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Reported on ITV news at ten and said to be headlines in tomorrow’s Guardian.

I was trying to find my papers on what Ariana’s Strategic Investment stays meant in terms of VAT and Corporation tax. No luck so far, but perhaps you are fully up to speed on this.
The numbers look very sensible to me although the P/E multiple will depend on market sentiment. At times like now, 5 is a more realistic multiple. It is interesting that Panmure Gordon have a current SP target of 5p based on $1500 gold, so your 4.45p is in the right ball park imo. Obviously your numbers take no account of share investments (albeit small) and the value of assets. Salinbas/Ardale which is 1m oz resource with a 2.7m exploration target could be worth circa $50m on its own at $15 per oz in the ground. PG have it valued at a very conservative $14.2m. Tavsan is $8.56m and Kiziltepe is $23.6m. That was from their June 2019 note. I doubt the SP would drop in 2020 to 4.2p from 4.45p due to the progress at Salinbas. I’m also expecting the gold price to slowly improve and regain its highs of c. $1900 over the next couple of years. Then there is Cyprus which is an unknown entity but perhaps will get more info on the plans here pre Xmas. Finally I see the increased Resource, then Reserve and life of mine at Kiziltepe during H1 - 2020 also adding positively to the SP. Just a few observations.

Thanks Ash. Managed to open it. Very impressive stuff. I hope you will share it with the readers on ADVFN as well.
Cheers

Thanks Ash.
I'm only seeing Production, Price & Revenue lines for 2019 and 2020.
Does the model go beyond Revenue & beyond 2020?
Perhaps it's my Apple!

Thanks for replying to my question Brocal53. Much appreciated.

Shame they ****ed up sentiment with those ridiculous 1p Options. Never understood that. Did the directors ever give a reasonable explanation?
Still that is past history and hopefully they learnt from that. Not a good way to engratiate investors.

As a novice on this share, do UJO have sufficient cash to fund their share of the drill programme at WN plus the $3m CAPEX needed to get Wressel into production next year, subject to planning approval of course. Thanks

Sorry guys. Looks like LSE blocks the latest write up. But you could go over to ADVFN - Maxwell 23.03 yesterday.

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brrmedia.co.uk/broadcasts/5db…

New from joe, although in the main repeats what is already expected but good
to read: hTTps://www.*******************/union-jack-oil-the-approach-of-greatness

cheery Dan Betts on HUM. The worst is over & propects are +ive.

https://www.youtube.com/watch?v=11LRg5CfIvE&feature=push-u-sub&attr_tag=izS2bI2CKHnWzBcq%3A6

Hummingbird: Canaccord reiterates buy with a target price of 53p.

Apologies if you've all seen this. I hadn't and for anyone in a similar position.

https://www.youtube.com/watch?v=K3Ctwa8l0vE

Note the suggestion that on production of 130,000 ounces next year, EBITDA would be $70mil at POG $1,400, and $85mil at $1,500.

Have a good trip. Hope you had a great break. We’ve kept things on the boil whilst you’ve been away..

Could we be getting up steam as well?

Looking forward to Ash updating us with his excel spread sheet now we have some numbers, or will he want to wait for the full quarterlies with costs etc.

Nailed it. Well done Dan & Bert. Great set of results. Everything going the right way. What more could we ask for.
Those doubters/doomsayers will be surprised this morning.

I remember reading that payback on the Tavsan loan is planned to be 1.1 years. So if things go as planned, which is of course is open to question, site work will start late 2020, be finished and in production start of 2022, Tavsan loan paid off first quarter 2023. Then our share of JV production is a debt free 25000 oz pa, say £25m net income a year. That is of course if it goes to plan.

Trading Update next Thursday might tell us more about the dividend