Member Info for the_shareminator

Thanks for the link, it's amazing how a 7 minute interview can change your mind lol, maybe I worry too much... It does sound like the company have ambitious targets. Building a decent cash position to reduce investor risk would be a good start and might entice the 'dividend investors'. Assuming they will be paying a dividend before they join the FTSE 250 :)

Ah gotcha! ;)

I had a quick read through, couldn't find a mention of a placing, could you reference or provide a quote please? It does seem to be a bold move but perhaps the unknown factor is what is putting people off. Prior to the announcement it was possible to track NAV based on the share price movements of PLE, SUMM etc... For me personally I would rather invest closer to the next expected NAV update providing the value of the stocks held continues to rise

Looks like the next NAV update will be in mid January so a while to wait. Also we PLE and SUMM look to have peaked short term, not sure about the others. Will be an interesting one to watch but not surprised people are exiting today with more than two months to wait until next important update

Scyther - thanks for your reply, I appreciate you're points and agree given how marginal the project economics are AMA should benefit more than the lower cost producers when gold rises. Given the company is making a loss that 18mil figure will reduce in the short term but it does provide a nice cushion should lower gold prices persist. I'm just not sure how profitable they will be at $1400/oz. The collection of director buys no doubt helped fuel some of the rise during the summer and there does seem to have been some effort made to reduce costs. I dont know enough about the specifics costs and potential revenue growth to make an assessment on profitability so will do some more research. Thanks again

probably because it has the world’s second-largest known reserves of platinum in the world good find pimpi, makes for interesting reading

note this line - "[the] business remains marginal at prevailing metal prices, where no improvement appears imminent. Against this backdrop management will remain resolute in its focus on improved safety, cost and operational performance." The Platinum price peaked in February at $1740 and bounced off $1310 in late June, currently trading at around $1450. Q313 platinum prices look higher overall than Q213 so this may be a good time to buy in anticipation of improved quarterly margins. http://www.platinum.matthey.com/prices/price-charts

Good afternoon mate, thanks for getting back to me and earlier this month also. Yes you make a valid point, the net value has theoretically increased overnight and currently at no expense to shareholders. The problem for me is whether this company will attract new investment given the controlling interest in Hambledon is set to grow. The terms of the recent acquisition seem wholly in favour of Hambledon over a 5 year period but again I question whether market forces will drag this down to facilitate a cheap takeover / withdrawal from AIM. Even if that is not the intention there is always a risk, and that may be why people are reluctant to invest here. The institutions have not increased their holdings since management changed hands. Henderson actually reduced their holding from 57m to 0 earlier this year. As you say, progress has been improved and targets achieved, the Chairman has yet to put a foot wrong in that respect. Regarding the EBRD loan they could still make life difficult for us by applying new loan terms or a fine for example. It may also affect our credit rating should we need additional finance to invest in infrastructure for example. That is a minor concern in my eyes. I'm struggling to understand why the markets aren't impressed by this turnaround so forgive my suspicions. I'm only concerned that this could mirror Kemin Resources. Both companies have seen the same appointments of personnel in 2013, both are controlled by the Assaubayev's and both have failed to captivate the market. Perhaps an interview would ease investor concerns.

Watched Captain Phillips this weekend and would recommend it to all thinking of investing in a company exploring in Somaliland

Scyther - left you a reply on the CNR bb but it might have been lost with all the posts last week. Just looking through that presentation not all is as rosy as the picture you paint AMA are a producer so the market will value how it goes about producing, not how many ounces are in the ground. This is the same with CNR to an extent - project economics determine value at this stage Kalsaka - It states "Mining at Kalsaka has now stopped - continuing to identify cost efficiencies during current difficult market conditions" - has this situation changed? It is good that the company are focused on profitability rather than production at any cost but illustrates how marginal this project is. Note: "US$11.3m impairment recognised against exploration costs – low grade discovered ounces in Burkina are not economic at current gold price" - impairments can be reversed should the gold price rise but again it shows how little resources / reserves count when valuing a company. Looking at the financial statement the company are currently stuggling to turn a profit, $27m revenue in H113 with production costs and G&A of $26m leaves EBITDA of just $1m. If you factor out the one off impairment charge of $11m from the profit/loss figure it still means the company is making a loss of $5m at current gold prices. The Baomahun project economics stack up better but again are nowhere near the quality La India has to offer. Obviously SOLG is in its own 'value-inflating bubble' which could burst any time. What do you think will kick AMA into gear? If the gold price stays trades at this level for another quarter, revenue and EBITDA will be improved but just how profitable is the current producing mine?

I've been doing a little digging since the recent updates regarding the BoD and their links. This may be of interest; Sanzhar Assaubayev is the Chief Executive of Kemin Resources. In April 2013 Aidar Assaubayev was appointed as non-executive director of Kemin following the reverse takeover of GMA resources. In July 2013 Kemin announced the appointment of Ashar Qureshi to its board of directors as an independent Non-Executive Director. Kanat Assaubayev was appointed Chairman of Kemin in September 2013. In addition Ashar Qureshi, already a Director of the Company, was appointed Vice Chairman of the Company. Aidar Assaubayev is CEO and a director of Hambledon. Ashar Qureshi has links to Hambledon. Kanat Assaubayev was appointed Chairman last week and I'm sure Sanzhar holds an interest also (still looking). Also worth noting William Trew and Kenneth Crichton (recently appointed) non exec directors are linked to Kemin Resources. William Trew was Chairman of Kemin but is now the 'senior independent director'. The Assaubayev family have a controlling interest in both Kemin and Hambledon and from what I can tell have positioned themselves to be fully in charge of all matters. Kemin has fallen from around the 30p level to below 10p today and shows no signs of reversing the trend with volumes so low. They have commissioned the pre-feasibility study and a bankable feasibility study of two deposits which "on completion ... the Board will then review its strategic options: principally whether to finance and build an operating mine or to sell one or more of the deposits to another mine developer." As it stands, it looks like the only winners of that reverse take-over are the Assaubayev family. This may be detracting serious investment in Hambledon. If you look at the deal, £40m only 8 months ago and the company are worth just £15m today it looks like a prime candidate for a cheap private acquisition in the next 12-18 months. Only speculating of course, but after PFS and BFS Kemin could well be taken private via a third party which it may turn out to have connections with the Assaubayev's. All these director appointments alongside a steady loss of market value in a company that were valued at £40m minimum only 8 months ago just sounds dodgy to me. The assets and project potential have not changed but the goal-posts have been moved and with the controlling interest it may suit them to take the company private. Anyone else share the same views or can offer a different explanation? I'm still more inclined to back Hambledon as there is some real growth potential both in market value and the corresponding share price. The gold price is looking healthier and production will continue to pick up but these appointments of individuals linked to Kemin (which has performed poorly) does worry me.

Brief summary of their investment portfolio They listed with 7 core investments initially Equatorial Palm Oil plc - share holding 8,947,950 The share price has crashed in the year to date from 11p down to 2.8p valuing PRAE's holding at just £250,500 Sovereign Mines of Africa - share holding 29,000,000 The share price has fluctuated in the past year, trading at 3.25p valuing PRAE's holding at £942,500 Galileo Resources plc - share holding - 7,900 The share price has crashed from 40p down to 13p today valuing PRAE's holding at £1,027,000 A-Cap Resources Limited - share holding - 27,500,000 Praetorian received shares at 15 cents ($4.125m) but the share price has since fallen from down to 5 cents today valuing PRAE's holding at £895,000 Maya Gold & Silver Inc - share holding - 12,000,000 - The share price has fallen from 3.8 cents to 2.5 cents valuing PRAE's holding at £1,665,000 Australasian Resources Limited - share holding - 20,852,657 The share price has halved from 0.12 cents to SP 0.06 cents valuing PRAE's holding at approximately £1,000,000 Ampella Mining Limited - share holding - 4,000,000 The share price has fallen from 0.45 to 0.12 since valuing PRAE's holding at £290,000 Core Value £6,070,000 Mantle Diamonds Ltd - private company According to the admission documents the value of it's holding was £975,000 however value has been eroded across all investments so it would only be fair to assume it has also in Mantle Diamonds. A generous £430,000 tag brings the total to £6,500,000. Ausgold - shareholding - 13,636,364 In September 2012 PRAE completed a share & cash swap gaining 13,636,364 shares in the company. Since then the share price has fallen from 28 cents down to 2.8 cents valuing their holding at 10% of the then agreed aggregate value (AUS)$4.5m. The conversion of AUS$450,000 comes to £270,000. Total Value £6,770,000 It looks to me like PSR is no longer a company asset. The

Praetorian operates as a supportive shareholder but will also look to apply a hands-on approach when necessary to generate or protect value. The Board and the investment and advisory team has a strong track record of working with small and medium sized resources companies and delivering long term positive returns. To illustrate this point, a post year end transaction in Polar Star Mining Corporation (PSR CN) is an interesting example. PSR CN, listed on TSX was trading at CAD$4 a share only two years ago, reflecting the quality of the Montezuma copper project in Chile. Unfortunately a number of poor management decisions resulted in the company nearing bankruptcy prior to Praetorian refinancing and restructuring Polar Star via a rescue fundraising at 10 cents per share. Praetorian appointed its own management team to replace most of the existing directors and drastically cut the head office costs and unnecessary exploration expenditure. Praetorian led the refinancing effort with a $2m investment representing a 12 per cent stake and encouraged the large institutional investors to invest alongside Praetorian in a total $6.5m equity raise. These new funds will be used to ramp up PSR CN 's Chepica gold project to provide cash flow to exploit the huge potential at the flagship Montezuma copper project and to work with BHP on several highly prospective joint ventures on the vast exploration acreage that PSR CN owns. PSR currently trading at 18 cents so their stake is now worth $3.6m "In addition to its holding in PSR CN, I am pleased to confirm that the Group now has a dynamic portfolio of strategic equity investments across a wide range of commodities including gold, silver, copper, rare earths, palm oil, uranium and coal. The current portfolio, along with the availability of its investible cash will allow us to exploit the opportunities, which the Board believe will be available to the Group in 2013." Interesting company, has anyone invested here? I understand they had dealings with Sovereign Mines of Africa (SMA)

Thanks for the reply, I'm still doing my research atm but the price in relation to it's trading history coupled with a near dividend payment is attractive - I recognise you from POG btw :) I'm hoping the company declare the dividend prior to ex-dividend date. Could anyone kindly list the risks / concerns associated with PAF and also reasons why you are invested? It would be greatly appreciated

Hi mate, hope you're well. Yes long time, just been reading back and missed your reply from July. I'm not in HMB at the moment, haven't been for some months, but I have been following progress and so far really impressed by what the new management has achieved. I've read somewhere that the loan note terms have been breached and will need negotiating but otherwise production figures look to be improving. The company would have turned a profit in the last 6 months if admin expenses had not been $3m higher than the same period last year. I am looking for an entry before the Final Results are announced in 2014. I think the reaction to today's news is impossible to gauge. The agreement has not created any substantial interest in volumes, perhaps news will sink in during the next few weeks. Brokers and funds will have to reassess their figures and recommendations, build / reduce stakes etc... It does sound like an incredible acquisition! £17m for 9.25moz gold equivalent. Dilution of approx 40% for current share-holders. Effect of conversion of the Convertible Loan Notes on existing Shareholders "Assuming no further issues of Ordinary Shares, if the Convertible Loan Notes were to be converted immediately upon granting of shareholder approval, the Company would have an enlarged share capital comprising approximately 1,556,972,000 Ordinary Shares." Interestingly African Resources holdings would increase from approximately 50.9% to 73% of the Enlarged Share Capital in October 2018 when the loan is due to mature. Providing they remain a long term holder and don't reduce their stake there will be a much reduced free float. What do you think?

Ah I see where you are coming from if you take the most recent underground result of approx 1,200 ounces and fast forward 12 months. I was talking about the recent annual figures. The 12,673oz figure did include June underground ounces however with only 2,000 ounces recovered from open pit in June with 600 ounces underground. Open pit production will be phased out by mid-2015.

Ah just read the Provisonal audited results, my bad. Need to remove the cobwebs from my notes :) Does anyone know when the cut-off point for receiving the dividend is or has that already passed?

I was under the impression PAF had cancelled dividend payments until further notice. With the gold price at year lows squeezing margins, is it not wishful thinking?

HMB isn't close to to producing 40koz gold per annum, not sure where you have read that. But things do look to be improving.

BRDY - http://companycheck.co.uk/company/04196004/BRADY-EXPLORATION-PLC/company-summary ... and the their intended acquisition (reverse takeover) EERNL - http://companycheck.co.uk/company/05216866/ENERGY-EQUITY-RESOURCES-NORWAY-LIMITED/company-summary