Member Info for TimberTrader

Sorry, ASX!

IMHO, the sooner we're listed on the AXS the better! In fact, I'd prefer us getting out of AIM completely, as it's the 'wild-west' of exchanges. It makes no odds to me. It's just as easy to invest in the AXS as it is to invest in AIM, and you can still hold in an ISA.

"Why so happy that you can top up ?" Because that's how I roll. My choice, but clearly not your's! It's not going to 5p, and, even if it did, everything else being equal to what it is now, I'd be topping up even more.

Good luck in your investment strategy loftmonkey.

Sorry to hear that Artisanal, but, IMHO, your's is probably, sadly, another case of an investor closing a position at completely the wrong time. I don't see the sp going below 6p, and for me this is top up time. Good luck!

Periods of inflation have often boosted the precious metal. This time it is also being bought by central banks worried about geopolitical risk.

....“We are now firmly in a world that is decarbonising,” says Tom Palmer, chief executive of Newmont Corporation, the world’s largest gold miner that sealed a $19bn deal for Australian rival Newcrest this month.

He expects this will drive more mergers in the gold mining industry, as companies need longer-life mines to meet their climate targets and environmental goals. “We are in an industry that is consolidating.”

Gold, one of the least reactive elements, has little direct role in the energy transition, unlike many other more functional metals. But its deposits are often found alongside copper, which is crucial for low-carbon technologies such as wind turbines, electric cars and power transmission lines. Only 8 per cent of gold is used in applications such as technology, medicine and industry — the rest is mainly for jewellery and investing.

That is not lost on gold mining industry executives, many of whom are trying to increase copper production. “If I were to get in the time machine and go forward 10 years, I think a lot of gold companies will be producing copper,” says Palmer....

https://www.ft.com/content/2b31029a-2fed-4e22-89a5-45f881c401b0

"Don't forget the copper"!

Let's be quite straight here, because there really is some nonsense being posted about the JV agreement.

If Newcrest are taken over by Newmont, the T&C of the JV agreement will remain the same. This happens all the time, and will be covered in the agreement. It's nothing new! Anyone would think that this is something that's never happened before, in mining, or anywhere else!

If, any company defaults on the agreement, as some have suggested that Newmont could do, then if the JV agreement didn't have any specific remedies, then the 'innocent' party would most likely be able to terminate it and claim damages and/or purchase the other party's 'ownership' at fair market value, or indeeed a discount to FMV, or sell it's 'ownership' to the defaulting party at a premium to FMV.

As I say, this would all be included in the JV agreement, or in the normal law covering such a JV agreement.

You cannot just walk away from a JV agreement without penalty.

Sorry, but I generally disagree with this view, although, as a LTH myself, I'm of course frustrated by the 'delay' in an updated MRE, which is what, mostly, it's my understanding, you're not happy with.

GGP do not have a duty to publish this right now. They did before, no doubt because it suited the company at the time.

Shaun Day has stated recently that:

"...we think shareholders have been patient, we think there's a good resource update coming we want to share that with the market so I think we're happy to align with Newcrest, I think there's a broader strategic reason why that makes sense in this kind of takeover scenario where you know there are a range of opportunities that may occur for us as Greatland.."

With respect, you don't know what's happening in the background, nor do any of us, but, yet again, I point out. that you either trust Shaun Day and the BOD to act in the best interest of the company, or you don't. In this case, he clearly believes that it's best to align with Newcrest, and right now, I have no issue with that, whatsoever.

Sure, I could well be wrong, and I accept that, but, right now, that's my opinion, and, as always, only time will tell, it it's correct.

Thanks to Paddy:

Looks like they have moved the rig from the original pad at PRD003 (Pearl) to the new pad just to the west.

Scallywag exploration well and truly under way now - hopefully the assay turnaround times will be quicker this year.

https://twitter.com/paddygall1/status/1660548485102411776?cxt=HHwWgIC9rZODuosuAAAA

Canadian miner’s CEO says he’s focusing on organic growth and not ‘stupid M&As...

...It wasn’t that long ago that Barrick, under the leadership of the late Peter Munk, ruled the precious metals world. But the Canadian company’s gold production is at its lowest level since 2000 after a multiyear strategy to cut debt and sell off assets.

Barrick is now about to be eclipsed by perennial rival Newmont Corp., which last week cemented its position as the world’s biggest gold producer with a $16 billion acquisition of Australia’s Newcrest Mining Ltd....

...Maybe its next acquisition lies among the ranks of junior mining companies with promising but undeveloped deposits. Less headline-grabbing, perhaps, but far less risky.

https://www.bloomberg.com/news/newsletters/2023-05-22/all-eyes-on-barrick-as-top-gold-rival-newmont-pulls-ahead?srnd=economics-v2

Interesting piece today by Alasatair Ford:

Australian equity markets raised more money for mining companies than any other markets last year, excepting the Toronto exchanges.

Total money raised in 2022 was down significantly across the board when set against 2021, but Toronto remained the clear number one, having secured US$4.9bn for the world’s miners, with Australia securing a comfortable second place by bringing in US$4.2bn.

Trailing a distant third and fourth were the US exchanges, with US$700mln, and London, with US$440mln...

...The high gold price is sustaining a broad level of optimism in certain quarters, and has set a favourable backdrop for the recent acquisition of Australia’s largest gold company, Newcrest, by one of the world’s overall largest, Newmont.

And exploration spend locally remains high.

Drilling activity hit a decade high in 2022, and Australia is comfortably the second largest exploration destination in the world behind – guess who? – Canada. Around A$2.3bn was spent inside Australia on exploration in 2022, up from the A$1.9bn spent in 2021, that year of bumper financings....

...There’s speculation that Greatland will seek capital in Australia when it next needs to. Group 6 is raising A$30mln for tungsten in Tasmania, Galan Lithium is looking to put together a big raise for a project in Argentina, and back in February Dreadnought Resources raised just over A$21mln for a rare earths project.

This is just a snapshot, but even so it serves to illustrate a market that looks to be functioning well and responding to the pressures it faces.

As to the future?

Worth noting that Andrew Forrest, the driving force behind the iron ore giant Fortescue Metals, is now also Australia’s biggest renewables investor. Fortescue itself has set net zero targets, and ESG reporting is now pretty much standard across the board.

This may be an industry that’s slow to change, but change is nevertheless coming. And it’ll come first either in Canada, or in Australia.

https://www.proactiveinvestors.co.uk/companies/news/1015428/australia-s-economic-strength-underpins-its-position-as-major-hub-for-mining-and-mining-finance-1015428.html

We yet need to see if Newmont make a binding offer, which appears likely, but not 100% certain. Although unlikely, another party could, possibly, make another offer.

Bong!

As stated in the Newcrest Release on the 11th May,

"Newmont has substantially completed due diligence and Newcrest has agreed to extend Newmont’s exclusivity until

11:59pm (14:59 HRS BST) on 18 May 2023 on the same terms as previously announced, to provide further time for Newmont to complete its due diligence and submit a binding offer."

https://www.newcrest.com/sites/default/files/2023-05/230512_Exclusivity%20period%20with%20Newmont%20extended%20-%20Market%20Release.pdf

Https://www.investopedia.com/terms/b/bid-askspread.asp

Toffers, it's my understanding that Shaun Day is planning to be in London in 'late May' for a shareholder event, including Q&A, particularly about the ASX listing, so my best guess is that he'll include interviews at that time, but could do something earlier of course too.

Another well structured, researched, and thought through post reaction, thanks!

Aklso, the 7 day public comment window on the new Telfer - Havieron Gold Mining Project referral ended yesterday.

https://consultation.epa.wa.gov.au/seven-day-comment-on-referrals/telfer-havieron-gold-mining-project/

Ditto Sureasblazes. Just topped up @ 7.28p.

Greatland Gold responds to Australian press article concerning a listing on the ASX market, which is currently buzzing with the Newmont bid...

The precious and base metals mining development and exploration group Greatland Gold (LON:GGP) has responded to an article in The Australian Financial Review’s Street Talk column, which was entitled ‘Greatland ramps up listing preparations, BofA nabs role’.

In today’s announcement answering the press mention, the group has not specifically confirmed that it has appointed Bank of America to assist with the ASX listing, nor the suggestion that it has been chosen to raise between A$50m and A$100m in the process.

As we highlighted earlier this month the group has appointed a new Non-Executive Director that could help speed the procedure in the ‘cross-listing’ for the £407m capitalised resources business.

The company has confirmed that it has held preliminary talks with various potential advisers, but no decisions have been made as yet.

The whole Australian gold mining scene has perked up over the last few days as the Newmont Corporation $17.5bn bid for Newcrest Mining has been recommended by the latter to its shareholders.

Newcrest Mining is a partner with Greatland Gold on the Havieron gold-copper project in Paterson Province in Western Australia.

Greatland Gold, whose shares have eased 11% today to 7.35p, has a number of exploration interest in WA, while it is expected that Havieron will be developed into a significant scale project.

https://ukinvestormagazine.co.uk/greatland-gold-responds-to-australian-press-article-concerning-a-listing-on-the-asx-market-which-is-currently-buzzing-with-the-newmont-bid/

Yup, it's becoming amusing to me, because, rather than accepting that he's wrong, he's compounded his posible libel, which any court of law would note as being a reinforcement of such, and likely a very strong error in any defence!