldn't discount LND simply because it hasn't got a multi-million ounce discovery. In fact the proximity of BAM to it's other assets makes it much more economic should a sizeable deposit of Nickel or other valuable metal be found. First of all, fresh blood in the board room, new financing package or potential partners join at project or group level. We might then see some interest!

@Endion - well said. There was an article in my mail this morning about Vanadium prices and the forecasts for 2019 as you've pointed out look ultra-conservative. With that said we are still talking about a 50%+ rise from recent lows so regardless of the potential next year, people will take profits and transfer shares to others. Not sure where this is heading short term but clearly if you're patient it's going to reward shareholders 6-12 months from now

Looks far too expensive for £120m. Lot of potential that hasn't bore fruit. Instead the company have diluted heavily and investors suffered 25% equity falls following the shoring up of debt.

Have been weighing up a good buy-in and this level looks appealing. Normally does well in the lead up to Christmas at or around the time of the October trading update and having trickled down more than 40% from peak despite impressive results it may soon be back in favour. The disposal by the Chairman for 6% of stock probably exacerbated fears and lead to a harsher decline. It should offer limited shelter from BREXIT headwinds that are bound to blow up in the coming weeks. 80-85p range looks good to me

BVS also fell hard today. I think it's sector related in light of BREXIT uncertainty. Debt concerns certainly heightened coupled with the fear of declining growth. The only sector pulling it's weight this week is oil and gas!

The shares have gone ex-dividend today meaning you had to be holding before the market opened this morning, however selling today or tomorrow makes no difference, you will your dividend. This is the reason why the stock fell so heavily today and is common, especially with higher yield dividend plays.

Fallen further than the dividend from yesterdays close, but not as bad as I thought. I would think there is still room for slippage in the weeks ahead as BREXIT concerns, European banking crisis fears and a generally weaker sector weigh on Bovis.

On a positive note for the brave holding the stock a number of equities research analysts have recently issued reports on BVS shares.

Canaccord Genuity upped their target price on shares of Bovis Homes Group from 1,250 to 1,265 and gave the company a “hold” rating in a research note on Friday, September 7th.

Numis Securities restated a “buy” rating and issued a 1,375 target price (up previously from 1,275) in a research note on Thursday, September 6th.

UBS Group restated a “neutral” rating and issued a 1,090 target price in a research note on Thursday, September 6th.

Liberum Capital restated a “hold” rating and issued a 1,100 target price in a research note on Friday, September 7th.

There is 1 quality project (Hav) with the potential of another (BH). Gervaise has always sounded like a buffoon labeling projects like Ernest Giles and Firetower as "quality".

We all remember him blowing hot air under EG when Newmont came sniffing.

I'd much rather a straight-talking mining engineer came along, took the reigns and directed cash solely at the two projects which have shown the most potential up to now. But this is AIM and directors don't need a pass to collect their handsome salaries. Remember it's who you know, not what you know in this game

I fear gold will breach $1170 in the next few weeks and possibly move lower as we enter 2019. The Fed raised interest rates by a quarter point to 2.25% yesterday, the third rate hike this year and according to the Fed's statement there will be another in December. Three more are planned for 2019 and one in 2020. There may be some slippage in 2019 as oil prices stabilise having been on a run for much of the year which would have impacted inflation in the US. If we begin to see a cooling off period then I can see the likes of CEY barely above 100p, HGM at 145p, CMCL at 500p putting on 25-30% in a matter of weeks.

Charts looking promising but with the strength of the US economy and likelihood of another rate hike in December it's not clear which way silver is heading

https://www.investing.com/analysis/precious-metals-bulls-may-have-their-silver-bullet-after-all-200345803?utm_source=Desktop%20Notifications&utm_medium=referral

I sold down at 850 thereabouts at a loss to limit the effect of this pullback. Hoping for another shot at 800 and a decent bounce around Christmas. FRES still looks a better buy than HOC in my eyes but silver plays don't seem to have much support except when the whole sector is moving up. Anyone holding out for sub-800?

Ahh that's more like it, thanks for pointing that out! @Tro @dara

biochelm - In years gone by, this would have stood out as one to hold but AIM is punishing most explorers (junior and mid-cap). HZM has less than £9 million so until they get project financing that sum is going to reduce. I don't see any reason why the markets will reward explorers with no income stream and currently as yet no financing. Not a dig at HZM but rather buying any explorer. The same cannot be said of producers with profit growth like SLP, AAZ etc. Even the larger producers are bouncing off lows probably as a result of the attractive dividend yields on offer

workover I wouldn't like to make bold claims but one would assume the risk of decommissioning liabilities must surely be discounted lower given where the price of oil and gas is sat today. Similar to how low margin, high output gold producers perform better than high margin, low output peers when gold rises and the opposite happens when gold falls. As Vistaman pointed out there was vague guidance provided in the interims, roughly 25% of EBITDA at current levels. If you think oil and gas will tumble the risk becomes higher but from where I am sitting the decommissioning liabilities could eat up double what the company have stated and they would still be "raking it in". £75m looks cheap if you're thinking ahead 6 months from now with oil pushing $85-90/bbl

Thank you Visitor, 4E basket looks very strong still despite the changes.

Rhodium more than doubled over the past year has really helped shore up Platinum weakness. In USD terms the basket price looks to be more than $120/oz higher than the same time last year and if I recall correctly there was some room margin for error as the group would always report a marginally (3-5%) higher basket price than the average.

ragnarlothbrok do we think this may have been Iridium and Ruthenium credits all along, even before the Phoenix acquisition?

Agreed, sit and hold until it reaches value comparative to peers. What are your thoughts on the huge cash pile RRE are building? Dividends or buy backs to come in 2019?

It's been a week or so and Rhodium is now up to $2575, Palladium $1052 and even Platinum is holding gains at $830

I make the basket price $1,120 but I am using the old formula from 2017
Pt 62.1%
Pd 24.2%
Rd 13.5%
Au 0.2%

Has the basket changed much in terms of percentages?

https://www.ii.co.uk/analysis-commentary/three-junior-oil-stocks-buy-ii506806/?&utm_source=IBMW&utm_medium=email&utm_campaign=weekend_newsletter_220918&utm_source=IBMW&utm_medium=email&utm_campaign=Weekend%20round-up%20newsletter%20220918%20(1)&utm_content=&spMailingID=4157899&spUserID=MTI1MDU0MjA4OTc0S0&spJobID=1111113681&spReportId=MTExMTExMzY4MQS2