The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
And another a bit of good news today, Luca Mining are now 50% up YTD. MAFL have a pretty significant holding in Luca...
That should reflect well in the next NAV update.
Well nobody said it was guaranteed, of course like everything it comes with risk and uncertainty. But given what we know, being a project of national interest, potential for 70% of the capex expected to be covered by a UKEF loan etc you'd be forgiven for taking a glass half full approach but I agree its always worth factoring in.
My view and point, which was missing from the discussion, is whether exercising the put option or not, there is immense value in MAFL's lagoa salgada stake. that doesn't go away if the option is not taken up.
The put option has allowed JV to reassess and benchmark the fair price valuation of MAFL's free carry in the Lagoa Salgada project. If the put option is not exercised, we still have that free carry and I would personally expect that valuation to stay the same. Of course if we inherit the 15% from EDM to gain a full 20% free carry in Lagoa Salgada, I would expect that to be reflected in the future NAV too. I think from memory the latest NAV has a valuation of the put option with a 20% discount?
The idea of the current price being a selling opportunity if the put option isn't exercised is a glaring misunderstanding of whats going on. I would actually suggest the free carry, given the current commodity climate, is worth hanging onto. IMO the best result would be MAFL getting the 20% free carry and the put is cancelled.
But don't let me convince you, Id love another bit sub 10p with precious and Base metals soaring!
I’m not sure I agree re larger sell order. I can sell 100k in one go at 9.6p through HL without issue. For a micro cap that’s alright liquidity imo. Ask has also ticked up with my buy.
Interim results soon could be a turning point for some more liquidity and interest entering.
It could keep going lower as you say, but historically this area has provided strong support. I’ll be buying more if it keeps dropping with a long term view of holding. This could easily bag on the EDM outcome imo.
Yep me too. The 45k is mine.
Yeah a proactive investors article copy and pasting content from the RNS is not the investor engagement I’m talking about…
I agree there are plenty of reasons for an entity to be public, MAFL meets none of those reasons. There's no interest or liquidity in UK markets, just take a look at recent placings on AIM i.e. UOG.
Jacques also runs the company like a private operation, no investor engagement, no PR, no investor roadshows etc. I dont hold it against him, its not his character, but that not does detract from the point. I'd happily invest a good sum in a private vehicle.
Anyhoo, all hypothetical. We should see interim results next week which will be an interesting read as always!
Has anyone kept an eye on MAFLs portfolio of listed companies since the last NAV update? Generally positive or negative? Commodities ticking back up should be helping.
I’ve also been invested in MAFL (in and out) for probably 7 years. I like JV and have had several conversation with him. I’ve asked in the past around his hopes for MAFL and he wants to grow it in size. It’s too small to get any recognition at the moment. Getting NAV to the 30p+, piling it in exposure to base and precious metals and sitting patiently for the inevitable rerate.
I’d like him to take it private eventually. No reason to be public.
To be honest, even if we don’t get the extra 15%, we get the option to sell our 5% stake for more than our current MCAP.
So I’m very much in the camp of it’s a win win.
Ahh thanks, that 50k buy is certainly a bargain!!
EDM deadline coming up in the next week or so. It could get exciting very soon!
Nice tick up on minor volume (75k buys vs a 50k sell). I wonder if that was the last of a seller.
I was hoping for some more at 10p. Oh well.
Yes so the discussions with EDM will only effect MAFLs interest, ascendant is set at 80% with the puts in place to guarantee that irrelevant of the outcome with EDM. So we should see some news on that front in the next 6 weeks or so. Exciting times!
Well I've been in and out of MAFL for over 7 years; buying, selling and trading peaks and troughs. IMO the current valuation is the cheapest its ever been hence i've been a buyer the last week - first time in years.
Search #MAFL on 'X' (new twitter) and you'll see a thread i've just posted which details a pretty obviously and very significant valuation disparity. Buys don't get any more obvious than this imo
Picking up on one of your points Baz - "JV is aligned but is also on a 6 fig wage"
As per the last report to June 2022 JV is on a £60k wage, thats almost 100% above from his 2021 Salary but certainly not excessive and not 6 figures? Unless you have more recent numbers somewhere?
Yes Thor Mining (THR) is a joke company.
Thor Exploration (THX) is genuinely a very solid good producer. Won’t spam this page with it (I do own HUM too) but well worth a look.
Oh dear. THX *was* loss making (i.e. FY21), they only started production in October last year what do you expect for their 2021 results haha!
They're certainly paying off a hell of a lot of debt for a 'loss making' company...
Take a look at THX (london listed) if you want to name sub $1000 AISC miners. HUM could learn ALOT from them - I hold both
I bought a chunk of those yesterday. Will look to take more if we dip much further.
I’m really very impressed by the drilling hits we’ve seen. Perfect timing with the DFS work ongoing at ascendant.
Wow some more stunning grades there in the north zone! The best yet I think at 26.3% zinc equivalent, very impressive. That's really shaping up to be quite the resource.
Thanks for sharing Nom I had missed that this morning, hopefully Jacques puts an RNS out as i'm sure alot of others will have missed it to. To be able to maintain hits of those grades is amazing. Interested to see his comments on the new emerging south east zone too.
Yep absolutely Quad, completely agree.
Well nice to have you stay bankrupty. New LTH's definitely welcome, great future here!