Altyngold Share Discussion Threads

[excellance] 13/12/2022 11:05

Had to happen, pleased it's out of the way, but armed with $40m loan there was no reason to expect it wouldn't be cleared.

I wonder if the board will sell bonds again?

[wrighty46] 13/12/2022 10:58

Bond repaid in full nice.

[researchcentre123] 13/12/2022 10:48

The main problem is the float is too small to interest institutions which leaves individuals - and they don't know about it. Needs PR around value investors - any ideas where to find them?

[excellance] 13/12/2022 09:14

Our time will come, no idea when but can't be far off.

[researchcentre123] 09/12/2022 14:46

Excellence I'm not sure what a chart can possibly predict here. If I or a number of other holders on this forum sold their shares, the price would fall quite a bit. If we bought the same again it would soar upwards. I really don't think your charts tell us what any of us think - my only thoughts are it is currently ridiculously cheap

[excellance] 09/12/2022 14:01

Well, 9 months on and no WW3 so maybe we should just accept it as a new normal?

Even the media are bored rigid with it now that Russia are dismantling Ukrainian infrastructure and the west are balking at the cost of supporting them.
The handover of an American basketball player for an arms dealer in a swap could be the beginning of peace talks.

[bsg] 09/12/2022 13:54

I think the war trumps everything. Until that is over this will struggle. IMO.

[excellance] 09/12/2022 13:31

Hard to be sure but the chart certainly looks like it's changing trend. Could be sideways or could be up, but the down trend appears to be over.

Thankfully, production numbers support the SP, and with gold rising, now above $1800 and silver above $23, this is also supportive. Oil prices are down due to lower demand as we enter recession, and we use oil so our costs should fall again supporting our share price

Also, as we head into deeper longer recession gold and silver is a great place to park your wealth, again supportive for gold miners.

With finance secured on excellent terms to increase production we should be at the start of a tremendous bull run, 2023'will be a great year, but that's just my opinion.

[excellance] 09/12/2022 08:08

Oil price is down 20% in a month as recession bites, but gold and silver are rising.

For us that means costs down revenues up.

[excellance] 08/12/2022 09:37

I agree, time to load up.

[researchcentre123] 08/12/2022 09:32

Bottom line is that it is what is paid that counts. Altn have drastically reduced their costs over the last few years by using outside contractors. It means that they are now one of the lowest cost producers out there. It seems that certain members of this forum would rather have the BDO  mining equivalent at 50% or 100% more. The costs are cheap that is all that matters.  A bank have now said that they are a highly viable company and a kazakh bank no less who understand how things work in that country. We had these discussions some time back and it really is time to move on. I have more trust here in the management than a bunch of accountants who changed their policies and were probably getting the sack anyway.

[sleveen] 08/12/2022 09:31

Just about to say look at the numbers over the past 18 months.

[excellance] 08/12/2022 09:24

Fortunately the numbers speak for themselves.

[trader465] 08/12/2022 09:20

What is “traditional Kazahk bartering”? The market is worried it involves the discrete passing of shareholder cash in brown envelopes?

[excellance] 08/12/2022 09:13

It's the same in Russia and Ukraine. Deals are done with a hand shake, money changes hands, paperwork is complex.

ALTYN are trying to operate to western standards but many around them probably use traditional Kazahk bartering, yet they deliver.

[bsg] 08/12/2022 09:05

That's classed as corruption in some countries.

[excellance] 08/12/2022 09:03

Related party transaction means a deal where that party potentially gets a particularly good deal which may or may not be in the interests of shareholders. They just don't know, couldn't get the answers, so resigned.

This tells me that it very likely is a related party transaction, but it doesn't mean any harm has been done.

It's a bit like employing your son to wash the car. Maybe you pay him too much cos he's your son?

[researchcentre123] 08/12/2022 09:02

The reason given at the AGM was that new equpt needed to be bought by the contractor in advance and in Kazakhstan payment in advance is standard. Doesn't seem unreasonable to me, especially as we see subcontractors are doing what they are paid for and delivered in the last prepaid sum. Main problem is altn do the worst PR on the LSE

[excellance] 08/12/2022 08:56

But the issue is about a "related party" ie a director, relative or mate, not the actual transaction itself. All of the receipts and documents were available to the auditor, they just couldn't be certain it wasn't a related party.

[goldenshread] 08/12/2022 08:51

The share price has never recovered from the revelation of these very large forward payments to the mining contractor.

The very fact the company had been warned, was clearly aware of the concerns of the auditor but has ignored the matter, they are still carrying on with the practice - poor form and clearly concerning.

I have been investing in the sector for many decades and have never ever come across a situation where a company hands over $5m/$6m/$7m+ to a third party in advance of work.

The value destruction the forward payments have created is totally self-inflicted, any 'normal' company would have changed policy instantly, assured the auditor, assured the market, assured shareholders, they continue unabated.

I continue to hold, albeit a smaller number of shares but am unsettled about the aforementioned practice, we know management has delivered on operational matters but this company would be valued 20%/$30% higher if they had that $7m+ in the bank as opposed to handing it to a unknown third party.

[excellance] 08/12/2022 08:49

Basically, yes, it seems so.

The good news is, we got our loan from banks who will have reviewed the books, and probably this very issue, and very soon a new auditor will be appointed.

It would be nice for the company to put I line in the next RNS to clarify.

[researchcentre123] 08/12/2022 08:47

The important thing is the opportunity - you can buy now with a forward PE ratio of 1 when sector average is 20. This means when they sort out accts and with bigger production coming, there's a massive potential upside.

[researchcentre123] 08/12/2022 08:43

So the share drop is due to the auditor standing down, but probably they knew they'd get the sack anyway....bottom line is they argued over a matter that was discussed to death here 5 or 6 months ago as new BDO partners had a difference of opinion on how prepayments shld be treated, the share price dropped then and since then company has made great strides forward. It's not a big deal as it's not even a notifiable event. The argument was over prepaid expenses but the contractor delivered on those expenses, so end of problem/risk.

[excellance] 08/12/2022 04:40

It's here Glavey

[glavey] 08/12/2022 03:56

Did the auditor just stand down by mandatory rotation? There are some recommendations / regulations in this respect for cos. with a full listing, I beleive.