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Agree 100k oz isn't likely but ASA have never said this, revised upwards target 70k oz and this is easily achievable now tonnes milled can match tonnes mined with capacity left over. Even at 1.8-2g/t, this will push production to the 17k oz and AISC around 1,050, although may not see this until Q4. Hardly marginal with Gold $1,350 Mills were sourced internally were they not?

PGMs would be a start... 2yr deferral of export levy runs out Jan 2017. Where do you think all the PGM miners are going to run to with no Smelter? I don't think Zimplats will be helping the likes of Amplats and haven't seen any news on Amplats getting anywhere with their own smelter...

How do you work that out? Someone is going to have to pay USD 37.4m and considering they own the majority of the company, through any equity raise they will have to pay for it... Or am I missing something?

Arrival of replacement LHD was due mid-Aug to return output to around 17,500/oz per quarter or the 70K/oz output per year which is ASA's new increased target as per Annual and Quarterly report. Additional milling capacity was late Aug or Sept. So AISC and production may not reach planned targets until Q4 2016. Increase to 90-100K oz a year would be great, but last report does not actually state whether this is achievable or not and would no doubt have impact on LoM. Additional capacity should definitely ensure 70K oz is more than achievable though and hopefully would mean the end to Jan-March Quarter always being below expectations in terms of lower production. Gold story is a good one, just fingers crossed Nickel can pull its weight now! It popped over $10K/tn again on Friday. Based on last quarterly AISC of $6.5k/tn, Bindura breaks even at $10K/tn (65% of spot as per offtake agreement = $6.5k/tn). However if you take into account the est. 6M bond payment per year for 5yrs, real breakeven point is $11K/tn, as it has to make $1.5M/quarter profit. Otherwise I assume inter-company loans from Gold & Diamonds profit will have to pay down the Bindura Smelter Bond? In my opinion this is the main reasons holding back ASA reaching its full potential in terms of Market Cap.

Also keep an eye on Nickel spot price - with no company specific news, could drive SP. I'd be far happier if it pushed over $10k/tn again, otherwise rapid rise could come under pressure

AGM is late Sept so maybe some news out of that if any shareholders attend and report on the boards And I would expect next quarterly report to come out mid-late Oct rather than Nov, but guess we'll see Other than that, regional news impacting Zimbabwe could impact ASA positively or negatively. With protests and demonstrations things could move fast.

Historically it's always quiet on ASA message board outside of Annual and Quarterly reports. Been good to see board so busy over last 2 months, although we have had the annual reports and then the quarterly. And good RNS recently on appointment of David Murangari as a NED to the Board. Very nice surprise to see SP so strong, but I've been bit wary of SP increase because of current Nickel Spot retracing a bit below $10k/tn. Still doesn't change my overall opinion though that ASA is undervalued. Great to see it is again rising today... Wondering if it's purely sentiment in general and this has been due an increase like many of us have been saying, or is there good news behind the scenes?

Peel Hunt - ridiculous as ever issuing a "buy" recommendation even though their target is below current market value! Sums up most analyst reports

Gota - thanks for detailed clarification, makes a lot more sense. The driver for this might also be to comply with Zimbabwe regulations on listing companies in country, so it would address another concern people raise, regarding complying with indigenisation laws. As long as it's under overall umbrella would address all my concerns and you're right, it would focus people's minds on the true value and also ensure compliance with local regulations.

Wuffle - I'm not automatically trusting the good grace of management, which is why I said more clarity required and why I will probably attend AGM. I haven't even seen the AGM docs yet so not going to jump to conclusions. And yes CIMC has 29%, but if all PIs vote, it is by no means a foregone conclusion at all. However a lot of PIs appear to always be indifferent/ apathetic about AGMs, voting, holding management to account and such, then b*tch about it after the event. There's a balance though. I remember when people were being hysterical about the replacement of a Nomad, Broker, auditors etc and stating it was a hatchet job. Low and behold, it wasn't

Wuffle - agreed more clarity required - hard for me without the AGM docs to hand. I'm visiting the UK in Sept, but may extend my visit couple days so I can make the AGM. However if there isn't enough clarity in the AGM docs, then people should be voting accordingly. It's incredibly easy to vote on resolutions so no excuses. My main concern is the non-gold assets are significantly undervalued so huge potential reward, but yet because they're unknown at present, riskier. That's the beauty of ASA though. Not just Diamonds I pointed out previously but few other examples below. a) Copper - these assets are effectively worth 0 based on market cap. On 5 May we were notified Hailang had completed their exploration obligations and therefore ASA's equity of these assets reduced to 38%. I don't know the drill results, haven't seen anything issued - could have found zilch. But if they're good ASA's gone from having 100% of nothing to 38% of something. b) Bindura Smelter - with current Nickel prices and third party agreement required for volumes, at the moment the smelter is not factored into SP at all and if anything holding it back, due to Bond payments (will change if Nickel spot allows Bindura to make profit though). If the Smelter is restarted, this is a complete game-changer in my books - many multiples. I think the restart of the Smelter could be more likely than I originally thought. The PGM miners (with exception of Zimplats) require a smelter to treat their concentrates, particularly when the 15% export levy delay runs out Jan 2017.

Haven't seen AGM docs yet, but I would be strongly opposed to splitting the company into separate listed companies at this stage and will be voting accordingly if that resolution indeed is for that. I am the same as you Gorsuch - I invested in a diversified company, which I believe has huge potential. I believe overall assets are undervalued and true potential seemingly unknown/ misunderstood by investors in short term, but this doesn't matter in the long term. Now it appears ASA is on track operationally and hopefully Nickel price is on road to recovery, ASA will naturally get more exposure and SP will increase organically. Over long-term, dividends attributed from all the various revenue streams soon make investors realise how valuable the other assets are. For example, I was not expecting Diamonds to produce a Profit of over USD 1M in the last quarter! Focus should be on Investor Relations - promoting the Company and making investors, analysts, financial journalists etc. aware of all the assets. Attending mining conferences and presenting. This would do more for potential investors and mining industry to understand ASA's true potential and breadth of assets than splitting the Company into separate listings.

The IFC that is selling is a branch of the World Bank and gets involved in specific development projects. If it no longer meets certain strict requirements or the mandate the World Bank imposed for itself, then it's going to sell up. I'm sure someone has already mentioned this on the Board already or maybe somewhere else?

I must be missing it, but what explosive potential does Noricum have? I had a quick look at it and the Gold grades I saw stated were awful and not commercially viable. I was tempted by AAZ and they appear to be paying down debt at rapid pace, but with the lack of transparency in not reporting AISC and the fact I had missed the boat with the SP already at 19p, it just wasn't for me, The Manat devaluation must have helped them a huge amount in USD terms, which is good news for the Company.

c) Bindura Smelter – both ASA and Bindura annual reports have already clearly stated the smelter will not restart without a recovery in spot Nickel price and Third Party concentrate agreements to increase volume. Minali Nickel mine in south of Zambia, near the Zimbabwe border is very keen to restart as soon Nickel recovers. Consolidated Nickel Mines PLC has partnered with Jinchuan to restart mining operations. In any event restart of smelter would be a complete game-changer and equate to multiples of current market cap – I’m not factoring this into my reasons for holding ASA. d) Freda Gold – a tough target to make $950-$1,000 AISC, but been achieved before as stated in the quarterly, however will take time and Q3 I expect may still be $1,100 while they correct niggling issues. Long-term I prefer a diversified company (when gold was depressed and costs high under old management, Nickel was punching above its weight), so no not all investors want gold only companies. However maybe you did read some of the Annual Report, as this is what management are looking into already. e) Copper - they're not exploring for copper, Hailang are. ASA are non-operating partners and all exploration is being funded by Hailang. I do not believe any results have been released, so strange you appear to have insider knowledge on the results and intimate knowledge of the old Zani exploration team, who you believe should have been kept on the books in a downturn when the key to survival was shoring up costs. f) Zani – a JORC Compliant of 3M oz at 2.43g/t, with a senior engineering team already mobilised to site – do you have insider knowledge of this team or just the old one who understandably, but unfortunately, had to be let go to save money in the downturn (sorry, they “left”).

The constant misinformation and regurgitation of questions that you don't really appear to want answers to, particularly as many have been answered already in the Company Reports, I find it very hard to believe you are a shareholder. You come across more as someone who has an agenda/ grievance with the company. If you don't believe this is merely the start of a recovery and considering you see no redeeming qualities in the company, Zimbabwe or DRC (with your nebulous 5M oz comment), we are now at a 52 week high - surely now is the time for you to sell your few hundred ASA shares you may have left and put them to better use. The reporting is far better now than anything we had previously. Key Capex Projects like the Smelter costs are known. If you want to understand how much the remainder of the re-deepening project may cost, any further upgrades to Freda in addition to the sourcing of equipment internally within the company at minimal cost to improve ops and whether such costs are within the AISC (all companies are different), then why not be constructive and ask the Company? Although as I said, I don’t think you’re actually interested. a) The Management have more skin in the game than anyone, ridiculous to say they are making short term decisions simply to make themselves look good. If you think continuing to drill Zani in a downturn and deplete all cashflow was the way forward, then I for one am glad we have “accountants” running the company. Think you need to take another look at B2Gold and Endeavour – ex-bankers, accountants. b) Bindura Nickel Grades – They have used a blend of higher ore grades of 2.3g/t in one quarter only (Q1 2016), so again spreading misinformation. Thinking long-term and without knowing if/ when Nickel would recover, this was prudent to ensure a profit and shore up cash, to plan for the first bond payment in Sept. Considering we had a couple quarters under the old management of grades of 1.3%, one quarter at 2.3% is hardly going to impact the LoM. A grade of 1.76% we’ve seen this quarter is standard for Bindura, not low at all, so your statement “mid to long term effects are beginning to show” does not stack up. It also speaks volumes about the continuing potential of the re-deepening project that management now consider 1.7% at the lower end of grades to be achieved. Even at a grade of 1.7%, it is already easy to calculate potential profit going forward dependant on spot price, however from the quarterly, higher grades are being achieved.

Wuffle - They're fair comments. If we get a few more solid quarterly updates, the concern over new management will continue to dissipate and confidence will continue to grow. However Freda is not being high graded - LoM based on 1.8g/t. Bindura has used higher grades in a couple of quarters than the LoM implies, but didn't for this quarter and previously they didn't really have a choice with Nickel price so low. Major cost savings have been realised completely separate from 1 quarter of high grades at Bindura. Agreements have been renegotiated with Contractors, expensive consultants removed, reductions in Corporate overheads etc etc. Inputs like oil price being low can't hurt too. It is hard renegotiating existing Contracts or renewals, so you have to give credit where credit is due. I did not think RB-h was implying $200m short term was he? But if Gold and Nickel continue to recover, few more solid quarters building on investor confidence of new management, I really could see this in 2p+ area by Q4. Out of all the other "Junior" Gold miners I own (SHG, AUE, AAU, MARL), based on current market caps, to me this is by far the most undervalued and it's shear amount of assets seemingly misunderstood/ missed by investors.

The inference the mines are spent is simply not correct either, although I guess depends on everyone's timelines. The life of mines and the avg grades this is based on are clear in the annual report - 6yrs for Freda and 9yrs for Bindura, not taking into account further potential drilling etc. etc. The grades are the grades and relatively consistent. Zani-Kodo provides longevity and overlap too for Gold - another Freda with higher g/t. Regarding integrity of new management, for me they have proven themselves over the last year. We as investors/ shareholders can only judge from actions and what is reported. Costs have come down and reporting has become consistently better, more informative and transparent than anything we had with Mpinga. I was sceptical at first and it was a big change for a CEO/ founder to be ousted, but for now and with hindsight, we are clearly in a better position than we would have been if the old management was in place.

Quarterly out. Bit of knee jerk reaction it seems with lower SP and although Gold AISC disappoints, update broadly in line with my expectations. Profit for Gold and Diamonds, loss for Nickel, but a Profit overall to tune of just under $2M. Offtake Agreement clearly explained, issues at Freda explained with resolution mid-Aug, Bindura was as expected with a loss (can't use Q1 2016 results as benchmark) and update on Zani-Kodo. So even though I was expecting a $3M profit from Gold and maybe slightly smaller loss from Nickel, I wasn't expecting anything from Diamonds and they appear to have made a significant profit this quarter. We already received an update on the Smelter in the annual report, so not necessary to rehash it. But for the next quarterly update, will be good to get update on this, along with status/ negotiation of third party concentrate agreements.

With gold up 1% and over 1,350 again, hopefully it will bode well!