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Whilst it's not unusual for gold explorers to turn up high grade rock chip samples (aka the BH results earlier in the week) it is quite far from the truth to suggest there is now "almost no underlying value to GGP".

Havieron has the potential to be a significant find and create value the like of which we have seen with MARL or even SOLG in recent years.

https://www.poundsterlinglive.com/gbp-live-today/9847-pound-to-euro-and-dollar-exchange-rates-german-overture-brexit

Good question, are we talking fair market value (ie the price it should be trading at) or value on a takeover?

I agree AIM is not particularly fair to precious metal explorers or any small-cap exploration company for that matter besides the well known companies like GGP. That being said 1 million ounces of gold at around 1g/t located in Canada should fetch a premium to those African and South American outfits.

We are valued at £16m or $20.5m to day and assuming the price stays the same and the company prove up 1 million ounces which is a nice easy $20/oz. I think there is scope for a $50/oz valuation in todays market considering the vast majority of our resource will be Indicated or Measured, a PEA should soon demonstrate the economics and that will ultimately decide how much a buyer is willing to pay.

Early indications of good size open pit keep early year capital expenditure down and make the project more appealing as a satellite deposit perhaps for some of the majors operating in the area.

What are your thoughts?

@Nickel_Investor the net finance costs were US$15.1 million in the first half which mainly reflected the interest recognised in the income statement in relation to the US$800 million debt facility raised in November 2013.

They have a net debt of $90 million now but still nothing too concerning as their liquid assets including cash is more than $700m I believe. They are however funding expensive capital costs this year and possibly. More than anything I would think the price of silver is doing most damage although the cause of that is of course Trump's policies. Perceived US economic strength through it's America-first policy will inevitably come back to bite in the years ahead but before it does precious metal stocks are going to have a tough time. I just can't see how the US will be able to sustain interest rate hikes even with emerging markets having a torrid time.

madsktpan - hello I hope you don't mind me reviving old conversations but I thought it interesting to leave a reply on the matters we discussed earlier in the year, chiefly the likelihood of the company attaining their 1moz target.

I think neither of us knew the extent to which this would impact the resource figures but I think it warrants a further discussion nonetheless. From what I understand Landore Resources had their Mineral Resource Estimate (MRE) for the BAM Gold Deposit remodeled using the results that were "based solely on the 2015-2017 drilling campaigns".

The update on August 7th suggest this remodeling work has increased the resource estimate to 623,000 ounces of gold at 1.04 grams/tonne (g/t).

I will ignore the Unclassified estimates as they are neither to JORC standard nor can be used in financial studies however it should be noted Landore are in the middle of their largest drill program to date (12,000 metres) and many of their targets are designed to test the so called 'Unclassified' material areas were an estimated 686,000 ounces could be contained.

The company have said they "successfully intersected widespread gold mineralisation of similar grade to the BAM Gold Deposit". The question therefore remains, are they going to achieve the 1,000,000 ounce target they set out to achieve at the beginning of the year?

They need to prove up 377,000 ounces from this campaign and I feel very confident they will exceed that now.

Drilling already intersected gold mineralisation in the initial 900 metre gap between the BAM East Gold Deposit and the original BAM Deposit returning results like the 41.27 metres at 1.10g/t (DH 0417-628) and 16.10 metres at 1.16g/t (DH 0418-629). Drilling continued throughout the summer and we received many more holes and news that 36 holes had been drilled with results pending for the remaining 12 holes. They all seemed consistent with prior results and included 10.58 metres at 2.03 g/t (DH 0418-634).

The infill drilling is proving that that the gold mineralisation continues between the two known deposits, doubling the overall length of the combined deposits to approximately 2,000 metres, extending the resource from surface to 350 metres depth in some places, whilst remaining open along strike to the east, west, and down dip.

There are two things the company appear to be doing now to finish off the drilling season,

1. Further drilling in the same area with 50 metre spacing of holes on each 100 metre line to test their potential depth extension to 250 metres below surface. The 250 metres will be drilled at a 45 degree angle.

2. Additional drilling in the highly prospective eastern and western extension areas.

Patiently awaiting better days but encouraged by the progress we appear to be finally making.

Hi poole, hope you're well. You were right in that not much else happened here throughout the summer. The announcement today of a £3m contract is encouraging and should boost confidence that long time customers will buy elsewhere. I tend to agree with your analysis that the market is really only interested in one thing and that's details of the trading results for the year. With net debt under control, the banks satisfied as far as can be determined and HAYT able to flourish with ample supply of cash-flow I would hope to see further gains in the lead up to results.

Todays announcement comes after a recent report by Edison valuing the company around 12.5p

According to Egdon, "The Holmwood Prospect is one of the largest undrilled prospects in the Weald Basin. A Competent Persons Report by ERC Equipoise Limited, published in June 2012 on Europa's website estimated that the Holmwood prospect could contain mean gross unrisked prospective resources of 5.6 million barrels of oil for the combined Portland and Corallian objectives."

The update today reads "Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, announces that it has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.

Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires on 12th September 2018. Following the Minister's decision, the Company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site."

Only 1 day out 4kandles, all is forgiven lol

Results look alright. As mentioned already dividend increase and at this price is a bonus

Thanks for sharing Wids. When the outlook for a particular sector looks this bad it makes me wonder is there opportunity to be had, but I think the market has this about right. Looks highly likely there will be a no deal or May will need to accept watered down terms. The latter is not much better than the former as uncertainty is still likely to weigh heavily on the economy and banking sector.

MattJames - you are correct and hopefully that's what we are going to see with more of a focus on Havieron. They have actually found something rather substantial for the FIRST time in GGPs history (Firetowers 90k JORC was pre-listing way back in 2006 I think) and I expect the 10 holes drilled to 600m in the same vicinity as the last drilling campaign should at the very least yield results at a similar depth to what was discovered earlier in the year.

There have been numerous drilling campaigns across Ernest Giles albeit when the tenement was smaller, however the results have always been consistently bad. How low do you think this will go before the share price bottoms and Havieron comes back into view?

Agreed, if half the people on here knew what ppb stood for they would scoff at the comments GH continues to make in regards to EG. Like you I'm interested in the BH and Havieron projects but it would give me confidence in the board if they were a little more upfront about the realities of the EG findings to date. I get the feeling GH churns out any old merry statement depending on what day of the week it is.

Uncertain times indeed, going to be touch and go short term, but might the banking stocks listed have priced in the fallout of a no deal? Sentiment is already at rock bottom for the year. Precious metal stocks like RRS and FRES have also been struggling this year and their PM prices aren't under too much pressure. I think the markets have been bearish with UK listed stocks for a while and with BREXIT looming it may present some interesting opportunities (trades possibly rather than long term holds). We are all waiting for the Pound to fall, can't see how it has maintained current levels given the infighting inside the Conservative party and the prospect of EU tariffs. At least Trump hasn't declared a Trade War with the UK directly!

ps, Corbyn surely won't win the next GE!

Interesting chat folks. I think Coca-Cola's appetite for Chinese exposure influenced it's decision to pay premium (16.5x PE compared to recent sector acquisitions around 15x etc). As someone eluded to below it's unlikely any major US telecoms will bid for VOD due to their exposure. In comparison Coca-Cola are not hindered to the same extent and Costa can be swallowed up, chewed and grow quicker under the CC umbrella. VOD is cheap now but with BREXIT looming it will surely get cheaper..

Thoughts on the banking sector anyone? HSBC, RBS, BARC, LLOY all down to year lows there or thereabouts.

Still holding after that mistimed top up but not going to buy anymore for. FRES suffering as a result of silver weakness and Trump's tariff war. I'm adding to HGM instead as it should benefit from the falling rouble and a high yield near term dividend. It's only a matter of time before sentiment surely swings against Trump and sending investors into safe haven metals

@cielo, @draft et all

Hope you're all well and enjoying everything the summer has to offer. Half Year report end of September!

I agree with the sentiment in regards Bangladesh although I don't have much to add. MBO have tried on a number of occasions to gain a footing in countries other than Malaysia but none have so far been 'successful' discounting the Philippines pursuit for lacking profitable growth.

The groups chief operation continues to grow and I agree with you it's likely the first half results will point towards the £100m milestone for the full year. £38-40m revenue with operating profit of £0.35m or thereabouts would be good given the likely investment necessary will eat into profits. I think we are all hoping the cash build and current assets to continue increasing along the headline revenue figures.

Another 4 weeks and we should have a better picture.

MCAP: £42m
share price: 84p

up 7.69% on FY results which include
increasing revenues (up 41% to £5.58m)
increasing gross profit (up 90% to £2.98m)
increasing EBITDA (up 258% to £1.95m)
increasing PBIT to £1.19m
net cash of £2.09m versus a net debt position of 0.74m one year earlier
established and growing customer base
recurring revenue
exposure to Singapore, Shanghai and London markets

I agree and have been surprised by the resilience we've seen in the share price. I don't expect positive news in the immediate term nor a quick turn around. Having said that even if costs increase and profits are squeezed I'm interested to see if there are any shoots of growth in the next trading update

Way overpriced based on sales. Clearly a lot factored in for brand growth already

Even with the major contract win, looks to me like this company still has a way to go before enough revenue can be considered 'sustainable'. As a punt I'm sure it's going to be exciting given the low market value but those punting probably understand this can fall just as quickly as remain low for extended periods as liquidity will almost certainly dry up once more. This drifted down on okay results so perhaps todays announcement is just an overdue correction. Hopefully the people paying 0.8 will be rewarded down the line but I suspect that won't be for many months

Think this may have bottomed now. Was here a while back and tempted once more