Ormonde Mining Share Chat (ORM)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Ormonde Mining Plc	LSE:ORM	London	Ordinary Share	IE00BF0MZF04	ORD EUR0.01

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.59p	-16.21%	3.05p	2.90p	3.20p	3.50p	2.85p	3.50p	2,421,914	15:52:16

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Mining	0.7	-1.5	-0.3	-	14.36

Ormonde Mining Share Discussion Threads

Showing 8151 to 8174 of 8175 messages

Chat Pages: 327 326 325 324 323 322 321 320 319 318 317 316 Older

Date	Subject	Author	Discuss
19/6/2019 19:45	Thanks Sirius, that resolves my question.Hopefully Mr Market is wrong footed then? Would be nice to see a bounce!It's still clear that ORM's cash balance is perilously low, though... Let's hope they can get through the next 6-9 months until revenues start flowing...	cyberbub	Read Full Thread Reply
19/6/2019 18:07	many thanx gotabsirius and thanx for posting this, cheers Wan :-)	wanobi	Read Full Thread Reply
19/6/2019 18:00	Spoke with company this morning and pleased to report Saloro project’s funding headroom is sufficient, based on current forecasts. Ormonde receives revenue under a management services agreement in place with the Barruecopardo Group. 2018 saw higher overall “administration costs” reported due to once off, non-repeating expenditure, including legal costs associated with a water discharge at La Zarza. It is not anticipated that cost will recur in 2019. Aministration costs are managed in line with revenue and this continues to be our strategy. So no dilution and no more funding required barring a crash in APT Thanks	gotabsirius	Read Full Thread Reply
19/6/2019 17:31	Good find Dolores. I've also realised that the accounts are in Euros - doh! That's what comes from reading stuff on a small mobile screen...So the question of the Euro 750k is cleared up. What's still not clear is why the admin expenses have jumped 30% and whether this will continue.	cyberbub	Read Full Thread Reply
19/6/2019 17:23	PS I was quoting from rns dated 22/12/16.	dolores123	Read Full Thread Reply
19/6/2019 17:19	Yes. We need clarity on why they have increased - I doubt they will respond to me but I believe a couple of longer term holders on this BB have the ear of the directors? Or wait for the AGM I suppose but it would be nice to find out now - and particularly whether they're expected to increase further.	cyberbub	Read Full Thread Reply
19/6/2019 17:19	Just found this extract re the 750. "- The Project JV partners have also agreed to defer an equal portion of their respective management and monitoring Fees. As a result the annual management fee payable to Ormonde will reduce from EUR1 million to EUR750k with reinstatement of the full fee and the accrued amounts being made upon the Project achieving two consecutive quarters of positive cash flow. "	dolores123	Read Full Thread Reply
19/6/2019 16:43	Ok. So the problem appears to be larger than expected admin etc expenses.	dolores123	Read Full Thread Reply
19/6/2019 16:39	That's not correct as the figure shown for 2017 in today's accounts is £750k as well.	cyberbub	Read Full Thread Reply
19/6/2019 16:26	I recall the first year was reduced to 750k being a part year.	dolores123	Read Full Thread Reply
19/6/2019 16:12	cyber, You're correct in your analysis re needing a small placing. That's how I read it too. Perhaps nearer to £400k than £250k.	sleveen	Read Full Thread Reply
19/6/2019 15:46	I've looked back at the details of the Oaktree agreement. ORM are to be paid EUR 1m p.a. as a "management fee", which was expected to "cover all operational expenses". So I don't know why it's shown as GBP 750k? It should be closer to GBP 850k. Plus it would seem that ORM's expenses have risen over £1m so this fee is no longer covering them.Does anyone on here have the company's ear and can ask them why?	cyberbub	Read Full Thread Reply
19/6/2019 15:20	Wont they be due another payment from saloro or oaktree eg annually?	dolores123	Read Full Thread Reply
19/6/2019 13:10	We already knew that initial grades were low, but they will be working into the higher grades in the coming months. The plant itself seems to be working well and there seems little obvious reason to worry on this front.The results themselves show that most of the loss is non-cash which is good. However I think the main issue behind today's drop is the actual cash level.As at Dec 2018 (it's poor that it has taken 6 months to issue these simple accounts) the company had only £400k in cash, with a net £200k trade payables, so only £200k in net cash.Their admin expenses have risen to £1m (why are costs so high for a small company with no direct outgoings?) but these are offset by £750k 'revenue' which I believe must be the money which Saloro pay them as part of the deal.So they are burning about £250k net p.a. and had £200k left 6 months ago. I think Mr Market is calculating that they will still need to raise equity to see them through to cashflow from the mine. This seems a real possibility to me, which is disappointing as it wouldn't be necessary if their admin expenses had not increased to £1m. On the positive side, assuming that cashflow starts rolling in this side of Xmas, I don't imagine they will need to raise much more than another £250k, which is a fairly trivial 2% dilution even at say 2.5p.I see the drop today as an opportunity, for people willing to hold 12 months....No advice intended etc	cyberbub	Read Full Thread Reply
19/6/2019 12:50	adding more today, some showing as sells on the ORM ADVFN trades page :-), now's the time :-) cheers Wan	wanobi	Read Full Thread Reply
19/6/2019 12:24	Ultimately today's RNS did not tell us anything new.The N starter pit we already knew was not producing the grade.Focus has switched to other areas. It's good that the capital cost of the plant came in on budget and that staff are gaining in experience as activities continue.However the pressure is on to hit higher grades and start making a profit.Its all down to grades, if they can get good dirt through the plant then we should make money.If however if the original exploration grade results were highly off, then we are all well and truly f.....d.	admiral jellicoe	Read Full Thread Reply
19/6/2019 10:41	Ormonde Mining* (ORM LN) 3.15p, Mkt Cap £14.9m – 2018 Results and Barruecopardo progress report Ormonde Mining has reported a loss of €1.65m for the year to 31st December 2018 (2017 – loss of €0.1m) as it developed the 30% owned Barruecopardo tungsten project in Spain. The loss included a €0.6m impairment charge against the La Zarza project in southern Spain as well as Ormonde Mining’s €0.78m share of the loss on the operating associate which holds the Barruecopardo project. The company reports that the project construction has now been completed within the budget and “broadly in line with its construction schedule” and is now in the process of ramping-up phase to the targeted 1.1mtpa throughput under the management of the mine subsidiary, Saloro. Throughput levels consistent with the targeted 1.1mtpa processing rate are being achieved and the plant is producing “concentrates … from low-grade ore feed are starting to achieve targeted specification on a regular basis while ongoing refinements to the processing circuits continue to be implemented”. At this stage, ore is being mined from two small starter pits while waste removal “of around 80 vertical metres of waste rock from the east wall of the historic pit is to be accelerated to bring forward access to the main orebody, where the tungsten mineralisation is present as a much broader, more continuous high-grade zone”. The lower than expected grades encountered in the northern starter pit have prompted a switch to the southern starter pit and an acceleration of the planned waste stripping over the main orebody in order to access higher grade feed for the plant. Ormonde Mining’s Chairman and Interim Managing Director Michael Donoghue, commented that “the lower grade ore encountered in the initial, peripheral starter pit will make the remainder of this year somewhat challenging as Saloro's profitability and cashflows will continue to be constrained during the mine's ramp-up phase, however the progress made to date on processing of this lower grade material should stand the Project in good stead as it transitions into the main, higher grade orebody towards the end of 2019." As the Barruecopardo project moves into the production phase, management is addressing opportunities for future expansion and has identified two longer term objectives, “to complete the disposal of our La Zarza interests and take a fresh look at our Spanish gold exploration holdings and new licence application areas, in western Spain which have been identified as having gold exploration potential.” Commenting on the current tungsten market and the commodity outlook, the company explains that prices for the benchmark ammonium paratungstate (APT) peaked at US$352/mtu (metric tonne unit) in June 2018 as production declined in China as mines and plants were closed in response to more stringent implementation of environmental regulations. “Prices have declined steadily thereafter and although they have steadied somewhat of late, they remain weak, currently trading in the $255/mtu to $265/mtu range.” Citing “two reputable metal research groups … suggesting short to medium term tungsten supply deficits and price rises”, the company points out that “While the tungsten supply-demand fundamentals in the western world are relatively transparent and the deficit predictions in this market seem well founded, the situation in the Chinese market remains less transparent”. Ormonde Mining concludes however that “a summary of the Chinese situation by one forecaster is encouraging: "there is potential for a supply deficit in 2019 and 2020 as output from existing mines looks set to decline; ore grades at some of the larger and older Russian and Chinese mines are falling as resources become depleted. Importantly, there are no plans in China to bring online new tungsten mines to replace these depleted deposits". Conclusion: Ormonde Mining is ramping up production from the Barruecopardo tungsten mine. Initial low grade production from starter pits is likely to constrain profitability and cashflows until later in the year when the current waste removal programme will allow access to the broader, higher grade mineralisation within the main orebody. The company also reports an industry commentator suggesting that 2019/2020 may see a supply deficit in the tungsten industry. *SP Angel acts as Broker to Ormonde Mining https://www.proactiveinvestors.co.uk/columns/sp-angel/31007/today-s-market-view---iron-ore-makes-new-five-year-high-at-usd107-as-vale-mine-remains-closed-31007.html	steelwatch	Read Full Thread Reply
19/6/2019 09:55	Davy has issued a note today if anyone has full access: Ormonde Mining FY 2018 results reflect mine construction and commissioning phase With historic numbers reflecting the construction and build-up phase of the Barruecopardo tungsten mine, the focus should be on the current year and onwards. To this end, the group reports that the mill is achieving design output rates and is also beginning to achieve the correct concentrate specifications. Ore feed grades are too low at present (as previously reported) and a push to access the main orebody by the end of this year is currently underway. With design ore grades scheduled for a mill already operating well with lower grades, the group expects an improved performance in 2020. Job Langbroek Morning briefing https://www.davy.ie/research/public/article.htm?id=ST2_16719_1.xml.htm	steelwatch	Read Full Thread Reply
19/6/2019 09:18	Results do not make good reading IMO Seems the market agrees today at least Issues remain to be sorted least of which is the poor grades '' tungsten concentrates produced from low-grade ore feed are starting to achieve targeted specification on a regular basis while ongoing refinements to the processing circuits continue to be implemented; and following low initial ore grades from the northern starter pit, mining schedules are being revised to target higher grade ore sources including commencement of mining of the southern starter pit and acceleration of the east wall cutback. '' dyor	buywell3	Read Full Thread Reply
19/6/2019 09:05	Spot on Wan	jbe81	Read Full Thread Reply
19/6/2019 08:30	now is the time to be buying this :-) cheers Wan market will overreact today, steep sell off and then the gradual climb into the end of the year will start :-)	wanobi	Read Full Thread Reply
19/6/2019 08:24	Shame we cannot muster a more positive message, now that we are a mining company and not an exploration company.	roykeane2	Read Full Thread Reply
19/6/2019 08:10	This time next year Rodders etc etc, putting my holding back into the drawer again. Lol	mip55	Read Full Thread Reply
19/6/2019 07:04	Seems we will have to continue to be patient:Looking forward, the lower grade ore encountered in the initial, peripheral starter pit will make the remainder of this year somewhat challenging as Saloro's profitability and cashflows will continue to be constrained during the mine's ramp-up phase, however the progress made to date on processing of this lower grade material should stand the Project in good stead as it transitions into the main, higher grade orebody towards the end of 2019."	mip55	Read Full Thread Reply

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