Share Name Share Symbol Market Type Share ISIN Share Description
Gma Resources LSE:GMA London Ordinary Share GB0032875873 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.12p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.7 -2.6 - 0.74

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Date Time Title Posts
30/4/201315:51GMA RESOURCES2,447.00
06/2/201317:57Unsecured convertible loan stock2.00
25/1/201210:06Gold Mines Of Algeria Pouring GOLD.2,431.00
13/4/201114:58GMA RESOURCES339.00
04/4/201113:15GMA Resources - 2010 a year of turnaround? [Moderated]4,353.00

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DateSubject
06/2/2013
14:06
sideshowbull: RNs Exactly as I said 1:500 - 0.81% of KEM which = 0.053p GMA DYOR Gma Resources PLC 06 February 2013 6 February 2013 GMA Resources plc ("GMA" or "the Company") Share price movement Further to the announcement on 4 February 2013 regarding the conditional agreement to acquire 90 per cent. of the participatory interests in the charter capital of Joint Venture Kazakh-Russian Mining Company LLP ("KRMC") and the lifting of the suspension of dealings in the Company's Ordinary Shares, the Company notes the significant volume of trading in its shares and the rise in its share price. Shareholders are reminded of the key parts of the Proposals: - The Company is proposing a capital reorganisation which will have the effect of converting 500 Existing Ordinary Shares into 1 New Ordinary Share; - The number of New Ordinary Shares in Issue at Admission will be 1,236,006, which represents the Existing Ordinary Shares in issue after the Capital Reorganisation is effective. The number of New Ordinary Shares at Admission will represent 0.81 per cent. of the New Ordinary Shares in issue following the Contract Reinstatement; - The Company is proposing to acquire 90 per cent. of the participatory interests in the charter capital of KRMC for a consideration of GBP40 million which will be satisfied through the issue of 148,320,720 B Shares by the Company. The Subsoil Use Contracts held by KRMC are presently suspended. Upon the Contract Reinstatement, the B Shares will automatically convert into New Ordinary Shares on a one-for-one basis; - Loan Stock Holders will be asked to approve at the relevant class meetings of Loan Stock Holders amendments to the terms of their loan stock such that their holdings automatically convert into New Ordinary Shares upon the Contract Reinstatement. A total of 2,472,011 New Ordinary Shares will be issued to the holders of Loan Stock upon the Contract Reinstatement, which will represent 1.63 per cent. of the New Ordinary Shares in issue following the Contract Reinstatement; - Upon the Contract Reinstatement, the Company will issue the Loan Stock Shares and the B Shares will automatically convert into New Ordinary Shares on a one-for-one basis and there will be 152,028,737 New Ordinary Shares in issue. It is expected that dealings in the Loan Stock Shares and the New Ordinary Shares arising from the conversion of the B Shares will commence on the next business day following the Contract Reinstatement; and - In the event that the Contract Reinstatement does not become effective on or before 31 May 2013, the Loan Stock Shares will not be issued and the B Shares will be converted into Deferred Shares. Furthermore, dealings in the New Ordinary Shares will be suspended on 3 June 2013, the Company will revert to being an investing company under Rule 15 of the AIM Rules and dealings in the New Ordinary Shares on AIM will be cancelled six months thereafter if the Company has not implemented its investing policy by that date. The definitions used in this announcement are the same as those used in the announcement issued on 4 February 2013. FURTHER ENQUIRIES
26/9/2012
06:10
sideshowbull: GMA Resources PLC Half Yearly Report Print Alert TIDMGMA RNS Number : 1437N Gma Resources PLC 26 September 2012 26 September 2012 AIM: GMA GMA RESOURCES Plc ("GMA" or "the Company") Half-Yearly Results for the six months ended 30 June 2012 Chairman's Statement - Profit attributable to GMA shareholders in the six months ended 30 June 2012 of GBP4.72 million (H1 2011: GBP2.66 million loss) arising primarily from the disposal of the Company's Algerian subsidiary Enterprise d'Exploitation des Mines d'Or Spa ("ENOR") for a nominal sum on 17 April 2012. - On 29 May 2012, the Company announced that it had signed a non-binding heads of agreement with a third party to acquire the Company which, if completed, would result in a reverse takeover under the AIM Rules. As a result, the Company's shares were suspended from trading on the AIM market on 29 May 2012. - In conjunction with the heads of agreement the same parties have also signed a loan agreement under which the vendor has agreed to advance up to GBP400,000 on an unsecured basis to provide on-going working capital for the Company to cover day-to-day costs and certain of the costs of the proposed reverse takeover transaction. - Interest of LIBOR plus 5% will accrue on the outstanding balance, payable on repayment of the loan, which will be on 27 May 2013 unless the directors of GMA withdraw from the transaction or breach certain covenants, whereupon the loan becomes repayable on demand. - For the purposes of concluding the proposed reverse takeover transaction Ken Crichton and I are the only remaining directors of the Company. - It is our belief that the counterparty with which GMA has signed the non-binding heads of agreement and loan agreement represents the best option available to protect and enhance GMA bond holders' and shareholders' interests. Ralph Browning Chairman 25 September 2012 Condensed consolidated statement of comprehensive income 6 months 6 months Year to to ended 30 June 30 June 31 December 2012 2011 2011 Note GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Revenue - - - Cost of Sales - - - ---------- ---------- ------------ Gross (loss)/profit - - - Administration costs (1,298) (309) (872) Operating loss (1,298) (309) (872) Finance costs net (309) (129) 171 Exceptional gain on disposal 6,331 - - ---------- ---------- ------------ Profit/(loss) before income tax 4,724 (438) (701) Income tax expense - - - ---------- ---------- ------------ Profit/(loss) on continuing operations 4,724 (438) (701) Loss on discontinued operations - (4,274) (27,998) ---------- ---------- ------------ 4,724 (4,712) (28,699) Other comprehensive income: Exchange differences on translating foreign operations 1,039 (70) (1) ---------- ---------- ------------ Total comprehensive profit/(loss) for the year 5,763 (4,782) (28,700) ========== ========== ============ Profit/(loss) for the year attributable to: Equity holders of the parent undertaking 4,724 (2,660) (15,698) Minority interest - (2,052) (13,001) ---------- ---------- ------------ 4,724 (4,712) (28,699) ========== ========== ============ Total comprehensive profit/(loss) for the year attributable to: Equity holders of the parent undertaking 5,763 (2,730) (15,699) Minority interest - (2,052) (13,001) ---------- ---------- ------------ 5,763 (4,782) (28,700) ========== ========== ============ Earnings/(loss) per share - basic 5 Equity holders of the parent (0.45 undertaking 0.76p p) (2.62p) The disposal group (discontinued operations) - (0.38p) (2.50p) Continuing operations 0.76p (0.07p) (0.12p) ========== ========== ============ Condensed consolidated statement of financial position 30 June 30 June 31 December 2012 2011 2011 Note GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited ASSETS Non-current Intangible assets - 25 - Property, plant and - 32,719 - equipment ---------- ---------- ------------ Non-current assets - 32,744 - Current Inventories - 19,853 - Trade and other receivables - 5,096 - Cash and cash equivalents - 544 22 ---------- ---------- ------------ Current assets - 25,493 22 ---------- ---------- ------------ Total assets of continuing group - 58,237 22 Total assets of disposal group - - 37,288 Total assets - 58,237 37,310 ========== ========== ============ EQUITY Equity attributable to owners of the parent: Share capital 4 6,180 6,130 6,180 Share premium account 27,890 27,747 27,890 Share based payments reserve 360 362 340 Loan stock reserve 7 1,413 1,919 1,413 Currency translation reserve (602) (1,710) (1,641) Retained earnings (41,488) (31,530) (44,497) ---------- ---------- ------------ (6,247) 2,918 (10,315) Minority interest - 9,234 (1,715) ---------- ---------- ------------ Total equity (6,247) 12,152 (12,030) ---------- ---------- ------------ LIABILITIES Non-current Long-term borrowings - 9,290 - Long-term finance leases - 2,841 - Unsecured convertible - 5,782 - loan stock Non-current liabilities - 17,913 - ---------- ---------- ------------ Current Overdraft - 3,380 - Trade and other payables 477 17,819 260 Short-term borrowings - 3,748 - Short-term finance - 3,225 - leases Unsecured convertible loan stock 7 5,770 - 5,461 Current liabilities 6,247 28,172 5,721 ---------- ---------- ------------ Total liabilities of continuing group 6,247 46,085 5,721 Total liabilities of disposal group - - 43,619 ---------- ---------- ------------ Total liabilities 6,247 46,085 49,340 ---------- ---------- ------------ Total equity and liabilities - 58,237 37,310 ========== ========== ============ Condensed consolidated statement of changes in equity Share Share Share Loan Currency Retained Total Minority Total capital premium based stock translation earnings interest equity account payment reserve reserve reserve GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 January 2011 5,584 27,405 254 1,534 (1,640) (28,870) 4,267 11,286 15,553 Issue of share capital 496 124 - - - - 620 - 620 Conversion of loan stock 50 218 - (79) - - 189 - 189 Loan note issue - - - 464 - - 464 - 464 Share based payment charges - - 108 - - - 108 - 108 -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Transactions with owners 546 342 108 385 - - 1,381 - 1,381 Loss for the period - - - - - (2,660) (2,660) (2,052) (4,712) Other comprehensive income: - - - - (70) - (70) - (70) -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Total comprehensive loss for the year - - - - (70) (2,660) (2,730) (2,052) (4,782) -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Balance at 30 June 2011 6,130 27,747 362 1,919 (1,710) (31,530) 2,918 9,234 12,152 Issue of share capital Conversion of loan stock 50 143 - (42) - - 151 - 151 Loan note issue - - - (464) - - (464) - (464) Lapsed options - - (71) - - 71 - - - Share based payment charges - - 49 - - - 49 - 49 -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Transactions with owners 50 143 (22) (506) - 71 (264) - (264) Loss for the period - - - - - (13,038) (13,038) (10,949) (23,987) Other comprehensive income: - - - - 69 - 69 - 69 -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Total comprehensive loss for the year - - - - 69 (13,038) (12,969) (10,949) (23,918) -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Balance at 31 December 2011 6,180 27,890 340 1,413 (1,641) (44,497) (10,315) (1,715) (12,030) Share based payment charges - - 20 - - 20 - 20 -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Transactions with owners - - 20 - - - 20 - 20 Profit for the period - - - - - 4,724 4,724 - 4,724 Other comprehensive income: Recycled foreign exchange on disposal of foreign operation - - - - 1,039 - 1,039 - 1,039 Total comprehensive profit for the year - - - - 1,039 4,724 5,763 - 5,763 Transfer of non controlling interest balance - - - - - (1,715) (1,715) 1,715 - -------- -------- -------- --------- ------------ ---------- ---------- ---------- ---------- Balance at 30 June 2012 6,180 27,890 360 1,413 (602) (41,488) (6,247) - (6,247) ======== ======== ======== ========= ============ ========== ========== ========== ========== Condensed consolidated cash flow statement 6 months 6 months Year ended to to 30 June 30 June 31 December 2012 2011 2011 Note GBP'000 GBP'000 GBP'000 Unaudited Unaudited Audited Operating activities Total comprehensive profit/(loss) 5,763 (4,782) (29,699) Adjustments for: Depreciation - 2,393 12,205 Amortisation - 5 10 Loss on disposal - - 9 Gain on disposal (6,331) - - Loss on renegotiation of loan notes - - 555 Exchange gain/(loss) on foreign operations - 281 (17) Share based payment 20 108 157 Interest (net) 309 674 274 Net changes in working capital: (Increase)/decrease in inventories - (975) 8,193 Increase in trade and other receivables - (878) 819 Increase/(decrease) in trade payables 217 2,561 5,442 Cash flows from operating activities (22) (613) (2,052) Investing activities Purchase of intangible assets - (22) (111) Purchase of property, - (1,358) - plant and equipment Cash flows from investing activities - (1,380) (111) Financing activities Net proceeds from issue of share capital - 810 620 Repayment of bank borrowings - (2,171) (5,856) Payments on finance lease - (82) (3,104) Interest paid on loan stock - (674) (274) Proceeds from bank borrowings - 1,086 10,611 ---------- ---------- ------------ Net cash from financing activities - (1,031) 1,997 ---------- ---------- ------------ Net decrease in cash and cash equivalents (22) (3,024) (166) Foreign exchange differences - 6 6 Cash and cash equivalents at beginning of period 22 182 182 ---------- ---------- ------------ Cash and cash equivalents at end of period 6 - (2,836) 22 ========== ========== ============ Notes to the condensed consolidated financial statements 1. Nature of operations and general information As a result of the disposal of ENOR spa on 17 April 2012 and the subsequent approval of the Company's investing policy at the general meeting of the Company held on 6 January 2012, the Company has been re-classified as an investing company in accordance with Rule 15 of the AIM Rules for Companies. As such it is obliged to make an acquisition(s) which constitutes a reverse takeover or otherwise have implemented its investing policy within 12 months from the date of the disposal, being 17 April 2013. GMA Resources plc is the Group's ultimate parent company. It is incorporated in England and has its registered office at One America Square, Crosswall, London EC3N 2SG and its business address at Tower Business Centre, Tower Street, Swatar, Malta. The Group operates from its business address. The shares of GMA Resources plc are quoted on the AIM market which is operated by the London Stock Exchange. 2. Basis of preparation These unaudited interim consolidated financial statements are for the six months ended 30 June 2012. They have been prepared based on the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2011. The financial information for the period ended 30 June 2012 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2011 have been filed with the Registrar of Companies. The auditor's report on those financial statements was modified by the inclusion of an emphasis of matter and a disclaimer of opinion on the financial statements. The consolidated financial statements have been prepared under the historical cost convention except for financial instruments which have been measured at fair value. They are presented in UK Sterling and are rounded to the nearest thousand (GBP'000) except where otherwise noted. 3. Going concern On 4 May 2012, the Company announced that it had signed a non-binding heads of agreement with a third party to acquire the Company which, if completed, would result in a reverse takeover under the AIM Rules. In conjunction with the heads of agreement the same parties have also signed a loan agreement under which the vendor has agreed to advance up to GBP400,000 on an unsecured basis to provide on-going working capital for the Company to cover day-to-day costs and certain of the costs of the proposed reverse takeover transaction. The Company began drawing down the loan on 4 July 2012 and will continue to do so, on a monthly basis, in order to cover expenses. The accounts have been prepared on the going concern basis and do not include any adjustment that would result from the inability of the Group to raise additional funding if needed. 4. Share capital Number GBP'000s At 1 January 2011 558,402,894 5,584 Conversion of loan note 5,000,000 50 Issue of shares 49,600,000 496 ----------- -------- At 30 June 2011 613,002,894 6,130 Conversion of loan note 5,000,000 50 Issue of shares - - ----------- -------- At 31 December 2011 618,002,894 6,180 Conversion of loan note - - Issue of shares - - ----------- -------- At 30 June 2012 618,002,894 6,180 =========== ======== 5. Earnings/(loss) per share 6 months 6 months Year ended to to 30 June 30 June 31 December 2012 2011 2011 Profit/(loss) for the year attributable to the equity holders of the parent entity (GBP'000) 4,724 (2,660) (15,698) Loss for the year attributable to the disposal group (GBP'000) - (2,222) (14,997) Profit/(loss) for the year attributable to the continuing operations (GBP'000) 4,724 (438) (701) Weighted average number of shares ('000) 618,003 591,995 599,466 Earnings/(loss) per share attributable to the equity holders of the parent entity *0.76p (0.45p) (2.62p) Loss per share attributable to the disposal group - (0.38p) (2.50p) Earnings/(loss) per share attributable to the continuing operations *0.76p (0.07p) (0.12p) ======== ====================================== =========== The diluted loss per share does not differ from the basic loss per share as neither the exercise of share options, nor the conversion of the loan stock, would have the effect of reducing the loss per share and are therefore not dilutive under the terms of IAS 33. *The diluted earnings per share calculation involves the average share price for the period of account. The shares are currently suspended and so this information is not available. As a result, only the basic earnings per share measure is shown for the 6 months to 30 June 2012. 6. Cash and cash equivalents 6 months 6 months Year ended to to 30 June 30 June 31 December 2012 2011 2011 GBP'000 GBP'000 GBP'000 Cash at bank and in hand - 544 22 Bank overdraft - (3,380) - ---------- --------- ------------ - (2,836) 22 ================================ ========= ============ 7. Unsecured convertible loan stock The unsecured loan stock issued in 2011 and 2010 will mature in December 2012. The discounted amount of the liability for interest and principle carried in the balance sheet is split such that the equity element is GBP1.41 million and the debt element GBP5.77 million. 8. Dividend No dividend has been declared for the six month period ended 30 June 2012. 9. Events after the balance sheet date The Company began drawing down from the unsecured loan facility provided by the vendor on 4 July 2012. 10. Availability of the interim statements A copy of this announcement will be available at the Company's registered office (One America Square, Crosswall, London EC3N 2SG) 14 days from the date of this announcement and on its website - www.gmaresources.co.uk. The Interim Results Report will also be made available on the website. Enquiries: Ken Crichton (Interim +20 (0)100766 GMA Resources Plc CEO) 6118 Merchant Securities +44 (0) 20 7628 Limited (Nomad) David Worlidge 2200 This information is provided by RNS The company news service from the London Stock Exchange END IR QELFLLKFFBBF Gma Resources (LSE:GMA) Historical Stock Chart 1 Year : From Sep 2011 to Sep 2012
30/9/2011
12:23
daytraders: Im still thinking powers at be no exactly the reason why the bad news has been coming non stop this year, they want gma share price down low for a reason, someone wants the company cheap or something along thouse lines, imo
16/8/2011
07:45
flyingswan: With Gold output traditionally at its highest in August (2043)and September (3059) - 2010 figures. I feel we may see a strong re-rating of GMA share price when the next production update is published.
02/6/2011
08:01
flyingswan: The Rise in Gold Price is set to continue over the Summer: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/2_Turk_-_Metals_Will_Be_Hot_This_Summer,_Gold_to_Hit_New_Highs.html May help to lift the GMA share price. IMHO
30/5/2011
15:03
sideshowbull: Interesting debate on chips thread about us: I will go with LR2s version as he rather more researched in GMA but have put up both repsonses. chipperfrd - 29 May'11 - 02:30 - 2653 of 2658 "hazl, re GMA: sorry to be so late getting back to you! I find it all a bit of a sorry tale. There are just too many negatives for me I'm afraid. - ongoing supply chain problems which have plagued them for ages - High strip ratio due to the narrow nature of the mineralised ore - Declining grades which are very variable and patchy in nature - Poor heap leach recovery - way below target levels - even the CIL plant has failed to contribute much due to lack of high grade ore - very large borrowings that MUST be rescheduled - constant need for new cash injections via fresh equity Every quarter has been loss-making and there would appear little likelihood of them improving performance without considerable new investment and comprehensive rescheduling of their debt. Some of their recent drilling intercepts are pretty good and would indicate the possibility of economic exploitation, but first they have to build an efficient mining and processing operation - and that requires a lot of new cash. They do have a substantial partner (48%) and their debtors may have little choice but to support them if they are to have a chance of getting their loans back. So they may be able to stave off complete failure. But it all looks too much hassle for me, so I will definitely avoid. Chip" LR2 - 29 May'11 - 18:58 - 2656 of 2658 Re post #2653. Chip is correct when he says that GMA has been a sorry tale to date. Over the years GMA has been one problem story after another with production rarely exceeding two thousand ounces a month and with next to no exploration taking place for around 5 years. Then, a year ago, it looked as though things might start to change. The company said goodbye to Doug Perkins as its CEO and Ken Crichton came on board to replace him. At the same time as Ken Crichton took command, ASCOM Precious Metals via their subsidiary Sahara Gold, took up a staged holding in GMA which reached a final 27% just recently. The average price paid by Sahara Gold for their holding was around 2.1p per share as opposed to the current price of 1.3p. At the same time, Ken Crichton acquired an 8 million share holding at 1.25p per share. So here we have GMA's biggest shareholder and its current CEO both holding very decent amounts in the company and both presently under or treading water with regards share price. Added to this, we also have a situation whereby share options over 16.2 million shares were granted late last December to the board and a senior employee at a price of 4.3p. A price that I am hoping they have a plan of surpassing in the not too distant future. So, how do they appear to be planning to get a return on their outlay so far? First and foremost, Ken Crichton has introduced an exploration plan for the first time in 5 or more years. GMA had, in the past, proved up just enough resources to JORC standard to get a chunk of finance (some would say not nearly enough) to start a small production plant at Amesmessa. Last December, Ken Crichton released an exploration update and assay results news item where, for the first time, it was suggested that the conceptual geological model for Tirek-Amesmessa would be based on the Tropicana project in Western Australia and he was backed in this by Mr Geoff Blackburn, a highly qualified Australian geologist who has been employed by the company from the outset of ASCOM's involvement having previously provided due diligence work prior to ASCOM buying in at GMA. Since that release GMA have still not managed, for whatever reason, to improve production figures but GMA have managed to reschedule the loan stock borrowings with repayments now not due until December 2012. This will hopefully provide them with a bit of breathing space for the time being. Their immediate problems now appear to be proving up sufficient resources to firm up their conceptual geological model (Tropicana is a low grade 5 million plus oz resource) and to obtain sufficient finance to acquire a new CIL plant that can produce in excess of 100,000 oz a year if resources are sufficient. Producing 100,000 oz a year would transform the company. Whilst existing JORC figures are not much more than half a million ounces, there are reasons to believe that Tirek-Amesmessa contains a significantly larger resource. Going way back to the 1970's, the Algerian government invited their then friends the Russians to explore the area. The Russians, in turn, used Russian Standard resource calculation figures which are normally regarded as conservative in nature and they came to the conclusion that there were an overall 3.9 million ounces that they could ascribe to Tirek-Amesmessa from shallow depth quartz vein mining alone. Now, if the Russians were correct in their conclusion and you then take into account a talk I had with Ken Crichton some months ago where he stated that he believed there was a greater amount of gold to be found in the aster anomalies (alteration halos) that GMA were investigating than in the quartz veins explored by the Russians I believe that there might well be a resource greater than 8 million ounces waiting to be exploited down in the Saharan sands. Now I can't prove that I had that conversation with Ken Crichton so you will have to make your own judgement on whether or not I am telling the truth about that but I can provide a little bit of backup with regard to the Russian Standard figures. I'm sure you can find them mentioned on the GMA web site which is where I first stumbled upon them but the GMA site appears to be down right now so I cannot find and post the links. My subsequent delving into matters came up with the following quotes which firmed up the Russian (ORGM) figures. GMA subsequently reported "Check-assay programs for the feasibility study undertaken by Behre Dolbear together with previous check assay programs undertaken by SIDAM indicate that the gold assays produced by ORGM are of good quality and appear to be slightly conservative. Check assay programs undertaken by SIDAM and Behre Dolbear re-assaying through Hazen Research of 48 pulp samples from past exploration indicates on average underestimates using the ORGM data of 4.5 per cent. (SIDAM) and 8 per cent. (Behre Dolbear)". And then there is this, "Irus Consulting is confident that the Russian estimation methodology is appropriate for this style of mineralization and considers that the estimates of grade and tonnage are probably conservative because of the grade capping applied which would counter balance to some extent any positive bias introduced by the sampling of trench and underground-channels". Note that in both quotes the results are described as 'conservative'. Also, "Most importantly the contained gold was underestimated because any gold in the bérésite at Tirek was not incorporated into the resource because it was considered barren and not assayed". What else is said about bérésite? Well GMA have stated, "The bérésite has commonly a low tenor but locally carries grades exceeding 10g/t over the width of the alteration halo". And what are these alteration halos? To answer that, I'll refer you to the GMA RNS of 17th December last year. "Table 4 is designed to illustrate the location of the mineralised and altered halo, which typically surrounds large size bulk tonnage gold deposits. There is no representation that these intervals are potentially economically viable but they are presented to illustrate a geological point relating to the exploration for potential mineralisation". So where does that leave GMA? Quartz veins possibly containing around 3.9 million ounces of gold and an unknown number alteration halos like those found at Aster Anomalies TA-52 and TA-54. And lest I forget GMA have again said that, "The recent drilling results in TA 52 & 54 have further strengthened our belief that there is a wide mineralized zone running parallel and west of the known quartz veins along a good portion of the 80km strike length of the concession". So, finally, I come to the end of my rambling. I hope you don't mind me imposing upon your thread Chip but I thought I would like to offer an alternative conclusion to yours regarding GMA. Whilst I certainly would never recommend GMA to those proverbial grannies and orphans so often written and talked about, I do think for the risk takers out there that GMA might just hold a licence to thrill. chipperfrd - 30 May'11 - 13:59 - 2657 of 2658 Thanks LR2 - (re GMA) it's good to have a counter-balancing argument being presented. As I said in my post, their recent drill results do look very promising. However, given the time and money required to prove up and exploit new discoveries I am more concerned regarding their current critical financial position. As ever, it's a balance between risk and reward in comparison to other stocks. Given their government partner I think it unlikely they will be allowed to fail, so the cash and debt rescheduling will most likely become available to give them the breathing space necessary to turn things around. But until they are firmly on a recovery path I would prefer to be invested elsewhere - purely a personal opinion of course. Chip
18/12/2010
09:37
highly geared: LR2 ;thanks for your posts and appreciate your efforts in terms of getting the full picture. I think GMA share price will slowly recover even though that one rns sentence may have set things back a while. The irony is that yesterdays explo narrative is a net positive; it's just so annoying that if no reference had been made to the existing known production rates then the share price would have moved ahead. If they want to finance a CIL plant and are looking at blended finance; SEDA agreement , placings, some debt etc , then they need the share price as high as possible to minimise dilution. The more I think about yesterdays poor use of words the more bizarre it seems.... same old story; management , management and management! I think that in terms of say 12-18 months, if a mulit million resource can be proved up, the value is still there, regardless of current production issues. In any event, an ongoing share of production (18,000 oz/year) more than covers market cap (by a factor of 2-3) so not a massive downside from where we are now (with 23% of market cap wiped yesterday!). All the best.
16/12/2010
15:49
7bore: Date.....................14 Dec 10 Shares in issue..........558,402,894 current mid price........4.625p (4.55/4.70) Mkt Cap..................£25.8m. They are already producing and selling 3,000 Oz gold per month(1) They currently have a leach pile (a pile of gold!) of 78,299 oz (2). As GMA own 52% of the mine (3), then this alone is worth £57m (10p per share) at $1400/Oz.(4) They have a current JORC of 220,000 oz Measured and Indicated and 179,000 oz Inferred at their Tirek mine (5). They have a current JORC of 405,000 oz Measured and Indicated and 209,000 oz Inferred at their Amesmessa mine (6). They have a current Russian ORGM of 275,00 oz at their Zita project (between Tirek and Amesmessa) (7). On 09 Nov 10 they said "Assay results of 4,149 drill samples expected in December 2010."(8) In the recent Nov 10 + Dec 10 Edition of Edison Insight they say "it is conceivable that GMA's land position represents a new world-class gold camp akin to Kirkland Lake or Ashanti, with which it shares".(9) Just one look at the Kirkland Lake gold website reveals it to be a "40Moz+" gold project.(3)(4). A quick look at Wiki reveals "The Ashanti Mine, located at Obuasi, 56 km south of Kumasi, has been producing since 1897. The mine is sited on one of the world's major gold deposits and is one of the ten largest in the world." (5)(6) We all know what happened to Solomon Gold (SOLG) when they announced that their sample results revealed it was "similar to the nearby 40Moz Lihir project"...they went from 10p (£22.6m mkt cap) to 85p (£192m mkt cap) in one day, before settling at 30/32p (£87m mkt cap)....and that was with only 215 sample results....GMA are awaiting 4,149 sample results ! (SOLG current mkt cap at 31p is £87m due to a Placing.) So, for a current Mkt Cap of just £25.8m you get a gold stockpile of 78,299 oz worth £57m (10p per share), JORC of 625,000 Oz Measured and Indicated 388,000 Oz Inferred, an ORGM of 275,00 oz, already producing and selling 3,000 Oz per month and due "Assay results of 4,149 drill samples expected in December 2010." which Edison believes could be "conceivable" to "represent a new world-class gold camp akin to (40Moz+) Kirkland Lake or Ashanti (one of the top 10 gold deposits in the World) , with which it shares many characteristics." (1).....http://www.investegate.co.uk/Article.aspx?id=201011090700078291V (2).....http://www.investegate.co.uk/Article.aspx?id=201009291825035471T (3)....."GMA Resources Plc owns a controlling 52% interest in the exciting 1,425 square kilometer Tirek-Amesmessa gold concession in Southern Algeria. The other 48% is a participating interest owned by the State owned Sonatrach AVAL, the Algerian Oil & Gas giant." (4)....78,299 oz x 52% x $1400. (5).....http://www.gmaresources.plc.uk/projects_tirek_mine.php (6).....http://www.gmaresources.plc.uk/projects_amesmessa.php (7).....http://www.gmaresources.plc.uk/projects_zita.php (8).....http://www.investegate.co.uk/Article.aspx?id=201011090700078291V (9).....http://www.edisoninvestmentresearch.co.uk/ Kirkland Lake gold map ------------------------------------------------------------------- http://www.edisoninvestmentresearch.co.uk/ November 2010 Edition of Edison Insight GMA Resources (GMA);Price: 3.0p;Market cap: £17m In H110, GMA produced 11,827oz of gold at an estimated cost of US$1,038/oz to report a loss of 0.22pps. Operations were affected by below-budget mined grades, reduced crusher availability and a delay to the recommissioning of the Tirk CIL plant at Amesmessa. In the immediate future, the focus will be on achieving a consistent output of 3,000oz pm. On this basis, and at a gold price of US$1,177/oz and USD1.60/GBP, we estimate the company is capable of enerating earnings of c 0.6pps (assuming costs moderate to US$425/oz). During H1, GMA commenced mapping and sampling the 76 anomalies identified by Earthscan, a number of which were 'found to contain significant gold in soil results.' More information on the exploration programme should become available in due course. Given the density, grade and continuity of its veins, it is conceivable that GMA's land position represents a new world-class gold camp akin to Kirkland Lake or Ashanti, with which it shares many characteristics. http://www.edisoninvestmentresearch.co.uk/ December 2010 Edition of Edison Insight GMA Resources (GMA);Price: 4.1p;Market cap: £23m Output of 7,259oz Au in Q310 represented a strong turnaround at GMA, after the successful re-commissioning of the Tirek CIL plant at Amesmessa. Production of 1,933oz from the CIL plant in September alone contributed to overall output of 3,059oz - 2% above management's target. Future forecasts are predicated on production of 3,000oz pm at an average cost of US$535/oz in H210, falling to US$425/oz thereafter and at a gold price of US$1,223/oz in FY10, followed by US$1,350/oz thereafter. The installation of an additional 600-800ktpa CIL plant is also under consideration. Of the 76 anomalies identified by Earthscan as being prospective in H110, seven will be pursued with a drilling campaign, while results from GMA's 162 hole RC drilling campaign are expected in December. Given the density, grade and continuity of its veins, it is conceivable that GMA's land position represents a new world-class gold camp akin to Kirkland Lake or Ashanti, with which it shares many characteristics ----------------------------------------------------------- RESEARCH: Cannacord Research Note Date..............23 Sep 03 current price.....28p target price......none given shares in issue...122m Market Cap........£32m gold price........US$360/Oz http://www.gmaresources.co.uk/pdf/Canaccord0903.pdf Mirabaud Research Note Date..............17 Nov 05 current price.....7p target price......12p shares in issue...261 m Market Cap........£18.3 m gold price........US$440/oz http://www.gmaresources.co.uk/pdf/17-nov-05.pdf Mirabaud Research update Date..............03 Mar 06 current price.....8p target price......12p shares in issue...261 m Market Cap........£18.3 m gold price........US569.16/oz http://www.gmaresources.co.uk/pdf/060303.pdf Mirabaud Research update Date..............21 Jun 06 current price.....10.25p target price......15p shares in issue...345m Market Cap........£35m gold price........US574.87/oz http://www.gmaresources.co.uk/pdf/060621.pdf Edison Investment Research - Jul 07 Date..............21 Jun 06 current price.....13.5p target price......15p shares in issue...354.4m Market Cap........£48m gold price........ http://www.gmaresources.plc.uk/pdf/juniorminingpaydirt290607.pdf "The estimated cash costs for gold production at Amesmessa are just below US$300/Oz. With so much margin on the current gold price, the company can withstand downward fluctuations in the spot price". Mining Research - Mirabaud Securities June 27th 2007 GMA Resources (GMA LN, 13.5p Mkt Cap. £47.9m – Buy, base-case valuation 18.1p) has released its annual report and accounts, along with an operational update for its Amesmessa-Tirek gold project in southern Algeria. Mining Research - Mirabaud Securities May 29th 2007 GMA Resources has a 52% interest in a concession area that has the potential to be a major gold-producing region. The adoption of heap leaching in the current development plan promises a major boost in gold sales, to 47,500oz this year and 108,600oz in 2008 (at a 2008 cash operating cost including royalties of US$376/oz), plus much greater flexibility in terms of treating lower-grade ore. We expect a major rerating in the stock as these production plans are realised. Our base-case valuation of 19.0p per share is based on our base-case DCF analysis of these production plans (plus cash), resulting in 12.7p per share, plus a gold-sector average premium to NPV of 1.5x. We argue this premium to NPV will be warranted as production rises. Edison Investment Research Date..............20 Feb 08 current price.....11.75p target price......19.5p shares in issue...354.4m Market Cap........£42m gold price........ http://www.gmaresources.plc.uk/pdf/Edison_Investment_Research.pdf "In time, the area covered by GMA's land position has potential to be a new World Class gold camp,akin to Kirkland Lake in Canada, or the Ashanti belt in Ghana"....."Given the density of veins on the property and the grades and continuity of the veins sampled so far, it is foreseeable that over the course of several years of concerted drilling , GMA could outline a resource in excess of 5m Oz gold". Currently cost $650/Oz but expected to average $450/oz after several years production. Mirabaud Research update Date..............29 Jan 08 current price.....12p target price......21.9p shares in issue...345m Market Cap........£42.5m gold price........ http://www.gmaresources.plc.uk/pdf/MMT_GMA_290108_appendix.pdf "cash cost of US$404 in 2008" Hitchens, Harrison & Co Date..............03 Mar 08 current price.....11.75p target price...... shares in issue...345m Market Cap........£42.5m gold price........ http://www.gmaresources.plc.uk/pdf/GMA_03032008.pdf Mirabaud Research update Date..............08 Jan 09 current price.....1.88p target price......9.1p shares in issue... Market Cap........£7.1m gold price........ http://www.gmaresources.plc.uk/pdf/MMT_GMA_080109.pdf ------------------------------------------------------------------- http://www.edisoninvestmentresearch.co.uk/ November 2010 Edition of Edison Insight GMA Resources (GMA) Price: 3.0p Market cap: £17m INVESTMENT SUMMARY In H110, GMA produced 11,827oz of gold at an estimated cost of US$1,038/oz to report a loss of 0.22pps. Operations were affected by below-budget mined grades, reduced crusher availability and a delay to the recommissioning of the Tirk CIL plant at Amesmessa. In the immediate future, the focus will be on achieving a consistent output of 3,000oz pm. On this basis, and at a gold price of US$1,177/oz and USD1.60/GBP, we estimate the company is capable of enerating earnings of c 0.6pps (assuming costs moderate to US$425/oz). INDUSTRY OUTLOOK During H1, GMA commenced mapping and sampling the 76 anomalies identified by Earthscan, a number of which were 'found to contain significant gold in soil results.' More information on the exploration programme should become available in due course. Given the density, grade and continuity of its veins, it is conceivable that GMA's land position represents a new world-class gold camp akin to Kirkland Lake or Ashanti, with which it shares many characteristics. -------------------------------------------------------------------- http://www.edisoninvestmentresearch.co.uk/ December 2010 Edition of Edison Insight GMA Resources (GMA) Price: 4.1p Market cap: £23m INVESTMENT SUMMARY Output of 7,259oz Au in Q310 represented a strong turnaround at GMA, after the successful re-commissioning of the Tirek CIL plant at Amesmessa. Production of 1,933oz from the CIL plant in September alone contributed to overall output of 3,059oz - 2% above management's target. Future forecasts are predicated on production of 3,000oz pm at an average cost of US$535/oz in H210, falling to US$425/oz thereafter and at a gold price of US$1,223/oz in FY10, followed by US$1,350/oz thereafter. The installation of an additional 600-800ktpa CIL plant is also under consideration. INDUSTRY OUTLOOK Of the 76 anomalies identified by Earthscan as being prospective in H110, seven will be pursued with a drilling campaign, while results from GMA's 162 hole RC drilling campaign are expected in December. Given the density, grade and continuity of its veins, it is conceivable that GMA's land position represents a new world-class gold camp akin to Kirkland Lake or Ashanti, with which it shares many characteristics -------------------------------------------------------------------- LR2 - 8 Dec'10 - 21:20 - 2575 of 2674 With many thanks to Voldmort for doing all the number crunching over on 3 eyes. This is 95% his work, I've just tarted it up and tweaked it a bit. Assumption - new CIL plant can handle 600,000 tons of rock a year. Very conservative as GMA have mentioned acquiring a CIL plant handling up to 800,000 tons. Amesmessa ore grade is around 17 grams per ton. 31.1 grams = 1 ounce so 17 grams equals 0.5466 ounces per ton. With a 92% recovery rate of gold that is about 0.503 ounces per ton. If the new CIL plant crushes 600,000 tons of rock a year then the new CIL plant will produce - 600k tons x 0.503 oz which equals 301,736 oz a year. At $1300 an oz, the production would be worth $392,256,800 a year. That comes to about £248 million at today's exchange rate. GMA's 52% is therefore worth £129 million. If GMA had a revenue of £129 million a year then imagine the share price. (Personally, I would expect GMA to go for the good grades until end 2012 because of tax concessions that I have read about. After that they will likely reduce the grades a bit to maximize mine life). Assume a P/E ratio of 6 on that £129 million then share price should be £1.06. So, when do you guys reckon we will hear more about the CIL plant feasibility study results? -------------------------------------------------------------------- LR2 - 30 Nov'10 - 21:27 - 2378 of 2676 Robo, let's assume the Russian geologists weren't telling porkies back in the 70's, 80's and 90's when they surveyed the area and that there really are around the 3.9 million ounces of gold in Amesmessa and surrounding areas that their surveys indicated. In fact, we might reasonably assume that the Russians were conservative in their calculations as appears to be the norm when it comes to calculations using the Russian Standards evaluation. Let's also not forget that their methodology for assessing gold in the area back then only involved seeking out high grade surface veins and that they applied a 2 gram per tonne cut-off point. Who knows there might be more to be found eh? So with that in mind, if GMA prove up say 4 million ounces of gold (broken down into an arbitrarily assumed 1 million measured, 1 million indicated, and 2 million inferred) and with London Market average valuations (BDO Stoy Harward figures taken from their report dated January '10) for companies with the following - per measured ounce - $403.53 per indicated ounce - $85.94 per inferred ounce - $3.78 - then GMA should have an in ground valuation in the region of 52% of 1m x $404, 1m x $86, 2m x $4 / $1.555 exch rate / 725.2 fully diluted shares. Or 52% of 498 / 1.555 / 725.2 = 23p per share. However there is another way of looking at GMA. According to an article in resourceinvestor.com ... http://www.resourceinvestor.com/News/2010/9/Pages/Gold-Stocks-Trading-Near-Historic-Lows-Compared-with-Bullion.aspx ... not only is my (BDO's) measured ounce valuation a bit on the low side but enterprise valuation per ounce of annual production is close to $8,000. Quote follows: "The industry is presently trading at $509 per ounce of proven and probable reserves, and nearly $8,000 per ounce of annual production. That's not terribly impressive by historical standards, and it equates to stock prices trading at a steep discount to their Implied Reserve Valuations (IRV); currently around 68% of the total IRV per share". If GMA were priced at current annual production of around 24k oz gold based on that article's figure of $8,000. Then 24,000 x $8,000 / 1.555 exch rate = £123.47 million. Now, that's of course 52% of £123.47 / 725.2 mil fully diluted shares or 8.9p a share. If we then assume GMA achieve a constant 3,059k a month with help from the Tirek CIL plant re-installation as they did in September. That becomes 52% of 36,708 x $8,000 / $1.555 = £98.20 million or 13.54p a share. If the day ever comes when they have their new CIL plant up and running and they achieve 100,000 ounces of production a year then 52% of 100,000 x $8,000 / $1.555 = £267.52 million or 36.89p a share. -------------------------------------------------------------------- CaptainNelsonForties - 6 Dec'10 - 17:26 - 2523 of 2676 worsley, Well done, very good price. I have to question those selling after gold has passed $1400/Oz. The value of the gold on the pads is growing faster than our cap at the current time. All we need is some good grades and a hint of increased reserves on this area and they'll fly. If all is still going to plan with the new sprinklers and the CIL then the cash flow and level of profit should be healthy at current prices for gold and silver. A little confirmation on that given our minute cap and things will get intersting. We just have to be patient until the market realises that this and the other gold producer that I hold are excellent value for money. Once they do though we can sit back and relax knowing that by then we'll be fully loaded. When you're buying something that is producing and seriously under-valued its always just a matter of time. Some us have plenty of patience and aren't in any rush. I took my time in CAZA for over a year 4-6p looked as if it wasn't going anywhere, it hit 67p recently and still is close to a 10 bagger for some even now. Buy em cheap and sell em high. ;) When the gold on the pads is higher than the market cap, with regular double digit gold grades near surface and multiple gold anomalies all over the licence you know you're getting em cheap. :) --------------------------------------------------------------------- LR2 - 6 Dec'10 - 22:21 - 2531 of 2676 Market cap = £23.7 million. Gold ore awaiting processing - 52% of 72,000 x $1,420 / $1.572 = £33.8 million. Monthly income at 3,000 oz month production - 52% of 3,000 x $1,420 / $1.572 = £1.4 million. Yearly income at 36,000 oz a year production - £16.9 million. --------------------------------------------------------------------- LR2 - 14 Dec'10 - 13:12 - 2651 of 2675 The market cap at £24 million doesn't even get close to equating to the gold awaiting processing that is sitting on the leach pads. 52% of 72k oz x $1,400 / $1.58 = £33.17 million. You get everything else (including the camels) for free. Roll on those drill results.
05/10/2010
11:24
flyingswan: I think GMA share price is now Undervalued. If you look at similar producers like VGM, their share price used to be less then GMA and now above - so GMA has some catching up to do. Even non producers like KIBO Mining, which is an exploration comapny, share price has just passed GMA - Again GMA undervalued or off people's radar. GMA News is expected a week today (12th Oct), when the Production Report for the latest 3 months, is expected to be sent out by RNS. * Expected Production Up * Resources Up * Gold Price Up * Silver Price Up IMHO
17/4/2010
20:59
flyingswan: I thought I would copy this discussion here to get other opinions on the two: Interesting to see your on the VGM site as well.I for one am more excited about GMA now than I am about Vatakoula and I was wondering what your thoughts were regarding the two........ Is GMA now a better bet than VGM or Goldplat who are in the news at the moment....? All views welcome.... Madoff Jnr Madoff Jnr... Interesting question. My own view is that GMA share price will move quicker than VGM when the new CIL processing plant is commissioned at the beginning of May. We should get an RNS announcing its commercial use, after the compliance testing, which is due to be completed by the end of April, is complete. So we can expect News from GMA within the next two weeks, me thinks. The reason I think GMA share will move faster is because of the number of shares in issue of each company: Today's share price GMA: 3.12p No. Shares: 469,002,894 (Ord 1p) - Market Capitalisation: £14.68m Today's share price VGM: 2.25p No. Shares: 3,652,371,027 (Ord 0.1p) - Market Capitalisation: £82.178m GMA output 3 months = Amesmessa gold mine in Algeria produced 5,731 ounces of gold and 1,197 ounces of silver: With an expected 1,200 ounces Gold from the CIL Process from May onwards. Bringing expected output from GMA to 3,000 ounces a month. VGM: 3 months = output Gold recovery of 12,869 ozs, up from previous quarter (12,227 ozs) - 2 times GMA output, but there are 5 times the number of shares in VGM. VGM Market capitalisation is already over 5 times GMA's market capital, so GMA has some catching up to do on share price. GMA are starting to use new trucks to bring in richer resources to processing plant: - will increase output. New Drill Rig about to be commissioned to find and prove up higher resources to increase output still further. I hold shares in both GMA and VGM and intend to continue to hold both companies long term. See Operations Updates RNS of both companies for facts and more details. This is my own personal opinion and hope to be corrected, if I am not portraying each company fairly. IMHO, DYOR G E M L
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