Member Info for Timmit

*minimal future dilution

12 million Share options cancelled - positive move to ensure minimum dilution going forward...

Thanks, RKB, and this is just the improvement attributable to the current BoD.

It doesn't take into account that the remaining GGP stake was sold at a higher price than it is now and the increase in the Fresho investment due to their recent raise at a higher share price.

Very true!

Just a little word on the NAV released this morning. Considering gold fell 1.5%, silver fell 16% in the July to Sept quarter (offset by 2.5% strengthening of the dollar against sterling), a good steady overall improvement in NAV of just over 2%. I was expecting it to be slightly ahead or level compared to the June quarter.

In the quarter to Dec 31st 2021 gold was up 5%, silver was up 7% and the dollar weakened by just 0.5% so it should show through on the traded instruments. Although a couple of our listed investments were down over the same period, several of the newer ones including Fresnillo were significantly up. I'm looking forward to another improvement in NAV to Dec 21

That’s as good a strategy as any sometimes, especially when markets are short term uncertain. It’s probably less of a risk here when there is the odd flurry of interest as all 4 market makers wake up. At the moment only WINS and PEEL have engaged with a spread of 2p, the other two are sitting on 8p/11p. I seem to remember spreads tightening a lot during those brief trading windows, sometimes under 1p which is good for this share!

Interesting nomlungu - is that in addition to having a core holding (to bring long term average price down) or purely as a trading play?

Good to see where you're coming from The Thinker. It's certainly a balance to be struck diluting existing shareholders (although they could be part of any offer and could be offered preference) with a much bigger prize in view.

Absolutely agree with your "hollow marketing" point. There are several such offenders in the resource sector that are good at the publicity but rarely deliver (they're in my "Bargepole Bible" of people and companies I don't touch!)

I've tried tracking the listed investments based on the various presentations and reports and soon realised that the Tactical Portfolio can change significantly from one quarter to the next. So, I'm never quite sure what they are actually holding until the quarterly updates. I suppose the next one of these is due anytime now (previous ones for Q1 were released 19/12/2019 and 15/01/2020 so later this time...) followed closely by the half-year report.

Other events to watch in the next 6 to 12 months might be:

Ideon Technologies - year-end accounts stated, "We are advised that this company is within a quarter or two from reaching break-even financial results (although there can be no guarantee)". That may be a good platform to IPO from...

Golden Sun Resources - although progress here has been slower than expected there is still the possibility of IPO/takeover as gold prices continue to rise.

CAP Energy may surprise but I'm treating that as a zero for the time being.

I totally get your frustration but what would you do in JV's place? The company is in a good shape, generates a profit, just isn't loved (or ramped!) by the market - about 50% discount to NAV! I don't think anyone who looks at the history and the assets could deny the potential but they would then look at the share price action (or lack thereof) and may decide they could make more short term in other stocks in the resource sector. The wide spread seems to encourage a longer-term perspective as you can't dip in and out like others.

I just trust this as one for the extremely patient...

Not yet, but I expect to. I’ve been in this less than 12 months so, for me, early days yet. Certainly not one I’m looking to trade in and out of.

You?

Sorry nomlungu, I'm being dense! I'm with you now...

the "net 80% interest in the Project" has no published details on the options in connection with this. Even if Ascendant took a 29.5% stake in MAFL, that would still only give them an additional 5% without triggering an offer. I still think that Ascendant investing in MAFL at these levels would be in their interest as they would be getting more of the LS asset at a lower price than they are currently paying for in cash. Not to mention other assets thrown in for free.

No, Ascendant is not buying 80% of Lagoa Salgada, it is buying 80% of Redcorp which currently owns 85% of the Lagoa Salgada project. So, if the Portuguese government do not sell their share, Ascendant would own 68%, MAFL would own 17%, Portuguese government would own 15%.

This is confirmed in the RNS of 22/06/2021
"Ascendant then has the option to earn an additional 30%, totaling an 80% interest in Redcorp, the operating subsidiary, by completing a Feasibility study within 54 months (Dec 22, 2022) and making a further payment of US$2.5 million to Crestgate."

I think Indium was first mentioned in the RNS of 27 October 2016
https://investegate.co.uk/mineral---38--financial--mafl-/rns/update-on-investment-in-th-crestgate/201610270859056158N/
and last mentioned in the RNS of 16 January 2018
https://investegate.co.uk/mineral---38--financial--mafl-/rns/investment-update/201801160700029368B/

Interesting bio on the sitting judge
https://4stonebuildings.com/barrister/george-bompas-qc/

Thanks Quadrum, it's a POV I completely agree with.

There's been no misleading RNS or PR statements to inflate expectations. The timelines of payments from Ascendant have been met apart from June 2020 when MAFL squeezed an extra $100k for allowing them 6 months to pay their instalment. The NAV keeps going up, there seems to be good trading and hedging with the company's money. There's diversity in region, derivatives etc whilst maintaining a strong gold exposure.

I think the stake in Ideon Technologies Inc. is a sleeping giant too. That kind of technology that allows companies to target their drilling so much more precisely saving time and huge amounts of money at a time when we can't get these metals out of the ground quick enough is huge. I did wonder if Ideon might as an option take payment in shares from some of the companies that they provide services to in order to benefit from the accelerated growth of their clients. That might allow small producers to benefit without having to go to the market for as much money upfront pre-drilling and allow Ideon to have stakes in new developers at bargain-basement prices. Just my musings....

Even if MAFL spent a fair chunk on a decent PR campaign about Lagoa Salgada, a lot of potential investors would still be saying "we'll get back to you when it starts coming out of the ground". There is a very short-term mindset in the market at the moment where it's assumed you should be making 10% a month or you're being left behind. If the story hasn't changed here and the NAV value continues to increase, any investor disappointment must be from viewing this as a short term opportunity. After all, MAFL is up 28% over the last 12 months but several here jumped in on the June 21 spike and paid more than 14p. That unfortunate timing wasn't MAFL's fault, those investors may have to sell at a loss if they want to chase something more "exciting" in the short term or they'll need to be more patient than they wanted to be...My guess is that some stale bulls may sell as soon as it hits 14p/15p rather than waiting, so it may well drop back again at that point...

Accounts are there now...

There are RNS updates provided when there is news to report. Some of the investments are not quoted and those that are don't always have much to report in the course of the year.

I disagree about Jacques not being a good communicator. I called him to ask about an RNS that I didn't fully understand. He kindly spent 15 minutes not just explaining why the 2-year-old material was used in the Redcorp - Lagoa Salgada Metallurgical Test Results (RNS 13/09/2021) but the background to some of the staff used and the area around Lagoa Salgada generally. If you've seen the interviews with him on Proactive I think they're very informative and give a guide to the thinking behind some of the investments.

Depends on whether you're a trader or an investor. A trader wants a stock that moves often and big so they can get to know the limits and where the price bounces off levels etc. An investor ideally gets into a stock at a depressed price ("greedy when others are fearful") but that holding position can stay like that for a while while market perception changes...

I'm guilty of both positions like a few on here. I'm happy to buy at depressed prices but then I want the stock to move upwards quickly! I would certainly have made more money sitting on my hands with quality stocks over the years instead of rotating them through boredom even though the story hadn't changed.

There was a Proactive interview from 12/02/21 just after Mark Brown joined

https://youtu.be/cQBslfvDCEc

Interview well worth a listen but the “deal flow” mention is from 1:54 to 2:55

Not sure that's fair. The directors are adding genuine value and cash to the business but the market isn't choosing to recognise it at the moment.
If you take other companies in the resource sector where the CEO is highly visible, regularly tweets, does the PR and provides a constant flow of RNS to back it up it doesn't always translate into a sustained rise of the share price. I think of ones like Paul Johnson at Power Metal (60 RNS in 3 months) and more recently Jason Brewer at Caracal Gold - they can explain a story well, use social media, as well as back it up with RNS.....
But...POW sits at 1.33p mid, well off its Jan high of 3.48 GCAT sits at 1.10 mid, well off its Oct high of 1.75

I think we also go under the radar as an Investment Co rather than falling under Metals & Mining and we don't have any real analyst following us.

The most important things our directors can do in the meantime while MAFL is unloved is build value in the company - at some point, the market will recognise that. Dividends are an option but , frankly, I trust MAFL to invest better with the cash at this point than paying it to me, especially with the deal flow hinted at as a result of Mark Brown joining as Chairman.

Reminds me of the Ben Graham quote “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” Quality wins out eventually for the patient.

I understand that view PaulFG and you may well be right! A more charitable view might be that announcements like these are actually overdue and may be a response to criticism that they haven't previously engaged as they should. At least they now have something to shout about now that the EIA has been issued.

Firstly, an RNS does not cost £35K. There are various subscription options that give an "all you can eat" RNS service for less than £2k and that covers you for all the RNS you may want to issue in the year!

Secondly, this is a REACH announcement which is for "non-regulatory news such as marketing messages, corporate and product information".

It's not obvious, but look out for the phrase "This information is provided by Reach" down the bottom of the RNS which shows it's one of these -- the last two announcements have been REACH announcements. Compare that with the announcement on 23/11/2021 where it shows "This information is provided by RNS" at the bottom so it's required to be announced.