Member Info for Timmit

Https://www.youtube.com/watch?v=2-dP7dB0mqE

At 45:14 - Power Metallic Mines going to use the Ideon muon technology (namedrops Fireweed & Rio Tinto which shows it's the same system)

On behalf of humanity, Proquo, please don't poke the bear! :-)

Balanced66 - it was Orla Mining he'd got some but wanted to add some at a lower price...

https://finance.yahoo.com/quote/OLA.TO/

So, in short, the only director to sell any shares this year actually has about the same amount of shares now that he had at the started the year with….

Not sure there’s anything to see there….

Quadrum, you’re right of course. I’ve filtered them now as I’ve seen nothing worthwhile in their lengthy contributions. Please let me know if they post anything that actually adds to the discussion

>>Sid101

Bit misleading....

"Key Directors selling stock ACTIVELY. " - I presume you're referring to James Lesser. In Jan 25 he transferred his £20k allowance into his ISA from a trading account. Rather suggests he thinks the shares have a lot further to go than the 15p he dealt at. Since then he has ended up with more shares overall after he exercised options over 200k shares and sold 154,166 shares in May. So, he's ended up with more shares overall.

"Insolvent counterparts" - have you seen recent earnings for Cerrado? In last year debt has been reduced from $70M to $12M, with $9M to be paid in 2026/27. Guidance is that at the end of this year, even keeping some longer term debt that the company will be net debt free with $20M in the bank (conservative) but could be $30M if Gold prices rise further. This is AFTER taking into account costs for feasibility study on the Mont Sorcier Iron Ore project.

So, not for the first time, I don't recognise your description of MAFL at all.

I'm sure you've been grateful for the recent "spike" and have sold your holdings in the early to mid-20s as you're fairly sure of a collapse in share price. Out of interest, what have you reinvested your funds in....?

"underperformed the market in the last 10 years" - you mean underperformed a tech-heavy S&P index where the top 9 tech companies make up about a third of the entire index by weighting. Last time I looked MAFL wasn't trying to emulate a tech fund but it's stated purpose is "to create value for its shareholders by investing in, financing, and advising junior mining companies." So, if you want to compare apples with apples why not compare against a resource-centric index or fund such as the Baker Steel Natural Resource Trust, GS Commodity Index, FTSE 350 Mining Index etc? As you well know, JV regularly benchmarks the MAFL performance against these and MAFL has outperformed them.

Some interesting snippets from Jacques' comments:

If MAFL converted loans/debt etc into Golden Sun shares we would have about 20%. With GS hoping to ramp up to 100,000 oz per year that's potentially $30M per year profit for MAFL's 20% assuming gold remains at $3,000 or more and AISC of $1,500 per oz. Neighbouring Nicaragua reported gold producers with an AISC in the range of $1,239 to $1,411 per ounce for Q1 2025. Even at a quarter of that production (500 tonnes per day) at even 3g per tonne (rather than 5/6g) pro rata that would still give profits of $4.5M annually for MAFL's 20% stake.

Golden Sun has a "For Sale" sign at the right price and could end up being part of a medium/major producer who wants to be the biggest gold in Costa Rica.

Interesting new appointment of Executive VP at Cerrado. Ed Guimaraes is someone Mark Brennan has had success with previously and has considerable experience of zinc, copper, lead, gold and silver mines. His LinkedIn profile indicates that he tends to stay several years in post rather than “job hopping”. He’s worked in South America and Canada and speaks not only fluent Spanish and English but, helpfully for Lagoa Salgada, fluent Portuguese.

Transformational Q1 at Luca Mining

https://lucamining.com/press-release/?qmodStoryID=8363417550019778

Cash & cash equivalents of $24.6M against debt of only $8.5M having paid back $8.4M in the quarter.

On the Cerrado front it's very encouraging:

Production guidance raised by 5,000 GEO although AISC increased by $200/oz

Gold price 21% higher than when previous guidance issued on 15/01/2025 - taking spot price on each of the "guidance days" ($3,250/oz on 15/04/2025 and $2,695 on 15/01/2025) and taking the higher AISC into account on the lowest of the guidance range would suggest MINIMUM ADDITIONAL 2025 profits of just over $25M (if my maths is correct) assuming Gold price stays at or above this level.

Relaxed currency controls and renewed interest in Argentina should attract further interest.

No, they haven't changed the date of their accounts (still 30th September 2024). The accounts were due 6 months after year end (31/03/2025) but the auditors declared two months earlier that they couldn't finish the work on time so they have requested a 3 month filing extension at Companies House taking it to 30/06/2025). This has the advantage that, although late for the exchange and likely to be still be suspended as at 31/03/2025, it won't flag as late at Companies House.

Luca also presenting:

https://on24static.akamaized.net/event/48/53/56/1/rt/1/documents/resourceList1739376355203/lucaminingpresentationfeb12202511739376355203.pdf

Dan Barnholden explicitly states that whenever investment bankers contact him he tells them there will be NO more capital raises on Luca; "you won't wake up one morning and find there's a raise". Aim to produce a $1B company and happy to return money to shareholders once all debt is cleared. Aim is to clear all debt by mid 2026 through cashflow and warrant exercises. Broker has put initial target price of CAD 1.50 on share, currently CAD 1.11.

Current presentation being run today by Cerrado Gold at a Virtual InvestorConference (https://www.virtualinvestorconferences.com)

https://on24static.akamaized.net/event/48/53/55/8/rt/1/documents/resourceList1739380687973/cerradogoldotcconference1739380687973.pdf

Estimated annual EBITDA $123M/annum by 2027 and $471M/annum by 2030... figures are USD not CAD.

I think that some of the things that JV mooted for the current year would mitigate against some of that risk.

1. Monetising the Put option at LS

2. Converting the Luca warrants (Luca can do this if share price is above 90c for 15 consecutive days)

3. Monetising the gold interests in Costa Rica

4. Moving towards highly liquid funds that will allow the company to realise cash more easily. This will allow distribution of cash or opportunities in case of distressed companies e.g. the Luca bailout (at yesterday's closing price our Luca investment was up 223% in less than 2 years.

Edgein, rightly or wrongly, that was my thought too about the drilling depth. Any change of agreed drilling depth would need agreement with the authorities and I would expect the drilling plan to be clear about the depth before drilling starts as it would affect the throughput to the next stage of the process.

They share each other's administrative functions and there is a a CEO/Chairman in common of course!

Https://www.cerradogold.com/news/cerrado-gold-to-acquire-ascendant-resources/

That looks like a good fit and hopefully makes funding more likely.

RNS out...

Hi Sid, I understand the point you’re trying to make but also believe that is not of imminent concern. I’d be more worried with a 40/50 year old trying to “make things happen” and hop on every bandwagon as it passes! JV, as you say, has been consistently good and the knowledge and contacts etc he’s built up over decades have all worked in our favour, at least as far as NAV goes…

I’m sure if it came time for JV to step back/aside he would show the same levelheaded approach devoid of ego that has marked his tenure.

I'll add that to my tusk list...