Polymetal Share Discussion Threads

[selevi] 01/10/2024 09:19

UK's Peter Trust LIMITED LIABILITY COMPANY buys a 0.8% stake in here.

This block is locked due to NSD sanctions.

The exchange offer has now ended. Which points to an end to the war and a lifting of sanctions?

JSC IC Peter Trust (the "Acquirer"), acting in its own name but on behalf of UK Peter Trust LLC, announces the receipt of 186,671 shareholders submitted Offers to exchange 3,859,310 Solidcore Shares. The Acquirer intends to accept all Offers submitted for redemption.

Paid $2.56 a share. Can only sell them OTC unless they intend to hold long or accumulation is their thought.

[3scoot] 20/9/2024 21:52

From Telegram Solidcore Resources Group

Current EV: c. $ 1,655,500,000 (473 million times by $3.50)

Achievable cash $531,000,000 (net cash and unsold inventory)

Current EV: c. Minus achievable cash $1,124,500,000

2024 e. EBITDA > $600,000,000 (Gold at $2600 or higher)

Trading at 1.88 x EBITDA Minus achievable cash EV

Trading at 2.76 x EBITDA not taking into consideration net cash and unsold inventory

(4 times EBITDA) I’d expect for a Kaz miner

2.4 Billion mkt cap

$5.07 share price would seem reasonable

So trading at a $1.57 discount

Sitting on $1.12 net cash/unsold iinventory per share so it's trading on assets $2.38 a share with EBITDA at $1.27 a share. If gold holds or moves higher the metrics get more discounted

[3scoot] 14/9/2024 08:09

Sold 2/3 of the business and 1H 2023 compared to 1H 2024 net profit has only fallen by 13%

[3scoot] 14/9/2024 08:09

EV/EBITDA, 2.15

P/FCF between 2.5 and 3

[3scoot] 14/9/2024 08:07

Ironically, SCR doesn't hedge because they don't want to miss out on any upside in gold prices, yet Nesis says $2,500 is nonsense, and he's worried it won't stay that high.

[3scoot] 14/9/2024 08:06

Average gold price achieved $2267 in 1H 2024 so no where near today's spot price. $2600

2H 2024 at current spot prices EBITDA will be over half a billion US dollars

Mkt Cap 1.5 billion dollars

Equity Analyst are you not watching and reporting

[3scoot] 14/9/2024 08:06

From Telegram channel

Solidcore's (former Polymetal's) net profit under IFRS in the first half of 2024 decreased by 13% compared to the same period last year and amounted to $238 million. This was reported by the company's press service.

Adjusted net profit increased by 72% to $243 million. Revenue, meanwhile, increased by 79% to $704 million. The average selling price of gold increased by 17%. Gold sales increased by 56% year-on-year to 321,000 gold equivalent ounces.

Adjusted EBITDA was $346 million, up 73% year-on-year, driven by higher sales and higher metal prices, the company said. Profitability fell 3 percentage points to 49%.

761 million US dollars in cash

233 million US dollars in unsold inventory

100 million US dollars in undrawn credit facilities

Debt obligations for 2024 135 million US dollars

[3scoot] 11/9/2024 08:49

The majority shareholder is running the company. Chairman is their representative. They own 30% and probably want more. Difficult task as no ones selling hence the knuckle dragging.

[loganair] 11/9/2024 08:04

Late last year and early this year Vitaly was mooting the idea that the company would relist on the LSE sometime during 2025, now we're looking at 2026 at the earliest and more likley during 2027 or 2028.

[action] 10/9/2024 12:48

If they don't list in uk how we can buy new shares on offer? Anyone?

[3scoot] 10/9/2024 11:51

The majority shareholder wants a bigger stake and the CEO is doing their bidding. If they listed on a dynamic exchange value would be realised hence the share price reflect fundamentals and the market would price out the majority shareholder.

[3scoot] 10/9/2024 10:49

Centamin valued at $1.95 a share. Solidcore at $3.20

Centamin Revenue $232 million. Solidcore revenue $1,140,000,000

Centamin EBITDA $106 million. Solidcore EBITDA $475 million

Centamin FCF $41 million. Solidcore FCF $240 million

[kaos3] 10/9/2024 09:34

double listing in london should not be a problem any more regarting ties with russia. companies with a fraction of capitalization are double listed

[31337 c0d3r] 10/9/2024 09:02

"We must understand that no one is expecting a company of our current size in London. In order to become attractive to international institutions, we need to be at least twice as big as we are now."


I don't buy that. Surely it's easier to raise money from shareholders with a London listing as well, than just Kazakhstan?

[loganair] 10/9/2024 08:52

As per usual, no care for the small private retail investor. There are most probably several thousand of us in the UK who materialise their holdings and now hold their shares in certificated form and are now waiting for the company to relist in London.

[kaos3] 10/9/2024 03:13

selevi - good posts, lots of work put in. thank you

[selevi] 09/9/2024 22:26

The principal shareholder is a consortium of Omani investors led by the Omani government-owned fund Mercury Investments International (30%).

[selevi] 09/9/2024 20:00

In Russian need Google translate

London Stock Exchange (LSE) no sooner than in three to five years. This was stated by the company's CEO Vitaly Nesis in a conversation with a Forbes Kazakhstan observer

We must understand that no one is expecting a company of our current size in London. In order to become attractive to international institutions, we need to be at least twice as big as we are now.

[selevi] 09/9/2024 19:58

As of the 1st May 2024 the company had a cash balance of 695 million US dollars, which is real money sitting in the bank.

Debt obligations of 463 million US dollars

So a NET cash position of 695 minus 463 equals 232 million dollars

So they could have paid down all debt obligations as of the 1st May 2024 and still have 232 million dollars in cash with no debt obligations

Since then the NET cash position has raised to 357 million US dollars, so an increase of 125 million US dollars.

So as of the 1st August 2024 the company have a cash balance of 820 million US dollars in cash in the bank.

The debt obligation for 2024, which if not rolled over is 135 million US dollars

So settling all debt obligations for 2024 the cash balance will be 685 million US dollars

Debt obligations for

2025 – 179 million US dollars

2026 – 104 million US dollars

2026 – 34 million US dollars

2028 – 11 million US dollars

They had roughly 60,000 ounces of unsold inventory as of the 1st August 2024.

So $143 million US dollars of cash waiting to be bought home

After settling debt obligations for 2024 and selling unsold inventory as of 1st August 2024 you’re looking at a cash balance of 828 million US dollars to spend.

Eight Hundred and Twenty Eight million dollars could acquire a new asset? So have debt left outstanding of 328 million US dollars.

[selevi] 09/9/2024 19:57

Yet the majority shareholder who bought 23.9 percent of the company for a share price of just under 5 dollars in January upped their stake to just under 30% of the company market cap and the share price paid undisclosed last month.

An Oman based investment fund which is also a sovereign fund. Why are there no equity analyst coverage of this company. It's EV/EBITDA is 3

Net cash of a dollar a share

EBITDA over a dollar a share

So valued at 3 dollars

No wonder the majority shareholder wants a bigger slice of the pie.

[selevi] 09/9/2024 19:56

According to Nesis, leaving the London Stock Exchange meant the company lost a significant amount of liquidity. "If you look at the situation in Astana now, the shares there are not worth much, but you have to understand that this is an objective reflection of the situation on AIX. There are few investors, few buyers, it is difficult for foreigners to enter here, many institutional investors simply do not want to spend time and resources to fully switch to the AIFC exchange. Therefore, unfortunately, the prospects for growth in the value of Solidcore Resources shares before returning to London are not very good. But I am sure that those investors who agree to stay with us for three to five years will be rewarded, which in English is called patient capital," says the head of Solidcore Resources.

[loganair] 01/8/2024 17:34

Solidcore Q2 2024 production results:


Gold equivalent (“GE”) production grew by 37% year-on-year (y-o-y) to 135 Koz in Q2 and by 18% to 252 Koz in H1 on the back of higher concentrate shipment volumes to China and production from toll-treated concentrate at Kyzyl.

Revenue for the reporting quarter and six months increased by 157% and 79% y-o-y to US$ 409 and US$ 704 million respectively driven by higher gold prices, healthy production results and inventory release.

Net Cash position as of the end of Q2 stood at approximately US$ 357 million versus net cash of US$ 155 as of the end of Q1. The increase was driven by significant cash inflow from sale of inventory as well as free cash flow from ongoing operations.

The Company reiterates its full-year guidance for production and costs: production of 475 GE Koz, TCC in the range of US$ 900-1,000/oz and AISC in the range of US$ 1,250-1,350. However, the management is observing the following detrimental factors in H2 2024: stronger than budgeted year-to-date KZT/USD rate, inflationary pressure, shortage of railcars and congestions of the eastbound railroads.

[action] 01/8/2024 17:16

According to Solidcore uk office relisting will be in June 2026 at the earliest. Also HL has reduced the share price on their platform.