|Mark - I have put out a short thesis - Mcillree attempted to silence it and then when asked to correct errors did not.
I have emailed Meyer with some hard questions - I'll send em to you - thus far they have not been answered.
It is a puff, you are part of the puff - admit it.
|Sierra Rutile released their Q3 results- and it comes as no surprise to see figures up firmly, to those shareholders
who 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.
|Whether the BUY note came out with a 12-14-15-17 or 20p target is slightly irrelevant.. The most important thing is a very well respected mining analyst.. Ok.. Slightly biased because he works for FAM broker.. Has decided to finally put out research in HIS name.. Saying BUY. He has been broker to FAM for a long time, and finally feels very comfortable to put out a conservative 15p BUY note. To me.. That totally vindicates the investment.. Its worth me being balls deep. This is getting better and better by each RNS. Derisking as we go. I've talked enough now!|
|Have a position is all I ask for.. Then we can talk. Bored of you.. So boring....Buy or sell shares in the stocks you align yourself with is the mantra? So why not be short of FAM and talk about it. It's obviously a world class asset.. John Meyer is pointing to all the facts, and possibilities.. And you continue to try to talk investors out of the journey.. What's the point if you don't have a position? Please explain why you waste your valuable time being an amazing analyst on a stock you have no position in? I find that odd...|
|Richieboy.. Lets once again start with facts. You claim to be such a great analyst, in such a great group of analysts.. You've had 8 months since FAM didn't give Align the research contract. In all that time you haven't put out a sell recommendation and shorted the stock? Isn't that what a great investor/analyst would do who was confident in his abilities and thesis? So the facts revert back to you becoming another BB moron. Talking about stocks one doesn't have a vested interest in? Life must be so boring for people like you.. Playing with other people's toys. Do us all a favour. Write a proper bit of research with all the correct facts and inputs. Then either be long or short 1m shares. I've got enough.. I'll let you borrow 1m to short if I'm allowed. Until then...go and play in the park with the other BB children. One becomes an adult when one has a position. You know that.|
|My tip re MAYA was right as went from 48.9 to now over £1 in less than 3 months.My tip re TLOU was right went from4p to over 12p in similar time frames.Now check out EUA Eurasia Mining. News due before 3rd November for West K - price now 0.729 to buy price target 5p in 3 months. I've set a reminder in 3 months to pop back. Fib retrace from 1.28 and ready for significant leg up. EUA Jacob's next great tip.|
|Birotop.. If you wouldn't touch it., why exactly are you spending some of your time in this chat? I find this whole BB social networking rather odd. Why would any normal sane dude spend time writing about other people's toys?? I only respect people who are long or short a stock when throwing in lines. I'm long.. If Richieboy and now you can talk it down... At least sell short a decent amount to make it all worthwhile please. Otherwise you two are just NOISE. Mentally irrelevant and 100% unstable. Both come back when you have a vested interest either way. Otherwise bore off|
|You've become irrelevant and boring in this FAM chat. The shareprice and the journey is all that matters.|
|richie666- I'm new to this boxing match, is it pay per view?
I own FAM so will be interested to know when you actually take a position (long or short) rather than just talk|
|richie - if it was a boxing match, it would have been stopped long ago. Interesting to see if you get any replies to your questions, I am guessing the recipients will have to run off to someone & ask if they could explain what you have asked because, for sure they will not have a clue....
I would not touch this with the proverbial...|
|Am I still winning birotop? ;-)|
|The note has a lot of flowery language, nice industry pictures and is v 'wordy' but there are lots of caveats and ZERO hard figs re the NPV calculation, why a nonsensically low 8% disc rate has been used and where on earth $60m is coming from...
As for "conservative inputs" - you are smoking crack Mark - look at my comments above and for once, just once answer the points instead of blinded optimism as you are in deeeeep and cannot accept that I may be right.
I have emailed the analyst those questions and we'll see if he answers too. We are presently doing a serious DCF valuation on a v conservative basis for another mining co so don't tell me about analysis.
Mcillree tried to silence my note (aswell as defame me for which he has not had the good character to apologise as you know too) and we can now see that this stands up v well against this biased note. The Spangle note does not, I believe, even use the right share count assuming the option exercise for 100% of the project in arriving at the valuation of 19p. How can anyone take that serious?
Are Spangle still holding the stock they were given too? Now that would be interesting if we could establish this. As for u being "very, very, very happy" - after over 20 years in the City surely you can see that the header - "Non-independent research. share price Angel acts as broker and Nomad" means that their comments cannot be seen as independent? Irony is that if a crew like Align had written about them and actively sought out their coverage by virtue of believing in the value then the worth of the note would have been multi-fold rather than this puff piece to keep the story going.
D day is looming for the valuation. U all know that. I give you this though - the crew have thrown the book at this promo and have got the price to 7p. Well done.
Getting it on from here now requires a REAL industry player to buy in. I don't see it but am watching with interest and yes, now I'm ready to open a short.
PS As you saw this weekend - other observations from me and comments continue to come to pass. I will very likely be right here too just as I have been on almost every other issue I had discussed with you Mark.|
|JORC resource later this year.
That will be the time for you to be critical Richard J.|
|Cple more observations from the "note" - aside from the caveat they have inserted - "Our valuation figures are still relatively approximate ..." the per share fig using a nonsensically low disc rate of 8% in the NPV (and without illustrating how this NPV has been calculated) does not = 19p per share. Fully diluted IF they acquire balance Blue Jay, we believe there will be 662m shares in issue per here
Current shares in issue 494,400,804
Options & warrants 19,309,366
Bluejay deferred consideration 40,755,885
Bluejay option 108,071,388
Divide $144m / 662 and then v 1.23 at the current FX rate and you get 17.6p not 19p.
I've emailed John Meyer a variety of questions. See if he answers.
More holes in the analysis than a sieve!|
|Only thing I need to see - Capital cost $60m,
Where is this coming from? I have been through the note and it is incredible that there is no DCF valuation to arrive at the price target. Madness.
Look closely at the disclaimer too - there is no note of SPAngel still holding stock or warrants that I believe they are duty bound to disclose. IF they have sold while advocating a buy then that is "interesting"...
Also, pretty interesting the stock didn't go better on this note today despite some sales pushing by Spangle. I think the bull top is finally in.|
|Pituffik – ‘the place where they tie their boats’
The nature of Pituffik deposit is very different from other mineral sands deposits and experts suggest Pituffik titanium mineral sands grades may rank among world’s highest. Pituffik’s mineralogy is much simpler and the deposit is seen as unusually consistent.
Tonnage, consistency and metallurgical evaluation should help confirm potential value of the in-situ deposit. Quality of mineral sands concentrates is critical with Pituffik appearing suitable for sulphate production. Processing, as with all ilmenite, is required to reduce impurities to acceptable levels.
Simple removal of silicates improves the ilmenite product and optimisation of the process route will further improve the product. A major bulk sample is planned with which to prepare samples for testing by consumers.
Royal IHC, the Dutch dredging company, is supporting work on the dredging of shallow and near shore marine mineral sands. The support of such a major dredging company is a major positive for the company.
Demand for ilmenite concentrates should continue to rise as cost and pollution causes China to cut production of titanium from titano-magnetite iron ores.
Avannaa acquisition gives the FinnAust team more to look at in Greenland and option value over some potentially large exploration projects.
Valuation on 100% of Pituffik: We value the project at an IRR of 43% and a $144m NPV on an 8% discount rate. This give us an NPV per share of 19 pence.
Assumptions: Ilmenite production 332,500tpa. Ilmenite price $130/t less a 10% discount reducing the price to $117/t. Shipping $40/t (>$10/t to Canada). Mining and processing $15/t. Capital cost $60m, though preliminary estimates are significantly lower. Royalty rate 2.5%. Corporate tax 30% starting in year 4.
Climate: The project is located in the high Arctic limiting mining to between 3-5 months per year. The project will be subject to campaign mining through the summer. The ground is subject to permafrost with the top meter or so thawing through the summer months hence the preference for dredge mining.
Location: Greenland should offer relatively simple extraction site with no community to move and relatively few environmental issues. Work continues with the support from Greenland government agencies.
Its near-shore, shallow-marine location on the West coast of Greenland means temperatures fall to a relatively mild -29C for the Arctic through January and February. Ilmenite mineral sands should not freeze below sea ice.
*We are grateful for the contribution made by Phil Swinfen toward the preparation of the note
FinnAust Mining is advancing toward mining titanium rich, ilmenite mineral sands at its 60% owned Pituffik mineral sands project on the coast of Greenland. The company also has other base metal and mineral licenses in Finland and Greenland which it is evaluating with the support of its major shareholder, Western Areas.
|A research note from SPAngel today, very positive 15p target,
|move south! :-) ( Rampair hides from angry Yorkshire man !)Heresy!|
|Ramp - ice sheets this year already one of the largest in many years in Arctic...
Anyway's - I wish there was some global warming here in Yorkshire! Precious little evidence to me!!|
|Last sentence of that article
"“It is likely 2016 will become the warmest year in the 137-year record,” Blunden said."
Don't talk about warming to snowy, - it melts his heart.
Where we live it didn't rain for 6 months this year & it was .....hot!
I would prefer to make less money and have no climate change, but the truth is - we do have change - check videos on you tube of Qaanaaq 2012, interviews of locals who now have barbecues, Admittedly probably worse than UK!|
|This doesnt bode well for em Snowy - http://www.bloomberg.com/news/articles/2016-10-18/for-the-first-time-in-17-months-no-heat-records-have-been-set?
Jury's still out on climate change.|