Member Info for TigerByTheTail

Hi pb940!
From a quick read, I make it:
a. 1:200 share consolidation to reduce number of shares in issue. The stuff about "deferred shares" having no value is just part of this process. In itself, there is nothing bad about a share consolidation. BUT,
b. The company directors will have power to issue a mega number of new shares to dilute old shareholders. Not good.
c. Colin Bird to stay on - after all, Revelo / copper in Chile is obviously his deal.
d. Company changes its name to Callisto Resources and pretends BMR never was.
Key questions not answered:
1. What happens to the Kabwe royalty, which is worth real money over time? There seem to be no arrangements to hive this off into a separate company for the benefit of current shareholders. Was that another Borelli lie? Will the royalty be sold off for cash / the return of the 29% shareholding in the company that Jubilee own? (I can't believe that Jubilee want to continue holding shares in this company).
2. What happens with the GLR shares (currently worth about 125K, but theoretically worth a lot more) that the company owns?
All in all, this isn't good news for current BMR shareholders, and I'm very sorry for that.

Hi Sotolo!
I agree that we are now finally in a major gold bull market. As you know, I also had my doubts previously.
In September the European Central Bank has signalled it will lower its already negative interest rates and launch a new round of QE. Trump has found a way (relaunch the trade war) to effectively force the US Fed to lower US interest rates. The trade war itself will now mutate into a currency war, and interest rates will trend towards zero (or lower) worldwide. The already very considerable percentage of bonds that yield less than zero will only increase. Inflation may become a problem.
In an economic environment like this gold should do very well. And any gold miner that manages to dig the stuff out of the ground reasonably economically should do well as well.
However, all that said, we should watch out for a peaceful resolution of the Brexit crisis. Sterling is heavily depressed by the fear of a no deal Brexit: an agreed deal with the EU or the cancellation of Brexit entirely would cause sterling to soar (by 10%?). This wouldn't end the gold bull run, but it would sure set the sterling value of dollar earning shares like Centamin back for a few weeks!

You could equally take the opposite view - Hummingbird are still miles off their mine plan and previously advertised AISC.
The gold bull market will float all boats, even leaky ones like Hummingbird. But performance here continues to disappoint, and now we're into the rainy season...

So the US-China trade war is back from its summer holidays.
How will China respond to Trump's latest imposition of tariffs on their exports? Will it play the rare earth card and restrict their sale? And, if so, how will America respond?
Any road, since Mkango is one of the few viable near term rare earth production projects worldwide, I don't think this company will be trading at cash in hand value for much longer!

Robers on ADVFN posted this yesterday:
From Glencore RNS today. In Zambia, we are nearing the end of our multi-year site transformation projects, including plans to commission a new copper concentrator towards the middle of 2020 and the development of 3 new mining shafts. Completion of repairs to Mopani's smelter is expected by the end of 2019. Our African copper assets retain significant potential and will play a key role in the transition to a low carbon economy. We have developed detailed turnaround plans and I look forward to taking you through these plans along with our financial performance on 7 August."
Obviously, Glencore's plans to build "a copper concentrator" in Zambia catches the eye. Especially as Glencore own an absolutely huge pile of tailings there. Could this all signal a partnership with Jubilee (who are buying the Sabwe refinery off them).
For now, this is pretty speculative, but if it turns out to be right, then it would be massive news.
Judging by the BMR board, there may also be news soon on Jubilee buying back a proportion of the Kabwe royalty due to BMR. A final royalty share of 5% is mentioned.

In effect, buying Acacia shares is now a cost effective way of buying Barrick shares - unless a better offer comes in for Acacia from another party (in which case, yippee!). Acacia is trading at about a 4% discount to the value of the Barrick offer, plus there is the potential value of the special exploration dividend on top of that. That's a worthwhile margin, if you're a buyer of Barrick shares in any case.

Hi All!
Has the long awaited BMR circular now appeared?
As a non-shareholder here, can I ask if it says anything about Jubilee or Galileo?
What arrangements are there for the royalty over Kabwe? Are Jubilee keeping their 29% shareholding in BMR? Is there any indication of what BMR intend to do with their shares in Galileo?
Thanks for your help and good luck all!

Hi Sotolo!
Sale yesterday not looking too clever right now. But the Fed may come to the rescue yet!
BTW, what has happened to Centamin's assets in Burkino Faso? I know it's not the most important thing, but once again, they are not mentioned at all.

Overall, OK to good. In particular, the medium term guidance is substantially better than I had feared:
· Centamin baseline outlook for production in 2020 and 2021 of 510,000-540,000 ounces per annum, at cash cost of US$630-680 per ounce produced and AISC of US$870-920 per ounce sold; Baseline outlook excludes any upside from plant and open pit optimisation, underground grade improvement, Cleopatra stoping, and regional exploration; Full details of these baseline estimates and upside drivers can be found in the Operation Review.
AISC must have spiked hard in Q2 to give an H1 average of $940, when Q1 AISC was $892. Hopefully, this was just just due to some big items of phased sustaining capital expenditure.
After Fresnillo yesterday, these results look stellar, of course!

Hi Sotolo!
I also fear the 1/4% $ rate cut tomorrow may be a case of "sell the news" for gold. There's a bit too much exuberance around PMs. The medium term outlook for Sukhari could also end up disappointing the market. All in all, for me, there's more immediate downside than upside, so I've sold out again, looking for a marginal gain on a quickish repurchase.
That said, IMO the medium term outlook for gold / gold miners is outstanding. Which would you rather own: a bond with a negative interest rate or gold? And the amount of bonds that yield less than nothing (but yet which still carry substantial if under-appreciated risk) is only going up and up.

That is, 10m quid a year earnings for six years (or maybe seven) starting from about 6 months' time, against a current market cap of about 2.5m quid. Plus possible exploration upside. So, yes, "compelling" is a good word...

Hi Metamorphosis!
I didn't know about Motley Fool. A tip from them is always a bad omen for a share. I don't know how they manage to be so consistent (even if consistently wrong).

Hi Supercharger!
Remember ABX is quoted in Canadian dollars. You need NYSE:GOLD for the US dollar price.
Still, the value of the offer is going up all the time. I make the Barrick offer now worth 237.5p equivalent (plus value of possible exploration dividend - 5p?).
For now, I'm holding to take advantage of this drift upwards. And, who knows, we may get lucky, and there may be a Chinese counter-offer.

Coming late to yesterday's news...
These are good intersections for an open pit oxide prospect. And nobody can doubt the qualifications of the company's management. But still the share price / market cap doesn't move up.
AIM has put a ridiculous valuation on fellow gold explorer GPP. But it doesn't seem interested in Cora at all.
Any theories? Is it the risks of Mali? Or just one of those things?

With FRES it is always advisable to wait and not draw conclusions until the broker ratings come in. They always seem to have an outsized effect on this share.

Hi Cowichan!
I signed up for Glint when it was launched here. I finally received a card several months later, plus reams of idiotic marketing literature. Card proved unusable. No customer service at all. Finally, I scissored the card.
IMO. the company behind Glint is an an absolute shambles, a total no-hoper.

No, not a catastrophe at all. Most of today's results were deducible from the 2Q results, except possibly the dividend cut.
The tricky question is, what was the market expecting, and are today's results better or worse than that? And how much weight will the market give to the recent improvements in gold and silver prices, and also to the declining pound? And does the market believe that the turnaround plan for 2020 is credible?
Fresnillo will come back, of course, sooner or later. But where is the bottom of the fall; before us or behind us?

There must be a big sell in the background - I was just quoted 0.55p to buy (and I did add a few).
I assume that there are still shares left over from the April placing at 0.5p which the broker is slowly unloading into the market. I can't be sure, though. Whoever it is, the selling is keeping the share price pinned down for now. This needs volume, and for that it needs confirmation that the Jubilee-Glencore Sable deal is complete (and possibly also the signing of the offtake with Jubilee).

Hi Franky!
I agree with you on Metro Bank, in particular.
In general, I avoid banks entirely. Interest rates worldwide are low, and they look like they are going to come down even more. That makes it really hard for all banks to make much money. Even if we escape another crisis, the next couple of years are going to be a hard time for them.

Henceforth, on these boards, I rename Ka****u as Kashatu!