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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Finnaust Min | FAM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 8.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.00 | 8.00 |
| Top Posts |
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Posted at 05/3/2017 06:55 by richie666 Nohead - 2 tings:1. I haven't said that I expect the JORC resource release to be poor, I have said I believe it is in the price, and some 2. Remember the SIA & EIA have not even be signed off and, as the article I posted last week made clear, FAM do not even have a production licence. |
Posted at 04/3/2017 21:38 by nohead Hi Richie,If everyone was on the same side of the market there wouldn't be a market, so no worries. I am quite certain there are many junior mining stocks out there that are cheaper than FAM. If you come across any of them be sure to less us know! One thing we all learnt from the mining crash is that none of these junior mining stocks have any value at all unless the assets get into production or, even better, get bought out by a larger producer who can then build the mine. As I am sure you know, the percentage of these junior assets that actually end up becoming a mine is minuscule. Project financing usually ends up being the road block to high valuation, but high capex, junior mining projects. We know in the ilmenite space there are large buyers out there for good quality assets. Majors/producing mid-caps look for high grade and long mine life (so they can ride out the commodity cycles). They also look for stable mining jurisdictions, and Greenland seems to be pulling our the stops to prove itself in this respect. The positive comments of the mining minister the other day reduced permitting risk for this project in our view. The low capex on this project therefore makes it particularly attractive. It could be reduced further if they decide to out-source major production functions such as dredging, the processing vessel and transshipment/storag The Feasibility Study and exploitation application are time-lined for around six months after the maiden resource, so the Minister was correct when he described this as a "mature" project. We are also hoping to get more information on developing the other assets in the company, which also ought to add value (as far as we can tell, the market is not ascribing any value to them at present). The release of the resource followed by the economic model will firm up the valuations, that are probably more in the 18-23p range at this stage of the project in our estimation. While that doesn't necessarily mean the share price will get up there immediately, I would say downside risk is negligible at this point and the prospects for the shares this year is great, backed by fundamental valuations. What one of the other posters says is correct, in that the company is planning to bring more institutions onto the share register after the resources are out. Souvalki sounds great. Very jealous of you on a particularly cold night here in the UK! n NB squiresquire, thank you for your kind words. |
Posted at 04/3/2017 17:41 by richie666 Nohead - takes 2 to make a market.To give u an idea why I think the valuation nonsensical, we are just completing a Pre IPO note for a gold and iron ore play out East and the NPV at a 10% discount rate with extremely conservative inputs pops out at $337m. The expected float valuation is circa $60m. FAM just does not stack up I am sorry to say given there are no models out there ref the resource. You can see why I see much, much more attractive opportunities out there. Reet, date with 2 albanians and a souvlaki special! Laters! |
Posted at 04/3/2017 08:37 by intgeez You are comparing Kurdistan to Greenland? Slightly flawed don't you think considering the situation in the Middle East and payment for oil. (Or lack of it)May I make a suggestion? If you like the FAM story stay long and if you don't, get short. I don't understand why we all need to tear strips off each other. Ultimately Rich you are valuing FAM here and now while others are looking to the future. Both make sense for different reasons. |
Posted at 04/3/2017 06:57 by richie666 Nobody doubts the ilmenite being there. What I do doubt is the valuation re stage of development.I can buy GENL on not much more of an EV, PVR adjusted for cash is worth less than FAM and supposedly has billions of pounds of NPV in their reserves. GRIT - 2 liquidity events in 2 of their main portfolio constituents (serious bauxite and gold plays) looming on the horizon that has them effectively in for free at the current price. List goes on... FAM just does not stack up re valuation comparisons to almost every other company in the small cap resource arena. All I will say pre the JORC resource announcement that is now due is that "buy the rumour, sell the fact and 'tis better to travel than arrive" are serious triusms in the market. I strongly suspect that is what will happen here and then a realisation that cash flows are still a cple years away at best. That means further placings likely or debt take on (increasing EV). If the stock was valued correctly for the current stage of development price should be 2-3p. Right, some early Greek spring sunshine awaits! |
Posted at 03/3/2017 20:13 by richie666 Ref Mcillree - he sent me the paid for note (by Optiva) with a gloating remark ref how cheap he had it done for (Macca will confirm this) and essentially ignored a gentleman;s gesture to a large lead shareholder re involving us.That also cost the large shareholder dear in monetary terms and our friendship also. U can work out who that is... In short, Mcillree showed his character to the wrong guy. I 100% stand by everything I have put out on FAM. |
Posted at 24/2/2017 21:42 by snowyflake I assume from what you have written mac that the announcement may be made in the earlier part of March rather than the later part. My assumption stands to be corrected. I have to say that it has been quite a wait given the fact that the board had previously announced that the JORC would be released by year end 2016.From words used in a previous RNS or two, I anticipate a resource that is truly world class. I was a shareholder in Sierra Rutile which mines rutile, some ilmenite and zircon which Iluka bought in 2016 (completion tail end 2016). Iluka paid the equivalent of a SRX share price of 36 pence for each SRX share which together with SRX debt equalled a market cap of £250 million. I made a big mistake earlier on in my ownership of those shares in that they reached over 80 pence at one point in 2012 so that SRX was valued at over £500 million. I was a silly billy not to sell then in hindsight! The problem with SRX is that it struggled to make a profit in many years; it had to invest in new mines and had a very large workforce. It is no secret that it hit two very big snags. First a downturn in the price of rutile; second the arrival of Ebola the effect of which is well documented. And that was after civil unrest in the mid noughties. I and others felt that Iluka got SRX cheaply. It may be that the cornerstone investor which helped turn SRX around namely Pala Resources were for reasons best known to their board anxious to sell. It is however worth drawing some comparisons between SRX and FAM. FAM will not need mines per se. It should be easier to extract the sands and ilmenite. The SRX latest mine (Gangama) cost circa £40 million. FAM will not need a workforce the size of that of SRX. FAM in my opinion operates in a less difficult environment albeit over a more limited timescale in a year. Rutile prices had just started to recover; rutile and ilmenite prices are in an upward graph. So yes Mac, whilst you say that the company needs institutional buyers who will be comfortable buying with third party verification, I think that if the JORC resource is good enough they will be queueing to buy. You never know the value for Pituffik may approach £500 million - I must not get over excited - certainly in my view £250 million or at 730 million issued shares post the GM 34 pence per share could be a possibility in due course or 4X the current share price. That is of course without the company's other assets - Finland and Avannaa. A definite but what ever someone has to say. |
Posted at 23/2/2017 13:25 by squiresquire Glencore results today show just how large mineral deposits are being searched for, just imagine how tempting for the big boys a global player in ilmenite. Now what company could have such a thing?Glencore results had this: The U.K.-listed company on Thursday reported net income of $1.4 billion for 2016, compared with a $4.9 billion net loss the previous year. Revenue adjusted for discontinued operations rose to $152.9 billion from $147.4 billion a year earlier. Glencore's earnings are the latest positive sign from the mining sector. BHP Billiton Ltd. and Anglo American PLC earlier this week also returned to profit, cashing in on higher commodity prices. Glencore Chief Executive Ivan Glasenberg said stronger earnings and lower debt levels will give the company flexibility to either scoop up deals or return cash to shareholders. "I don't think there's big stuff around to look at, but we'll see what opportunities come," he said on a conference call with reporters. "If we don't find big opportunities, we'll kick out big dividends." Net debt fell to $15.5 billion by year-end from $25.9 billion at the end of 2015, below the lower end of the range of its guidance of $16.5 billion to $17.5 billion, as higher commodity prices, a dividend suspension and $4.7 billion in asset sales took pressure off the company's balance sheet. Glencore said its trading business posted earnings before interest and taxes of $2.8 billion last year, a 14% gain from 2015, amid stronger demand, particularly from China, and drops in inventory levels. We have this: 25 January 2017 FinnAust Mining plc ('FinnAust' or the 'Company') Appointment of mineral sands specialist to support commercialisation of Pituffik Titanium Project FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland & Finland, is pleased to announce that it has engaged the services of Titanium Industry Global Advisory Pte Ltd ('TIGA') as marketing advisor to the Company. TIGA is an advisory firm specialising in providing strategic and commercial direction to the mineral sands industry with focus on titanium dioxide ('TiO(2) ') feedstocks. Bruno Cavalancia, Managing Director of TIGA, a mining professional with over 25 years of experience in the mineral sands industry, will guide the Company towards commercialisation and strategic partnering for the Pituffik Titanium Project in Greenland ('Pituffik' or the 'Project'), where metallurgical test work has highlighted the potential for commercial production of an ilmenite product from a pure, high-grade mine concentrate. Prior to TIGA, Bruno was Head of Commercial and Strategic Development - Asia for Kenmare Resources Plc ('Kenmare'). For the last five years of his career at Kenmare he was based in Singapore where he managed the company's business development efforts in China, India and Japan. His career in the industry started at Rio Tinto where he worked for 20 years in senior global and regional roles within the titanium business unit, including Director of Business Development, Global Director of Sales and Marketing and VP, Sales and Marketing - Asia. He is recognised for developing and executing market entry and growth strategies as well as establishing competitive intelligence platforms and building long-term customer and stakeholder relationships throughout Asia, Europe and the United States. FinnAust CEO Roderick McIllree said, "With a maiden JORC resource expected in the coming months ahead of bulk sampling in 2017, and metallurgical test work highlighting the potential for a commercially pure, high-grade concentrate, we remain committed to the fast-paced development of Pituffik. In support of this, we are delighted to have appointed TIGA as we look to prove up the Project's commercial viability. Bruno's proven experience within the mineral sands industry will be invaluable in positioning our product for sale and identifying potential end-users in order to maximise the value potential of Pittufik. We look forward to working with him to support the on-going growth of the Project." |
Posted at 22/12/2016 12:12 by maccamcd cheers Pat.. I've been very quiet the last month. Inside on the placing, so obviously couldn't comment.some points about the placing: The Institutional investors did significant due diligence on the company, the management, with Local Greenland Govt officials, the asset potential.. and getting comfortable with the risks around the investment. If you check the recent holdings RNS.. you'll see an institution who very recently closed a very lucrative declared 'short' in Paysafe, are now invested in FAMily. it's comforting to have very smart investors on board!? Raising £8.5m with a list of about 20 existing/new investors.. more Tier 1 Institutional meetings being lined up for January/Feb to beat the drum and soak up any lose stock is confirmation of what we all knew.. but a nice verification of the potential. we can all sleep better. Attracting Mirabaud on the ticket who are specialists in Natural resource companies and their assets/potential. Bear in mind Mirabaud have raised $1bn for Kenmare over the years.. so any future funding needs to progress the other ASSETS we own shouldn't be a problem. They only got involved as they can see the journey, the kudos being involved in a money making opportunity for their investors, and for the comm it will generate for them as the company progresses its world class assets! SP Angel did a fantastic job also.. put the company in front of many institutions. Some who will invest as the company derisks itself.. we are now on some good radars. You all noticed there wasn't really a discount on this placing?? that's because the brokers/investors agreed 7p was good value and fair. Hopefully a good base to push on from with lots of news flow promised in Q1. Reducing WA Down to 19.99% was the plan.. apparently that suits them, and no other sales are expected (unless at multiple higher prices?) no idea.. but they shouldn't be considered a 'overhang' some bunff from the Mirabaud Buy note: "Based on the above we calculate a post-tax NPV8 of US$116.6m as a result of the mixture of our three different campaign mining period scenarios (see table below). On top of the risk factor for each scenario (likelihood to happen) we apply to our Pituffik sum-of-the-parts valuation a 50% risk adjustment in recognition of the risks to the early stage of the project. " Valuation (£p/share) 0.14p so this is a 50% conservative discount.. The valuation is using very conservative inputs.. if FAM do the size/grade/pricing that is the whisper numbers.. the share price valuation is more like 96p !!!!!!!!!!!!!!!! BOOM BOOM. Happy Christmas to you all.. hopefully 2017 will be just as profitable to you as owning FAM was in 2016. Peace to all men (including Richieboy!) |
Posted at 25/10/2016 10:38 by rampair Sierra Rutile released their Q3 results- and it comes as no surprise to see figures up firmly, to those shareholderswho believe Iluka got a bargain... "Sierra Rutile continues to produce ilmenite in line with customer demand." Quarter on quarter growth of 40% of ilmenite, up 30% on 2015 Q3 - clearly ilmenite demand is strengthening. Albeit Sierra produces mainly Rutile, & are under a recommended offer from Iluka. Metalysis a South Yorkshire based private company - Specialising in Powders for 3 D Printing received recently monies from the Woodford fund and Iluka (bidder for Sierra). Metaysis use Rutile & synthetic Rutile ( Ilmenite put through the chloride process) to make specialist alloys. Airbus have now started using 3D Titanium based printed parts. Capital cost for the Pituffik project- with no Front end engineering needed, because a Glacier has done it for you, Royal IHC can Dredge up what would, if it was a hard rock Mine a product already gone through a costly set of machinery, no blasting, no haul trucks, no ball,cone or any other type of crushing needed. Back to that $60m, could it be possible that a mineral sand project of this size can attract partners who could lease high cost machinery, thereby not having the capital cost on the balance sheet of FAM? Considering the processing cost in the share price Angel note is a fair bit higher than competition - maybe a higher processing cost is linked to a Capital cost being centred elsewhere- this is simply a guess, but it happens in many projects that - for example Haul fleets are leased as are accommodation & many other things? I don't have my anticipated full holding as it's sensible to de risk on the way through projects of this type, however, FAM is attractive to me as a PI because it's easy to understand, the website is very comprehensive- but partly because I can see value in the Avanaa resources. If you study the large amount of data on the two main projects - you can see that they have a significant potential in their own right. As a junior company, to have the possibility of a world class Titanium resource - (reading GEUS' report )& then, a pair of excellent projects that are effectively given to FAM holders free. If you think of those as options, it makes FAM shares attractive in my opinion. Regarding large resources that no one believed would get going, SXX - Sirius Minerals with its potash project has defied all predictions and managed to get planning for a mine in the North York Moors National Park. It has a way to go and their technical issues bear no comparison, just the fact that people were saying it could not be done, It appears to be doing just that. So, we have an example of two lots of Yorkshire folk beating the odds, 2/3 ain't bad.... Greenland is very keen to attract new industries & make the place attractive to companies prepared to take on the challenge of the climate, clearly you have to concentrate on the months of full daylight and plan your campaign accordingly, but It's far from impossible. R. DYOR |
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