Endeavour Mining Share Discussion Threads

[mikkydhu] 26/2/2003 16:51

Apollo Gold is doing well.

Relevant because EDV has some; interesting as they are very excited about new drilling results on the Destor-Porcupine Fault Zone, but as far as I can see from the map not a neighbour of Moneta.

[energyi] 26/2/2003 15:52

ADDED to my longs at C$2.02

[energyi] 25/2/2003 01:06

BOT some today at/nr. C$2.00

[wobblechops] 20/2/2003 20:21

energyi, so what do you estimate is a fair share price for EDV based on the above?

cheer's

Wobble.

ps Thanks for posting your work above.

How do you fancy attending the AGM on the 28th, lol
Cayman Islands "oh yes" nice business trip.

[energyi] 20/2/2003 15:20

ROUGH ESTIMATES OF HOLDINGS...
Using Stock prices as of 8/31/2002

These positions are:
(WRM.t)Wheaton River Minerals Ltd.
$4.0 million = (C$1.28 /C$1.50): 4,687,000 shs
(THT.t) Thistle Mining Inc.
$2.8 million = (C$0.54 /C$1.50): 7,778,000 shs
(BGO.t) Bema Gold Corporation
$2.4 million = (C$2.07 /C$1.50): 1,739,000 shs

Test:
BGO.t (C$2.07 /C$1.50): $1.38 / compare: BGO: $1.36
= = =

Estimate not right?
-from the Aug.2002 Filing of WRM:
(5) Mr. Giustra also owns 800,000 2001 Warrants and exercises control over 600,000 Special Warrants.
(6) Endeavour Capital Corporation also owns 2,015,000 Common Shares, 5,060,000 2001 Warrants and 1,000,000 Special Warrants.
Endeavour Capital Corporation is managed by Endeavour Financial Corporation. Mr. Woodyer is Managing Director of Endeavour
Financial Corporation and Mr. Giustra is Chairman of Endeavour Financial Corporation.

WRM/ Wheaton:
Common shares.....: 2,015,000
Wts.5/03 at C$0.75: 5,060,000 ... "2001 wts": until 23 May 2003
Common ('02 plmt) : 1,000,000 ... 2002 Special wts
Wts.?/07?at C$1.65: 0,500,000 ... 2002 Special wts

SUMMARY: EDV controls about 8mn shs: or abt. 0.5WRM per EDV share!

Note: The 2001 Warrants are exercisable at a price of $0.75 per share and expire
on May 23, 2003.

[energyi] 20/2/2003 15:07

MORE from the ANNUAL;
Investments are comprised of the following:
August 31, 2002 December 31, 2001
% of % of
Investments by Location Value Investments Value Investments
Equities
Australia $ - - % $ 81 0.8%
Canada 4,179 31% 4,199 40.6%
Canada (short position) (23) -0.2% - - %
United Kingdom 3,166 23.5% 2,590 25.0%
United States of America 1,496 11.1% 397 3.8%
United States of America (short position) (40) -0.3% - - %
Total Equities 8,778 65.1% 7,267 70.2%
Convertible Loans and Debentures (Note 2 (a) (iii))
Canada 128 1.0% - - %
United States of America 870 6.4% 539 5.2%
South Africa 572 4.2% 539 5.2%
Total Convertible Loans and Debentures 1,570 11.6% 1,078 10.4%
Warrants (Note 2 (a) (iii))
Canada 2,214 16.4% 2,004 19.4%
United Kingdom 869 6.4% - - %
United States of America 68 0.5% - - %
Total Warrants 3,151 23.3% 2,004 19.4%
Total Investment Portfolio $ 13,499 100.0% $ 10,349 100.0%

[energyi] 20/2/2003 15:04

FROM ANNUAL REPORT... MERCHANT BANKING...
...companies where it uses the experience of its management and directors to add value. Types of transactions undertaken include debt financing, equity linked investments or equity investments. The Corporation actively manages its investment capital base. Earnings are generated through interest, fees and capital appreciation.

During the 2002 fiscal year the Corporation changed its year end from December 31 to August 31. Therefore, the results of operations discussed here represent results for the period from January 1, 2002 to
August 31, 2002.

Results from Operations
Over the eight month period ended August 31, 2002, investment income totaled $11.1 million which compares to investment losses of $1.5 million during the year ended December 31, 2001. The dramatic improvement in the investment income earned is attributable to the improving mining capital markets and effective implementation of the Corporation's business strategy.

During the eight month period ended August 31, 2002, three investments, all of which are classified as significant merchant banking transactions, generated investment income of $9.1 million or 93% of the merchant banking investment income generated over the period and 82% of the total investment income generated over the period.

These positions are:
(WRM.t)
Wheaton River Minerals Ltd.
This transaction generated investment income of $4.0 million or 36% of the total investment income generated over the period.
(THT.t)
Thistle Mining Inc.
This transaction generated investment income of $2.8 million or 25% of the total investment income generated over the period.
(BGO.t)
Bema Gold Corporation
This transaction generated investment income of $2.4 million or 21% of the total investment income generated over the period.

[energyi] 20/2/2003 13:36

VERY ROUGH NAV CALCULATIONS

.NAV Calculations.. ..... ..... 02/07 .08/31
Cash- Cash &equiv. 3172.0 1.530 4853 13075
Oth.A Other Assets 1026.0 1.530 1570 574
Oth.L Other Liab.s -576.0 1.530 -881 -3693
MNG-- Mining Port. Header 1.000 8217 7172
Mnv-- Not valued.. Header 1.000 19.5 2754
Other Other Port ? 25904 1.000 25904 10727
TOTc$ TotalPort.c$ Sum'd. 1.000 34141 20653
TOT:$ Total NAV c$ 10.000 1.000 39682 30608
TOT:$ Total NAVus$ 10.000 1.530 25936 20005

ShsOS Shares O/S.. 16.000 1000 16000 12491
NAV:$ Net A.V. US$ 10.000 1.000 1.621 1.602
NAVc$ Net A.V.. C$ 10.000 1.530 2.480 2.450

WHAT IS:?
Other Other Port ? 25904 1.000 25904 10727

That's C$25.9 million unknown investments

[energyi] 20/2/2003 10:57

I heard this:
"EDV - for your information EDV owns about 1 million shares of Northern
Empire (NEM), or about 10% of the company. The market does not seem to care
at this point."

From table, above:
NEM.v No.Empire Mn 753.85 0.80 603.1 183.8 0.39 294.0
that is: 753,850 shs, 6/30/02 value was $0.39 vs. $1.35? currently

SHARES:
EDV has about 16mn shares OS, so this would add only pennies

v.NEM / Chart

...
Stornoway, Northern Empire Stocks Higher On Nunuvut Diamond Discovery
Shares of Stornoway Ventures Ltd. and Northern Empire Minerals Ltd. soared on Canada's junior stock exchange Monday after the two small companies announced they had discovered diamonds on Melville Peninsula in Nunavut

[energyi] 09/2/2003 11:07

PORTFOLIO (see Header)
..... SubT.PubRes. ----> SubT 8542.0 7171.7 SubT 7171.8

COMMENT:
While the portfolio has done well (up 19%) from end June,
this has been in a Bull Market for Mining shares (XAU up 6.9%, HUI up 10.9%)
Most of profits have come from Investment Banking transactions

= = = = =
OLD NEWS- But worth capturing...

Endeavour Mining Capital announces first-quarter results and year-to-date guidance
Wed. January 8, 1:34 pm ET

TSX Venture Exchange: EDV
GEORGE TOWN, Jan. 8 /CNW/ - Endeavour Mining Capital Corp. ("Endeavour" or "Corporation") today announced a net loss of US$4.0 million for the three month period ended November 30, 2002, which has been more than fully recovered due to the recent gold market performance. The four month period ended December 31, 2002 management accounts indicate net income of US$1.0 million.
These first-quarter results include the financial performance of Welcome Opportunities Ltd. ("Welcome") following the completion of our business combination in September 2002. As indicated in our press release of November 8, 2002, as a result of restructuring arising from the business combination with Welcome including rationalization of their investments and soft market conditions during the period, the Corporation anticipated reduced earnings during the first-quarter of fiscal 2003.

The Corporation realized gains on investments of US$1.1 million during the first-quarter. However, these gains were offset by unrealized losses on investments held of US$5.0 million. The unrealized losses include a full write- down on the carrying value of the Namibian Minerals Corp. 10% convertible debentures ("NamCo") of US$1.8 million and mark-to-market valuation adjustments on the Corporation's underlying investments. The NamCo write-down resulted from the failure of Namco's controlling shareholder to come to an agreement with NamCo's bank lenders with respect to its financial restructuring.

The mark-to-market valuation losses generated during the quarter are primarily the result of modest declines in the market values of several of our larger merchant banking equity positions. The Corporation remains highly leveraged to these investments which have shown strong performance since the end of the first-quarter. The Corporation's management accounts indicate that during December 2002 the Corporation generated total investment gains (realized and unrealized) of approximately US$5 million.

Endeavour provides its shareholders a distinctly different way to invest in precious metals and mining operations. The Corporation has an aggressive business strategy that, during the current gold market conditions, can result in earnings volatility. Looking forward, we expect our business strategy will provide long-term value for our shareholders.

Endeavour Mining Capital Corp. is a publicly listed mining merchant banking company. The Corporation, established in the Cayman Islands, has its shares listed on the TSX Venture Exchange in Canada. We provide finance to mining companies to fund their project development, strategic initiatives, and growth.

:LINK:

[mikkydhu] 03/2/2003 12:14

Just a few bits from the report, wc:

Invest in mining and metals, with emphasis on gold. Earnings come from interest on loans,facility set-up fees, capital appreciation of investments.

8 months to 31 Aug.02 investment income $11.1m. This related to 48 transactions of which 33 were profitable and 15 generated losses. Three of these transactions generated $9.1m, namely Wheaton, Thistle, Bema.

Emphasise company's access to potentially high return transactions. It seems the business comes in mainly through Neil Woodyer, CEO, who is also a director of Bema, Wheaton, Apollo, EAGC, Dunsmuir.

Maybe more tomorrow when I've sorted out my computers cookie acceptance problems.

A lot to look forward to, I think.

[wobblechops] 03/2/2003 10:44

Cheer's mikkydhu,

Looks positive enough, if by far the bulk of business comes in from NW, does make you wonder the the other investment advisor,s are up to? I also think Co could benifit from somr pr (but then what shareholder dosent).

Cheer's once again mik,

Wobble.

[wobblechops] 02/2/2003 22:06

energyi or mikkydhu,

There's a 2002 report available on their web-site in pdf format could either of you take a look and report back as my comp is playing up?

cheer's in advance,

Wobble.

[energyi] 31/1/2003 00:02

BOT a few at $2.06 yesterday

[mikkydhu] 30/1/2003 13:31

Thanks E and Wobblechops.

I also bought some yesterday! Management does seem to have impressive record and lots of connections.

[wobblechops] 30/1/2003 11:51

mikkydhu,

Jan to July 2002 they made an investment gain of $12.9 mill on a capital base of $10.5 which is pretty good? aswell as dec's $5mill, I think to buy into this you need to believe in the managment's ability and their track record is pretty good.

[energyi] 29/1/2003 09:08

M.
I believe the loss was cleaning up the old Tech portfolio,
left over from previous management

[mikkydhu] 29/1/2003 08:35

To buy this story one has to believe that the loss they reported was a one-off, but that the December earnings will be repeated. The market seems not to be so optimistic about EDV.I take it that the market is unduly pessimistic, and looking at EDV's interests, I guess that is so.

[energyi] 28/1/2003 22:29

Shares outstanding: 15.54 Million... still true? Possibly
$5 million earnings in Dec. alone.
That's $0.30 a share... trades at 7x One Months' EPS

[wobblechops] 21/1/2003 22:20

OK cheers

Wobble.

[energyi] 21/1/2003 22:10

thoughts?
It is probably worth buying below C$2.25

[wobblechops] 21/1/2003 20:08

energyi,

yeah, it was me trying to drum up some interest and find some more info, i know WRM is their biggest play and also there into a LOT of other good gold plays but dont know where to find a complete list? also from jan 02 to june 02 their investment gain was $12.9 mill from a capital base of $10.5 mill, these guys know how to make money, must have the midas touch.
I have also read Mr Giustra made Yorkton into a $3 billon company, would like to think he may do the same for EDV, this could be a good investment long term?
what say you?

all the best,

Wobble.

[energyi] 15/1/2003 21:04

Working on it... Sedar prospectus Link not up
- - -
saw this on the SH-bb:
1st the bad news Qloss of $4mill variuos reasons, mainly one write off.
Note: the exceptional news: The Corporation's management accounts indicate that during December 2002 the Corporation generated total investment gains (realized and unrealized) of approximately US$5 million.:

Thats ONE month (ONE)

go figure, Wobble.