Share Name Share Symbol Market Type Share ISIN Share Description
Braemore Res LSE:BRR London Ordinary Share GB00B06GJQ01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2.10p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 3.6 -7.4 -0.9 - 16.58

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26/11/201009:18any nws29
15/1/201013:42Braemore Resources - Nickel on the Cheap19,747

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Braemore Res Daily Update: Braemore Res is listed in the Mining sector of the London Stock Exchange with ticker BRR. The last closing price for Braemore Res was 2.10p.
Braemore Res has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 789,333,036 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Braemore Res is £16,575,993.76.
masurenguy: wdurham - 23 Sep'09 - 19644: So without Jubilee and a bit of Northern common sense and business acuity from Colin Bird, Braemore would have gone to the wall many weeks ago, and shareholders would have lost everything. A very different song, with the benefit of hindsight, than you were consistently singing just a few months ago. wdurham - 14 Apr'09 - 16692: You will realise just how pointless it is if you understand that progress has been continuous and encouraging all the while the share price was sliding. The only bits of bad news in the last 2-3 years have been in the last 3-4 weeks - increased losses and the smelter incident. Subsequent to which the share price has doubled. Perhaps we should beg the Braemore directors for some more bad news? wdurham - 21 May'09 - 17102: I think there comes a time in every company's history where you just have to place a level of faith in the company's ability to assess the market, assess their projects, and adapt to the company's benefit when circumstances change. wdurham - 22 May'09 - 17148: As for a takeover, ask yourself what Atomaer might feel they would be willing to accept for 10 years of sheer hard graft in WA and several years with Conroast in SA.....the "right" price would have to be very, VERY right! wdurham - 28 May'09 - 17212: IMO, the likelihood of a takeover of Braemore in the near future is zero, unless the price is very right. i.e. a very large multiple of the current share price. Maybe a little humility would be more appropriate as a change from just frequently calling many of the other posters 'stupid'
robin_of_loxley: I think its not necessarily that BRR had much choice. The choice that could be exercised was that shareholders could have chosen to sell BRR a long time ago seeing the writing was on the wall in this climate. I dont think there has been that much question about it really since around spring of 2008 and what has happened since then? price has fallen inexorably. The view I think from a sensible uninvested perspective at that stage would have been that brr's technology has great potential, but the potential for many a funding slip twixt cup and lip mean that it should be watched from the sidelines for a while. Seems to me the reason that the intelligent bulls who abound on here were not saying this, is that they were heavily invested (in whatever way) in the potential, and didnt want share price to go down. After all, reason BRR was on AIM was to raise finance, and a share price that had been kicked to death wasnt likely to help that. Reminds me of the classic graph of the share price of a mine from discovery to development and production. OK BRR were not mining, but once the excitement over the proof of the technology had given its nice upward blip in the share price the massive funding required just drove the share price down in the same way that a mining company typically falls in SP The situation has of course been made worse by the credit crunch, which has kept the share price on the ground. I still think the BRR technology has potential. I may look at JLP and try and understand a little better at what stage JLP is in the process, and how funding and timing will effect its share price I havent held BRR for a long while, and now the game is changing, its probably time to consider it again with fresh eyes. But richgit, have some sensitivity to the holders here who bought in much higher, of course they are not going to be loving the current situation (other than those long term big bulls that still seem to be sounding very institutional and grateful for what has been dished out). If you had heard how many times a certain person had been saying that the future for the technology was in BRR, the ownership structure would protect shareholders, how cash generative the business was going to be from the leaching etc would understand why some folk who became heavily invested on the rise and kept averaging down as it fell are hacked off. Trying to say that Judijudi is a shorter was really silly, shows you know nowt of what has gone on here, every time judijudi has been offered more brr rope, he's said thank you and paid for it (no disrespect judijudi) Sometimes folk are justifiably p*ssed off when the scales finally fall from their eyes, and this is one such moment for Judijudi, but to be fair they have been slipping for a little while now. This is just the icing on the cake. no advice intended RoL >>>>>>-------------------> PS Hi dafrog, cheers
robin_of_loxley: Judi, You have my sympathy You will remember the debates I had with Wendy a long while back, I completely disagreed with her. I did suggest to you that I felt, for me at least, BRR was looking extremely unattractive while the funding issues remained, and in the climate that was unfolding. I did shut up and leave you to it pretty much after making my view clear. IMO the wonderful technology is worth jack all if they need funding, and massive dilution means the everyone knows the shareprice will have to take a hit, just a matter of time. (Of course they need funding, havent I always told you they need funding everyone know this I can hear some people starting to say...but despite what everyone knows, what MATTERS is what drives the price, over the timesacle that is relevant to holders on this thread - and despite what some would have had you believe ahead of time, I think the movements over the last couple of years have been significant to most long term holders) Until BRR financial position was secure I saw no point in buying back into this, it would stagnate, or drop, or have false rallies (IMO). For a while I had given the bulls on here the benefit of the doubt, adopted their mindset, but it became obvious to me that the bullish well informed opinions on here sounded no different to what I would expect board members or other significantly invested self interested parties to be saying to prop up confidence. When the confidence was found to be sorely misplaced and the share price starting dropping like a stone (from what 20p?), completely against the balance of opinion, it should have been clear to all of us the bullish opinions on the long term potential had pretty limited bearing on the short to medium term worth of BRR. I also lost personally lost confidence in BRR management at that time. IMO too many people have said what they wanted themselves and others to believe, tried to shift the focus to the long term, when in reality the long term potential was decoupled from the share price because of the massive funding requirements. I also remember disagreeing on the protective value of the ownership structure to shareholders. I agree it means that Atomaer interests may be protected but I did not consider that the interests of Atomaer and BRR shareholders would necessarily always be congruent. I felt it would provide no protection for BRR shareholders if the BRR price share price got hammered, then BRR as a vehicle would outlive its usefulness, existing as it does to be able to raise money to finance the big projects. As such, I felt by the time the South African listing was established, that the AIM listing was in effect, IMO, a busted flush. I anticipated the dilution at the low price, when others were saying management wouldnt allow it to happen. And even then I said the additional remaining funding shortfall would still dominate events, and more finance would need to be raised in the short term And as for richgit, well, it seems his interests lie with JLP and its share price from the direction of his opinions. Hardly surprising he wants BRR shareholders to suck in the pain and fall in behind the JLP banner like quiet, pliable, and supplicant shareholders. Is it just me, or do I seem to be hearing voices chiming with what I could imagine could be the views of 2 different board rooms echoing across this thread .... be happy little people for you are meek, and believe it when we say that in the long term you shall inherit the earth..... yes, I know we've told you that before, but you need to believe it, and so you shall believe it, the alternative is too distressing for you to contemplate.... It doesnt surprise me at all that the self appointed thread gurus seem to be telling everyone that they should still, despite all that has happened since the fall from 20p, consider themselves lucky.... and what a marvellous opportunity this still is.... Im sure they are their own views, but listening to the content, it may just as well be an advertorial... Its not a good thing when professional or amateur analysts get too deep into their own picks, get too cosy, perspective is lost. There was plenty of discussion of technical detail, but a deliberate (IMO) desire to steer people away from the reality of situation, the big picture of what was going to drive the short to medium term share price. Why, because no one could afford that view to dominate. When in reality, the smart money made that view tell on the share price whatever the prevailing opinion on the thread may have been. It may be that JLP provides good value to someone buying now, I havent seriously considered it yet. My gut instinct is again to be cautious for now. no advice intended, RoL >>>>>------------------------->
aaspell: 1 JLP share for every 15.8 BRR by end of year. Current JLP price rates BRR shares at about 2.5p - the further JLP falls the less your BRR shares are worth !! The opposite would be true if JLP ticked up to 63p valuing BRR shares at 4p. As neither us not JLP seem to happy with deal, JLP has no cash either but are confident of being able to raise funding (just like BRR were). JLP rose on talks of takeover with most appearing to think they were about to get taken out by a major (or even Ruukki)same as we thought at BRR. When it transpired that the talks were JLP taking over BRR both sides PI's appear to initially think its a bum deal. So now BRR price drops to reflect offer at a discount, further drop on selling out, and further drops to reflect it's linked to JLP and their price is dropping too. On the flip side JLP appears to be dropping as PI's sell out thinking there will be massive dillution as JLP need to now raised funding to move forward BRR projects. Tittle tattle talk that someone else may bid for BRR similar talk on JLP that major may bid for JLP once it has BRR. Nothing solid anywhere until further info is released by either party.
the poet: Let me get this straight, just say you have 200,000 shares in BRR.L, JLP.L are offering 1 new share in JLP for every 15.818 BRR.L shares. 200,000/15.818=12643.82 Shares in JLP 12643.82*0.44(Share Price of JLP)=£5563.28 Now if you sold BRR.L now at 0.032 and bought in JLP 200,000*0.032=£6400-£14.95=£6385.05 £6385.05-£14.95=£6370.1 £6370.1/0.45=14155.77 Shares in JLP 14155.77-12643.82=1511.95 (GAIN on condition that JLP does'nt fall in the mean time) In addition, Jubilee has undertaken to fund the operating costs of Braemore whilst the Scheme is being implemented (up to a cumulative maximum of R7 million on a drawdown basis) 7000000 = £541548.3641 1 ZAR = 0.0774 GBP 1 GBP = 12.9259 ZAR and to settle some of Braemore's current liabilities (up to a cumulative maximum of R25 million on a drawdown basis). 25000000 = £1934670.0614 £1934670.0614+£541548.3641=£2,476,218.42 Jubilee recognises that Braemore also has an outstanding commitment of approximately R18 million payable to Mintek by 30 September 2009, which amount will be paid by Jubilee on behalf of Braemore, subject to the fundraising referred to in paragraph 7 below. 18000000 = £1,393,059.4682 £1,393,059+£2,476,218.42=£3,869277.42 Braemore Resources Trading Statement 24 March 2009 Specific events that contributed to the increased expenditure and losses include: This contract has been concluded and replaced by new contracts from both Anglo Platinum Limited ("Anglo Platinum") and Northam Platinum Limited ("Northam"). The new contracts in place are cash positive, with significantly reduced price exposure. Current contracts with Anglo Platinum and Northam are cash positive. Braemore has also advanced the restructuring of the Company to realise a significant reduction in overhead costs which will flow through into the next reporting period. The cash position of the Company as at the end of the period was GBP 2.54 million. At the end of February the Company's cash balances were approximately GBP1.6 million with PGM alloy in-stock valued at GBP4.1 million. Braemore Resources Interim Results 31 March 2009 Leon Coetzer, Chief Executive Officer and Managing Director of Braemore Resources commented: "In a difficult global market with share prices and metal prices retracting sharply, the Company is pleased to be able to report strong progress on several fronts. Then the first sign of trouble in the following Operational Update Operational Update (Braemore Resources) 19 May 2009 Braemore Resources Plc ("Braemore" or "the Company") Operational Update Braemore Resources (AIM: BRR; JSE: BRE), together with its technology partner Mintek, has achieved the stated research and development programme objective of developing a proven, industry-leading technology for the smelting of high chrome Platinum Group Metals ('PGM') concentrates. Braemore is now at the point in its business strategy, which will allow the company to transform from a technology development company into a commercially viable entity on the back of its technology. The conclusion of the research into the PGM refining process, to complement the ConRoast smelting process, will enhance the commercial strength of the smelting process and is the final stage required to complete the research and development phase of the company. The company has also undertaken to restructure the demonstration smelting facility in response to current metal prices and a strengthening South African Rand ("Rand".). The company has experienced working cost increases in US Dollar ("Dollar") terms of some 12.5% within an eight week period whilst Dollar metal prices have remained static. This has put significant pressure on the company's working capital as it accelerated the conclusion of its research and development programme. The restructuring of the demonstration facility is targeted towards significant reductions in operating costs and reviewing the process units to better align with the proposed refining process. The process restructuring will be undertaken as swiftly as possible to minimise interruption to production at the demonstration unit. The refining process, once implemented, will increase the margins of the process to ensure strong commercial viability even at times of a strong Rand and low metal prices. The company has entered into discussions with various parties to support the financing of the commercialisation strategy both for the development capital to build a next stage ConRoast facility with refining capability as well as addressing the Company's short term working capital needs. In addition the company is well advanced in forming joint ventures with existing and near-term producers of PGMs to secure feed material for a fully commercial smelting and refining facility. Leon Coetzer, Chief Executive Officer, stated that Braemore is fulfilling its potential. "We have steadily met our targets and we are poised for expansion. Funding the commercialisation of ConRoast and refining process is key, and we believe that the success of the development work done to date with the demonstration smelter showcases our ability to address the financing, smelting and refining challenges within the platinum industry." They then did the following presentation one week after the above operational update May Bacfund Presentation Slide 2 About us • PGM and nickel sulphide production-focused company with access to proprietary technologies • Located in two key mining regions • Processing capability augmented by key processing agreements • Early revenue through demonstration plant, debt free, gearing capability • Chairman, Dr Mathews Phosa; CEO, Leon Coetzer where to paraphrase Best Asset Class AG - Mr Bernard Loriol - CEO said in his June report, that as far as he could tell no company in the portfolio was in dire straights. Well, Braemore were and lied about it, to one of their main shareholders. So, was Bernard Loriol lying to his investors as well. The company provides its investors with returns above those of traditional investments. OUR PHILOSOPHY - A visionary concept - A range of exclusive products - A transparent management BAC works with well-established financial institutions to ensure high quality products for professional investors: pension funds, insurance companies, family offices, independent asset managers and banks. He couldn't even tell that Braemore were in dire need where they had to accept this deal or be forced into liquidation as reported earlier in an email from the company. To summarise my point Braemore have lied, from the start. They have been deceitful and still are being deceitful. They are disingenuous in giving presentations in which they quote that they are debt free, which we all know now is a lie, so much so that JLP have to pay their liabilities to the tune of £3,869277.42.
richgit: My Final post. Markets are indeed cruel especially when as I said-some would undeniably elect to make their Money from the profits of forcing a Company into liquidation. There has obviously been no real support for BRR`s share price,other than when rumours were circulated about an offer. Thats the cruelty of the Market and BRR was obviously in a position where it was often far easier to sell the stock down than any genuine support to the upside. The fact that rumours circulated about a bid was surely testament to the fact that BRR has been in a weak position,and I doubt that can be classed as Management misleading its shareholders,when it is/was confirmation they were seen as truly vulnerable. Final point. Why do so many of you continue to say BRR Management has sold you out for a pittance,when in fact you havent been simplistically sold. You all get shares in JLP/BRR so if you believe the future is bright you havent been "SOLD" for a pittance,the fact is you may yet be thanking the Management that is being so blackened. There will be many that have had ample opportunity to buy BRR stock at 2p that would have welcomed an outright,no frills,bid of 4p cash. Just how much did anyone think a bidder was going to offer for a stock that has so often lingered at 2p? If you havent sold at a loss maybe its time to start hoping that in fact this incredible Technology you believed in proves its worth now it has the chance to do so. Not only do BRR shareholders still have their stake in BRR`s potential,you are getting a stake in $xBillion of PGM`s that JLP has at its feet. Bla bla
wdurham: j-j, If you have a problem with my straightforward and factual posting style, then I respectfully suggest that it's your problem, not mine. The pure and simple fact is that you have sat on this BB for the last 18 months or so moaning and groaning nearly every day because the share price isn't behaving as you want. You moan and groan about bad management on a regular basis because the share price isn't behaving as you want. You moan and groan about the strategy because the share price isn't behaving as you want. You even castigate the management for issuing statements that are required by the regulatory regimes under which they operate because the share price isn't behaving as you want. The share price isn't behaving as I would want, either. But instead of sitting about moaning and groaning, I try to find out why and what's going on! You clearly can't be bothered. If other people CAN be bothered, and by posting what they have found out or deduced cause you to feel inadequate, that is your problem, not mine. As for me being dour, do YOU ever smile? I find it hard to believe. Oh, and PS - you might like to look again at what you want to believe the closing price was. Assegai is perfectly correct. 4.1p and 10.8% up after the closing auction.
jackiewilson: Just in from Google alerts - topical interview with our Leon, audio link available. It includes a suggestible reference from the interviewer to Wits Gold who apparently have some parallels and are valued at 100 Rand. Happy Friday and thank you Dow ... "Summit TV speaks to Leon Coetzer from Braemore Resources about the unexpected drop in their share price as well as their unique pilot platinum refinery plant David Williams: Welcome to Face to Face. We're talking to chief executive of Braemore Resources Leon Coetzer. The company's share price dropped abruptly and quite a long way - a bit of mystery there - also more broadly about the platinum sector and platinum juniors. Leon, before we talk about the share price drop let's look at Braemore Resources. Give us the context - what's the scale of the operation, and what you do? Leon Coetzer: Braemore is a very interesting company that brings a very unique story to the platinum sector. Quite often people class Braemore as a purely technical company - although Braemore has and is very successful at developing and establishing technologies this is only the first phase of its business. Braemore really focuses on two metal sectors - platinum that's South Africa dominant, and of course its nickel business in Australia. The platinum side - which is more applicable to South Africa - has gone through very interesting and exciting times where the first phase of the business was establishing a technology that offers a very unique solution to address some core needs in the platinum industry. It's now gone through the phase of acquiring that technology and developing it into a robust solution, and then very excitingly expanding it into a very large demonstration plant in September. The company is now aggressively going into phase two of its business bringing this technology to the market - commercialising it into the platinum industry, and allowing more and more platinum companies access to this very exciting technology. David Williams: What is the scale of the company - how many people are working for you at the moment? Leon Coetzer: The company originally employed a very focussed technology team - its original employees were world-renowned for their technology knowledge as a highly skilled team. The company is currently going through dramatic change from focussing purely on establishing the technology into the commercialisation of that technology - it's that team that is currently expanding, the business development side of the team. The demonstration plant to put it into perspective - because often people think of a demonstration plant as something a laboratory - this demonstration plant is smelting 2,000 tons per month of concentrate and producing up to 75,000 ounces of PGMs a year so it is a very sizeable plant. David Williams: It sounds exciting. Something happened to your share price with a drop of 40%. You had to put out a statement saying you don't know why - and that in fact nothing has changed. You don't understand why this has happened? Leon Coetzer: Yes, it was very unfortunate. It was basically driven by an obligation to abide by the regulations of the JSE which simply stated that within 10 days of releasing our annual results we have to make an earnings statement to the market. That's a statement that is guided by very strict principles - it's not a statement that can be used to explain the earnings statement. Of course in a company like ourselves who are establishing a technology - and now commercialising it and therefore aggressively expanding our asset footprint as well as the physical size of our operations, where our focus right now is investing into the company - our earnings in the company are really only going to grow significantly after full commercialisation of our facility. David Williams: Surely people knew that? This couldn't have been a surprise given the kind of company that you are? Leon Coetzer: We probably overestimated that understanding. Quite often you get individual personal investors who might not have understood clearly that the company is in phase one of its business - which is aggressively growing its platinum business right now, as well as its nickel projects - therefore we will be investing very heavily into the company. David Williams: Isn't it comparable to a company like Wits Gold where the share price when I last looked was over R100 but they don't earn anything yet because they don't exist in a mining sense. Everyone seems to understand that. Are you implying that they don't understand that with you? Leon Coetzer: Yes, I think the problem is because the Braemore story is unique. We've really been making a considerable effort to ensure that the market is educated in that sense. Yes, it's a very exciting story - our investors are very supportive of the fact that Braemore is bringing such an exciting technology to the market. We are on the main board of the JSE under the production companies - because although we are developing a technology we are in fact producing platinum ounces. David Williams: Is it possible that the big drop - I don't know how tightly held you are, and how diverse your shareholders are - but maybe there is a big shareholder who has taken a view and maybe that's the cause? Leon Coetzer: Not at all. The big drop is definitely not from our major shareholders. In fact after the statement that went out on Thursday morning into the market we've seen a recovery in our share price exceeding 45% of the value - so I think the market has taken note of the context of the statement on Wednesday that wasn't a profit warning at all. It is simply a statement giving the market information of our earnings per share at this stage... David Williams: You are in an interesting position because you're a life-long mining person - you are a chemical engineer - but you've been chief executive full time for two weeks... Leon Coetzer: Yes, my whole career has been built around identifying new technologies and bringing them to fruition in as quick and cost effective way as possible. That allowed me to build a very successful career in a very major mining company. David Williams: That was Anglo Platinum? Leon Coetzer: Correct. I moved across to Braemore in a temporary capacity from 1 July. There was an agreement between my previous employer and myself that over a three-month period I would slowly extract myself out of that business to ensure that the transition is smooth and currently from 1 September 100% of my effort is focussed on Braemore and its projects. David Williams: A baptism of fire. "
square1: FYI this is the 'general response' that the company are providing. From: David Russell [] Sent: Wednesday, 20 August 2008 10:45 AM To: 'David Russell' Subject: Response to Shareholders concerned re Braemore Share Price In response to the number of calls and emails received: Many shareholders have contacted us regarding concerns with Braemore. I understand and share your frustration regarding the Braemore share price. It is of little comfort to understand we are not in any different situation than other emerging PGM companies in facing an onslaught on our share price in the current market. An article below comments further on this. I have appended the very latest research report from Investec, conducted by Rebecca O' Dwyer, a very well respected analyst, who has revalued Braemore at 18p by downgrading her calculated NPV by 25%. She still refers to BRR as "offering investors deep value". The report is independent as revealed in one small error she made, regarding the metallurgical testwork in Finland conducted by Outotec and Atomaer which is in fact completed. The report has been received by the project manager. It has been under review and the results will be presented to Braemore once the review is complete. It will then go to BHPB for consideration. Important confidential work of this sensitivity will not be wholly disclosed to the shareholders. There is no point in providing competitors with answers for free that we have paid to develop. Once BHPB are satisfied any summary announcement will be subject to confidentiality agreements regarding disclosure. I can tell you that the metallurgical testwork has been extremely encouraging with very high nickel recovery rates in relatively short periods of time using atmospheric leach. Another aspect of the testwork has been to reduce sulphuric acid consumption as the sulphur prices have risen to record levels just as the nickel prices have fallen. This work is important to the Leinster project and will require testing as part of the feasibility study. Some investors are concerned regarding on going selling by institutions and this is something we cannot do anything about. We have tried bidding for the stock without success. The problem is one of funds facing massive redemption calls from disillusioned investors, and having to come up with the cash as necessary, requiring selling of stocks in the fund. SPGP, a French based fund has been a major seller, down from 80m shares to around 20m shares or less than 3% of the company. We have approached SPGP and bid for the stock without success. Other major funds may also be facing redemptions and we have no control over which stock they sell. This behaviour has been brought about by the fear and panic of investors in those funds. The market is fully informed as to Braemore and its activities. There is no hidden pool of news we can reveal that will miraculously boost the share price. We are in a bear market for resource stocks and there is absolutely nothing the board or management of Braemore can do about it. Look at BHP, one of the world's largest resource companies – recent fantastic results and very strong performance saw the shares retreat almost 5% in 2 days! And that was after sliding over 25% in the past few months! Braemore reflects the underlying fundamentals of the resources market, specifically for PGMs and nickel. Both those commodities are industrial metals and the western world is going into recession – hence the demand for the industrial metals will slow. This is evident already in the car manufacturing sector, where PGMs in particular are a major commodity as part of autocatalysts. Less cars means less demand for PGMs! PGM price goes down, sentiment towards PGM producers and emerging producers changes to negative and share prices decline. There is nothing Braemore can do to stand against those economic trends. Similarly demand for steel has eased in the west as a result of the recession – less steel means less nickel and hence nickel prices have also tumbled. Again there is nothing Braemore can say or do that will make a shred of difference to how the market perceives nicke projects at present. Some investors are concerned about future funding of projects. That is in hand with the company first conducting financial engineering of the projects to develop financial models on which debt and equity ratios can be carefully examined. The smelter projects in South Africa will be funded through a mixture of debt and equity, and a usual ratio is 70 : 30. Of the equity component there is also the requirement to include a Black Economic Empowerment partner who can earn a 26% stake in the project through investing at commercial terms. Hence one of the reasons to list on the JSE was to access the capital in the South African market. So the funding of future PGM projects will be through a blend of Debt and Equity, including a minimum 26% earned at commercial terms by a BEE group. Naturally we would not wish to raise funds through placements at current share prices given the dilution factor. Consequently we are fortunate that we raised over 6.5m Pounds recently in a difficult market and those funds are being carefully husbanded. Those funds give us the time to get through the current maelstrom in the markets. The funding of the 10MW smelter will be conducted as above. Revenue from the expanded 3.2 MW smelter may contribute to the funding depending on the grade of smelter feed being processed. The expanded facility can process up to 2000t per month of concentrate feed and depending on grade can produce up to 60 – 70 000ozs of PGM. However that feed is being toll processed and margins obviously are not as great as if the feed came from your own mines. Remember that the 3.2MW remains a demonstration plant for ConRoast and is not primarily for revenue generation. I am asked why the directors do not buy shares – a very naïve question. In terms of the AIM rules there are "closed periods" when directors are not permitted to purchase shares. These closed periods relate to times when market sensitive information is in the hands of directors, such as preparation of annual or half yearly results. Given we have conducted a placing, prepared a detailed pre-listing statement and listed on the JSE of late the shares have been in almost continuous closed periods. However, Atomaer purchased 1 million pounds of the recent placement and two of BRR directors are on Atomaer board! That really is putting your money where your mouth is. It is not realistic to say that directors do not support this company financially. The following article from Mineweb I think clearly emphasises the fact that the whole PGM sector is under a wave of negative pressure at present: Platinum names maelstrom Rhodium down 50% in a month, as key platinum group metals continue to slam south. Author: Barry Sergeant Posted: Monday , 18 Aug 2008 JOHANNESBURG - Monday played welcome to commodity pits across the world stumbling into a second consecutive 30 days of chaos, as hedge funds and speculators continued to run for cover, not least from rhodium, which has halved from USD 10,000 an ounce, in just the past 30 days. The metal, an important byproduct of South Africa 's platinum group metal (PGM) mines, trades in opaque markets, unlike its two bigger siblings, platinum and palladium. Global platinum production now exceeds 7m ounces a year, while more than 9m ounces of palladium is marketed annually. However, total global annual production of platinum is less than the gold output of Barrick, the world's biggest gold miner, and palladium supplies are impacted by Russia 's Norilsk , which produces PGMs as byproducts to nickel. Norilsk mines more palladium than the rest of the world put together, and has long been seen as a holder of above-ground palladium supplies. Given that South Africa produces around 75% of the world's PGMs, by value, erstwhile booming commodity markets fuelled a speculative frenzy in PGM prices from January this year, when South Africa 's power crisis manifested, apparently from nowhere. But the bets have been off commodities since mid-May, accelerating especially from 30 days ago. Palladium has fallen by more than 50% from its highs, while platinum is down by 40%, from highs seen early in March this year. The two senior PGM producers, Anglo Platinum and Impala Platinum, most recently traded 40% and 39% from respective highs, echoing the extent in the fall of the platinum price in dollar terms. PGM miners in southern Africa also produce important byproduct in the form of gold, down by 23% from its dollar highs, and also nickel, down 47% from its highs. Lonmin, the third senior producer, moved closer to its highs on the London Stock Exchange, after a recent hostile bid from Swiss-based diversified miner Xstrata. The dollar stock price for Norilsk has fallen 41% from its high. CURRENT METAL PRICES USD/oz From high* From low* Gold 797.10 -22.8% 21.9% Platinum 1387.50 -39.7% 12.5% Palladium 282.50 -52.5% 0.5% Silver 13.20 -38.2% 14.9% BASE METAL PRICES USD/t Copper 7360 -17.7% 16.5% Aluminium 2780 -17.8% 17.1% Nickel 18700 -46.8% 7.7% Zinc 1675 -48.1% 4.4% Lead 1670 -57.1% 9.1% Tin 18700 -26.7% 37.5% * 12-month Selected platinum stocks Stock From From Value price high* low* USD bn Anglo Platinum ZAR 890.00 -39.9% 9.2% 27.44 Impala ZAR 225.18 -38.8% 24.9% 18.42 Lonmin GBP 34.40 -9.1% 59.6% 10.03 Averages/total -29.2% 31.2% 55.90 Weighted averages -35.6% 21.1% Diversified Anglo American GBP 28.40 -22.9% 31.1% 71.12 Mvela Resources ZAR 41.25 -40.2% 14.6% 1.13 Norilsk USD 19.91 -40.6% 13.6% 37.95 ARM ZAR 230.00 -25.1% 122.8% 6.30 Averages/total -32.2% 45.5% 116.51 Weighted averages -30.0% 27.4% Tier II platinum Stillwater USD 6.75 -70.3% 9.9% 0.63 Aquarius GBP 4.62 -50.1% 24.4% 2.23 Northam ZAR 45.89 -42.5% 20.8% 1.42 NA Palladium CAD 4.01 -57.6% 23.4% 0.35 Zimplats AUD 13.00 -18.8% 62.5% 1.22 Eastplats CAD 1.43 -65.8% 9.2% 0.97 Anooraq CAD 1.68 -68.8% 1.8% 0.33 Averages/total -53.4% 21.7% 7.16 Weighted averages -53.2% 23.5% Developers and explorers Platmin CAD 3.76 -61.6% 7.1% 0.44 Wesizwe ZAR 5.20 -57.7% 14.3% 0.39 Noront Resources CAD 2.74 -63.1% 661.1% 0.38 Aquiline CAD 5.08 -57.3% 6.7% 0.34 Pt Australia AUD 2.36 -25.1% 57.3% 0.45 Polymet Mining CAD 3.27 -27.2% 59.5% 0.48 Sylvania GBP 0.62 -58.4% 0.8% 0.21 Starfield CAD 0.71 -59.9% 10.9% 0.24 Ridge GBP 0.84 -41.5% 3.1% 0.14 PGM CAD 2.30 -48.4% 30.7% 0.15 Solitario CAD 3.75 -38.0% 0.3% 0.12 Jubilee GBP 0.44 -54.4% 39.4% 0.09 Nkwe AUD 0.80 -37.0% 17.6% 0.13 Braemore GBP 0.06 -74.0% 12.5% 0.08 Marathon CAD 2.40 -59.9% 19.4% 0.07 Caledonia CAD 0.14 -36.4% 40.0% 0.07 Freegold Venture CAD 0.50 -81.5% 2.0% 0.03 Magma Metals AUD 0.43 -43.0% 95.5% 0.04 Franconia CAD 0.80 -70.9% 1.3% 0.05 Cons. Puma CAD 0.75 -61.7% 0.0% 0.04 Avalon Ventures CAD 1.65 -23.6% 83.3% 0.11 Rusina AUD 0.15 -69.4% 15.4% 0.03 Largo Resources CAD 0.53 -66.5% 51.4% 0.08 Macdonald Mines CAD 0.18 -86.4% 200.0% 0.03 Hard Creek CAD 0.36 -76.2% 2.9% 0.02 Birch Mountain CAD 0.23 -89.2% 48.4% 0.02 MetalCORP CAD 0.50 -73.3% 13.6% 0.02 Wallbridge CAD 0.21 -59.6% 10.5% 0.02 Benton CAD 0.35 -78.3% 6.1% 0.03 Mustang Minerals CAD 0.29 -70.6% 14.0% 0.02 Northern Shield CAD 0.56 -54.1% 103.6% 0.03 Platina AUD 0.44 -75.7% 10.0% 0.02 Darnley Bay CAD 0.20 -71.0% 0.0% 0.01 Pacific NW Cap. CAD 0.21 -65.6% 10.5% 0.01 Niplats AUD 0.35 -78.1% 84.2% 0.02 Starcore CAD 0.16 -80.2% 6.7% 0.01 Huston Lake CAD 0.52 -32.5% 48.6% 0.02 Goldplat GBP 0.10 -48.1% 28.1% 0.02 Beartooth CAD 0.06 -69.2% 9.1% 0.01 Pan Palladium AUD 0.10 -64.8% 26.7% 0.01 Premium Exp. CAD 0.35 -53.3% 48.9% 0.01 Eurasia Mining GBP 0.03 -31.3% 15.8% 0.01 Silvermet CAD 0.09 -76.3% 20.0% 0.01 Minerva GBP 0.03 -64.5% 0.0% 0.01 Hinterland Metal CAD 0.09 -71.7% 21.4% 0.00 Developer averages/total -61.1% 44.5% 4.55 Weighted averages -56.2% 33.0% Overall averages/total -59.4% 42.3% 67.60 Overall weighted averages -39.9% 22.1% * 12-month Source: market data; table compiled by Barry Sergeant I refer you to our webpage where there are some pictures of the recent smelter upgrade underway at Mintek. Regards David Russell Braemore Resources Plc Level 6, 256 Adelaide Terrace Perth, Western Australia 6000 Tel +61 (0) 8 9218 8833 Fax +61 (0) 8 9218 8844 Mobile +61 (0) 416 377 157 email
johnspain: Notice the chart of brr share price with overlain 'events' such as power failure etc. clearly saying 'share price does not reflect company specifics' which I guess we all knew anyway, but reassuring none the less.
Braemore Res share price data is direct from the London Stock Exchange
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