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Share Name Share Symbol Market Type Share ISIN Share Description
Landore Resources Limited LSE:LND London Ordinary Share GG00BMX4VR69 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 30.75 77,877 08:00:00
Bid Price Offer Price High Price Low Price Open Price
29.50 32.00 30.75 30.75 30.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -2.15 -0.02 32
Last Trade Time Trade Type Trade Size Trade Price Currency
16:04:04 O 6,324 31.425 GBX

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Date Time Title Posts
03/3/202111:14Landore Resources2,664
13/2/201915:06Hidden value, Brancote management4,054
07/8/201806:16Landore Resources (LND) One to Watch Today -
17/6/201515:31 BILL H Chairman Landore Newscast9
08/7/201421:44David Bick & Jon Beliss say to BUY & HOLD in LND2

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DateSubject
07/3/2021
08:20
Landore Resources Daily Update: Landore Resources Limited is listed in the Mining sector of the London Stock Exchange with ticker LND. The last closing price for Landore Resources was 30.75p.
Landore Resources Limited has a 4 week average price of 29.50p and a 12 week average price of 20.25p.
The 1 year high share price is 42.50p while the 1 year low share price is currently 8.50p.
There are currently 104,661,146 shares in issue and the average daily traded volume is 459,109 shares. The market capitalisation of Landore Resources Limited is £32,183,302.40.
02/3/2021
12:02
bygdennis: It's normal for any share price to dip slightly below a recent placing price so better getting in now or top up as you see fit!! There is always a slow recovery back to normal levels and around 40p is what we can expect for now!! Updates will see growth as we move on and the value increases!!
23/2/2021
10:22
the deacon: Eric Sprott holding 8.7m shares which were recently acquired according to this screen grab. He must have been the one weighing on the share price last year as he dumped last year's placing allocationhttps://twitter.com/zackhoward/status/1363970807643439108?s=19
14/2/2021
11:48
mallorca 9: I know many here will be underwater and are desperately hoping for a chance to get out - although they won't admit it. The bottom line for me though is the very poor grades of 1g per tonne. If this project ever reaches the stage of an economic feasibility study for mine construction (still probably years away) then it will certainly in my view be shelved at that point as mine construction for these grades will not be feasible. Until then the Directors will continue to milk it for all its worth with a new fund raising every 6 months . What some here have to grasp is that sure, the Market Cap may increase but the share price will go lower and lower with each placing. You could in a couple of years see a Market Cap of £50m but with a share price of 2p. If I were holding here I would cut my loses tomorrow morning.
02/2/2021
10:08
sportbilly1976: Nice summary: https://twitter.com/MiningReviewer/status/1356372763074768903 Thread See new Tweets Conversation Junior_Mining_Reviewer @MiningReviewer #LND $LND.L Landore Resources - 1 million + oz of Gold in their BAM deposit, with plenty of exploration upside, low market cap at ~30 million and directors (who are major shareholders) with a proven track record of maximising shareholder value. Currently under the radar. 10:44 PM · Feb 1, 2021·Twitter Web App 11 Retweets 3 Quote Tweets 16 Likes Junior_Mining_Reviewer @MiningReviewer · 11h Replying to @MiningReviewer This is my favourite AIM stock at the moment because its relatively low risk at such a low market cap with a 100% owned 1 million oz resource. But there is clear upside associated with the ongoing exploration of the BAM deposit. Junior_Mining_Reviewer @MiningReviewer · 11h A recently completed soil sampling program determined anomalous gold along strike stretching a total of 8km along the BAM deposit. Leading to a Cenkos research note with the heading of 'Gold everywhere' Junior_Mining_Reviewer @MiningReviewer · 11h The current drilling program is targeting infill drilling to further build up the resource along with step out drilling and drilling at depth to expand the footprint of the orebody. The first batch of assays from this current drilling campaign are pending and due imminently. Junior_Mining_Reviewer @MiningReviewer · 11h Buried at the bottom of the most recent soil sampling RNS, the company note 'visible gold' in the step out drilling (500 m) and the drilling at depth. Drilling is scheduled to finish in April and there should be regular updates over the coming weeks/months. Junior_Mining_Reviewer @MiningReviewer · 11h At the end of the current drilling program the company plan to release a revised Mineral Resource Estimate and preliminary economic assessment of the BAM deposit. It is possible that LND are sitting on a multi-million oz deposit. Junior_Mining_Reviewer @MiningReviewer · 11h This is in addition to a Nickel deposit on the same property. Junior_Mining_Reviewer @MiningReviewer · 11h The prospect of a multi-million oz deposit could attract majors and corporate transactions and the CEO has hinted at this. This would be the quickest way to full shareholder value. It is possible the 'for sale' sign could be up after the current round of drilling finishes. Junior_Mining_Reviewer @MiningReviewer · 11h The lack of exploration last summer during the post covid-crash miners 'boom' has resulted in the share going under the radar. But with regular news over the next few weeks/months this looks set to change. It is also noteworthy that Eric Sprott has a 10% stake in the company.
20/1/2021
14:28
lochlea: plus to me LND's share price is "on the floor" at less than 2p (pre consolidation). Especially when you consider it launched on AIM at circa 7p and CEO bought on open market at 16.5p albeit some time back.
18/1/2021
13:14
lombiff: Hi bygdennis - there's no sob story here, just hard-bitten realism from 12 years of holding. I started buying LND, PGD and GGP at about the same time (2008/9) and kept buying all the way to the gold price drop in 2012/2013 - sold my PGD in 2018 but kept the LND and GGP (big numbers of both). Have obviously had a great run with GGP and, for LND to do similarly well, we need a JV partner to get the resource properly drilled and exploited - the company said as much in the placing RNS last June, saying that the funds would be used to find "a strategic investor or alternative corporate transaction". I hope you're right that we're getting noticed but, sorry, I can't bring myself to be overly bullish here and I certainly don't need to "get with the program". With so much invested here, I won't be buying more, but I won't be selling either until there's more news on the "alternative corporate transaction". All the best to patient longs . . .
18/1/2021
07:53
sportbilly1976: https://twitter.com/keya5000/status/1350822629264019457?s=21#LND nice Cenkos Note 'Gold Everywhere' £2.19 price target. Current Value pre this campaign 67p. Current share price 31p
14/1/2021
20:46
lochlea: Seems to me it's just the perverse way the mind of the typical PI works. LND have issued scores of positive RNSs over many years and I'm pretty sure I am correct in saying that on day of release most times the share price has ended up in the red. Buy on the ramping expectation of news - and sell on day of news release seems to be a favourite strategy. At least this finished with some blue today. Onwards & upwards.
14/1/2021
20:06
edg232: Large volume traded today. Glad 30p crossed and bodes well for future share price Twitter releases from LND very welcome and more exposure needed to speculators for price breakout. About time the BH and his crew are finally thinking along these lines! Here's wishing us all a prosperous 2021 and for anyone like me, in recovering big losses accrued over the years.
16/10/2020
12:09
richgit: As I have said - I followed Eric Sprott after doing a lot of research. The strong possibility that they may have the extra Gold that Mr Sprott believes (and others) could certainly propel this stock many times beyond its current Petty Cash Market Cap. 2 Men a shovel and a mere hoped Gold project will (in the months to come)be valued far more than this Mining Bug has summed it up quite succinctly... A low grade, low cost, simple open pit prospect. To date Landore has defined a NI43-101 compliant 1.015 million ounce gold resource within the Archean Greenbelt they are exploring. The grade is low; indicated resource is 747,000 contained gold at 1.06 g/t, and inferred resource is 268,000 at 0.91 g/t. But economics matter, and mineralisation is shallow, the metal is cheap to extract, with very strong metal recovery rates, limited reagent consumption, a simple processing path, and low capex and opex metallurgical results. This all favours a simple open pit mining operation akin to two other major producing 1 g/t projects in other parts of Ontario. The project has strong economics at $1400 gold and above. Gold today is $1900, but the project on the extended case of operation looks to get to a 30% IRR at about $1400 gold. The resource looks very likely to be big enough to support this. That is before the (fingers crossed) bigger resource and improved economics from the upcoming autumn/winter drilling campaign. The study from February 2019 showed the following at $1500 gold. A 39% post-tax IRR, a $203m post-tax NPV, on $94m of initial capex. At $1900 gold, the economics are magnified. An unquantified IRR (but I would guess 60%), and a post-tax NPV of $370m. This has been missed by external investors as it was shoved into a drilling programme RNS on September 1st. CEO: “in a position to push the resource towards a multi-million ounce gold resource..” Because Landore has been often cash strapped in the past, the Junior Lake property is not even close to being fully explored. The management team see a pathway towards doubling (or more) the gold resource base, making it ‘district scale’. There is upscaling potential from more exploration around the known resource….. The BAM gold deposit is 3.7km in strike at present, but it is open down dip and along strike east to west. Soil sampling done last year found widespread gold mineralisation along strike to the west for a further 7km. And there is upscaling potential from depth drilling….. Landore has only explored the depth down to a bit over 400 metres, and the PEA is only based on resource down to 230 metres. All of the main greenstone belts in North East Canada extend to depth. The road to materially increasing the resource is visible. What about the other assets? Nickel: The B4-7 deposit has 46,661 tonnes of contained Nickel equivalent. The VW Nickel-Copper deposit has an inferred 8,892 tonnes of Nickel equivalent. There is a broader aim to expanding this to over 100k tonnes but this is not the focus at the moment. But with Nickel, Copper and the PGM metals all enjoying a big price rebound, this could hold good value. I do not focus on this in my later valuation because it is early stage and it is not where money is being directed. Nevada properties: 8 properties that have barely been touched and that Landore has scarcely talked about. Strategy; Drill, Expand, Exit? Once an asset is good enough from an economic view, it is important that management have a strategy that does not involve major dilution for shareholders. The plan here is looking more and more clear. CEO Bill Humphries was MD at Brancote Holdings, a successful gold explorer that proved up a 3.8 million ounce gold resource, and flogged it on in a deal with Meridian gold after the turn of the century. The share price went up over 10 fold in this process. He also built up a resource at Patagonia Gold before becoming Landore CEO in 2015. He has been at the forefront of Landore’s gold discovery and progression. But Humphries is about 80 years old, the CFO is in his early 60s. What is the phrase Humphries continues to use? The fundraising puts the Company in a position to push the resource towards a multi-million ounce gold resource, whilst continuing to explore potential corporate transactions with a view to maximising shareholder value.“ Bill owns ~6% of the company, and Sprott owns about 10%. J.W. Hudlestone is also a major shareholder and has backed many a placing over the past few years. This ‘transaction’ message echoed by the recent Cenkos (broker) and Align (research) notes. All signs point towards an eventual corporate exit. My guess is that the road will be as follows, with a period of more and more newsflow and corporate promotion. Autumn/winter drilling programme to kick off within 4 or so weeks. Will include 7.5km of infill and extension drilling, 3km for depth potential testing, and 3.5km for exploration targets. A 14km programme in total to complete March 2021. This should provide steady news flow An updated resource estimate and PEA/scoping study economic framework following the drilling Possible bulk sampling study to commence during 2021 Align has touted that a final investment decision could be taken in 2021 As Cenkos wrote, “So far Landore has shown it has a very low discovery cost per ounce (US$8.47 per ounce gold discovered) and a high drilling success rate (22.2 ounces of gold for every metre drilled on the BAM Zone) due to the consistency of the mineralisation and so we feel the chances for BAM to keep growing is good with possible further upside from additional targets on the structure. With such a solid growth potential and a significant land holding over 31km of greenstone belt Landore could be in a strong position to attract industry interest in the project and company overall.” or as Align wrote, “A dramatic increase in resources at the BAM Gold Project looks to be on the cards as management attempt to grow shareholder value by teasing out the top take out price from pursuing a corporate transaction.” Brokers do not write this stuff on the fly. This must be the loose messaging directly from the board. On the contingency that drilling results are good, the signs in my eyes point towards a corporate exit transaction in late 2021, aiming to maximise value a la the Brancote precedent. That’s all great, but it does not matter if the stock isn’t cheap. Good news, nothing is priced in. First let us nail down the valuation of the company right now. It is at a £16.9m market cap, with £2.6m net cash on hand from the last raise. That gives an enterprise value of £14.3m. However there are warrants outstanding from the Sprott placing, at 20p. We are below that level, but if one believes these will be exercised, then the true market cap today is £21.4m. But those warrants when exercised will bring in cash to the company. £4.9m to be precise. That is nice, as I consider the warrants as almost definite to be exercised. The existing £2.6m cash funds the drill campaign and takes us through to July 2021 according to the company. The warrants would bring in another £4.9m. So if the warrants were exercised today, the company would have £7.4m cash in hand and the enterprise value and true value of the company would still be £14m. So it is not very distortionary and Sprott is not the sort of investor to flip a placing. There are many different valuation approaches to employ for an exploration company, but when existing economic studies are in place, life is made easier. The challenge becomes less about extrapolating grades, resource size, and location (guessing infrastructure costs et cetera), and it is more about scrutinising the economic studies. What does the NPV look like, what is the assumed metal price, what is the discount rate, how much capex, what are the contingencies et cetera. What I want to see is a reasonable metal/mineral price assumption, at least a 25% IRR (but normally 30%+), hopefully a capex tag that is not too big, and a big post-tax NPV compared to the market capitalisation. A liquid metal/mineral small cap comparison. I utilise my own approach this time around to compare economic study data against other small cap UK miners. I discount companies operating with metals and minerals with low liquidity (like Lithium or Vanadium) as projects can often alter global supply/demand dynamics and therefore pricing. All said and done, I am looking at Enterprise Value/Net present value, accounting for the IRRs and metal price assumptions. I recommend you zoom in on the table underneath. MiningBug analysis. UK listed miner project economics. Landore stands out At spot prices, Landore trades at only 5% of its extended case NPV. There are a couple of other projects with this same ratio, but their IRRs are more marginal, and rely on metal/mineral prices above spot levels. More important than they, they are huge projects with massive capex price tags, that will rely a big funding package. Landore’s study uses a 5% discount rate; I wouldn’t want to go lower but this is typical of Canadian projects and for this purpose it is fine as most Africa projects in this list are at 8-10%. A 5 point differential is what I want to use for jurisdictional comparison. For a low capex project with a strong IRR, Landore’s 5% ratio is very low compared to most others let alone a Canadian project. If you are less bullish than me on the gold price and think it will fall back it is important you can be comfortable at a lower metal price. If you assume a $1500 gold price, the ratio is still only 9%. Reversing the equation, a ratio of 20% EV/NPV implies investors are only discounting a NPV on the project of $93m (vs. $370m at spot gold, extended case), and that is before the new drilling campaign kicks off. If I apply different higher ratios than 20% the implied target share price levels are as underneath, and yes, they are much higher valuations. I prefer to be cautious in my assumptions and pin my target valuation off a 20% ratio, or 66p a share. That is still over 250% upside. Does that make sense? With miners, I always prefer to strike valuation targets off real market valuations. I square my own valuation method to a variety of other pre-production mining valuation methods used by Cenkos and Align. Cenkos illustrate several valuation methods. Of the ones they use, the approach I think is rigorous is their analysis of 100 global junior pre-reserve gold miners. They calculated the average $ value per total gold resource ounces, and also calculated the $ value per measured or indicated (M&I) ounce. They found that the valuation ratios are $75/ total resource ounce, and $161 per total M&I ounce. Applying the total resource method to Landore ironically gets to a 65p valuation, very similar to my own. A whole range of valuation methods are shown underneath. There is no right approach to valuing pre-production miners, but when a variety of market based methods imply major upside, that gives me additional comfort in what I am independently calculating. SUMMARY: In a world where gold is above $1400 (and especially at $1900), Landore’s asset is transformed. Landore already has a 1 million ounce resource at Junior Lake, and the low cost extraction lends the asset to an open pit mining style. The company is valued at 5% of the extended case post-tax NPV at spot gold, a fraction of most junior miners, despite operating in one of the best mining jurisdictions, with significant resource expansion potential at depth and along strike. With the financial backing of Sprott, and talk of evaluating corporate transactions to maximise shareholder value, I expect the rest of 2020 and 2021 to be very interesting for investors. Cheap, and long ignored, Canadian gold, that I think will be firmly on investors map before long. IMHO
Landore Resources share price data is direct from the London Stock Exchange
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