Member Info for Timmit

New RNS - Kevin Hastings bought yesterday and now has disclosable holding of 3.375%. Even if he was already just below 3% that could account for more than 750k of the buys listed yesterday.

Surely, anyone buying in at 16p/17p (presumably mid-August 2023) would have already known about the warrants. They weren't put off by 11,242,500 warrants being converted into shares in the first 7 months of the year, a period that had seen the share price rise from 4p a share from the start of the year to the heights you mentioned in August 23. They presumably also weren't put off by 7,625,000 warrants being extended from 31/12/2022 to 31/12/2023, all RNS issued in those first 7 months (if I've added the amounts correctly). My point - the warrants weren't hidden, they were a stated part of the 2022 placing (and residue from earlier ASMO placings...).

Ideally there wouldn't have been so many warrants but the raise was a couple of months before Q Global became officially involved. He was in talks at the time but nothing was agreed soon enough to avoid the raise. My guess is also that the pre-Marula incarnation (ASMO) was in such poor shape (inc the old BoD) that the fundraise was needed in time for Dec 22 year end to maintain the going concern from the auditors.

So, with the warrants - it is what it is. No point complaining about it.

I have a very different take from you on this.

He has regularly given broaded market commentary on geology articles on his personal Twitter account and elsewhere, none of it designed to ramp FCM. He simply highlighted the difficulties that small explorers are experiencing, which are well understood.

I don't believe that resulted in serious investors selling off, the ones that know why they invested in FCM. It may have given impatient traders an excuse to leave and head for the next big thing... I think it's significant if people are having limits triggered because they have leveraged trades and dropped out of FCM; that suggests they are trading on a shorter horizon than most of us here (not necessarily in FCM) and hadn't got the luxury of holding shares they'd paid for.

Btw it wasn't a Gerald Ratner moment - Ratner was talking about his own company and his own products and fell foul of lazy journalists at an event on a slow news day.

They have cash to explore their focused area and have a good working relationship with companies that are bigger than they are. I'm quite relaxed at this point with the state of play...

The other thing that MS brings to the table (that isn't a given in even the most excellent geologists) is an excellent relationship with the First Nations. If you haven't got their respect you can find yourself mired in endless procedural roadblocks that will teach you the lesson "ignore First Nation relations at your peril!". Large majors have learned that lesson to their cost...

Thanks, nomlungu. Presumably, if the timings are quicker for the EDM option being taken then MAFL won’t get the credit for the additional areas being added to the next FS…

But Ascendant on 10/04/2024 announced that:

"Optimization of metallurgical test works continues for the remaining ore domains as we complete our optimization program for the planned updated Feasibility Study of our Lagoa Salgada VMS project."

along with 13% recovery improvements in Zinc with reduced cleaning costs.

Hopefully MF&I will see the benefit of the revised feasibility study before the EDM option is triggered (if it is...)

Last feasibility study from 2023 showed NPV of $147M

https://www.ascendantresources.com/English/Operations/Feasibility/default.aspx

So, 5% of that with a 10.5% discount works out at $6,578,250. Based on the current 37,105,871 shares in issue that would work out at 13.3p per share at current $/£. Hope that's correct...

Interesting that, under the institutions, Mineral and Financial Investments are shown as Australia/United Kingdom. Wonder if that signals a new focus…(Australia)

Our investment in Ideon was CAD$100,000 in July 2020 and it was already worth CAD$1.348M based on the Silicon Valley VC Investment injected into Ideon in September 2022. I believe we currently have 1.4% of Ideon (fully diluted). Onwards and upwards...

Some interesting updates from Ideon including their first full deployment in USA at one of the largest surface mines in the world.

https://ideon.ai/post/2024/09/03/ideon-rio-tinto-bingham-canyon/

Good update at Cerrado...

https://www.cerradogold.com/news/cerrado-gold-announces-q2-financials-cashflow-and-operating-cost-performance-at-its-minera-don-nicolas-mine-in-argentina/

More news from Luca Mining - 5,000 metres to be drilled at each project (10,000 meters total) during the rest of the year. First exploration at Campo Morado in more than 10 years.

https://lucamining.com/press-release/?qmodStoryID=8460980391758573

Key points:

Campo Morado

The new exploration campaign is the first exploration at Campo Morado since 2013.

There are over 30 known targets that have never been tested.

The top 4 targets are within the fully permitted mining zone.

In the current campaign, the Company will be looking to explore the project's promising copper and gold potential.

An extensive inventory of historical drilling data (580,800+ metres) along with geophysics and geochemistry is being used to evaluate and prioritize drill targets.

Tahuehueto

Mineralization is open along strike and at depth for most of the modeled resource areas

Step-out drilling along strike (north and south) and to depth will be carried out to determine the vertical and lateral extent of mineralization.

Characterize and identify mineralized brecciated zones within the known epithermal vein systems.

Rapid development of new resources discovered.

Good news from Luca Mining

Luca Mining Completes Construction of Tahuehueto Gold Mine

https://lucamining.com/press-release/?qmodStoryID=6292244422164983

There's also another advantage with paying MS' Geologist fees through a company.

If it were simply added onto his salary the company would pay another 13.80% Employer's NIC on top (I estimate that to be nearly £24k stripping the travel expenses out) and the Company would pay pension contributions in relation to his remuneration (referring to the last set of accounts on page 69). £50k was a bonus payment so possibly not recurring.

The section in the accounts reads:

As of 31 December 2023, the Company has a pension plan in place which the Directors may opt in to whereupon

the Company will pay contributions in relation to their remuneration. Thus far, only Marc Sale has opted in and

contributed a sum of £1,500 into a private pension scheme. The Company has not paid out any further excess

retirement benefits to any other Directors.

The hold up is likely to be either in valuations (the extra wrinkle that complicates the listed company audits) or the After Year End events. Don’t think it will be the going concern section as the QGC arrangement was already announced early in the year.

Hoofhearted, I wasn't aware that I had praised Jason in my comments.

I was adding some context for why several companies lately are being suspended due to non-filing of accounts. After all, some here will have invested in other companies and have the same experience. Not everyone is here to score points at others' expense.

I think my responses to you have been measured and helpful but, looking at your comments going back to 2020, I can't see anything worthwhile that you've added to any of the groups you've commented in. I hardly ever block/filter people in groups (less than 5 people in 25 years) because, just occasionally, they may offer a different insight or some genuinely fresh thinking and that considering that contribution could make me a better investor. I'm prepared to make a rare exception in your case as I think you're one of those people who is "always right" and just enjoys winding others up and, frankly, I can't see any benefit reading your posts.

Genuinely wish you well, HoofHearted , with your investments.

To other posters: if HoofHearted ever posts anything at all that is genuinely enlightening and even slightly helpful to others please feel free to copy into a post as I wouldn't want to miss it...

Thanks for the thanks!

I’m not concerned about this suspension. I don’t wish for it to happen but Jason has (correctly) taken responsibility for it . It’s an irritation for those who wanted to trade but, as I mentioned previously, I’ve invested in a business not a share price.

Just a bit of background - this is the current list of firms of approved auditors that can audit listed companies in the uk.

https://www.frc.org.uk/library/supervision/audit-firm-supervision/pie-auditor-register-firms-list/

Long story short, just 37 firms listed which represents 683 “responsible individuals”. 6 of these firms are associated with another firm listed. 3 of the “firms” are registered at the National Audit Office so I’m not sure they are available to do audits for listed companies. Thai leaves a real choice of 28 firms.

PWC has 141 of the responsible individuals

Deloittes has 124

KPMG has 109

Ernst Young has 104

BDO has 73

Mazars has 30

PKF Littlejohn has 18

RSM has 11

So, 8 of the 28 firms account for 610 of the 680 available responsible people. That’s less than 4 average for each of the 20 smaller firms. That’s a real problem and, unless addressed by regulatory authorities, will only get worse as auditors leave the profession. Several firms of “normal” auditors have withdrawn from audit work as they are directly in the firing line in cases of fraud/bad directors especially since Carillion and Patisserie Valerie etc and it’s not as profitable as it once was.

Talking to another CEO recently whose shares were suspended a month or two back he explained that a smaller firm with say just 2 to 5 responsible persons might be 25% of the cost of one of the biggest firms.

Marula currently use Price Bailey which has just 2 responsible individuals. The auditors they were thinking of using was Crowe with 10 RIs but I gather they wanted to charge significantly more and weren’t as well placed to assist with a Main Listing, which was the focus until recently.

Hopefully this is helpful just in case some wondered about the audit process for listed companies and why at the start of each month there are several companies announcing suspension for non filing of accounts.

Did you look up the meaning of Ad Hominem, HoofHearted?

I’ve already stated that my comments go to the directors themselves rather than barking at the moon on LSE.

I’m sure you’ve noticed that there is an ongoing broader issue with a restricted numbers of auditors being able to audit listed Plcs. I think there are 13 or 14 such announcements today…

A Google search on "how do serious investors manage risk?" returns the following:

Strategies to manage risk in your portfolio

Avoid putting all your eggs in one basket by diversifying across different asset classes (e.g. stocks, bonds, commodities, properties) or countries/regions. Diversification reduces concentration risk and minimises exposure to a single asset.

So, even if an investment seems very likely to do well, serious investors wouldn't go all in as that would not be managing risk effectively. I agree with that approach. My largest holding is in MAFL where the last stated NAV is a very cautious 26p per share against a share price of between 11p/12p. The NAV has risen every quarter for years and the directors are good deal makers on small salaries and large personal holdings. But I still wouldn't put all my eggs in a MAFL basket, however brilliant the company is. Serious investors spread risk....