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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chaarat Gold Holdings Ltd | LSE:CGH | London | Ordinary Share | VGG203461055 | ORD USD0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.55 | -11.83% | 4.10 | 4.00 | 4.20 | 4.65 | 4.10 | 4.65 | 914,149 | 09:55:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 92.35M | -8.58M | -0.0124 | -3.31 | 28.28M |
Date | Subject | Author | Discuss |
---|---|---|---|
06/8/2020 18:48 | E.g. Chaarat becomes 51% owner by taking on X million of paper debt and putting Y million of cash on the table via equity raise. Let's say they need $100m to get the mine in production. So, Chaarat would need to find $51m cash. That's Y. The X will be based on valuation of the mine taking into account the streaming/royalty arrangement that will persist. | casual47 | |
06/8/2020 18:37 | The owners are Orion (majority share) followed by Osisko and RCF. None of them would want to actually operate the mine, AFAIK. They could e.g. provide Chaarat with a portion of debt (secured against the mine) in exchange for a percentage of the mine and then Chaarat provides a portion of equity through a reverse takeover type arrangement, similar to when they bought Kapan, with new IIs taking up shares? The funds raised could be used to get the mine in production. | casual47 | |
06/8/2020 18:28 | On what terms I wonder? Any views on what a deal of that sort would be based on? | jc2706 | |
06/8/2020 16:27 | One can hope, JC :) Meanwhile: "Green light" is given in terms of operating Amulsar gold mine of Armenia Fingers crossed for all things to be settled in a few months with Chaarat coming in as chosen operator. | casual47 | |
06/8/2020 16:18 | That's quite a wedge to come up with. | jc2706 | |
06/8/2020 16:12 | From Annual Report: Exercisable options at 31 December: 37,738,450 Weighted average exercise price (US$): 0.522 That's ~$20m. Would be nice if they could e.g. exercise a third of those. | casual47 | |
06/8/2020 16:01 | So far he's bought 189k shares. He's got until end of this month (but probably much sooner because of closed period) to buy up to 3m. I don't expect him to use up all of his waiver but would be strange if he didn't do about half of it, so 1.5m shares. While I expect some shareholders may exit, i can't see too many wanting to sell below 40p with gold at $2057/oz. With the broker target raised 7p to 58p it would not be unreasonable to see the "old 36-38p" replaced with a new "43-45p" That would conveniently put them above the 42p options they have and could be a good moment for there to be a concerted effort by the BOD to show faith in Chaarat by taking up their options. | casual47 | |
06/8/2020 15:17 | 'O' trades going through at 39p currently (chart on ADVFN set according to last 'A' trade which was 35.9p first thing). This is the point where we'll see whether Martin Andersson wants to move the price higher. | jc2706 | |
06/8/2020 14:29 | Chaarat Gold* (LON:CGH) 35p, Mkt Cap £184m – Earnings update BUY – 58p (from 51p) Kapan produced 27koz in H1/20 with FY20 guidance reiterated at 55koz As per the quarterly update released earlier this week, the Kapan polymetallic operation in Armenia produced 27.0koz GE in H1/20 (using Company commodity prices assumptions) at $1,076/oz AISC* including 13.2koz gold, 262koz silver, 1.0kt of copper and 4.0t of zinc. The plant processed 356kt at 2.89g/t of Kapan ore (H1/19: 381kt at 2.97g/t) and 10kt at 3.43g/t of higher grade third party material. 3rd party material contributed 0.5koz in production in H1/20 with the Company expecting to ramp up processing of 3rd party ore after signing new contracts in Q2/20, thus, utilising mill spare capacities. Mined grades came off in H1/20 reflecting mining in lower grade areas with the team expecting those to pick up in H2/20 following targeted development work carried to date. Higher grades and operational efficiencies brought on from new equipment should see H2/20 AISC come down. The Company reiterated 55koz production guidance for FY20 Separately, the Company reported on the plan to drill out and evaluate East Flank zone with an exploration target of 5-6mt at 2.25-2.75g/t based on historic database of 62 drill holes for ~22,000m; the area may potentially be developed and to start supplying ore to the mill in H2/22. *AISC is based on an oz produced and excludes smelter TC/RC charges, others that add $234/oz (oz sold). Tulkubash project funding remains on schedule for completion by YE20 with first gold pour in the end of 2022 A Tulkubash, the team is continuing with detailed engineering with equipment mobilisation remaining on hold affected by the ongoing international travel and border restrictions. Financing discussions in progress with a number of parties including a couple of new banks and a team in the process of optimising the funding structure targeting closure by the end of 2020. The site in Kyrgyzstan reported the first COVID-19 case in July with the outbreak reported to have been effectively managed and brough under control with minimal disruption to ongoing works or plans. Conclusion: H1/20 delivered 27koz GE at $1,076/oz (H1/19: $972/oz) reflecting lower processed grades with the Company expecting a pick up in production rates in H2/20 as higher grade areas are accessed and, thus, reiterating 55koz target GE for FY20. Concentrates sales that slipped into Q3/20 should also even out revenues for FY20. Additionally, the Company has successfully added to the 3rd party ore contracts securing higher grade feed that should see higher contribution from 10kt recorded in Q2 and help better utilise milling capacities. We assumed 20ktpq 3.5g/t of 3rd party material in our revised estimates. We have slightly adjusted the commissioning of the Tulkubash by one quarter to Q4/22 reflecting COVID-19 related challenges to people and equipment logistics. Additionally, we revised our Company earnings forecasts to account for updated commodity price assumptions (see the line by line comparison below). Stronger production and commodity prices in H2/20 should also help cash flows with gold at an all time high (gold accounts for ~50% of Kapan revenues) and silver/copper/zinc currently trading higher than respective H1/20 realised levels. We reiterate our BUY recommendation with a revised target price of 58p, up from 51p. | casual47 | |
06/8/2020 11:12 | Unless we see evidence to the contrary, I think we should just assume that it is still 'operation share support'. I would love for it to be 'operation surge' of course! | jc2706 | |
06/8/2020 10:10 | If he's happy, I'm happy ! | 2pablo | |
06/8/2020 09:53 | Excellent. Now, is he: Just supporting share price (happy to pick up e.g. sub-36p) Or Happy to see his buying push it into 40s With gold at $2050/oz he really should be going for (2), because if he hasn't confidence this is worth more than 36p then why would we? | casual47 | |
06/8/2020 09:01 | Martin has woken up ! Hooray | 2pablo | |
06/8/2020 05:40 | We know. It is Amulsar. We should all be used to juju44 making stupid comments by now! | jc2706 | |
05/8/2020 17:00 | What a mess .No wonder the shares are not keeping up | juju44 | |
05/8/2020 16:55 | Towards the end you can see Lydian security staff being frogmarched away, which I thought surprising. I had assumed this was all pretty much done with the blessing of the government now. | casual47 | |
05/8/2020 16:33 | Not much social distancing going on there! | jc2706 | |
05/8/2020 16:03 | Protests at Amulsar look wild. Chaarat best stay away, for now. | casual47 | |
05/8/2020 10:56 | If the goldprice remains above e.g. $1700/oz for the next few years then the BOD has the chance to invest in Kapan to drive AISC below $900/oz, imo. An AISC of $1076/oz is too high. The new cyclones already installed, fleet renewal arriving soon, opening an additional mine face at the East flank, strengthening the tailings facility to support 1m tonnes pa throughput etc all should help to achieve lowering AISC. The longer the goldprice stays this high the more chance they have of achieving this. | casual47 | |
05/8/2020 10:42 | At $2000/oz it barely matters. At $1400/oz or less it's a lot more critical: AISC of 1076$/oz plus TC/RC of $150/oz is $1226/oz. Add non-sustaining etc and you basically have a loss-making mine. | casual47 | |
05/8/2020 10:37 | Well, Artem has attempted to clarify to someone he knows is not fully clued up with all the final prices. TC/RC charges are flat and he appears to be saying the 'other expenses' contributing $54 - $ 84 an oz may be just a one-off for H1. He appears to be saying, 'nothing to see here' so we will have to leave it for the time being. I note in HUM's update today there is nothing they are mentioning or adding to their excellent AISC of $983 an oz. This compares well to our AISC of $1076 an oz ++ | 2pablo | |
05/8/2020 09:47 | A 5% movement in gold on e.g. $1800/oz is $1890/oz Commodity prices have been volatile but not that volatile and not for the whole of H1 and for every shipment they did. You would expect there to be some balancing/offsetting also as prices dont move in a straight line. | casual47 |
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