Member Info for zanmantate

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!

Good interview as always from Jacques adding a bit more colour to recent developments. Looks like ASND are still on track for DFS in Dec 2022 which is great news.

Due to small MCAP and tiny free float MAFL's intraday RNS's always seem to attract a load of short term traders/P&D merchants looking to grab a quick 10%. Any new LTHs are welcome, but this is a not a share for traders. Extremely illiquid (average daily volume a couple thousand quid), huge spreads circa 10% and apart from these brief spikes which happen every year or two absolutely no interest from the market despite a huge discount to NAV and strong fundamental business.

I've been in this share for circa 5 years and confident this will provide portfolio changing returns in time (2023-2025 imo). However anyone hoping for a quick bounce because of the steep discount to NAV is going to be sorely disappointed. Just my opinon.

People buy and sell shares all the time.

To think MM’s communicate to each other by putting through small trades on shares they operate in, and continue to communicate in this way despite that supposed code being widely translated and understood by non MM participants? Its laughable, doesn’t stand up to even a shred of scrutiny. I’m sure they’ve all got WhatsApp..

TheThinker - I think your conclusion is actually a reasonable one. MAFL certainly isn’t for everyone and it’s a very very slow burn. It’s not going to be too exciting to hold for the next 6 months I don’t think. So for some not buying/selling is the right decision.

However how you got to that conclusion in terms of these MM share code signals is absolute nonsense, pure fiction. If anyone bases investment decisions on that they should not be investing.

I've been a buyer recently and have observed the same thing, no idea.

As i've said a few times the year of MAFL will be 2023, with a DFS out finance will be arranged shortly after (the comment on financing from todays RNS was very interesting imo). Ascendant are planning to start construction of mine build at the end of Q1 2023, check they're latest presentation. So in a years time we'll be cashed up in the heat of a commoditty bull market and have a free carry on a mine under construction..

For some a year might sound like a long time, but for long termers (I first bought shares here around 2016) its the final hurdle in a long race. Currently a £3m mcap, in a years time at that stage would £30m mcap look out of place? I wouldnt say so.

Agreed unvrkw.

In terms of the next move/where next, I hope they sit on what they have and focus on shareholder returns. The middle of a commodities/copper bull market is no time to look for an acquisition, the time for that was 2-3 years ago. IMO focus on a paying a 20p-25p divi for the next couple years, maybe some stock buy backs and i'd be very happy. That'd push us to 400p over a year or two at these commodity prices.

Just one trade of £850 in the last 4 days of trading. Volume is literally nonexistent here.

Yep there they are - makes sense

Actually just re-read and looks like you're right Nom, I hadn't clocked that. So if we fail to get the interest off EDM we will sit at 5% ownership.. That would be a big blow indeed

"M&FI has granted Ascendant conditional options that would enable Ascendant to have a net 80% interest in the Project if the company is unsuccessful in re-acquiring EDM’s interest within a still to be determined period after the completion of the Feasibility Study."

Hopefully the below clarifies:

MAFL owns 100% of TH Crestgate
TH Crestgate Owns 75% of Redcorp
Ascendant Resources owns 25% of Redcorp
Redcorp has an 85% interest in Lagoa Salgada
EDM owns a 15% interest in Lagoa Salgada

So Ascendant Resources interest in Lagoa Salgada is through Redcorp. If Redcorp only owns 85% of the project, Ascendant Resources will own 80% of 85% of the project (assuming they meet all the payments/criteria to hit that ownership level). They will not take a full 80% ownership at the project level, EDM 15% leaving MAFL with 5%, from my understanding of the RNSs that is incorrect.

So Timmits first response is accurate. Happy to be proven wrong.

Surprised we’ve not had an RNS regarding the 330,000 options exercisable at 7.5p which expired yesterday. Well in the money so odd they have not been taken up.

Afternoon. I first bought MAFL shares over 5 years ago and have had many conversations with Jacques on your below point. This is one of the most illiquid shares ive ever seen on AIM, similar can be said about the large spread. No II interest and virtually no retail interest (hence the volume). To put it bluntly, imo from the conversations i've had thats not going to change anytime soon. Jacques isn't a natural communicator and the idea of paying hand over fist for an external marketing/promotion agency would be seen as wasteful - a point I can sympathise with.

The market doesn't care about the NAV for whatever reason, could be 15p could be 30p it wouldnt make a jot of difference to the SP. The only thing that will generate interest and hence start to move the SP is the DFS from Ascendant due end of 2022 and from that financing etc. I would switch off till then, or if thats too long then do as you say and make money elsewhere in the meantime. Opportunity cost can be a huge drawback.

I also note theres a couple hundred thousand in the money options expiring next month. Will be interesting to see if they're exercised and held. All the best.

Evening all good to see some familiar long term holders still here. Really impressive news today and lays out a decent road map for the next couple years. Good to see the north and south zone finally brought together in a PEA. 28mt with minimal exploration, Jacques reckons there’s 50mt there so plenty of upside on the LOM. Also commodity prices used are already very conservative at today’s prices, let alone prices when this comes into production.

I’ve held for 3 or 4 years now. Reckon it’ll take another 3 or 4 to fully see the benefits here. Tbh all the NAV stuff is just moving pennies around compared to the Lagoa Salgada prospect but nonetheless good to keep us busy. Ascendant are certainly moving at their own pace but they do seem to be delivering the results. DFS scheduled for the end of 2022, long wait till then so I don’t expect any fireworks here for a good year but I do think it’ll pay eventually.

All the best