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IRON Ironveld Plc

0.09
-0.0525 (-36.84%)
Last Updated: 14:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ironveld Plc LSE:IRON London Ordinary Share GB0030426455 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0525 -36.84% 0.09 0.08 0.10 0.1425 0.085 0.14 58,589,261 14:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Scrap & Waste Materials-whsl 103k -435k -0.0001 -9.00 3.54M
Ironveld Plc is listed in the Scrap & Waste Materials-whsl sector of the London Stock Exchange with ticker IRON. The last closing price for Ironveld was 0.14p. Over the last year, Ironveld shares have traded in a share price range of 0.085p to 0.39p.

Ironveld currently has 3,934,996,887 shares in issue. The market capitalisation of Ironveld is £3.54 million. Ironveld has a price to earnings ratio (PE ratio) of -9.00.

Ironveld Share Discussion Threads

Showing 7876 to 7896 of 8750 messages
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DateSubjectAuthorDiscuss
29/12/2022
07:20
“Expansion of current activities or further development and production from the ore resources will require significant further capital expenditure”.

Well. There you have it. No acquisition of the furnace is going to happen because the vendor will require this to be done. But at least you all know now.

purchaseatthetop
25/12/2022
12:09
The only freebie you're ever likely to get from Giles Clarke ;-)



Have a great day!

aceuk
22/12/2022
09:49
Not sure what this announcement says about GC, but Kazera have sold the Tantalum mine for $13 million. That's more than the entire market cap of the company.



They retain a 2.5% share of gross sales and I remember they were claiming great things for their heavy sands diamond operation.

Definitely not a recommendation.

Maybe KZG would be intrerested in investing in a small Iron mining company with potential :-D

al101uk
21/12/2022
19:00
Good RNS, one of my larger concerns crossed off the list :-)
al101uk
21/12/2022
11:08
Happy now? Showing as sells but probably are buys by people who still believe in the magic of GC.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

rec0very stock
21/12/2022
10:12
Is there any reason that zero trades are showing?
tommygriff
21/12/2022
09:14
Just to recap what we can work out from what we have been told by the company in its regulated and unregulated communications:

The company runs out of money around the time of first very small scale production (commissioning sample). There maybe a little bit of leeway on this depending mainly on how much GC and co have been paying themselves over the last few months and how long they can put off actually paying other bills. However as even the best case, ignoring loads of real costs, projection still has the company burning cash at an alarming rate, running out of cash is inevitable.

To get to cash generative production requires £2.5m of CAPEX plus working capital. There are a wide range of scenarios and a lot of variables to consider but the best estimate I can give at this point is £6m +/- £2m. Very happy for anyone to work it out and come up with some different figures that we can then discuss and by doing so improve the confidence we can have in them.

Further debt is not an option (was just assumed by Peter's mate as a convenient way to hide the problem).

Some sort of equity injection will be required and that will be painful, if it happens, if it does not happen the route to 0p is relatively swift and clear.

The debt repayments are due to start in 2024 (we don't know when and whether there is interest too). The company intends to pay from generated cash, but could do regular placings to cover losses and pay the repayments - how many more times they will get away with this is unknown. What is clear is each turn of the wheel until the wheel finally falls off will be increasingly painful. As the smelter will be repossessed when payments are not made, the smelter itself will not be a realisable asset for the company liquidators to repay the various other creditors who will exist. Having effectively proved the resource can't be brought into cash generative production, fire sale of the licence probably won't be enough to repay all the creditors either, leaving shareholders with 0p.

Thus the best case scenario relies on doing everything properly (never been done by GC) and a lot of luck (GC has had a bit of that occasionally in the past), in order first to raise sufficient funds to get to genuine cash generative production towards the end of 2023.

So first there is the Annual Report to look forward to and then the guess the date, price and amount raised in the 2023 placing contest.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

So far nobody seems to be averaging down at these crazy prices on this great news.

The other bit of great news - 100% guaranteed. Today is the shortest day. Let's all celebrate sol invictus, because outside of the gloom and doom in IRON and more widely, whilst there are more cold dark days ahead, the days will lengthen and we have warmer brighter times to look forward to in the coming months. Those who prefer to think of some fat bloke coming down your chimney to leave you presents can, there's no harm in it.

rec0very stock
21/12/2022
08:32
It could be clearer, but if we take them at their word (we have been misled many times before): The deal was signed over a month ago so this is the final condition being satisfied and therefore IRON does now finally own the smelter and those sheds, all bar some routine, immaterial i's to dot at t's to cross (what is implied by all "material" has been agreed and signed). I am not surprised it has been completed, as I said in post 7136.

What we really need to know is the terms of the debt agreement. In particular the repayment terms and the terms of the lien that the creditors have. With a decent lien, which enables the creditors to repossess again, there is very little risk by doing the deal as I doubt anyone else was interested in the smelter as it was. A fully refurbished smelter would be much easier for the creditors to remarket when it is repossessed in 2024.

The fact that IRON has not told us any of what we really need to know is ominous, but not unusual for IRON as they ride roughshod over all the rules and all the little people that GC considers to be scum just there to maintain his lifestyle. Maybe there will be some detail hidden away in the notes of the Annual Report when it comes out in the next few days. The key note to read though will be note 2 where GC admits that he does not have the money and the auditors going concern emphasis of matter that draws attention to it.

rec0very stock
21/12/2022
08:19
WTF does that RNS mean! Either a deal is signed or it is not.
purchaseatthetop
19/12/2022
19:20
He hasn't got an exclusive on that, Central Banks and governments are quite good at it ;-)
aceuk
19/12/2022
17:51
He does make PI money magically disappear.
purchaseatthetop
19/12/2022
16:21
I think we both refute the idea of the magic of GC.
rec0very stock
19/12/2022
15:48
I thought you had just ruined your reputation by putting a positive spin on my previous post... but then you refute the idea of magic at Xmas... shame on you!
al101uk
19/12/2022
13:03
If your point is that I have clearly looked into it properly and the conclusion is that in the short term the only way is down and that in the long term the best that could be hoped for is to get back to where it currently is, then you are spot on.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

You worked it out years ago based on your model of GC and have no need to batten down the hatches at all - well done, but thanks for going to the trouble of verifying and validating the bits of my model that you have.

rec0very stock
19/12/2022
11:45
Word Count for the page I am looking at:

RS: 2836 (nearly five pages in Word)
Everyone else: 136

"Down" is the second most common word used.

al101uk
19/12/2022
09:27
"Additional funding of approximately R50m (£2.5m) will be required to acquire, install and commission the necessary plant to atomise the iron to make powders.

The additional equipment for the powder plant consists of an induction furnace, a water atomiser with post atomising plant (screening [less than 100% of what goes in as HPI will come out as HPIP] and drying) and an annealing furnace."

Anyone any idea of the running costs of the additional plant, the note did not include them? It does not sound very cheap to run with 2 stages of furnace. As yet I have not included it in my model either. Obviously a proper DFS would include it and the periodic maintenance costs of all the owned plant (not included in the note or my model yet) and the reality factors associated with ore dilution and recovery rates from both the smelter and the atomiser that were not included in the note (I have used 5% for each in my model as that is about right and better than ignoring the realities completely).

It could be that a proper DFS concludes the juice is not worth the squeeze. Why did all those interested parties walk away in 2019? Why has nobody, other than IRON shareholders, stumped up any of the cash?

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

rec0very stock
19/12/2022
09:05
The banner of the note:

"The successful [massively painful and insufficient] capital raising and acquisition [have not actually acquired it] of Ferrochrome Furnaces (Pty) Ltd (“FCF”) will [very definitive word which is not justified by the evidence] propel Ironveld into production [maybe - no indication mining has actually started] and operating profit [lie - even Peter's mate with all his fudges predicts a £3.4m operating cash outflow in 2023 and this did not include all smelter refurbishment or mining start up costs (£250K according to the presentation)] within the next year. This should lead to a rerating of the company as a [cash burning that repeatedly runs out of cash] Producer and not an Explorer [have not really done much exploration for years]. A Discounted Cashflow MODEL [which is a total fudge and leaves out major elements of reality that would be included in a proper DFS] indicates value up to 1p per share [but only people who have not / cannot work it out for themselves would believe that]."

It's all an illusion created by the magic of GC.

With only 7 trading days left before the Annual Report is due out with a going concern emphasis of matter, those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

PS when you do work it out for yourselves, don't forget only 76% (note page 9) of any net cash generated from the operations is attributable to IRON, but IRON are covering all the costs and losses.

rec0very stock
18/12/2022
10:48
It's about modelling - the only way to look ahead, because nobody knows the future - not even what the weather will really do tomorrow.

All models are wrong some models are useful (which implies some are not USEFULLY wrong - eg UK Government COVID models; mate's rates notes; company investor presentations and a broker who says bish bash bosh revenue of $20m (it is only $19.1m) - though being badly wrong is clearly useful to someone, just not PIs)

If you understand models and their limitations, then you can avoid bad errors (eg averaging down at these crazy prices in a company that's going to run out of cash or repeatedly locking down the country screwing the economy and our children's futures). If you don't, then it's all just speculation and Santa and the tooth fairy could exist and that is just as likely as seeing a Black Swan (there are some at the local zoo).

Someone said back in August the company did not have enough cash to get to cash generative production and would run out of money in 2023. That someone got it right and it was not pot luck or wild speculation based on a negative or overly risk averse view. It was putting available data into a basic model. Over time it has been possible to improve the data and the model so it can look at a range of REALISTIC scenarios - all of which happen to be bad in this case, because GC just bluffs his way through things rather than getting them properly worked out.

I have modelled my best case scenario, where the company does make it to cash generative production on HPIP. That concludes that even if everything goes well, the juice won't be worth the squeeze. Ie on a P/E of 8 the share price is only marginally over 0.3p based on a conservative estimate of how many shares will be in issue by the time it gets there. Now I have the model I can continue to improve it with better data and include better assumptions as both become available. Ie why the weather forecast for tomorrow is much more likely to be closer to being right than the one for 2 weeks time.

Do people continue to believe in the magic of GC or do they work it out for themselves? That's what we will find out as this unfolds.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

I will copy and paste that last bit to save me time.

rec0very stock
18/12/2022
00:39
RS,

Sorry, but when you have an entire paragraph dedicated to the weather, I'm out.

I expect you argue that everything is bad within a range of bad and so it will all be bad and turn out worse.

Feel free to copy and paste that, it may save you some time :-)

al101uk
17/12/2022
11:46
Porsche is a go-kart - get a proper car, an Aston 😊
aceuk
17/12/2022
11:04
And when investing there is no substitute for DYOR properly.
rec0very stock
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