Altyngold Share Discussion Threads

[excellance] 14/12/2022 08:56

Still got them.

[sleveen] 14/12/2022 08:52

I'm sure you did and well done on that price.

When did you sell them?

[excellance] 14/12/2022 08:43

Bought some in the 70s a while back.

[mininglamp] 14/12/2022 08:42

Have taken a position (again) here over the last few sessions.

The wind in blowing in the right direction re the gold price and the sector has been exceptionally depressed for 2 years, my bet is a brighter future lies ahead.

[sleveen] 14/12/2022 08:16

"excellance"

Bite the bullet and buy back in.

[goldenshread] 14/12/2022 08:07

As mentioned I took some shares yesterday, as ever the market is thin and it is not easy to buy many around current levels.

I have been very critical of the management historically because of their reclusive attitude and poor PR but they have delivered both financially and operationally, they are also the largest shareholders.

I can see a re-rate of the entire sector coming shortly, a number of larger producers have increased in value by 20%/30% (e.g. CEY) so the sector is already starting it's recovery.

Concerning ALTN the 12 month price range is 73p to £1.44p

[sharekitchen1974] 14/12/2022 07:35

I share the same opinion, its not a problem that cant be dealt with, its people trying to push the share price lower to buy cheaply thats the problem

[goldrush] 13/12/2022 23:26

Been away for over a month on a cruise and caught up with all the posts.

I am a former FD and an ex audit partner....I am not concerned.....what I think is most likely is the prepayments to the contractor are a related party (son etc)and they don't have the finance to procure the necessary equipment.....going forward they will have to put further documentation in place with the new auditor. What we are sure of is the financial cost of doing so appears to be efficient......and you can be certain the outgoing auditors were all over that with a rash.

They have now repaid the 10m loan....so it now simply is the new 40m.

Let them get on with the development.....the show is now on the road IMHO

[goldenshread] 13/12/2022 22:52

ALTN is Main Market listed so there is no Nomad, I looked at my RNS feed today and 3 companies reported their auditor had resigned, in all there appears to have been some 50 auditor resignations reported over the last couple of months.

My view is ALTN will replace their auditor in due course, I bought a few more today on the back of the rising gold price, I am reading reports posted on social media that many believe we are on the cusp of a new gold price bull market.

Having secured the $40m loan and now repaid the Bond they have done exactly as they said they would and it de-risks investment here IMO.

[sloppyg] 13/12/2022 21:48

Bank have security over the mine so no issue for them.

Sold a large chunk of my holding at start of the Ukraine conflict as sensed a change in sentiment. However resignation of auditors is a game changer for me and now pretty much out aside from some punt money.

As an ex Big 4 auditor myself this is not a trivial matter as some seem to think. It is inconceivable that any business, let alone a listed one, cannot prove the amount, the payee and the nature of any given transaction.

They now have to replace auditors or else it’s a compulsory delist. One thing for sure they will not be queuing up.

Remember Kemin Res, another family venture, Nomad resigned due to failure to disclose related party transactions; could not find a replacement Nomad hence compulsory delist and complete wipe out for S/Hs. They clearly have not learnt despite statements to the contrary.

In my opinion safer to watch from the sidelines for the time being. If governance improves then can re-evaluate. Unfortunately there is good reason as to why there appears such a disconnect in value and that is the wipe out factor.

Fool me once, shame on you; fool me twice ………;….

[excellance] 13/12/2022 19:51

I doubt the bank is concerned with "related party" transactions, so long as the credit rating is good.

[andydaf] 13/12/2022 19:02

Would not like to say but i bet their a bit bemused how they can have passed due diligence for a subsidized 40 million dollar loan but cant seem to satisfy a uk auditor.GLA

[researchcentre123] 13/12/2022 18:56

Excellence I really don't know why you think that's an issue. Getting an auditor is not a problem. If they're not happy they merely state so. The accounts are clearly in good enough shape to warrant a $40m loan so I'm not sure why you're so concerned. It'll take time for the share price to come around and there is no point in panicking non-stop.

[excellance] 13/12/2022 18:43

So right now, with no auditor, what is the likelihood of suspension?

50/50
20/80
90/10

???

[excellance] 13/12/2022 17:34

Failure to replace the auditor will result in suspension.

Any auditor will be fully aware of the prepayment to contractor issue, but not sure if that will prevent a new auditor from being appointed.

[excellance] 13/12/2022 17:13

I would like to see a replacement auditor on board.

[researchcentre123] 13/12/2022 14:28

It's what Buffet said - the stock market is a mechanism to transfer wealth from the impatient to the patient. Everything is getting better in this company and eventually that will come through in the share price. It just requires patience.

[pensionplanner] 13/12/2022 14:04

excellence. I can wait, and no doubt any flurry of share price increase will herald that the City knows a dividend is on the cards. Meanwhile must be the cheapest decent gold producer out there, by some distance.

[excellance] 13/12/2022 12:19

We've only just received the $40m to get Seki up to next level, but we need another $80m for TS, so I can't see a divi any time soon.

Could be a special divi if we sell TS

[excellance] 13/12/2022 11:20

Now that we have the required funding to execute our shopping list, I wonder how quickly the new fleet will be delivered and which Q we can expect to see production increase?

[excellance] 13/12/2022 11:09

And the share price drops 5%

Unbelievable