Share Name Share Symbol Market Type Share ISIN Share Description
Finnaust Min LSE:FAM London Ordinary Share GB00BFD3VF20 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 8.00p 0.00p 0.00p - - - 0 06:36:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.6 -0.2 - 49.77

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Date Time Title Posts
03/4/201707:35Finnaust Mining Plc - Exploring a world class Copper-nickel producing region766
16/5/201609:19Pituffik Titanium -
29/9/201414:40Increased interest-
29/9/201413:44All the boxes2
24/3/200622:57forthcoming analysts meetings2

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nohead: Hi Richie, If everyone was on the same side of the market there wouldn't be a market, so no worries. I am quite certain there are many junior mining stocks out there that are cheaper than FAM. If you come across any of them be sure to less us know! One thing we all learnt from the mining crash is that none of these junior mining stocks have any value at all unless the assets get into production or, even better, get bought out by a larger producer who can then build the mine. As I am sure you know, the percentage of these junior assets that actually end up becoming a mine is minuscule. Project financing usually ends up being the road block to high valuation, but high capex, junior mining projects. We know in the ilmenite space there are large buyers out there for good quality assets. Majors/producing mid-caps look for high grade and long mine life (so they can ride out the commodity cycles). They also look for stable mining jurisdictions, and Greenland seems to be pulling our the stops to prove itself in this respect. The positive comments of the mining minister the other day reduced permitting risk for this project in our view. The low capex on this project therefore makes it particularly attractive. It could be reduced further if they decide to out-source major production functions such as dredging, the processing vessel and transshipment/storage. Because their opex is so low, they can afford to increase some opex costs to further reduce capex in the first few years. This means less dilution, and a much easier project to finance. I know that we, and other larger investors who came into the placement, have started to value the project on its trade sale value. The management are tight-lipped on whether they would consider a bid or not, but this starts to underpin value. The drilling and metallurgical results from 2106 looked really good. I would be amazed if the maiden resource was poor (and hats off to you if you are proven correct), and the 2017 season should go a long way to extending the exploration target/inferred resource this year. The Feasibility Study and exploitation application are time-lined for around six months after the maiden resource, so the Minister was correct when he described this as a "mature" project. We are also hoping to get more information on developing the other assets in the company, which also ought to add value (as far as we can tell, the market is not ascribing any value to them at present). The release of the resource followed by the economic model will firm up the valuations, that are probably more in the 18-23p range at this stage of the project in our estimation. While that doesn't necessarily mean the share price will get up there immediately, I would say downside risk is negligible at this point and the prospects for the shares this year is great, backed by fundamental valuations. What one of the other posters says is correct, in that the company is planning to bring more institutions onto the share register after the resources are out. Souvalki sounds great. Very jealous of you on a particularly cold night here in the UK! n NB squiresquire, thank you for your kind words.
nohead: Ritchie, I read through your short-seller note last week, and sent it to a couple of others. It is always good to get and alternative well-written view, and so thank you. Two of your main concerns, expressed in your report, have since fallen away; namely the need to raise near-term working capital, and any issues that could complicate the acquisition of the remaining Blue Jay shares. This leaves your principal concern, that the stock is over-valued relative to the stage of the project. We came into the placement and have seen a number of valuation models, sensitivity analyses, and also ran some numbers ourselves. All the valuations are much higher than the current share price, ie 14p+, which includes substantial risk discounting. Once the project is de-risked the valuations become much higher, in fact a multiple of this target. This is principally because the capex and opex are so low, and they are likely to achieve a high price for this product in the market. We will have to wait for the maiden resource, but all the indications are that this is one of (if not the) highest grade ilmenite projects in the world, and it could have a very long life of mine. The 7p placement was significantly over-subscribed, and we were scaled back along with everyone else. We know some of the others that took part in the placement, who are experienced resource investors, both high net worths and institutions. I don't think any of us can see how you could have possibly arrived at your valuation of 3p?
snowyflake: I assume from what you have written mac that the announcement may be made in the earlier part of March rather than the later part. My assumption stands to be corrected. I have to say that it has been quite a wait given the fact that the board had previously announced that the JORC would be released by year end 2016. From words used in a previous RNS or two, I anticipate a resource that is truly world class. I was a shareholder in Sierra Rutile which mines rutile, some ilmenite and zircon which Iluka bought in 2016 (completion tail end 2016). Iluka paid the equivalent of a SRX share price of 36 pence for each SRX share which together with SRX debt equalled a market cap of £250 million. I made a big mistake earlier on in my ownership of those shares in that they reached over 80 pence at one point in 2012 so that SRX was valued at over £500 million. I was a silly billy not to sell then in hindsight! The problem with SRX is that it struggled to make a profit in many years; it had to invest in new mines and had a very large workforce. It is no secret that it hit two very big snags. First a downturn in the price of rutile; second the arrival of Ebola the effect of which is well documented. And that was after civil unrest in the mid noughties. I and others felt that Iluka got SRX cheaply. It may be that the cornerstone investor which helped turn SRX around namely Pala Resources were for reasons best known to their board anxious to sell. It is however worth drawing some comparisons between SRX and FAM. FAM will not need mines per se. It should be easier to extract the sands and ilmenite. The SRX latest mine (Gangama) cost circa £40 million. FAM will not need a workforce the size of that of SRX. FAM in my opinion operates in a less difficult environment albeit over a more limited timescale in a year. Rutile prices had just started to recover; rutile and ilmenite prices are in an upward graph. So yes Mac, whilst you say that the company needs institutional buyers who will be comfortable buying with third party verification, I think that if the JORC resource is good enough they will be queueing to buy. You never know the value for Pituffik may approach £500 million - I must not get over excited - certainly in my view £250 million or at 730 million issued shares post the GM 34 pence per share could be a possibility in due course or 4X the current share price. That is of course without the company's other assets - Finland and Avannaa. A definite but what ever someone has to say.
billytkid2: This is an interesting message board. I have been catching up with some of the previous comments as I recently bought into the stock in a relatively modest way at 7.1p. Richie I can see you perform in depth research and know your stuff. Although major stock holders selling down is often a bad sign, I think we can offset some of that given the major rise in the share price. I have a quick question for you, if you don't mind taking the time. Do the directors still have significant skin in the game and would it be typical for the likes of share price Angel to take a long term stake in a company?
squiresquire: richie I still dont understand how a rising share price is a bad thing in the very markets that exist to allow people and institutions to trade such stocks with a view to profit taking. Profit taking is what you are saying has happened or am i not understanding you. I am also sure you do not eat, as you say 'your own cooking', surely the food is the edible part, or am i misunderstanding that too?
squiresquire: Surely you are talking about more profits being taken. Why is that so wrong in a rising share price? We know the JORC is about to be announced very shortly now, again what is the problem with that. To me it seems the company is steaming ahead very well indeed...and the share price!!
richie666: LOL. So that's share price Angel exercising some of their warrants - Nice £65k turn. As a betting man if they are still holding this stock by the end of the week I'd be surprised!
monet: I believe a few million shares have been shorted at about 6p well below today'shares price.No wonder richie666 keeps posting the shareprophets links,they must be very worried knowing they have to close there shorts. with funding at 7p are trying their best to get the share price down.
richie666: Interesting comments from the LSE board. Worth reflecting on (and no, not written by me!) I can’t help thinking that the kind of arctic mining Finnaust is planning is EXTREME to say the least. Not only is this area frozen stiff all winter but it is also 24 hour darkness at the same time. This area is also (assuming 12 knot vessel speed) approx. 12 days (24 days return) from Europe’s main ports where the best market is located. Apart from an airport on the other side of the fjord there is no infrastructure whatsoever in place, everything has to be transported in and constructed from scratch. I am not an environmental activist but arctic ocean environments are among the most fragile in the world and to excavate meters deep into the seabed actually removes all forms of life so the risk of objection I recon is big. All these risk factors should be reflected in the share price by a heavy discount. Instead we are asked to pay a serious premium! Everything about this project therefore looks extreme.
richie666: Share price done a lotta talking. Asset yet to show any support for the talk... Mark - like I said, looking to open a short here.
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