Member Info for Timmit

Https://www.voxmarkets.co.uk/rns/announcement/eff3eb9b-cbae-4e34-b466-780377704ab3/

Close, but resolutions for director removals defeated...

1pm

My understanding is that they couldn't directly sell it to ASND as it's Redcorp that's got the remainder, albeit chunks of Redcorp have made their way into ASND's ownership through their payments to MAFL.

Florence141414, when looking at the Ascendant interview you kindly posted the link for on Monday, there was a link shown for a recent interview with the Cerrado Gold VP, David Ball. In it he discussed the recent Voyager deal as well as the Brazil/Argentina mines' progress.

From 38mins onward talked about possibility of slipstreaming MDC revenues to fund the new Voyager asset, possibly leading to cashflow of about $500M per year. I don't think I've seen that quoted anywhere else...

https://youtu.be/YNjxy1ot11I

Florence141414. I'm not sure the Nomad would have allowed a prediction of the Put option now it's subject to a future report. Still, it allows us to do our own back-of-an-envelope figures :-)

It's picked up the Uncrossed Trade at 11:00:07
Should come out in the wash at the close, hopefully...

500k to a million tonnes of copper…
That’s a monster…just copper

News, that's all and it will come. And we need patience!

Highlights:

Debt-free, with working capital of £7.55 million

Year-end Net Asset Value £ 7.454M up 16% Y-O-Y

Net Asset Value Per Share ("NAVPS") fully diluted (FD) 20.04p, up 10%

NAVPS FD increased at compound annual growth rate (CAGR) of 23.2% since 30/06/17

Net Asset Value has increased at CAGR of 24.1% since 30/06/17

Another option that other investment companies have used...(https://www.lse.co.uk/rns/SSIF/b-share-scheme-klxzfhgiqj4wq4s.html)

Create B shares that are issued to shareholders according to existing shareholdings
The company buys back B shares from shareholders for cancellation and sends cash to shareholders
Distribution is Capital Gain rather than dividend

Florence is correct about the "known" cash installments - they were discounted and factored in. The recently announced Put option was not in any previous NAV as I believe it wasn't finalized until part of the Ascendant agreement with Sprott. That negotiation allowed this figure to be crystallized.

Suggest putting in limit orders for the day
The 10,000 and 12,871 at 13:14 were mine and were left as limit orders as could not get electronic trade immediately

Yes, the £340M NPV was the PREtax one, the RNS refers to the POST tax NPV. But I’m sure this figure will rise considerably..

https://www.globenewswire.com/news-release/2021/09/13/2295556/0/en/Ascendant-Resources-Announces-After-Tax-NPV-of-246-Million-With-an-After-Tax-IRR-of-55-From-Its-Preliminary-Economic-Assessment-at-Its-Lagoa-Salgada-VMS-Project-in-Portugal.html

Sorry Shaz247, just reread your post and you’re talking about the Lagoa Salgada NPV. Apologies, I was rambling on about the MAFL NAV published from time to time…

Published NPV takes into account future payments on discounted cash flow basis so my understanding is that the NPV doesn’t automatically rise by $2.5M in December but JV does price conservatively. I don’t think the Ideon investment has been revised despite subsequent raises at higher share price.

Confirmed over a phone call. I’ve understood that correctly. Don’t forget the PEA assessment could rise further as per recent announcements upgrading current resources

Have I got this right that MAFL could require Ascendant to purchase the rest of Redcorp for “5% of the post-tax net present value of the Project provided in the feasibility study completed prior to the date of exercise using a 10.5% discount rate”

Last post tax npv was 246M so at 10% discount that would be additional cash to MAFL of just over $11M - about 25p per share. Have I understood that correctly?

Slightly different take - if you were in advanced discussions with an off taker it would be quite a useful lever to announce you’re going to where all kinds of industry professionals including off takers - might chivvy a dawdling off taker along a bit

Thanks TT54. PRIM also has the disadvantage that, as in times past, they might hear positive updates from the non-listed investee companies which they aren't always able to release publicly. I'm sure these investments will outperform in time, but may not be much in the way of fireworks until some kind of liquidity event...

Patience is a virtue!

Can't understand the difficulty with this. If I can invest in a company AND have a seat on the board then surely I'm in the best position to positively influence an investee company...If PRIM directors also invest in investee companies isn't that an even bigger vote of confidence as it's personal money being used - any loss will be felt personally...

Am I missing something?