Share Name Share Symbol Market Type Share ISIN Share Description
Ironveld LSE:IRON London Ordinary Share GB0030426455 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% 3.625p 3.50p 3.75p 3.625p 3.625p 3.625p 17,123 07:58:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.6 -0.2 - 13.58

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Date Time Title Posts
26/5/201722:11Ironveld plc1,692
03/4/201513:42The Iron Ore thread55
14/5/200718:27The new arsenal?33
13/10/200223:45Are Women the cause of the markets collapse???-

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Ironveld Daily Update: Ironveld is listed in the Mining sector of the London Stock Exchange with ticker IRON. The last closing price for Ironveld was 3.63p.
Ironveld has a 4 week average price of 3.38p and a 12 week average price of 3p.
The 1 year high share price is 6.38p while the 1 year low share price is currently 3p.
There are currently 374,641,278 shares in issue and the average daily traded volume is 139,439 shares. The market capitalisation of Ironveld is £13,580,746.33.
zengas: This deal will give us 100% of the 7.5 MW smelting plant. Projected annual production starting in Q1 of 21,000 tons of HPI Powder, 190.5 tons Vanadium slag and 4134.5 tons of Titanium. Although the 15 MW smelter has been behind schedule, (supposedly nearing closure) this 7.5 MW deal would actually reduce some of the previous timescale on that bigger smelter in terms of commissioning time. Good to see them also re-iterate their intention for 4 x 75 MW smelters to process the large V.T Magnetite resource. Total acquisition cost appears to be £10.9m ($13.6m at todays ex rate) and over 2 years. £1.16m approx in cash now plus £1.74m approx in new ordinary shares (if at 3.5p or 4p it could be about 43.5m - 50m shares). This might explain part of the share price weakness lately in getting the share price down ? Then pay £4m from cash flow in 12 months followed by £4m in 24 months in total. We will also own 70% of the power company (Power Alt) that generates 10.6 MW of electricity. This could be a valuable source of some additional revenue ?. Apparently it serves as a supplement and back up power to the smelting plant. Hard to draw comparrisons to the overall $63m capital costs for the 15 MW smelter in the late 2016 presentation which was for 42,000 tons of HPI powder, 381 tons Vanadium and 8269 tons of Titantium. On the off take agreements a full years sales were to generate $56m, with a profit after tax of $23m and free cash of around $25m per year - so on the 7.5 t smelter approx half that. Will owning the power plant compensate for the costs to deliver to the smelter - hard to know ? I beleive it may save us about $10m in initial start up costs and bring us that valuable free cash element much earlier now than planned. Today - "Furthermore the anticipated profits and free cash flow from the Smelting Plant will place the Company in a considerable position of strength." I would tend to agree as this would then help the financing considerably of the future planned smelters. I expect we will need to raise some cash either through a placing or debt on the back of this until we would start generating cash after the next 2 or 3 quarters (depending what part of Q1). Immediate cash needed now is for the £1.16m cash payment, refurbishment costs ? and working capital ?. They say refurbisment and equipment installation will take up to 6 months with production thereafter commencing in Q1 2018. If legally binding by the end of the month, we should have things re financing etc sorted by end June latest and work beginning, so it could be realistically early Q1 production start-up. Looks like they've upped their game here and looking a lot more prosperous than a few weeks back.
callumross: Cracking deal, bridging the gap between now and the 15W delayed smelter being commissioned. Surprised this has not been reflected in a stronger share price today. Can still buy below mid-price.
al101uk: 11 million market cap, 324 million shares in issue and only 400K shares traded, which is a high volume day on here apparently. I think it's safe to say that this is an extremely illiquid investment and share price will be a very exaggerated version of performance. Nipped in to see if there was any progress, it appears not very much. Still waiting for the placing, once funding has been finalised, to maybe take a nibble. Looking at the price now, maybe there will be an opportunity before then. Don't have a target though, not sure where I would feel comfortable. As Underhill says, very high risk and rapidly becoming a binary bet. Certainly won't be taking the kind of position I held back in at the beginning of October last year... a bit scary thinking back to it. Paperwork/permits holding the company hostage, where have I seen that before ;-) On the positive side, even though we all know GC doesn't subscribe to the same concept of time as we do, he does tend to deliver... eventually.
underhill2: I won't be adding here at present. Getting concerned now that they are having troubles raising the finance. Only time will tell but will not be suprised if the share price continues to fall. Should the price drop to 2p I will add to my holding. This now is purely a very speculative investment.This is now looking very high risk. Nevertheless the selling volume of shares has been very small and that is the only comfort I can take at present. Hopefully good news ahead although by the end of June cash will be running out should the finance not be forthcoming.
zengas: I still look in as I always liked the potential here, but it has been brutally and painfully slow progress. From the accounts, it looks like they are very low on cash given this is the end of March and 3 months passed since end of December account period. Cash at end of December was £413k and this was after the £1.8m October 2016 placing. It shows debtors of £272k and last month £180k owed to consultants was satisfied by the issue of shares. In addition borrowings stand at £794k. They are now 2 years behind on the project and these delays for whatever reason are and have been causing significant and cheap dilution at such low rates diluting the upside. Management are so far removed that you can't get to speak with anyone in the UK other than through their PR agency. The last investor presentation was lack lustre and they really need to get their act together re timing and should have ensured they had enough capital on their books to weather any delays. No wonder that the share price is where it is.
underhill2: Not looking too good at present. Share price dropping every day.Still not too worried as volume of shares traded is very small. At these prices I would expect to see some buyers soon. Nevertheless this is more than ever speculative investment and not for the faint hearted !.Continual delays in both obtaining the land leases Signed and obtaining the finance are the main problem here.
rec0very stock: Can't rule out another placing, however I think the aim is to get the share price and liquidity back up ahead of concluding the main debt and equity financing packages. I hope that is the case. Conclusion of those packages before Christmas would be a nice present for those of us who have been waiting far too long for it to happen. Unfortunately I can't attend. I hope there is someone who can go and report back. No doubt it will be videoed but you can't really gauge who well or otherwise the message was received and who by unless someone goes in person.
callumross: Yep - profit before tax forecast as 22-23 million dollars each year for the first 6 years of the project which is also the profit after tax due to tax allowances. In year 3 onwards profits are forecast to ONLY be $16m dollars per annum due to tax starting to be paid. These figures are AFTER interest payments. Of course much can go wrong in execution and obviously we are already running months behind schedule but remember that these figures may be on the low side now due to the exchange rate translation into sterling. Don't know where you get your figures for PBT from Al, but they are a huge underestimate (at least, based on forecasts). Just a guess but lets assume they raise £15m by the issue of 300m shares at 5p, being equivalent to a 1 for 1 rights and total shares of 628m. The remaining £20m being debt. Then $22m dollars profit would equal approx. £18m divided by the shares in issue comes out around 3p EPS annually. Even a derisory P/E of 5 gives a share price of 15p and don't forget that this is only the preliminary project with a much bigger scale project to come! Lots of assumptions made by me here but it does give an indication of the potential value for equity holders of the project once up and running.
al101uk: The BEE funding is in place, The fund raising is due to be majority debt based and I assume they won't do a placing until after the debt is in place. The price of the placing is likely to be dictated by the terms on debt. It could be that once the loan is in place, the share price gets a boost and the placing comes in at or around the price settled at. The share is illiquid, any buying will see us flying so short term I'm happy and may trade the spike. I have no doubt that Giles will execute and we will have a smelter (timescales are another matter), so long term I'm also reasonably content. Medium term, following the debt and until we know the placing price, I'm expecting a bit of a roller coaster ride. I don't think anyone can predict any future placing price right now, but thinking about 10p seems over optimistic to me at this stage.
cyberbub: The Daily Mail article suggests that the smelter cost will be $60M = £40M. 25% of the funding is already probably available via the BEE holding (sounds like it will be direct govt grant ie. no dilution). That leaves £30M to find. If we assume a typical debt : equity split of 2 : 1, that means £10M through equity. At what price though? At 10p it would be 100M extra shares. There seems like a very good chance in any case that the total number of shares will be kept below 500M. *If* the predictions of $27M pre-tax profit by 2018 are true = approx £12M post tax, multiplied by 75% that the AIM shareholders own = £8M. On a p/e of say 10 (hard to see it getting higher for an African miner, even in relatively stable RSA) that would be an £80M market cap. On 500M shares that would be 16p share price, or with 400M shares (probably optimistic) 20p share price.Have I got anything wrong there?
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