We would love to hear your thoughts about our site and services, please take our survey here.
This is more like it.
Kerim on Red Bull this morning.
Dr. Kerim Sener, Managing Director, commented:
“These are an impressive set of initial drilling results from the Hizarliyayla prospect. We have long suspected the potential of the Hizarliyayla area, since it was first systematically mapped by our team in 2017. Surface sampling undertaken since that time, including some of the brilliant new geological work by our team in 2022, continued to reaffirm our view that the mineralisation and alteration encountered at surface represented a high-level expression of a substantial hydrothermal system. Consequently, we recognised the requirement to undertake deep drilling of this prospect and these initial results continue to underpin this understanding.
Notably, Hizarliyayla is at an elevation of approximately 1,500m, whereas the high-grade gold zone of the Hot Maden deposit occurs 8km to the south at an elevation of about 900m. Interestingly, the grade of both gold and silver intercepted in the current drilling has a tendency to increase with depth, suggesting that the deeper we drill, the better the grade and perhaps increasing proximity to a high-grade gold zone akin to Hot Maden. The elevation difference noted here indicates that we may need to drill holes well over 600m deep in order to encounter a potential Hot Maden-type discovery. Despite the mineralised intercepts being typically fairly narrow and deep, these broader observations regarding the prospectivity make these some of the most exciting exploration drilling results that we have ever announced.”
Part Two:
5. Kiziltepe Life of mine - I’m surprised we have to wait another year for a further round of Resource/Reserve estimations and confirmed extended Life of Mine, especially given by then the production window will be 1 year. Given all the drill work that has been done, this does seem to be cutting it a bit fine and unlikely to be a positive in the eyes of investors. But Kerim detailed so many other opportunities including high grade zones at Kepez, (“lots of potential” - even including a possible underground asset) and Arzu North (“could be a game changer in its own right”) etc. He is relaxed and as always it is a question of trust me I know what I am doing!
Said we could expect news from Kepez west soon.
6. Dividends - “progressive” and “as operations develop”. I take that to mean waiting till Tavsan is up and running and profits are flowing. Shame they couldn’t be more precise, but at least we know is is definitely planned.
I would have liked to have seen the shareholder friendly broker issue properly addressed, not kicked into the long grass again and I would have liked to have some outline timescales for a Salinbas E.I.A. and P.F.S. I would have liked to hear more about how they plan to take things forward if resources at say Hizarliyayla are skewed to copper rather than gold, as it the case at Hot Maden and I would have liked some timescales on workflow from Hizarliyayla.
The very small Board make-up/succession planning etc. is still an area out of bounds for Kerim even though lip-service is paid to it in the AR & A’s.
Overall a good effort and with the face to face event planned for April, perhaps as Biggles says they are listening and progress is being made.
Ariana Resources - Question & Answers.These are my interpretations.
For such a small stock, I think the Co. should feel privileged to have so many well informed and interested investors. The depth and span of questions was most impressive and shows the knowledge amongst the investors here.
I drew two things from that:-
In my opinion the number of searching questions confirms there is a gap in the Co’s communication. If the Company was communicating effectively it shouldn’t be necessary to have to ask 43 questions of a Company this size (£33m Co.)
The Company should consider this a positive and a compliment that so many investors want to understand ever aspect of this exciting growth Co,
My positive takes:-
1.Venus/Apiliki situation is probably better than we thought. Just saying it “lapsed” was crass communication, but we now know the licence owner was probably being unrealistic and wanted too much for it, which took it above the value of the expected Venus IPO and made it a none starter. With the Venus IPO ready to go when the markets stabilise, I expect this could still proceed at a more sensible price.
2. Tavsan. It seems Zenit did everything they should have done to obtain the E.I.A. and yet a small group of individuals managed to put a spanner in the spokes. Given the fact that Ariana have valid forestry permits and all forestry activities have been completed in accordance with the law and under the guidance of the Forestry Department and despite the fact that all land required for the mine build has been purchased by the operating company and redesignated as non-agricultural, the EIA was called into question. That seems madness to me. But in light of the facts regarding compliance this must be just a temporary delay. I estimate we could still be back on track around late June/early July, which means Tavsan could still be in production end of this year. But even if it slips into 2024, it will in all likelihood be early in 2024 in my opinion.
3. Tavsan. The other big bit of good news re: Tavsan is that it is being self funded, with-out the need for debt. Funding coming from profits accumulated by the J.V. from Kiziltepe operations.
4. Confirmation re: no options is very positive in my opinion.
5. Project Leopard licences - the process we adopted to get the three prospective licences avoided going to auction and clearly saved the Company quite a bit of money. Kerim said the cost & fees “is not material to our business”. New field work to start Q2.
5. Kiziltepe Life of mine - I’m surprised we have to wait another year for a further round of Resource/Reserve estimations and confirmed extended Life of Mine, especially given by then the production window will be 1 year. Given all the drill work that has been done, this does seem to be cutting it a bit fine and unlikely to be a positive in the eyes of investors. But Kerim detailed so many other opportunities including high grade zones at Kepez, (“lots of potential” - eve
Nothing on the pre-submitted questions which surely are the main ones Investors want answered. We have to wait for written answers. That seems madness. Investors will have given great thought to these pre-submitted questions picking out things that are most important to them. We wanted to hear Kerim's actual verbal comments surely. Doing it this way makes it a whitewash event.
Base Resources Ltd with ticker (LON:BSE) now has a potential upside of 70.5% according to Canaccord Genuity.
https://www.***************************/base-resources-ltd-70.5-potential-upside-indicated-by-canaccord-genuity/4121109029
Sorry my mistake the share price was 2.1p on 20th March 2020, so not as terrible as I first thought. Of course it was also over 5p in 2021 making the fall to todays 2.5p look pretty abysmal.
Somethings these sort of wake up calls can be just the sort of call to action that we need. Let's hope it stirs the 1+3 part time board into action and we see an end to complacency and a return to "Ariana with attitude". If they can't build share holder value from these miserable levels then my name Gunga Din.
Am I right in thinking the share price is back to where it was in 2016 some 7 years ago. Allow for inflation and it would be even longer. And look how gold has increased in value over that period.
What has the Co. be doing for 7/8 years to create shareholder value? Not suggesting that should be a question for 15th, but you have to ask yourself if this team of 1+3 part timers are really up to the job. I wonder if they are asking themselves that same question (have KPI's etc.) or is it all someone else's fault? Wake up call moment.
Bit harsh John perhaps.
I don't think you can run a Co from a screen on the other side of the planet and these latest issues seemed to endorse that.
I also believe that ESG issues are becoming almost the number one issue in this strange new green/woke/ lefty/climate change/net zero/ Great reset environment which we find ourselves caught up in and I actually believe Kerim has acknowledged this. I think he is quite an environmentally sensitive person who wants to genuinely do the right thing. For a few years they have talked about the possibility in the AR &A of strengthening the Board to satisfy Regulators etc. but I suspect this was paying lip service to the issue. Kerim wants to keep a tight ship where he is control. But when pushed, Kerim suggested that if they took on an additional Director it could well be in the ESG area as he recognised a case could be made for strengthen skills in this area. Shame he didn't get on with it as the current Board looks thin and not experienced in these issues. Something many of us have been going on about for quite a few years. And some have been in their roles longer than is normal accepted good practice!
But as to a valuation, the new strategy was in part designed to mitigate against such risk and of course we now only own 23.5% of Tavsan although I doubt anything of that is in our current valuation. So not hit as bad as we would have been under the previous J.V.
But if you take our positive cash flow and net profits from lowest quartile costs, plus the actual cash on the Balance Sheet (£16.4m in the last AR & A) you could say at 3p, without anything else, we are still very good value. This is especially true if as we understand correctly that the Life of Mine at Kiziltepe, with its satellites, will be extended considerably.
Then we have the exciting J.V. work at Salinbas and importantly Hizarliyayla with 3 rigs now in operation. I'm unclear what is caught by Project Leopard but it is is 100% ours and has a team of 10, beavering away I believe, probably not far from Hizarliyayla. I hope we can get this clarified at the Investor Meet Co. do on 15th. As for the rest (Venus, Asgard, Western Tethyan Resources etc.) I see nothing of this in the current share price. So whilst immediate sentiment might result in more sales, there are thankfully many who still see this as a buying opportunity.
We will see. I think you will agree it is so rare to get negative news from Ariana. Let's hope this is the end of it Fingers crossed. Please do come back it you think I'm talking rubbish.
My post this morning on ADVFN (Plasybryn)
Am I right in thinking Mentor Demi has put out a video on his Facebook page. I'm not on Facebook and was hoping it would be on Twitter or LinkedIn, but not seen it so far. It would seem he is much more attuned to shareholder communication. I know many of us wonder what our Chairman actually does, but I'm coming to the view that we would be much better of with a experienced, recognised CEO/MD to run the ship with Kerim acting as chief geologist/exploration/development Director or something similar. That would open a can of worms, but the Board really does need an injection of new energy and direction in my opinion. The distancing from shareholders suggests they are tired, lacking enthusiasm and can't be bothered. Not a good message. I'm hoping this "do" on the 15th will see a major change in attitude, but I somehow doubt it as we've hoped for that many times before and nothing ever changes. Discuss!
The problem with these Q&A sessions is that the Co. answers the question and then moves onto the next one. There is no opportunity to come back and seek further clarification.
The Co. answers with a "motherhood" reply and thinks that has satisfied the questionnaire. Only face to face can really addresses this weakness, subject to the Chairman keeping his wig on of course! Anyone recall the last AGM?
But I believe it is being suggested to YJ that there should be a come back question opportunity, even if this was answered in writing at a later date.
I would be happy to attend events again if I thought it was actual worthwhile and going to achieve something!
Hi LordsofBurnley & Johnwph. May I say two great posts last week which in my book are well worth the read. Goods stuff. Trying to understand the strategy here is never easy!
I agree with both of you in part. The press statement that Kerim made nearly 2 years ago now, that his vision is to build a £500m Co., is a worthless statement without a shared understanding. We need to know that an articulated strategy to achieve it is signed into by the Board, staff, and shareholders. Certainly not us currently as we only have guess work.
There has been a great deal of consternation regarding many important issues over on ADVFN by many posters and it is understood that this Presentation and Q&A on 15th is in direct response to that. I hope we all agree that it is therefore imperative that we use this opportunity to push for answers. The Board and Kerim in particular, have distance themselves from shareholders (now that they don't need to raise funds) and this lack of concrete information on many important issues is seen by many as totally unacceptable, me included, including one of the largest listed shareholders, who is known on ADVFN as Biggles.
I'm of the view that if shareholder's concerns and indeed demands are not addressed in the next year then appropriate AGM resolutions will be raised. Shareholders have tolerated this lack of respect and acknowledgement of their loyalty for far too long.
Apart from a lack of concrete information on the progress at the imminent second mine at Tavsan (bring back a Gantt chart with milestones and timings), the reason behind the lost option at Apliki and as Johnpwh says, overall Cyprus direction, the lack of supposed JV accelerative progress at Salinbas and importantly Hizarliyayla, and basic confirmation regarding what 100% asset owned Project Leopard owns and is exploring (near to Hizarliyayla?)
As to the J.V. I have wondered what objectives were set at the outset so the Board and shareholders could judge if it was a success and if it was delivering against those. Reference Tavsan financing, I expect that Bank's are disinclined to advance loans in periods of very high inflation (was 80% in Turkey at one point) and therefore I suspect the J.V. is self financing Tavsan, although it would be nice to have this confirmed. I am assuming that this is why we haven't heard anything about the progress on the Tavsan DFS, as without the need for Bank finance, this work (cost) becomes superfluous. Anyway let's hope we can be done with supposition and guess work and can get some concrete statements from our Board. Please do use this opportunity to get the issues you want aired and the answers to the questions that you want to know. Good luck.
Hope you are all well. Another lunch one day perhaps Johnwph?
Am I right in thinking that Trish may have her follow up scan around 8th February? Up to her of course if she decides to post anything on the MacMillian site but perhaps we may get some unofficial news soon. Who knows? I just pray for her and her family that these follow up results continue to be as encouraging as those previous ones. Fingers crossed for all concerned. Do tell me if I'm talking rubbish.
Well done Marcus. Getting a replacement Chair with the shared strategic vision, the understanding and knowledge of the Corporate world and the ability not to sell us short is going to be almost as crucial as the science. I'm pleased they haven't rushed into this. Hopefully the likes of Redmile and Vulpes can help.
Overall it is such a positive interview in so many ways. It tells us so much about the business ethics, the prime movers, and the focus on science. It helps to put into context the very long time scales and the fact that amazingly the commercialisation chapter could now be not that far off. Managing this next phase, the release of information and protecting our interests from perhaps unwanted predators is going to need a lot of specialised Corporate and legal skills, which we need to acquire imo. We don't want Lindy & her team deflected from what they know, understand and love. As business grow they go through growing pains and we are at one of those points right know imo.
My recent post on ADVFN (plasybryn) - might be of interest. Will we get the update tomorrow? Will all these be covered?
My recent post on ADVFN (plasybryn) - might be of interest.
To quote Kerim - "the market will appreciate it soon enough" (Nov. 2022)
A list of actions: Please add to this.
Hopefully a good reminder for us ahead of the expected January update.
1. Kiziltepe
Resource update after 11,000 m drilling programme in 2022
Reserve Base update
Life of Mine update - see 2 below. Extended life for Kiziltepe mine?
2. Satellities (Kepez, Karakavak, Kililcukur)
Update on expanding Kepez and 2 other satellites to build rescue and feed Kiziltepe in years ahead.
3. Project Leopard (100% owned)
Update of what the specific plans are to exploit this exploration and development asset.
4. Kosovo (75% owned by Ariana) Mentor Demi
Update on this "relatively advanced project" - 300 km squared copper, gold deposit.
Option on a gold project with is supposedly undergoing D.D. (as of Nov. 2022)
5. Venus Minerals, Cyprus (50% owned)Magellan project holds 17m tonnes of copper, gold silver & zinc. Peter Van Der Borgh
Update on Venus having a 50/50 JV in Cyprus Apliki which is fully permitted and the most advance plant in Cyprus. Has it's own processing plant etc. Pretty well ready to go.
Update on IPO - due in 2023 on back of improved markets. Copper currently very strong.
6. Asgard's Metals
Update on positive progress at listed Panther Metals (Kerim Non Executive Chairman) - made a recent major Nickel/Cobalt discovery - 76mt. etc.
7. Tavsan
Mineral Resource estimate due early 2023
Assay results from ongoing drill programme
Further updated Mineral Resource during course of 2023.
Permitting (EIA granted)
Complete land purchase
Financing - managed by Proccea
Construction
Production Q3 - "going smoother than Kiziltepe at this point in the process"
8. Salinbas - over 6,000 metres "really picking up speed"
Second drill rig added with drill programme continuing into 2023 - Assay results
Progress on E.I.A (all Forestry Permits granted)
9. Project Generation Division
????
10.Dividend
Developing a strategy for long term dividend streams
My recent post on ADVFN (plasybryn) - might be of interest.
To quote Kerim - "the market will appreciate it soon enough" (Nov. 2022)
A list of actions: Please add to this.
Hopefully a good reminder for us ahead of the expected January update.
1. Kiziltepe
Resource update after 11,000 m drilling programme in 2022
Reserve Base update
Life of Mine update - see 2 below. Extended life for Kiziltepe mine?
2. Satellities (Kepez, Karakavak, Kililcukur)
Update on expanding Kepez and 2 other satellites to build rescue and feed Kiziltepe in years ahead.
3. Project Leopard (100% owned)
Update of what the specific plans are to exploit this exploration and development asset.
4. Kosovo (75% owned by Ariana) Mentor Demi
Update on this "relatively advanced project" - 300 km squared copper, gold deposit.
Option on a gold project with is supposedly undergoing D.D. (as of Nov. 2022)
5. Venus Minerals, Cyprus (50% owned)Magellan project holds 17m tonnes of copper, gold silver & zinc. Peter Van Der Borgh
Update on Venus having a 50/50 JV in Cyprus Apliki which is fully permitted and the most advance plant in Cyprus. Has it's own processing plant etc. Pretty well ready to go.
Update on IPO - due in 2023 on back of improved markets. Copper currently very strong.
6. Asgard's Metals
Update on positive progress at listed Panther Metals (Kerim Non Executive Chairman) - made a recent major Nickel/Cobalt discovery - 76mt. etc.
7. Tavsan
Mineral Resource estimate due early 2023
Assay results from ongoing drill programme
Further updated Mineral Resource during course of 2023.
Permitting (EIA granted)
Complete land purchase
Financing - managed by Proccea
Construction
Production Q3 - "going smoother than Kiziltepe at this point in the process"
8. Salinbas - over 6,000 metres "really picking up speed"
Second drill rig added with drill programme continuing into 2023 - Assay results
Progress on E.I.A (all Forestry Permits granted)
9. Project Generation Division
????
10.Dividend
Developing a strategy for long term dividend streams
My post on ADVFN (plasybryn) - Well having listened to the Podcast twice, I was tempted to buy yet more. I keep thinking back to the AGM as well and the positive body language oozing from Lindy Durrant. The information in the Podcast about Redmile was very enlightening. As was hinted at, I really don't think the market has woken up to the $624m deal Scancell did with GenMab recently to develop and commercialise the monoclonal antibodies. That isn't small beer.
I was also interested to hear Richard say the Moditope reactions hadn't been seen before . He used the word unexpectedly. And of course he said "nothing comes close to the excitement around Moditope."
With so many shots at goal and with real progress now being made, I find it hard to contain my excitement for 2023.