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Did anyone listen to the Results broadcast today. Very impressive numbers and another nice dividend in the bag. 41% increase in revenue due to higher prices and operating margin up 52% at $425/t.
Good opportunities to extend the Life of Mine in Kenya and Toliara seems to have a "clear pathway" to Fiscal Term Agreement. Now October? Govt. expectations have moderated on external advice (World Bank etc.) and the increased value of the project over 38 year Life of Mine has increased the Govt's sense of urgency to get on with it. $2.4 billion of value to Madagascar over the Life of Mine. Not to be sneezed at!
Two months for the inaugural Sustainability Report to be released.
What will BSE be worth once Fiscal Terms are agreed on the Toliara World Class asset? A lot more than 20p per share surely. In the meantime a 9% dividend to enjoy in September.
Hi again John,
You were asking about the contributions in particular from Proccea. The RNS issued on 29/9/2020 covered this. The following is a relevant extract from that RNS.
"Agreements concerning both Zenit and Salinbas will be completed concurrently, such that Özaltin will own 53% of Zenit and of Salinbas from the outset, with Proccea acquiring its stake of 23.5% in Salinbas from Ariana for US$5.75 million cash."
In addition in this years Final Accounts (Annual Report & Accounts) on page 63 Note 5 we have "Profit on restricting of group activities." This is the text part without the Numbers which you can look up as desired.
"During February 2021, the Group concluded its restructuring programme. This comprised the part-disposal of its interest in Zenit Madencilik San.ve Tic. A.S. (“Zenit”) and Pontid Madencilik San.ve Tic. A.S. (“Pontid”) to Ozaltin Insaat, Ticaret and Sanayi A.S. (“Ozaltin”) and Proccea Construction Co (“Proccea”) for a total consideration of US$35.75m. Under the terms of the Pontid sale agreement and during the year, Ozaltin completed its equity commitment to invest a further US$8m in the development of the Salinbas project. A further US$2m is to be paid in instalments to the Group by Zenit following the transfer of the three-remaining satellite remain projects held by the Group’s wholly owned subsidiary, Galata Mineral Madencilik San. ve Tic. A.S."
Hope that helps.
I know there are some amazing well informed posters on here and wondered if anyone could answer the following in simple terms please.
1. "Modi-1 peptides are linked to AMPLIVANT(R)". Was does the worked "linked" mean in this context?
2.Who "owns" AMPLIVANT - ISA Pharmaceuticals or Scancell?
3) By using the term "collaboration" (with ISA Pharma), does it mean that ISA Pharma are pooling their AMPLIVANT drug and Scancell their Modi-1?
Basically would like to get a better understanding of the "balance of power" (value) in the collaborative arrangement!
Sorry to be a nuisance but any help appreciated.
John, I'm wrong about the Proccea question. What Ariana said at the time was Proccea were contribution their value by providing their services free. At the AGM it was confirmed that Proccea will be doing the heavy lifting and we can only assume that this is at no cost to Ariana. I'm not sure to what value this is without looking back through my notes. I assume Ozaltin must be paying Proccea from their £8m agreed injection, so presumably the total cost will be £8m plus whatever Proccea have agreed to contribute. Hope that helps.
Hi John,
Interesting post. Lots of good points imo. Yes I agree, Chris would make a good Chairman. He has lots of experience, is level headed and seems to have a good dollop of common sense.
I asked about the IPO as the last two A.R & A's say the Preliminary Economic Assessment is underway. Same words used. Surely they need to complete this PEA before an IPO?
I agree I don't think the Procea question you raise was every satisfactorily answered.
P.G. made an error re the Tailings Dam capital cost to Ariana and inferred that Kiziltepe could in the worse case scenario cease before Tavsan kicks in. This is not aligned with the Boards view, so seemed unnecessarily negative for the House Broker. Shore Capital have recently been appointed Broker for Scotgold (SGZ). Their Note shows how it should be done. And P.G. had just returned from a Kiziltepe mine visit for goodness sake at our expense! Brokers also only remain fresh for a few years. P.G. deal with much bigger clients and are long in the tooth with us. They haven't even done a full note based on the new strategy post Transaction. Board succession and Board strength is a vital issue to be addressed imo.
Kerim continues to treat it as his baby - a new, stronger Chairman and another Board member, perhaps responsible for Corporate affairs and communication (City Analysts, Institutions, the Press etc.) would be a welcome move forward imo.
What was the question John? Sorry I didn’t see you at the AGM. Just 5 of us turned up.
My questions were also doctored or ignored I’m afraid. Kerim’s defence of the indefensible re PG was farcical imo and did himself no favours. The Chairman was rattled and did the Co no favours. It seems to me we need some new fresh blood as many agree. We need a new Broker and we need more specific details on milestones , timings and value accretive events. Reintroduction of a Gantt chart would do nicely. We need better, more strategic, shareholder aligned communication. We keep plugging away at the weaknesses, which all apart from Kerim can apparently see. The June presentation by Chris Sangster was better and more strategic and shareholder aligned imo. Did you listen to that. A great Co just hiding the assets and value under a bushel with like apparent desire to change the status quo. Frustrating or what.
You tease John. I assume you aren’t going to share your numbers. Michael apparently has told Biggles on ADVFN (4% shareholder) that the Ozaltin contribution has been considerable but words of reassurance are cheap. I want to see tangible evidence. Can understand why you will give the AGM a miss but your questions direct to the horses mouth would be invaluable.
Yes well thanks. Currently in Morzine where my daughter & 2 grandchildren live. Tomorrow the Tour de France is here and then next weekend it is the annual Harley weekend. 10000 bikes expected plus free Status Quo concert. Next month they have Moutain bike championships. An all year round resort these days. We are in our trusty Camper Van of course. Are you going to the AAU AGM ?
Good one John. Hope you don’t object but I posted your response on ADVFN. I had tried to move on but agree that with the lack of progress or any tangible evidence of the Ozaltin effect, it is easy to go back and question the original premise of the deal. You will see from the ADVFN thread how annoyed investors are with the lack of specifics ( no Gantt Chart with clear milestones) the constant slippage on so many fronts, (especially Tavsan, Salinbas & the Venus IPO) the detached CEO (mainly based in Australia) the lack of Broker support, the inability to attract Institutional Investors, a Board which is seen as too small with power too concentrated. Succession planning and perhaps the appointment of a Business Development Director with expertise & contacts in the City are ideas glossed over by the Co. Share holders are tolerated and kept at a distance from Directors whilst they no longer need them to raise capital. As a result the SP languishes at 3.2p . Twenty years of history with not much progress in terms of the Market Cap. is hardly something to celebrate or get excited about.
Perhaps a pose of shareholders at the AGM demanding better is what is needed.
As it is quiet maybe worth putting Burble`s post up again. Burble Twitter - BioNTech thoughtsToday 00:36 So an interesting post popped up onto my Twitter feed. A keynote lecture by Prof Ugur Sahin (founder of BioNTech) at the Parker Institute for Cancer Immunotherapy Symposium HTTPS://twitter.com/drmvandenbrink/status/1537815310274859008?s=21&t=hkcD_Z0VQpyHs4pU7qHYqQ The slide says the following: Challenges for developing an *ideal* cancer vaccine. The potency challenge Even very small tumours consist of billions of cancer cells. To combat this overwhelming number of cancer cells, the vaccine had to be extraordinarily effective and able to generate billions of immune cells. The tumour heterogeneity challenge The cancer targets that are recognised by the immune system are different for each and every individual patient. Ideally, a technology would be suitable to tailor vaccines to each patient’s antigen profile. The fast manufacturing challenge Such individualised vaccines need to be produced quickly in clinical grade quality so that they can be administered in a timely manner to patients awaiting treatment before their cancer spreads further. Now what platform do we know which can do the following: - generate a potent and robust immune response - can easily be tailored to a particular target antigen - is fast (and cheap) to manufacture in clinical grade quality? Obviously, Prof Sahin is presenting this from an mRNA standpoint given that he is the CEO of BioNTech and has dedicated a lot of his life work to this field. However, Scancell are coming at it from a DNA standpoint (Immunobody platform). ?BUT Think carefully about point 2 - what platform do we know that doesn’t need tailoring to a particular patient’s antigen profile, because instead it targets the fundamental processes which are occurring within a cancer cells irrespective of their antigen heterogeneity? I’ll give you a clue. Begins with an M and ends in -oditope….. So when Chester says 'Are we actually witnessing the birth of the UK's version of BionTech?' ... that isn't beyond the realms of possibility.
To declare a final dividend of 0.175pence per Ordinary Share in respect of the financial year ended 31 December 2021 to be paid on 03 October 2022 to the holders of ordinary shares who are shown on the register of members at the close of the business on 19 August 2022. ?
My post this morning on ADVFN>
The A.R & A's reads very well. Intelligent, perceptive, mature, visionary and strategic.
Why does this Co hide its talents under a bushel?
Did we appreciate they had undertaken such a comprehensive strategic review? Anyway they obviously have and have articulated their vision and strategies much more clearly and coherently than I’ve seen for a long time. Perhaps they do listen just don’t like to admit it! But they do need to communicate this now to a wide audience. Not just private shareholders. It has to be to the shakers in the City. We are doing great things, better than most in so many ways but it is wasted as no one seems to know.
I can see how the Co can now start to really articulate in detail how each of the strategies are playing out and as they say news flow should increase. On a personal note AGM 10th August mid-day well done. Listened again and dividend October.
Great 10 min presentation. Very confident very positive getting close
https://twitter.com/baseresources/status/1531444308556906496?s=11&t=DaW2MmsyPjf7UNsM3ih8Jg
Toliara proposals in front of Govt and supported by President's advisors. "Pretty close now" and "all stars seem to be aligning" sounds very encouraging to me. I liked this also - "A Company of real strategic relevance" - yes indeed.
Also noted that the Co. plan to complete work on Lower Sands (Rare Earth opportunities) by end of 2022. Significant further opportunities which aren't factored in yet.
And weeks away from approval in Kenya to carry out further exploration work.
We could be getting very close to a transformational cusp here. Listen to the 10 min presentation & DYOR
Asgard Investment News
SOKDEE PROJECT: START OF DRILLING AT NAMTHOM PROSPECT
Annamite Resources is pleased to announce the commencement of core drilling at Namthom copper-gold porphyry prospect on 10 May 2022. The first hole was completed on Friday 20 May, reaching 339.5m and confirming the porphyry discovery, with copper and molybdenum mineralization clearly visible.
Core cutting is underway and samples will be submitted next week for analysis by ALS Global. The drill rig is now moving to the second of three drill holes.
Our program consists of at least three holes, totaling 1600m, and we expect the drilling campaign to extend until end of June.
In parallel, the drone magnetic survey is progressing well, with the survey expected to be completed within a week. A short video below highlights the field work taking place at Namthom.