Member Info for Timmit

Https://www.voxmarkets.co.uk/rns/announcement/e2268967-79b4-447c-b335-bf74462fb3fc/

Https://theoakbloke.substack.com/p/have-you-got-the-mineral-and-financial

I wonder if there is scope in the future to “swap” some/all of our stake in the Costa Rica project for a royalty deal that provides regular income. We’re already getting interest in our loan to them but a royalty might be an option in time and might have more longevity depending on life of mine. Not sure if Luca/Cerrado would be candidates for this but it might boost their NAV slightly if shares were cancelled and change the way MAFL receive its revenue from these stakes.

Just a couple of thoughts from outside the box…

I’ve emailed JV about the traditional typo (it’s like Where’s Wally for long suffering shareholders).

To save you finding it it’s the bit that says:

Our Strategic Portfolio now totals £7,777.1M and represents 64.4% of our Net Investable funds”

Our strategic portfolio is now worth a cool £7.8 billion!

Https://www.londonstockexchange.com/news-article/market-news/appointment-of-new-auditor/16767976

New auditor has presence in the regions where Marula operates

Cerrado Gold buying back up to 5% of its shares

https://www.cerradogold.com/news/cerrado-files-notice-to-implement-normal-course-issuer-bid/

Just out of interest re: comments on "it's all gone quiet over there!"

https://www.linkedin.com/feed/update/urn:li:activity:7261552059127091200/

Would need share price to be 23p at current share issue to qualify. If issued shares rise to 350M as suggested that would need a share price of just under 15p to qualify.

Also, the 2,857,500 warrants in Luca are in the money above 50c, so worth an additional £160k at todays price and currency conversion and another £160k for every 10c rise thereafter - mot large amounts but money for nothing as they were thrown in with the shares themselves.

Cerrado Gold wass up 91% last week, 26% on Friday alone...

No idea, unless there’s a big sell in the background mopping them up. It’s bizarre…

I've nibbled 6,500 LUCA @ CAD 0.53 inc fees. Let's see how that goes...

Plus good news re: Cerrado and Luca

https://www.cerradogold.com/news/cerrado-gold-announces-q3-gold-production-results-for-its-minera-don-nicolas-mine-in-argentina-2/

The Gold Advisor newsletter (free subscription and around since 2010 but no records of subscriber numbers) have just highlighted Luca as their Stock Pick (can't do any harm!)

https://thegoldadvisor.com/new-stock-pick/

Not on this occasion...

Just wanted to release some to take small stakes in a couple of other shares that have been bombed out recently...

Still got about 1.5% so please forgive me!

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...)