Sorry but I'm still here!23 Nov 2021 11:29
Nice to read you are wondering where I am! Yes I do tend to post more often on ADVFN these days under the handle playsbryn. I've been to France in my Camper Van for a month, so not been as active as well.
But what is my current view on Ariana?
Well nothing has changed that much, in fact we've had a nice row of RNS's. In particular I liked:-
1. Drilling commenced at Tavsan and Salinbas. I'm excited by Salinbas. It is of course fully funded by Ozaltin to Full Feasibility Study status ( $8m)
2. EIA approval for Tavsan. I'm hoping the second mine will be up and running in around 12 months.
3. Lots going on in Cyprus. I would see these assets monetised at some point.
4. An interest taken in Panther Metals.
5. Process plant expansion at Kiziltepe completed. Increased through put.
6. Most significant drill campaign to date at Kiziltepe complete, which will lead importantly to a new increase Resource and extended Life of Mine.
7. A new Panmure Gordon Note has been promised. I expect this once the Kiziltepe new Resource and extend Life of Mine (optimisation Study) is announced. That is near term in my opinion.
We obviously still have lots of cash on the balance sheet and we have de-risked by broadening the focus away from Turkey.
Yet the value of the Co. is still where it was say 18 months ago and well lower that at it's peak. That obviously must give investors a lot of reassurance that this Co. represents good value. With dilution from Placements a thing of the past and two nice dividends scheduled for 2022, it is easy to be pretty laid back and not lose any sleep over the current share price weakness imo. In fact this is probably a very good time to be adding.
But do I have any criticisms? Well yes. First the refusal to provide a Gantt chart to help existing and new investors see the range and timing of all the projects remains a constant annoyance to me. As it does with others I know.
Then there is the Board structure. It is too small. Basically it is Kerim. He has 2 part timers and a Chairman. And he has cut off direct contact with investors. This has to now go through Henry at Yellow Jersey. He needs to recruit a Business Development Director /Investor Relations person with responsibility for communicating the story to the City, to Institutional Investors, and to the Press. We need a Non Executive Director to protect our interests. Being based in Australia, when most of the business is in Europe with no key Director here, is not appropriate imo. Kerim is still trying to keep it as his baby and I believe we are well past that now.
Communication is still poor and often lacks strategic input and and sense of what the future vision is. The Board have been made well aware of shareholder's reservations yet choose to do nothing about it.
This remains a Co. under the radar which is honestly run and with great potential in my opinion. Whilst it continues to pay me a nice dividend, with good upside potential as well, I'm very happy to remain o
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