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http://www.edisoninvestmentresearch.com/?ACT=18&ID=10661

Yes that's how I read it. Edison released a note explaining the past year's events. Looks relatively cheap considering revenue is expected to jump from £96m to £102m with pre-tax profits rising from £7.7m to £9.8m. Accounting issues at its Bite subsidiary wiped out c £1.6m apparently. Net debt down by £0.8m to £1.8m in the past year.

46.45 being paid, platinum hovering around $1460 about $100 higher than last month, outperforming gold in relative terms. GLA

I'm wondering why we have yet to hear confirmation of the increased holdings via the UK markets. Good to see further gains today though, should be a strong quarter with platinum much improved and following on the progress made last quarter

Mine EBITDA increased by 145% to $70 million (FY2012: $29 million) despite a decrease in revenue of 24% to $371 million (FY2012: $486 million). Reported net loss of $288 million (61.13 cents loss per share) after impairment losses of $226 million. The Group’s cash balance at 30 June 2013 was $103 million, $77 million less than on 30 June 2012 but significantly more than the cash balance of $83 million at 31 December 2012. No dividend... http://aquariusplatinum.com/sites/aquariusplatinum.com/files/ckfinderfiles/3_Chief%20Executive%20Officer%27s%20Review.pdf

http://aquariusplatinum.com/2013_annual_report

Good to know thanks. Multiple short term catalysts but I think progress at Sega will dictate movements for now. Has the company announced plans for what they intend to do once production at Sega draws to close in Q115? I've read they plan to target additional resources at SEGA but presumably they hope to bring one of the other two main prospects into production in 2015 / 2016?

Up again today mcart117 with buy above 43p. Could be an interesting run from this level, increasing platinum prices, margins increased etc

Good evening, thanks for replying. I agree the odds are there will be a trading company after the Tender Offer is complete. From what I understand the shares bought back will be kept by the company so the market value will remain intact. It looks to be simply swap of cash in the bank for shares. A smaller free float might in fact attract certain types of investors. Looks to be safe at this level providing the cash position is sufficient for future activities, atb

SpanishJohn / asclyius - According to the fine print there are a number of outcomes to this. One is that "If 100 per cent. of Shareholders elect to tender their Ordinary Shares the Directors will seek the winding-up of the Company, in which case the cash available for distribution will be reduced by approximately US$296,768 (which represents the Directors estimate of the reasonable liquidation costs that would be incurred by the Company (including in Philippines)." All other options see the company continue to trade on AIM, hold the Hinoba-an Project, the Basay Project exploration licence and its interest in the Taysan Project (through Crazy Horse) and have cash resources reflecting the pro rata number of Shareholders who do not accept the Tender Offer in respect of their Ordinary Shares. This means there will be cash available to the Company. It does seem like a good offer to those wanting their cash back . Interesting to see 'The Significant Shareholders' initiated this move having made clear their position on reducing the discount to value. A pity this doesn't happen more often! "the Board is of the opinion that by making the Tender Offer to allow all Shareholders, including the Significant Shareholders, the opportunity of electing to receive cash, the Shareholders that remain will be the ones who wish the Company to proceed with pursuing acquisition opportunities presented to the Company that may have the potential to realise further Shareholder value."

In the company’s own words “Kalsaka/Sega is Amara's cash engine”. During Q2 2013 the mine plan for Sega was re-optimised at a gold price of US$1,100 per ounce in response to the weaker spot gold price targeting higher grade material to be processed early in the mine life ( 2.41g/t grade) reducing cash costs (to approx $700/oz). Given the average head grade of 1.13g/t during H1 resulted in cash costs of $1,357/oz Amara will be profitable once more. Q2 gold sales fell from 8,600 ounces to 5,900 ounces. Production guidance remains at 50-60,000 ounces so Amara are expecting output to increase to 15-20,000 ounces produced in the next two quarters. Half yearly sales totalled only 14,500 of the 19,500 ounces produced. Worth noting cash and cash equivalents fell from $18m to $9m during the second quarter. The retaining of additional $4m worth of gold bullion helped offset the falling cash figure. “During Q2 2013 the gold price was highly volatile… as a result, Amara chose to sell a limited amount of gold, representing only 59% of gold produced in the period, with a higher amount of bullion held in stock. Production at SEGA is expected to last until the end of 2014, with a total of 97koz at 2.4g/t produced in the period. - Crushing circuit upgraded by now. - Haul road construction complete end of month. - Trucking of Sega material already begun. - Blast hole drilling has commenced and production from Sega began in Q3 2013. - In addition “Amara continues to process stockpiled material and at 30 June 2013, Amara had 158,000 tonnes of transitional ore on its stockpile… it is anticipated that the Kalsaka heap leach pads will continue to produce gold for a minimum of six months after stacking concludes.” All in sustaining cash costs represented an additional $126/oz during the first half or approx $9m per quarter which was used to fund capital and exploration costs. “A further US$7 million is estimated to be required to complete the project in full” (by end of 2014). Breaking down the figures, there were 8.6k sold in Q1 for a gross revenue of almost $14m, with cash costs of $10.5m for a margin of approx $400/oz. This resulted in EBITDA of $3m. If we assume conservative cost reductions to $900/oz and a conservative gold price of $1300/oz that would see Amara back into the green with a margin of $400/oz, similar to Q113. The sale of 8,600oz per quarter is however expected to double in subsequent periods so EBITDA should rise by a similar amount from $3.1m to approximately $6m. However if the company succeeds in driving down costs to $700/oz and gold rises to $1400/oz during the fourth quarter, gross revenue for 17,000oz gold sold generates $24m, costs of $12m resulting in EBITDA of $10.8m per quarter going forward. Any thoughts on these figures guys?

STOCKS NEWS EUROPE-UK small caps rise to new record high, Aquarius strong Wed, 30th Oct 2013 09:53 The FTSE Small Cap index climbs 0.3 percent to hit a fresh all-time high, with the mid-caps also ahead by 0.3 percent, while junior-listed AIM shares are 0.2 percent firmer. Aquarius Platinum firms 4.9 percent as Goldman Sachs upgrades its recommendation on the platinum producer to "neutral" from "sell" following a recent underperformance. Aquarius shares, since being added to the investment bank's 'Sell' list on March 15, have fallen 21 percent against a rise of some 14 percent on the FTSE Small Cap index over the period. Goldman, however, writes in a note: "Aquarius recently released its 1Q14 results which were weak owing to ongoing weakness in PGM (platinum group metal) prices. Given the lack of growth and the weak PGM pricing environment which we believe will persist, we don't see a compelling investment case for the stock."

asclypius - I understand CDC are seeking some form of JV / offtake but this seems like a premature decision to buy back share capital given what we know. Why are they reducing their cash position, given their cautious message last month. No doubt the Hinoba-an Copper Project is an excellent asset although the chances of finding prospective buyers or joint venture partners is according to the company "highly uncertain given the current distressed market conditions" Several Chinese mining companies and 90 odd Canadian and Australian junior and mid-sized mining companies, as well as several Philippine mining companies all refused to participate. The territorial dispute in the South China Sea between China and the Philippines seems to be the main factor. I don't see any value in Basay Copper Project, especially given the company are now attributing zero value. Only last month CDC said they wanted to keep expenditure down and preserve the cash balance of $14.3 million. Given todays update they must surely have struck a deal. The question is what is going on behind the scenes? What has changed in the space of a month? Interesting time for holders, gla

yes thanks, hope you're well, 2013 looking up finally :)

No real explanation for why the company require £1.5m but presumably it's result of poor investment performance http://www.investegate.co.uk/praetorian-resources--prae-/rns/fundraising-of--1-5-million/201310300700076943R/

good to see you posting on LSE still, incredible how CNEL has rallied past two days, thanks for highlighting it earlier in the year

Am I reading this right? $14.3 million cash at 30th September 2013. Today's announcement is the purchase of £8.7m ($14m) leaving roughly £100-150m cash at the end of this month?

Unlike CNEL this is a dud, look at the NAV £0.2m, down from £0.6m...

Well done all, a good update and more to come by the sounds of it. Given the high costs involved we'll have to wait and see how profitable HMB are at today's gold price. The maintenance and installation of a 7th CIL tank combined with increasing underground mining will improve quarter on quarter for sometime yet

Just compiling some research regarding the Kalsaka Mine In May, Amara reported Q113 ended with cash and liquid assets totalling US$23.7 million, comprising US$18.2 million cash and US$5.5 million in gold bullion. About this time they conducted the cost cutting programme with savings expected to be realised during Q2 and Q3 2013. The average realised gold price during the first quarter was $1,618/oz. From what I can tell, they had over $32 million in cash and cash equivalents at the end of Q412 but only $18 million by the end of Q113. Exploration costs in the first quarter totalled $8.5 million & sustaining capital costs $3.2 million. The all-in costs (which include depreciation and corporate taxes) were $1,583/oz. - "The overall group result was impacted by a high depreciation charge at Kalsaka as it nears the end of its life." Reduced plant availability and a lock-up of gold in circuit, combined with lower grade ore all added to the poor set of results and corresponding fall in market value. I think this was probably the darkest hour for investors, since then Amara look to be making positive steps in the right direction. Amara have upgraded their crushing circuit in order to process some of the higher grade ore that has been stockpiled during previous quarters and also material from Sega. The average head grade of ore processed should be significantly higher. The installation of the new crusher caused significant downtime during Q113 which impacted grade leading to higher costs and weaker production - going some way to explain the poor results. The higher grade Sega material (2.5Mt at 2g/t for 163,000oz) compared to Kalsaka (1.4g/t) should improve the chances the profitability of the project. Need to look into RNS issued in September in more details. Is anyone here for the long term, regardless of how profitable Kalsaka is?