Member Info for wasarunner

They may well be to the same buyer. If it is Orion (for example) they would end up with a slightly larger total holding than La Mancha. I hope we see a TR1 to see who it is obviously they have confidence long term in the stock to pick up 5.5% at above the placing price.

Xeiger - this is also my interpretation that as a junior if you get a bid (whether looking for one or not) you want maximised reserves to attract offers at what you perceive to be fair valuations. So most principals will have a gameplan either for production or eventual sale and a timeline to get there - we don't know the precise motivations of the principals here but expanding the footprint is key to both goals.

As shareholders we want a good JORC and reserves because to be valued at decent P/E you have to show sustainable production over a good LOM, it is no good maxing production over a couple of years then running onto lower grades etc. The market and a potential bidder will value longevity of mine. Adding to JORC both through Homase and Akrokeri will value Goldstone very differently in a year or two I expect.

By shareholders of course I mean the principals - if you're a debt free company (later this year) sitting on a major second asset and you're the major shareholder you want to be producing from that asset asap to get your returns. So from her words once those drill results are back (and perhaps another drilling campaign which may need to be funded) assuming it comes back positive she will be sitting down with those shareholders to discuss options for development. The key here being this isn't a many years away prospect they want to get on with it, clearly. Her words were Akrokeri will need investment to develop - which suggests to me waiting to fund it from FCF from Homase is unlikely or at least - the principals will want their jam quicker than that would allow for.

First things first though we get drill results - but given that those can excite the market even without funding it's a good time to be involved already clearly. 2022 is going to be a very interesting year for the company I feel, happy to be positioned well here.

finally Emma said she would be communicating more now just this has been difficult when they have had the issues as the priorities have been to resolve those issues. She can't communicate ahead of announcements as/when the nomad says so etc. She is in Ghana working at the mine.

key takeaways from me:
- firmly believes the recovery issues are resolved and the next couple of months pours should prove that
- debt should be paid off on schedule
- Akrokeri is an exciting second project but will probably result in separate funding if initial and follow up drill results make it viable to do so

Overall this is a company eager to accelerate production and become a proper producer and is not hanging around - hence the drilling campaign underway on Akrokeri already whilst Homase starts to produce commercially.

became producer - ups and downs last year both technical & regulatory
ghana has good mining companies goldstone now made it junior miner with a lease (first junior explorer to become producer in Ghana)

gold pour frequency to come - 1 pour every month (one this month)
catch up in Jan/Feb test work for remediation
remediation work to work now results in next couple of months

misjudged some of the key minerals now know how to treat those

will not necessarily announce every month operational update

homase mine (5 pits)
drilling to see if first pit can be extended deeper
second pit commencing end of April/May
infill drilling on third pit (next few weeks then assays in next few months)
2022 output is based on 2 southern pits

next year expand into northern pits

update JORC - will be updated in due course once cashflow moving - drilling - update 2022

Akrokeri can they access old workings
Drilling and trenching along trend - does the trend join up with Homase trend
Clearing old tailings
Drilling soon - rig is on its way (was meant to be today)
Akrokeri was formerly a mine should be a lot of gold left behind
Shareholders driving development on Akrokeri - want to get two operations going

Risks - cost of power / energy fuel costs doubled
New plant/machinery waiting lists due to Covid and the war
Other costs increasing

Confident of making gold loan repayment taking $1m off with the first pours and moving out of default was a key achievement.

Get debt free as soon as possible and eventual goal of chairman and company is to pay dividends.

you want theme executing at near bid of course. You use a lot less isa allowance (or max a lot more shares if transferring £20k) if they execute at the 4p end than the 4.5p end of the range.
I placed 5x B&I requests today - all ACP (not all £20k). Hoping ii get around to doing them this week they're not the best when instruction is via the portal and not by calling them.

OTH - yeah HZM/GRL/ACP. More balanced portfolio but very chunky in each. I'll only diversify now if one gets sold (as in the company) or some really bad news lands. Otherwise it's start to de-risk in 2024 (all three should be producing) and my investment horizon is 2026 which should be a good point in the 'supercycle' to review. Looking for average minimum 4x on all three (more is possible on each IMHO that's fairly base case if they deliver what they say they are going to deliver).

17,032,563 (or 564) shares is declarable at 3% from yesterdays rns. Haven't got my numbers with me but inc family think we are a little above that number now. In any case long hold for me from here, see you all in 2yrs with fully developed mine! Gla

And family (adults). Its not all me. So technically nothing to notify. But yes probably if it was all in my name.

I added again today. I feel we are still in a technical event (warrant exercises) ahead of company making news - perhaps next quarter perhaps later. On fundamentals this company should already be valued at more than it is now - assuming always the mine can get financed.

To fund yesterday and today I had to sell some shares I bought in 06/04/20 just under 2 years ago. I sold a £20k investment for £74k. Then we had a technical event (Covid) and punters were running for the hills. Sometimes fortune favours the brave and I think that's what will happen here. But no advice given or offered we all make our own decisions. Now hold over 17m shares. GLA

If I'm reading it right around 90% of the 2.2p exercised. I was convinced most would exercise I'm not sure why people assumed no RNS meant they hadn't.
Onwards to the 3.25p ones now. As stated before don't want too much positive news till after ISA time. GLA

fof fwi my strategy is really simple, I invest highly concentrated (currently 3 main holdings 1 much smaller holding) in companies which I feel could meet the mid point of my growth target and actually each of my main holdings has further upside - this one that is Akrokeri. Then I 'go large' as it were. I build position over time because it is really hard to buy a share like Goldstone in any size - today I was reduced to buying £2.5k chunks didn't get any quoted more than this and I don't want to give mms or my broker any more than I need to. There are unique aspects to goldstone vs my other holdings that we are producing already (market isn't buying commercial production yet but it is close I feel) and lack of debt. I should probably have more % of PF here but I am sufficiently convinced by my others that it feels around right. Somewhere around 25% by current value of my PF is Goldstone. Gold should do OK but for example I see more growth ahead for some industrial metals (e.g. nickel which is where my bigger holding sits).

Next two quarters will be transformative here I think. I'll shutup now. Maybe try for 6m if I can scratch together more funds. GLA

250k,250k,250k and 265,389 where my (buys). Three of those showing as a sell here.
Interesting that buying didn't move the range it seems MMs happy to offer shares here. Happy to buy ahead of news.

and all those things taken together convinced me to add another 0.25m this morning. Total now 5.5m shares. May add further if we stay sub 10p for a while. GLA

two more things which will be huge for this company:
- when debt is cleared. Being at this stage at this point of the lifecycle with no debt is almost unique in my experience for an AIM miner - I don't know the full history of goldstone having invested relatively recently but it must have been financed via equity to get this far (I note $15m has been spent developing the mine?)
- extending the life of mine is of course vital for it to be a longer term going concern (and also for valuation purposes if it gets taken over) and will be high on the priority list of the major investors here. It is encouraging therefore to see the drilling on both Homase and Akrokeri. It is an entirely different proposition if they can establish more reserves and of course we feel confident this will be the case as it is in such a rich area next to a huge producing mine.

Whichever way you spin it this can be a very good investment on both a relatively short timeline but also as a very good long term hold for income.

SJ I B&I every year and can confirm what AIM says you lose a handful of shares not worth worrying about. I'm with ii and always found the process relatively painless - the only thing I found is doing it online they take days after 6th April to execute which can be frustrating if news lands so I've tended to hurry them up a bit and pay £50 for the privilege to get it done over phone on a day of my choosing. Theory being bedding the extra shares is worth more than the extra fee you pay. But on spread it has been as AIM said very minimal difference in price between sell and buy certainly a shedload less than doing it manually.

FWIW I'm looking to B&I £100k of ACP across 5 ISAs on 6th April+. My long term target being around 20p that should be £400k+ in years to come.
GLA

fof only comment P/E is normally considered net earnings so you have to account for the 35% CT in Ghana on miners. I start with higher numbers for input (mid guidance ounces 20koz and a higher basic gold price giving net $1k/oz GP) which ends up at the same 20p once you adjust for CT.

I hope to see 20p early next year rising to 30-40p+ by 2024-25 if they can get production ramped to 50koz. That's where the jam is and that's the kind of multiple for example Private Equity invest for (understanding there is always downside risk so 2x is not enough really). Personally my investment criteria are I look for 3x-5x on 3yr-5yr view - higher is nice but this is plenty. I think Goldstone can potentially deliver at the top end of this in the bottom end of timeline.

It is really exciting to have a second mine being drilled. That can add seriously to the above valuations. What will crack me up is if we get great drill results the herd will arrive but Homase alone is already more than worth double what we're paying at 9p. GLA

Yes just to clarify, I don't expect 2p divi on $13m net profit as conpanies rarely distribute 100% but my point was if they can achieve that in the first year of disrupted productiin (by own admission not up to full speed to mid year) you can hopefully double net profit in future years and we make 50koz one day and that day there will be no debt left. So even a 50% distribution may get us to 2p.

I got my 5m (more precisely 5.25m exactly after todays buying) question is can I hang onto them long enough to see divis. I do want to because I think it would be a big mistake to sell. Hoping to give it a couple of years and see whats what then. Gla

I expect the blocklisting RNS on Friday, at a minimum.
Silence suits me fine, I need to get £100k of these beauties into the 5 ISAs and would really prefer sub 5p...... hoping MB can hold off another couple of weeks (he's done well so far ;)