Griffin Mining Share Discussion Threads

[podgyted] 14/8/2018 20:43

Unfortunately Sageman you cannot sell the amount mined. You can only sell the amount of zinc contained therein - this fell 14% from H1 2017 or if you prefer 29% from H2 2017.

In my opinion that is a serious production problem.

[lodgeview] 14/8/2018 20:23

Sageman I have 56k shares. What should I do?

[rose_by_another_name] 14/8/2018 19:50

You don't listen to anyone unless they reflect
your own views, and you denigrate those who don't.
It seems to me that you are posting happy-clappy
upbeat puffs while selling down your holding.

[sageman] 14/8/2018 19:46

Amount mined in 1st half of 2018 was circa 3% down on same period in 2017. 2017 was significantly up on previous year. Production problems - Yawn! I actually tend to post in real time about my buys and sells much to the annoyance of my fellow iii posters over the years. There are readers of this board who know that I told them about my trades this am who can verify. Personally I don’t find it offensive when people state their holdings ( but understand that others do). If someone has significant skin in the game they usually back it with research and their comments usually reflect that. Someone with 1000 shares bought for a punt is rarely worth listening to.

[bo doodak] 14/8/2018 19:46

The BoD have a specific modus operandi and it hasn't changed in years.
This should be obvious to existing/potential investors who must accept that the BoD are not going to alter their behaviour. It doesn't make it right but continual grumbling is a pointless waste of time.

[lodgeview] 14/8/2018 19:45

podgy,Fair points that have me thinking. You are right in what you are saying. Hmmm. Food for thought. I might just cut my losses. Down 12k at moment.

[up just a little bit] 14/8/2018 19:37

Lodge, I bought at 93p only to wait over a decade to regain my original investment. Over the years the BOD have done what they have done but that was not always in the best interests of the share holders. At times the decisions they have made had to be made and for sure whilst not for share holders were for the best long-term investment for GFM. where we are now and going forward it is clear that there is a lack of transparency and balance in the distribution of income. There will always be for GFM forward investment but that does not mean a 0 return for us the share holders.

[podgyted] 14/8/2018 19:24

Ruth/Gailes5 - spot on.

Sageman - GFM have production problems.

1)Production of zinc has fallen considerably in H1 2018 compared to H1 2017 and H2 2017. No indication is given in the published information that this is going to improve.

2)"Cost of sales of $23,336,000 in the first six months of 2018 was up on that incurred in 2017 of $20,820,000. This in the main reflects additional costs incurred extracting ore from greater depth and backfilling waste material and tailings to minimise surface storage of tailings." Again no indication is given in the published information that this is going to improve.

Both these items fall at the door of the BOD and, as noted in above posts, no mention was made of these serious problems at the time of the Annual Report - three and a bit months into the period in question - or subsequently.

If you invest in commodity stocks you have to live with the swings in commodity prices but you should watch for any indications of production problems and there are loads here. Without any explanation of how they are going to be fixed/ if they are going to stay/ if they are going to get worse, my view is you have to assume the worst and move on.

[lodgeview] 14/8/2018 19:16

Up,Fair enough. I am thousands down here but I always said I will hold for the long term. Too many times have I exited a stock to see it double, quadruple or even 20 bag. Zinc and gold won't stay this low forever. Sure, it could be a while before we see a bounce but I can wait.

[up just a little bit] 14/8/2018 19:10

Lodge, Its a long long way from a scam but given the track record it is fair comment to deduce that the directors are running this for personal gain to the detriment of shareholders

[lodgeview] 14/8/2018 19:00

Up are you suggesting this company is a scam?

[up just a little bit] 14/8/2018 18:58

Gailes5 What a great summary you have hit the nail on the head. I did not buy at 3.5p I bought at 93p but I'll be dammed if I accept a poor performance and lack of clarity from the BOD of any company I have ever invested in. I expect that I receive an honest factual company reporting and an honest portrail of events. I don't expect a selective portrail of year on year let alone a total disrespect for all shareholders. There is a reason the company is based in a tax haven and has not been accountable to share holders and is listed on AIM.

[gailes5] 14/8/2018 18:43

Sage, some of your so called anger is justified. You continually harp on about how the price of zinc is correlated to the share price Obviously that is true but you ignore the very disappointing interim figures that the chairman untruthfully blamed on the zinc price.
Further cause for dissent amongst other followers is your disparaging remarks about small shareholders. That is offensive, many may have small holdings compared to you but still represents what may be an important investment for them.
That leads me to my final bone of contention. For you and others to boast of your size and the profit your shareholding has returned is embarrassing. You also tell us how clever you have been in your trades, always days after the events. Nobody has ever lost money jobbing backwards, if you remember that expression. CD,your sycophantic follower tells us, frequently, he has 600k of shares at 3.5p Good luck to him but I find it quite extraordinary that a holder could stay the course through all the ups and downs without taking profit. It is significant that he has never,to my knowledge, posted on one other company.
I think if you were prepared to listen more to the contrary comments.reply in a respectful manner this board would be much improved Some of the wilder posts don’t help but others, of different view to yours, post valid points worthy of discussion.

[sageman] 14/8/2018 18:16

Rose any flavour that helps you understand how this share works. Lots of misdirected anger here. Waste time on criticising the BOD if you wish in the meantime everyone else is watching zinc and making their moves accordingly.

[mariopeter] 14/8/2018 18:15

BOD will have diluted his holding to .0000000000000000000000000000000000000000000000000000000000000000000001% with their option issues.

[up just a little bit] 14/8/2018 18:14

So all those silver surfers who are running out of time are more than happy to see the share fluctuate wildly rather than maintaining a steady rise with interest from fund management and a new tranche of investors receiving a return on investment and steady capital growth.

[up just a little bit] 14/8/2018 18:10

I'm happy to hold and be here for the long term....... Bet you a million that's not really true.

[mariopeter] 14/8/2018 18:00

Sageman what kind if ice cream had you in mind? Yea Rose keep up ....

[sageman] 14/8/2018 17:31

Rose, keep up. We have already ascertained that costs were higher ( possibly due to agents fees for the license?). Also that zinc grades were lower. They lower zinc grade was compensated for by the higher price of zinc. Going forwards zinc has broken out on the downside hence my selling some. The zinc price fall is mitigated by the $ strength. Also Chinese currency has fallen and the bulk of GFM costs are in China. We are no longer servicing debt. Lots of things to factor including future direction of zinc, dividends and license. But long term what would the Sp be if production increased by a factor of 4, zinc was circa $1.40 and costs increased by circa 60%? As I am here long term and expect to see this outcome I am happy to hold my bulk and trade.

[rose_by_another_name] 14/8/2018 17:16

Zinc has only fallen 30% after it rose
by more than that, and much of the recent
fall was not in the period of the first half
figures. Yes, it affects expectations going
forward, but as Phillis pointed out, it does
not explain the poor performance in the first
half 2018. The zinc price actually averaged
about the same or higher during first half 2018
as last half 2017 (looking at the chart), yet
profits dropped. You are ignoring the poor first
half performance and putting all the blame on zinc.
The recent (and continuing) drop in the share price came
immediately on the heels of the half-yearly figures,
not some huge drop in the zinc price.

[sageman] 14/8/2018 16:42

Rose , sometimes you can’t help people. GFM actually received more money from their zinc than in the corresponding period in 2017. Moving to this year - If you check out zinc price, allow for news on license and then check the Sp the correlation is crystal clear. Suggest you take a look at forward P/e ratio’s and how they impact the Sp. Zinc has fallen nearly 30%. The impact on profits is magnified due to B/e levels. Thus if your b/e for ice creams is £1 and your sale price is £1.20 a 10p drop in the sales price means profits fall by 50%. What do you think would happen to a company’s Sp if people thought that profits would fall by 50%? I am sorry but this is not rocket science and I am disappointed to be having to explain such a simple piece of economics. I guess that the BOD are rubbish is simpler for some people to grasp!

[lodgeview] 14/8/2018 15:53

Losing a fortune here. Absolutely gutted. That's AIM for you ffs!