Asiamet Resources Share Discussion Threads

[adw198] 26/4/2024 15:26

Good luck trying to find an RNS telling you about the referenced BKM drilling though…

[adw198] 26/4/2024 15:19

I thought the permit needed to know the exact mine design? That was the excuse for not getting it as they indicated they would in 2021. Unlikely to apply for it whilst interested parties are conducting diligence imo.

“Following consultation with Ministry of Environment and Forestry, the Company has made a decision to delay progressing the borrow to use forestry permit (Pinjam Pakai) to the conditional approval stage, until the current drilling and value engineering programs are completed. This will enable all results and any adjustments to be incorporated into the BKM project footprint prior to issue of the Pinjam Pakai, following which no amendments are able to be made prior to the commencement of mining”

[adw198] 26/4/2024 15:11

“So again you confirm you have absolutely no idea how profitable the company will be, nor how an increase in the copper price affects the IRR”

The price of copper going up increases the returns. You don’t have a graph plotting each incremental any more than I do.

The difference is I at least recognise that further funding will be required even if we start building tomorrow. And despite you thinking all funds would be in place by October - March latest you haven’t worked out that time is money. Keep buying more on the basis of the Telegram briefings mate :)

[2lb] 26/4/2024 14:28

Dorset - would you not see that as somewhat of a chicken and egg scenario as regards non-DOID interest?

A buyer or partner would want cast iron certainty, which would mean having permits in place.

DOID however are already taking that punt at levels where it is worth taking.

Nothing Manini says can be assigned any credibility whatsoever.

[rainyrain] 26/4/2024 14:20

The real money will be made 15, 20 years from now when exploration uncovers mind boggling riches. Those who don't want a slice of that and want to sell out now for pennies are mad.

Entirely my own humble and personal opinion if course! Please don't take it as investment advice and DYOR!

[dorset64] 26/4/2024 14:20

So again you confirm you have absolutely no idea how profitable the company will be, nor how an increase in the copper price affects the IRR, that in itself is quite an admission but not surprising.!

[dorset64] 26/4/2024 14:17

2LB, sorry fella but your totally & utterly wrong about the permit. The permit, once approved last for a certain number of years and, as they have already said, will be finalised once everything is in place to commence mine construction. It is pointless receiving it before finance is raised as then the clock would already be running down on it.

[rainyrain] 26/4/2024 14:13

It's been like 0.5 for ages now you're moaning about 3.47. Captain Moan and his trusty sidekick!

[2lb] 26/4/2024 14:08

Dorset - you are right to raise the numerical questions because they are very compelling

As it stands today for BKM alone

NPV $270m
IRR 28%
Payback 2.7 years

However these are irrelevant without the permits which should have already been secured in advance of a predictable copper rally because without them Asiamet just own the rights to walk around on some land. I simply don't buy the line that they aren't in place because the company doesn't want to start accruing costs.

The broker note adds fuel to the inevitability of a transfer to DOID , are Optiva really only saying 3.47p in 12 months time?? That is pathetic given the numbers above and linked to setting an expectation on the price of the final transfer to DOID ownership that Manini and McClelland, in my view, are being paid to execute on.

Its still clearly a lot higher than the shambles of a price their idiocy has resulted in today, but even so for anyone to claim in any way that these clowns are mining professionals beggars belief.

We have about 4-6 months of cash left for a proper company to come in and make an offer, but of course that is why the permits haven't been progressed, it doesn't fit with the DOID plan

[adw198] 26/4/2024 13:38

It’s going to be so funny if / when DOID take us out and Dorset will have to accept he was wrong yet again.

I don’t know why it’s so triggering for me to think our largest shareholder who want to diversify into green energy will take us out. And that i remain invested because I think it’ll be at a premium to today’s share price If others think we’ll raise $230m that’s fine - I just disagree. We’ll see - and in the meantime I’m sure Dorset will tell us we’re stupid and he’s bought more

[dorset64] 26/4/2024 13:23

So, after spending hour upon hour moaning you admit that you have absolutely no idea, even with today's copper price let alone further increases in to the future, how long it takes the mine to pay back the CAPEX, nor how much money Asiamet will earn from it, nor what the corresponding IRR is with an increasing copper price.Surely to comment on anything, you firstly need to understand the economics of the company & if they'll be profitable or not, but you have no idea?And you actually bought shares not knowing or, more accurately, not understanding the basic economics of the company, beggers belief!!

[rainyrain] 26/4/2024 13:19

I notice Einstein198 is on the other forum saying DOID are the only likely buyer, despite the company saying several site visits in Q1.
Furthermore he reckons we haven't got the money to pay for the final permit, so just wondering how on earth he knows that LoL

[adw198] 26/4/2024 13:05

“Hello Mr (potential) Lead Banker, can you lend us $230m?

‘Aside from anything else, how will you fund yourselves through to payback phase’

“Erm….”

I can see why the fast track finance stage hasn’t gone anywhere - funnily enough exactly how I predicted.

[adw198] 26/4/2024 12:54

Moaning - it’s called analysis of a PR piece. You yourself expected ALL finance to be in place between October 23 - March 24. When it becomes apparent that’s MILES out it makes not one dent in your analysis does it? Which is pretty ridiculous.

Anyway…You like asking a question more than you like answering one! Copper is flying up at $4.59 which makes the project economics much much better. I don’t know the IRR at these levels or the payback period. It’s quite amusing that you now quote the price of copper - previously you dismissed it and said it was all about the future. I think the current price of copper is really important but at least I’m consistent.

DOID will be loving the copper price, hopefully it prompts them to put us out of our misery because we won’t be rustling up the $230m anytime soon. Which even the PR piece recognised- even if you don’t.

[dorset64] 26/4/2024 12:29

As was a certainty, you seek out whatever you can moan about.A question Andrew, tell me, with the copper price where it is today, what the current pay back period & IRR for BKM alone is?And remember when you get to a figure, factor in this is only the starter project, and one of many in the localised area so, whatever figure you come up with, add a huge percentage to the IRR for all the other projects as the infrastructure will already be built. I look forward to you answering the above.

[rainyrain] 26/4/2024 12:03

The bank obviously want the main contractor signed up.

[adw198] 26/4/2024 11:04

“Over the past few months, the Company has made meaningful headway in laying out the necessary preparations to move forward
with bank financing for the BKM copper project”

Sounds wonderful but they expected first stage credit approval last year, so headway in laying foundations tells me they’ve politely told to come back with some grown ups.

[dorset64] 26/4/2024 09:58

Latest 'paid for' company note makes good reading and confirms where we are in the copper cycle right now. hTTps://mcusercontent.com/a1fb04e53b13f07f4600886ee/files/4312b33a-afed-2f2e-07d6-28668d46d268/Asiamet_Flash_Note_260424.pdf

[adw198] 23/4/2024 14:51

We can indeed only wait and see (or continue to speculate!).

The below is what we were told about DOID when they signed the HOA. The last para in particular is interesting in terms of assessing why they’d decide not to get involved at a project level and then potentially let a competitor take over.

About PT Delta Dunia Makmur Tbk. (DOID)

“DOID is a publicly listed company on the Indonesian Stock Exchange. Through its operating subsidiary PT Bukit Makmur Mandiri Utama better known as "BUMA", DOID is one of the largest mining services company in Indonesia with extensive capability in the following key areas:

· Engineering Design, Procurement and Construction

· Contract mining

· Design and construction of mine infrastructure

· Early works execution

· Material handling solutions and logistics

· Energy and Power

· Safety, as a local contractor working to international standards

· Environmental management and community relations

With a strong balance sheet and a clear strategy to expand its footprint outside contract mining services into copper and other future facing minerals projects, DOID sees the KSK-CoW as a unique opportunity to advance this growth strategy”.

[dorset64] 23/4/2024 13:33

ADW, a JV now would, imo, most likely be with a.n.other comany not particularly Doid on their own.

I also believe apart from those doing their DD for a full or part purchase of Asiamet, there are others also looking at JV's.

We’ll just have to see what pops first but, and it wouldn't surprise me, but the Merdeka Copper Gold compays flagship copper mine in Malaku, is also surface mounted but after decades of production, it is scheduled to close this year. I would had thought someone like that who are already producing in country would had been an ideal fit.

Time will tell.

[rainyrain] 23/4/2024 09:46

Now it could be a good or a bad thing that Bobby Dazzler has gone radio silent, LoL.

[rainyrain] 23/4/2024 09:28

I reckon part of the job of a CEO is to promote the company and let shareholders know WTF is going on. Bobby Dazzler has been awful at this aspect of the job, IMHO.


No interviews or anything since early December I think !

[adw198] 23/4/2024 09:11

Morning

Thanks for the considered reply.
1. I’m not sure how a JV could form part of it for the same reason you and others insisted DOID walked away from a JV…see thru vale. I suppose there could be a more creative solution such as us essentially giving it away for someone who can afford it for a free carry in the profits.
2. Similar to the above selling either asset wouldn’t even touch the sides of the costs of building another site. Based on the last few years they might cover our running costs for several years but not a build.
3. Full sale seems likely, agreed. What price do you think DOID would want? Odd that they wouldn’t bid themselves (obviously we know my belief)
4. This sounds a pivot to a new delay, perhaps because they have been guided that $230m won’t be forthcoming. Wouldn’t this require a new FS?