Member Info for VanVan

Yes desertjoe, that is the Gantt Chart I have been on about. And yes Ian has done just great. Very appreciative of his comprehensive submissions. Balanced and informative.

I think we should probably put an overdraft (working capital/case of need) facility into context. It is entirely normal for a Co. of our size with FCF to have assess to a Bank working capital facility. If the debt in the overdraft becomes a bit "solid" then it would be normal to transfer it to a more structured facility with loan repayments. If it is a normal working capital facility however, with ins and outs, in the UK it would be repayable on demand and normally would be unsecured with higher interest rates than for a structured loan. It seems strange to say that it will be repaid by a certain date , as I would expect it to continue to be available in case of need.Perhaps they don't think they will need it past 2021. I am a bit surprised though that when they did that last disastrous placing in June 2017 for £1.87m @ 1.3p through Beaufort, that they couldn't have covered it within this working capital facility. Perhaps the head room has been increased since those days. Still that is history. So I don't think we should consider this as an onerous debt, unless it needs to be restructured into a formal secured loan.

Is that the plan, or will it just be a written Q & A?

What happened to Antimony? Nothing raised about the Gantt chart or the need for a secondary Broker Note with a more realistic valuation

I think it would be better if we could ask Kerim the questions direct.

Ask today for reinstatement of the Gantt chart showing the progress of all the projects.

Excellent questions on the financials ASH. Thanks for sharing them with us. Look forward to the answers. Kerim & Michael have a lot to get through this afternoon.

Thanks John for putting me right. Embarrassing slip! Must try harder!

Ash - could you comment on this number? (£5317m) Up from (£4196m)
Anyone got any ideas about a Cyprus name?
EIA & PFS starting at Salinbas in Q4
Tavsan: Feasibility & EIA due to be completed in coming months. Plus further resource definition work (rock-saw channel programme) in Q4. "Significant potential to yield additional resources"
Salinbas: Next work programme to start late 2019, & discussions with a number of Co's re: a J.V. operation ongoing.
Red Rabbit: exploration within R.R. - significant progress with aim of adding additional resources to increase Life of Mine
Strategic Investment: Interests in an exploration & development portfolio in Cyprus. Note word portfolio!

New news. Great results.

Well done John. Glad you are going to ask about that.

Ash is too generous. Without his accounting knowledge I would not have bottomed it out as he has done. The key issue for me is that the Ariana Balance Sheet continues to strengthen and this is part of the de-risking process. I'm not sure however I follow Ash's comment that it is likely to be over a year from the last Balance Sheet before the Kizilcukur asset might be sold into the J.V.
I suspect Tavsan will be covered in some form tomorrow, so I'll see what still needs to be asked. I raised a number of other questions earlier in a post here, which in one form or other I will ensure are picked up on Tuesday if not covered tomorrow or taken on by Ash.
It really is great to have someone like Ash with expert accounting knowledge. He can bring so much to the table to help our understanding. Thanks Ash.

I sent you a message over on ADVFN. Hope you receive it ok. Cheers

Point well taken Ash.
We'll have to see what the Statement says (what it covers) but other more normal questions if not covered might be:
1. Update on Strategic Investment
2. Kiziltepe - Have Forestry permits been received to facilitate mining at Arzu North & Derya? Can we expect the new Resource/Reserve statement before Xmas and consequently an all important extended Life of Mine?
3. Can you please reinstate the Resource Development Schedule Gantt chart?
4. Kepez - wasn't this due to go into production subject to permits Q2 - 2019 to in someway compensate for the delayed Tavsan? Not heard anything? Is the Tavsan EIA & PFS on schedule for Q1-2020?
5. Would a second Broker/Analyst Note be a good idea to widen the market/investor message and establish a more realistic share price target - Co. valuation? Panmure Gordon still using gold at $1250.
6. Salinbas - you said you were reaching a decision point concerning a major new work programme involving further drilling and technical studies, including the preparation of a full EIA & PFS. Can you update us on progress and possible discussions with other interested parties to speed up progression?
7. Dividend thoughts?

Re Kizilcukur, I believe during Q3 we were expecting to conclude the assessment on the feasibility of hauling ore from Kizilcukur to Kiziltepe processing plant as part of a bulk processing trial. So that is due now and could be the catalyst for it being absorbed into the JV. So if this isn’t covered we should ask questions about when etc.

They normally say don't give up the day job, but in your case I wouldn't heed that advice!
Thanks Ash for the great replies and your time spent in doing so.
I am wondering if this is giving you a kernel of questions where it is appropriate to seek further clarification next week?
For example:-
1. the £9.749m - which subsidiary owes it, what was it for, when will it be repaid. Is any interest payable?
2. As no value has been assumed for the significant Kizilcukur sunken costs, when can we expect this Brucie bonus to be realised? Shouldn't the Annual Report and Accounts provide comment on this "hidden" asset value?
I will hopefully get sometime soon to think about possible other questions, but in someways I agree it is best to see what they have to say first in the Interims/Corporate update, but I think we can be pretty confident the above 2 questions will be relevant whatever. Are you still hoping to put together a list of questions representing our LSE group? Unpaid work?

Thanks for your insight here Ash. Under Note 14, could you explain what you understand the £9749 relates too. I thought this was amounts owed to Ariana in respect of the mine by Galata Madencilik San VeTic Ltd. With regard to the discussion regarding the original capital loan of $33m (total) I believe the amount to be repaid each year is different as repayments correspond to drawdowns. Each drawdown, which could have been quite different depending on what it was financing during the construction period. This then would have a corresponding repayment sum (equal amount) that becomes due at a fixed date during the repayment cycle. Hence both monthly and yearly the amounts can vary considerably. We have never been provided with month by month or even year by year details, other than broad guidance and of course figures like 90% repaid by end of 2019 and 100% by Easter 2020.
Once the mine capital loan and the inter Co. loans are cleared, I think the accounts will become must less obtuse and will be another positive in helping investors understand the true value. At some point shortly, and perhaps before the capital loan is repaid, we will enter a net cash position due to cash balances exceeding the remaining loan liabilities. I hope the Co. announce that. Finally lets not forget that the plan is to sell Kizilcukur into the J.V. which is currently 100% owned by Ariana. There has been talk of 3 times the exploration costs, although I think this may advantage Proccea over Ariana. I assume this asset is not included in our Balance Sheet as of now.
Great to have an accounting expert on the thread. Thanks again.

One question I would like to know the answer to is - how much money is still owed to Ariana from the JV, and over what period do we expect it to be paid? I always find this slightly confusing in the Annual Report and Accounts.

Sounds like a sensible idea.

But they look great. A simple, no frills 997 does it for me. Yes I like the Cayman & it is great to drive, but dare I say it has a hint of being a Hairdresser’s car. Even with the engine in the wrong place, Porsche have perfected it. Everything about a Porsche is designed for a purpose to perfect the driving experience. If it doesn’t add value against that clear objective, ditch it. Yes I think I need to buy one!