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AR. Archipelago Res

57.75
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Archipelago Res LSE:AR. London Ordinary Share GB0033551721 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 57.75 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Archipelago Resources Share Discussion Threads

Showing 3201 to 3216 of 3225 messages
Chat Pages: 129  128  127  126  125  124  123  122  121  120  119  118  Older
DateSubjectAuthorDiscuss
28/12/2023
00:33
Operational Update at Argonaut’s Magino Mine

TORONTO, Ontario - (December 18, 2023) Argonaut Gold Inc. (TSX: AR) (the “Company”;,
“Argonaut Gold” or “Argonaut̶1;) is pleased to announce the Company’s flagship mine, the Magino Mine, located in Ontario Canada, is nearing gold production rates shown in its current National Instrument 43-101 Technical Report following implementation of several key technical and operational improvements.
Increased Mill Head Grade
As previously announced by Argonaut, the Magino Mine began producing gold in June of this yearand achieved commercial production effective November 1, 2023. During the early commissioning period, the Magino Mine faced challenges as it transitioned into a steady feed of higher grade ore, in-line with the Magino Technical Report. Following the implementation of improved mining practices in late October, the operations have delivered a consistent increase in feed grade to the mill, which have averaged at or above the life of mine reserve grade. The improvements at the Magino Mine include greater ore selectivity and more effective dilution control and are intended to align the operational results with the Magino Technical Report.
Technical and Operational Improvements
During November, the Company planned and executed a test campaign at the mine site using OREPro3D on a test block of high-grade ore. The software program created a test block including ore tonnes and grade, before and after blasting, that was then flitch mined and batch tested through the mill. The average estimated grade of the test block was 1.53 grams per tonne, including external dilution, while 1.50 grams per tonne was received at the mill, demonstrating that strong grade control practices are working well.
"Implementing the right technology is expected to be instrumental to our success. We believe that OREPro3D will play a pivotal role in providing precise data for blast movement," said Marc Leduc, Chief Operating Officer of Argonaut Gold. “Based on the excellent results of this test campaign, the Mine is currently installing the software and carrying out training, which should be completed by the end of the year. We are also in the process of implementing a high precision GPS fleet
management system in our 4 principle loading tools, anticipated to be completed by year end, which is also expected to further enhance grade control, mining efficiency and minimize dilution of ore delivered to the mill.”
In addition to investments in the GPS fleet management system to improve mining selectivity by enabling more precise identification of ore and waste blocks to operators, given the Magino ore body is not visually controlled, the Company is also working to improve mining productivity by optimizing the payload capacity of the current truck fleet. The Company expects these changes will result in increased haulage capacity.
While these improved mining and reconciliation results from this recent test block are based on a limited operational phase and scope, the Company expects implementation of these technical and operational enhancements will afford the Company a significantly greater ability to mine more accurately and selectively, thereby increasing the predictability of grades from the mine to the mill
on a go forward basis.
Investment in Exploration and Expansion
A portion of the Company’s recent equity offering is dedicated to sustaining an ongoing infill drill program which the Company intends to use to support resource and reserve updates, as appropriate. The results from phase one of this program are expected to be released in March of 2024, with a further report anticipated in the third quarter of 2024.
The Company has engaged Lycopodium Limited, an international engineering firm, to complete a plant optimization and expansion study towards the goal of increasing throughput. The capital cost to complete the optimization work is not expected to be material and should, if supported by the study, largely be completed by the end of 2024. The overall objective of the optimization and expansion study is to increase plant throughput to between 17,500 to 20,000 tonnes per day. The Company hopes this work will support an expansion study forming part of an updated technical
report for the Magino Mine by the end of third quarter of 2024.
“The goal is to build Magino into a 200,000 to 250,000 ounce per year gold mine. Through the year, we have strengthened our team, processes, and technology, all of which are critical tobuilding Magino into a large, low-cost, long-life gold mine,” stated Richard Young, President and Chief Executive Officer of Argonaut Gold.

About Argonaut Gold
Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company's flagship asset, Magino Mine, is expected to become Argonaut's largest and lowest cost mine. The Company is pursuing potential for re-development and additional growth at the Florida Canyon Mine in Nevada, USA.
Together, the Magino and Florida Canyon mines are the Company's cornerstone assets that will drive Argonaut through this pivotal growth stage. The Company also has two additional operating mines in Mexico, the La Colorada Mine in Sonora and the San Agustin Mine in Durango. Argonaut Gold trades on the Toronto Stock Exchange (TSX) under the ticker symbol "AR"

stu31
28/12/2023
00:25
Argonaut Gold Closes Previously Announced C$85 Million Bought Deal Public Offering

Toronto, Ontario – (December 12, 2023) Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold"or "Argonaut") is pleased to announce it has closed its previously announced public offering (the "Offering") of 223,685,000 common shares of the Company (the "Offered Shares") at a price of C$0.38per Offered Share for gross proceeds to the Company of C$85,000,300, including the exercise in full of the
underwriters' over-allotment option. The Offering was completed on a "bought deal" basis by a syndicate of underwriters co-led by Cormark Securities Inc., BMO Capital Markets and Scotia Capital Inc., and including RBC Dominion Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Paradigm Capital Inc. and Laurentian Bank Securities Inc.
The net proceeds of the Offering will be used to fund developmet and optimization of the Company's Magino and Florida Canyon mines and for general working capital purposes.

stu31
28/12/2023
00:23
864.5m+224m shares in issue. (10/23) m FD. Market Cap C$389m (£229m) at 45c
Cash C$45m+85m Debt C$230m+C$58m debenture (9/23) 43% GMT + Libra + Franco Nevada
Hedge 2023-7 375k@$1834 Placing 38c

website:

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company's newest gold mine, Magino is expected to become Argonaut's largest and lowest cost mine. Commercial production at Magino is the first step in transforming the Company as it enters a pivotal growth stage. The Company also has three additional operating mines including the Florida Canyon mine in Nevada, USA, where it is pursuing potential for redevelopment and additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico.

Since its 2009 inception, Argonaut’s Mexico operations have been the cornerstone of production. Going forward, majority of gold production will come from the Company’s operations in Canada and the U.S. as it enters a new stage of growth centered on free cash flow.

In addition, the Company has several exploration projects in North America, including the advanced-stage Cerro del Gallo project.

Magino & Florida Canyon have 5.7 Moz of Measured & Indicated Resources and 3.0 Moz of Inferred Resources* and growing
Majority of production to come from these two operations going forward
MAGINO MINE 2024E First Full Year Production: 148,000GEOs Cash Cost/oz:$868

stu31
19/8/2020
08:00
From the main EML thread ref: IG Index / share dealing



sportbilly197619 Aug '20 - 08:48 - 3045 of 3048

1airbag,

have a look at IG - £3 comm per trade and never had an issue in executing one

edit - so long as youre not using a Mac, they have a Level 2 download too for iirc around £7 a month

cpap man19 Aug '20 - 08:51 - 3046 of 3048

And if you have a Mac?

sportbilly197619 Aug '20 - 08:57 - 3048 of 3048

cpap,

hxxps://www.ig.com/uk/help-and-support/platforms/l2-dealer/can-i-use-l2-dealer-on-mac


'fraid not

cpap man
30/4/2020
14:06
Star fund manager Terry Smith has warned income investors reeling from huge dividend cuts amid the coronavirus crisis that worst is to come.

Shell (RDSB) has delivered the latest and most significant blow to UK income investors in cutting its dividend for the first time since World War Two.

Financial administration company Link has forecast that dividends from the UK stock market could halve this year as company revenues have plunged, with large portions of the global economy grinding to a halt under lockdowns imposed to contain the spread of the coronavirus pandemic. Banks have cancelled payouts under pressure from the Bank of England, which has praised the ‘prudent decision’ by a number of insurers to shelve payouts.

Writing in the Financial Times, Citywire AAA-rated fund manager Smith said the dividend cover among the FTSE 100’s biggest dividend payers suggested income investors were set for more pain.

‘I suspect that the really bad news for equity income investors is yet to surface,’ he said, pointing to dividend cover of an average of 1.3 times for the 20 highest yielding UK blue-chip stocks in mid-April, and 1.1 times for the 20 biggest dividend payers in absolute terms.

‘Over time, dividend cover for most businesses cannot be sustained at 1.1-1.3 times, as most of them need retained earnings in order to grow,’ he said.

‘I would suspect that the boards of companies which have passed the dividend will indeed not be allowing a good crisis to go to waste and will return with a much smaller and more sustainable dividend which will mean lower yields for equity income investing.’

Smith, manager of the £16.7bn Fundsmith Equity fund, is a longstanding critic of income investing, and renewed his attack on UK equity income funds.

He said fund manager trade body the Investment Association’s decision to suspend the yield requirements on funds in its UK Equity Income sector was ‘bad news for equity income investors’.

‘It’s not as if these requirements were exactly stringent to begin with,’ he added. Funds in the sector are normally required to provide 90% of the income of the FTSE All-Share over 12 months and yield more than the index over rolling three-year periods.

‘I have long said that no-one should invest in equities for income,’ he said. ‘If you had invested in the UK Equity Income sector over the past five years, you would on average have lost nearly 1.3% a year.’

Smith is an advocate of total return investing, arguing those who require income should sell some of their holdings, rather than rely on dividend payments, to provide it.

‘However, I realise that for many investors, the idea of realising part of their capital to provide income is anathema,’ he said.

‘If you insist on investing in for dividend income, consider investing alongside a family which founded and has control of a public company. Out of the 47 stocks in the Stoxx Europe 600 that are ‘‘family influenced’217;, only three have cancelled or postponed dividends.

‘Investing alongside them can help to preserve your income too, and in this market environment you may get some attractive opportunities to do so.’

cpap man
30/4/2020
14:04
De-listing risk

In the small caps world, we always have to be wary of the smallest companies, as they sometimes (often without warning) announce their intention to leave the stock market and become private companies (known as de-listing).

This usually does instant, and major (typically about -50%) damage to the share price. For this reason, it's vital to avoid buying micro/small cap shares where there's a risk of de-listing.

Off the top of my head, these are the main reasons (hence risk) of a micro cap de-listing;

Running out of cash, and no appetite from the market to provide fresh equity funding

Story stock that has gone stale - i.e. everyone's heard the story, and it's never worked, so impossible to get even gullible investors to back it again

Little to no liquidity in the shares - hence there's no point in being listed

Costs - often linked with the other points above - all the various costs of a listing can mount up to £100-200k, even for the smallest companies - e.g. broker/NOMAD, listing fees, PR, NEDs that probably wouldn't be employed at a private company, regulatory burden, wasted mgt time, etc. If there is no discernible benefit from being listed, then why continue with it?

It's worth checking our existing holdings, to see if any micro cap holdings display those traits. Covid-19 & the recession it's triggering, could well accelerate the de-listings of some micro caps. Hence why I mention it - this is an increased risk that could us money.

cpap man
19/10/2017
06:00
10 top income stocks for risk averse dividend investors - Stockopedia and Ben Hobson | 18th October 2017



Big companies with high dividend yields are naturally popular with income-focused investors. But they don't always turn out to be the safe, reliable investments that their owners had hoped for.

This year we've seen dividend cuts at some of the market's highest yielding stocks, including TalkTalk (TALK), Carillion (CLLN), Admiral (ADM) and Provident Financial (PFG). These companies saw their share prices savaged after slashing their payout, landing a double hit for their weary shareholders.

On these occasions, share prices and dividend payouts recover at very different and unpredictable rates, and some don't recover at all. It shows just how important it is to try and avoid the risk of a dreaded high yield trap - but how?

One answer is to take inspiration from a successful approach used by a handful of investment firms, such as Societe Generale, Fidelity and Investec. It's called Quality Income, and as the name suggests it zeroes in on high yields in good quality stocks.

What does financial quality look like?

The simple idea behind Quality Income is that financially strong firms don't often have to slash their dividend payouts. For Investec, for example, 'economic moats' are the definition of quality. Their strategy looks for above average yields in firms that are growing their dividends and have sustainable businesses protected by competitive advantages.

By comparison, Fidelity's Quality Income approach ranks high yield firms according to a string of measures that focus on cash flow, profitability and low debt. Again, they target firms with a record of growing dividends that are well covered by earnings.

Finally, Societe Generale, which was an architect of Quality Income strategies, looks for high (but not excessive) yields in firms with strong balance sheet health and low bankruptcy risk. It's a strategy that has worked impressively well since it was launched as an index in 2012.

A focus on dividend quality

For individual investors, there is a lot that can be learned from these approaches. A strategy tracked by Stockopedia that models Quality Income rules has managed a 14% return over the past year - not including dividends, which would have pushed the performance higher.

Put simply, the strategy looks for stocks with a yield of more than 4% (but less than 15%) in companies with a minimum market cap of £800 million. Each firm should pass at least seven of the nine checks in the Piotroski F-Score (I looked closely at this checklist in a recent article for Interactive Investor).

The F-Score looks for improving trends in a company's profitability, debt, liquidity, share dilution and operating efficiency. The strategy also checks for any risk that a company might go bust by using another accounting checklist called the Altman Z-Score. Financial stocks are excluded from the results.

To get a broader view of each company's quality, I've also included Stockopedia's Quality Rank. This scores and ranks each company against a range of 'quality' measures and brings them together in a single number - the higher the better.

Name Mkt Cap £m Forecast Yield % Piotroski F-Score (financial strength from 1-9) Quality Rank Sector
Stagecoach 922.5 7.5 7 67 Industrials
Taylor Wimpey 6,622 7.3 8 97 Consumer Cyclicals
Centrica 9,765 7.1 7 59 Utilities
SSE 14,198 6.9 7 65 Utilities
Royal Mail 3,874 6.3 8 90 Industrials
Barratt Developments 6,879 6.1 7 86 Consumer Cyclicals
BP 97,213 6 7 62 Energy
Dixons Carphone 2,168 5.7 7 69 Consumer Cyclicals
Marks and Spencer 5,700 5.4 7 82 Consumer Cyclicals
Rio Tinto 65,961 4.7 7 80 Basic Materials

This strategy picks up a broad range of stocks on forecast yields for the next financial year of more than 4.7%. As demanded by the rules, these firms all have strong balance sheet health trends, as measured by the Piotroski F-Score. And for the most part they also have decent Quality Rank scores.

While the strategy pairs high yield and high quality, it still manages to pick up some of the most popular names among income investors. Topping the list with yields of more than 7% are the transport group Stagecoach (SGC), housebuilder Taylor Wimpey (TW.) and the energy giant Centrica (CNA). The rest are all big-name dividend shares ranging from SSE (SSE), BP (BP.) and Rio Tinto (RIO) to Royal Mail (RMG), Dixons Carphone (DC.) and Marks & Spencer (MKS).

Comfort for risk averse investors

There has been a string of dividend cuts among high profile, high yield stocks this year. Usually these have coincided with reports of poor financial performance. Put together, these events have left investors nursing the pain of reduced dividend payouts and tumbling share prices.

While it's impossible to fully isolate a portfolio from the misery of a dividend cut, there are strategies that can offer some protection. Quality Income brings together above-average yields with robust financial quality to shine a spotlight on companies that are less likely to hit trouble. For risk-averse dividend investors, it's a strategy that could offer some extra comfort.

cpap man
21/1/2015
11:00
Dear IPA Friend

Welcome to today's email. We've had lots and lots of emails lately about a story from Spain suggesting the tax authorities are targeting Brits who have bought properties there. Not quite the case, as Peter Esders at the Judicare Group tells us...

There seems to be quite a lot of talk and interest in relation to extra unexpected taxes paid on the purchase of property in Spain. This appears to be coming from one couple who seem to be aggrieved at paying the extra tax demand imposed by the tax authorities in Spain. Certainly reading through the comments on various forums there are lots of people getting worked up about this and who believe that this is a case of the Spanish tax authorities targeting Brits and that this is another example of unfair practices that happen in Spain. It is very easy to sensationalise such a story so it is probably sensible to look at what the actual situation is and why it occurs.

The ‘problem’; is that when some people bought properties in Spain they have been presented by a supplemental tax assessment for the Spanish equivalent of stamp duty. The tax authorities actually have the legal right to do this in cases where they believe it is appropriate and have four years in which to make such a claim.

In order to understand why some people are receiving supplemental assessments by the tax authorities in Spain on properties that they have already bought it is important to understand four different points that come together to create this issue;

One, when you buy a property in Spain you pay a transfer tax on the purchase. This is roughly equivalent to the stamp duty in the UK. The tax is based on the value of the property as a percentage. The tax is based on the higher of one of three values;

The value that the parties declare the transaction value to be (i.e. the value declared in the title deeds).

The Valor Catastral (Rateable Value). This is reassessed every so many years just like it is in the UK.

The value that the tax authorities believe the transaction to actually be.

In fact, although this issue is being discussed in relation to a purchase of property it can also happen in other circumstances such as an inheritance.

This method of calculating the tax has been in place for many years (I have been dealing with Spanish Law for over 20 years now and it has been the case well before then).

Two, in the past there has been a history of under declarations in Spain. This is where both the buyer and seller lie to the authorities as to how much the property was sold for. The amount that they wish to state that the property is worth (and therefore pay tax on) is declared in the title deeds and then the balance between that and the actual sales price was paid in cash and not declared to anybody.

The ‘advantageR17; of this was that both the buyer and the seller paid less tax on the transaction. Of course this was always illegal (it is tax evasion) but as it is a civil offence in most cases rather than a criminal offence most people over the years took the risk. It is amazing how Brits who would never think about doing something like that in the UK quickly adopted the culture in Spain (and other countries) when it came to this practice.

When I started dealing with Spain, people wishing to declare less than half the actual transaction cost and pay the rest in cash under the table was not unheard of. Over the years the amount being declared increased and now this habit has, thankfully, pretty much disappeared. The tax authorities in Spain are not stupid and have always known that this happens – after all, they themselves buy and sell properties and have probably done the same thing themselves.

Three, property prices in Spain have come down significantly over the last few years. There are some real bargains out there. In some cases the market value is less than the rateable value of the property. In addition to this because the market is still not particularly active it is difficult to accurately assess how much a property is worth. In the past you could normally see that a similar property had sold in the area recently for €X but now that is often not possible.

Four, the tax authorities in Spain need money. In the past, the amount that you could get away with declaring was anything above the rateable value as the authorities effectively turned a blind eye (or didn’t have the resources) to investigate what the true value was. With the economy in Spain suffering and many regional tax authorities struggling for money they have started to look at the black economy and tax evasion as a way of bringing in more tax euros.

If you put all of these four points together, you can get a situation where the sceptical tax authorities looking to make money look at a transaction and don’t believe how much was being declared in the title deeds. This could be because an under-declaration was made in the title deeds. It could be because the buyers got a genuine bargain. It could be because the authorities don’t know what the property is actually worth.

Whatever the reason you must remember that the tax that needs to be paid is based on the higher of the three things outlined above. Therefore, just because you declared the full price and that amount is higher than the rateable value doesn’t mean that the authorities won’t question the value.

Bottom line? No, the tax authorities are not targeting the Brits when it comes to this, they are also targeting other nationalities and the Spanish themselves.

Having read some of the forums and posts from the public to some of the articles about this subject in the press you would be forgiven in thinking that this is a particularly Spanish situation. It isn’t. It happens in many countries. In fact I have seen similar things happen in the UK – after all the authorities here can also query the value of a transaction (how many times have you read about somebody trying to dispose of an asset to a family member or to a company at an under value in order to save tax or the authorities revaluing the value of an estate in an inheritance.)

So you can now see how and why the tax authorities in Spain can query the declared value on a transaction. So what can be done about it? Well, there are several things that you can do to avoid this situation;

One, declare the actual purchase price in the title deeds. Do not under declare. It has always been illegal. It has always been a bad idea anyway as it creates an artificial capital gains tax unless you can sell at a similar under-declaration

Keep all of the paperwork including;

The advert for the property at the estate agent

Details of other similar properties for sale at the time and their prices

Copies of correspondence where you negotiate the price (what do you mean that you did all of this verbally and have no record?)

Copy of the contract and contract negotiations

Details of arranging payment

If the price is paid by bankers draft, a copy of that

Anything else where you have details of the price and how it was paid

Using that information it is possible to appeal against the value that the tax authorities assess as the value. This is possible. It is not easy and isn’t guaranteed to work, but is possible – I know, I have done it.

Prior to signing the title deed speak to the tax authorities about the declared price. The tax authorities in Spain are surprisingly helpful when it comes to the question of declared prices. If in doubt, speak to them about what should be declared.

Thank you, Peter. Excellent information and advice, as always. All for now, see you again tomorrow.

With Best Wishes

Iain

Iain Maitland
Editor, International Property Alerts

liquid millionaire
29/12/2014
16:45
North Korea hacks Fifa, awards itself World Cup, brands Sepp Blatter 'scary dictator'
liquid millionaire
29/8/2014
20:50
FT 28/08/2014

Sanctions add fresh urgency to Petropavlovsk refinancing
By James Wilson, Mining Correspondent Author alerts

Escalating fears over the potential impact of sanctions on Russia are adding to the problems facing Petropavlovsk as the gold miner races to refinance its debt.
The UK-listed miner of Russian gold acknowledged it was in a volatile situation because of the tension between Ukraine and Russia, with sanctions imposed by the west against banks including VTB and Sberbank, two of its senior lenders, that could limit their access to capital.


Petropavlovsk needs to reach agreement with its senior lenders to avoid breaching banking covenants by the end of the year. It also needs to refinance $310m of convertible bonds due early in 2015, and its shares have dropped sharply.
Senior lenders remained “steadfast in their commitment to the group”, Petropavlovsk said. It said they were willing to relax covenants, as was Industrial and Commercial Bank of China, which benefits from a guarantee that Petropavlovsk has given over project debt at IRC, an iron ore subsidiary.
Peter Hambro, chairman, called talks with bondholders “laboriousR21; but said there had been “meaningful dialogue .R01;. . I think we are in a position where in the near future we are going to make a material move forward.”
Delays over completing a deal to cut its IRC stake are another problem facing Petropavlovsk. Two Chinese groups, General Nice and Minmetals, have yet to complete the remaining instalment of a $238m subscription for IRC shares, announced last year, that would cut Petropavlovsk’s exposure to IRC.
Mr Hambro said the Chinese groups had a “strong desire to complete” the deal, but were being hampered by credit conditions in China. “It is a contract .R01;. . I am confident it will complete,” he said.
If the deal fails to complete as planned then Petropavlovsk may have to change the way it accounts for its IRC stake, increasing its exposure to the iron ore price – which has dropped sharply this year – and raising its net debt considerably.
Reporting interim financial results, Petropavlovsk said it cut net debt to $924m at the end of June and expected to reduce it to $850m at the end of the year after cutting mining costs.
Revenues for the six months to the end of June fell 10 per cent to $453m in spite of a 4 per cent increase in gold produced. Petropavlovsk swung to a pre-tax profit of $8.3m, compared with a $615m loss last year, but impairments at IRC pushed the group loss to $95m, compared with $742m a year ago.
The miner expanded its resources and reserves and said it had enough ore for operations for the next five years at current output rates. Operating results were “decent”, analysts at Citi said.
Shares fell more than 3 per cent to 35.5p in early afternoon trading in London.

liquid millionaire
28/8/2014
13:50
POG



grbaker 28 Aug'14 - 11:12 - 33641 of 33662 5 0

There's going to be a recording of the Webcast which you can listen
to a later date: it's well worth a listen!

I'll post the link as soon as I can...

A few key/interesting points from the presentation:

1. They have 3 Million oz. of Non-Refractory Ore, which can be
processed by their existing plants (without the need for the POX
plant) - this represents about 5 years of production at the current
rates of 625,000 a year

2. They also have currently identified 4.9 million ounces of
Refractory Ore - this is about 7 years worth of production for the
POX plant.

3. The Pox plant will take 1 year to start up... so they can safely
put it on hold for 4 years at least.

4. They are finding new ore AT A HIGHER GRADE as fast as they are
depleting it from production

5. Total Cash Costs for H1 2014 were $853

6. Record H1 2014 production of 306,000 oz.

7. 60% of their Gold is produced in the second half of the
year.

[N.B. Seems to me they could easily beat their forecast, if they
can keep up the current rate of production in H2!]

8. They believe that the delay in General Nice completing the IRC
deal is due to the current lack of liquidity (credit) available in
China and that General Nice do intend to complete when they
can.

9. Mr Hambro also said that there was a 'contractual commitment'
and 'a guarantee' that they will complete.

10. None of the analysts put the boot in

11. According to my notes there were no questions from:

Bank of America Merrill Lynch
Citi
Goldman Sachs
HSBC
J.P. Morgan Cazenove

12. Only Maurice Mason from Peel Hunt asked a potentially sensitive
question, related to the Convertible Bond Negotiations, which Mr
Hambro declined to answer...

Mr Mason asked what level of debt POG was confident of repaying in
2015, assuming there were some holdouts who refused to
refinance.

Mr Hambro basically replied that this was a 'good question', but
that to answer it would lead the Company to become 'a hostage to
fortune'.

13. Mr Hambro also said that contacting the Bond Holders was a
moving target, with people they have already contacted saying that
they have now sold when next contacted...

...sounded to me like they were making progress but some of the
Bondholders are actively trading the Bonds and that this is holding
up the process a little.

14. Paperwork on relaxing the Covenants is underway with one out of
the three banks (but they did not say which one): this is very good
news as it likely means that the risks of a covenant breach are at
this point reduced.

GLA,

GRB

P.S. I am also in the process of updating the header and will post
it as soon as I can.

Stoopid 28 Aug'14 - 11:13 - 33642 of 33662 0 0

Katsy Lol ;-D damn I hope you are wrong........

I hope crimex defaults before we go bust ;-D

grbaker 28 Aug'14 - 11:14 - 33643 of 33662 2 0

You can listen to the Webcast and see the presentation here;

hxxp://microsites.streamuk.com/petropavlovsk2/default.aspx?wid=4969ae3


Stoopid 28 Aug'14 - 11:32 - 33644 of 33662 0 0

Ta GRB for the more comprehensive recap :-D I appreciate all you
do
on here as im sure do others.

I thought they said that all the covenants were being
renegotiated
and the legal documentation was being prepared? I stand
corrected.
But I suspect the others will probably follow suit and as a
result
it means a covenant breach is now unlikely.

Im surprised that the update has not had more of an impact on the
SP. But hey this is POG.

grbaker 28 Aug'14 - 12:24 - 33645 of 33662 1 0

They did say that... although Mr Hambro, I think it was, confirmed,
when a PI asked a question (Alex Wright I believe), that actual
paperwork [i.e. done deal IMHO] was underway with one out of the
three lenders...

We know from this document http://www.petropavlovsk.net/images/stories/Presentations/140703_financial_operating_review.pdf
(see page 22) that there are three key Russian Banks whom I assume
Mr Hambro was referring to (I have also included what POG has
borrowed from them below):

Alfabank / $115 million
Sberbank / $479 million
VTB / $225 million

The question is which one has agreed!

We also know that Alfabank (from the same document) is largely paid
off and so is probably not an issue...

...that leave Sberbank and VTB. Let's hope it's Sberbank...

It's very good news either way!

liquid millionaire
08/11/2013
16:48
am i missing something?
is it too late to accept the offer? if not, surely buying at sub 58 is an easy arbitrage?

lfc4ever
15/10/2013
14:31
does anyone understand the timing/ procedure for acceptance.

i have had a request for instructions from HL, but nothing from TD and IG.

lfc4ever
02/10/2013
13:03
Well after much deliberation I have decided where I am putting my ill-gotten gains - Anglo Asian Mining (AAZ). Should seem attractive to those invested here I would think.

hxxp://ironstorminvesting.blogspot.co.uk/

ironstorm
01/10/2013
06:18
one would imagine that the jitters in the US will be bad for equities, good for gold and thus good for ar. And thus good for us. Oh- hold on a moment...
lfc4ever
27/9/2013
12:32
I already hold AAZ, so I have bought some more this morning with the cash due from AR. Wish me luck. GLA
contrarian2investor
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