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Share Name Share Symbol Market Type Share ISIN Share Description
Pure Gold Mining Inc. LSE:PUR London Ordinary Share CA74624E1007 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  4.00 5.93% 71.50 669,535 16:04:19
Bid Price Offer Price High Price Low Price Open Price
71.00 72.00 72.00 68.50 68.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 256
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:48 O 30,000 70.00 GBX

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Date Time Title Posts
25/5/202021:20PURE WAFER $$$$$ PURE GOLD (sic)4,624
04/1/201716:30Pure Entertainment ???7
12/5/201511:12Pure Wafer Plc2,246
09/5/201308:50PUR ,WHY,WHY,WHY18
13/9/201223:38Buying Pure6

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DateSubject
25/5/2020
09:20
Pure Gold Mining Daily Update: Pure Gold Mining Inc. is listed in the Mining sector of the London Stock Exchange with ticker PUR. The last closing price for Pure Gold Mining was 67.50p.
Pure Gold Mining Inc. has a 4 week average price of 45p and a 12 week average price of 26p.
The 1 year high share price is 82.50p while the 1 year low share price is currently 26p.
There are currently 358,466,692 shares in issue and the average daily traded volume is 549,012 shares. The market capitalisation of Pure Gold Mining Inc. is £256,303,684.78.
21/5/2020
16:39
jeanesy: I see there was a trade of 125K today. By the price action of the share price i am presuming it was a sell. I hope i haven't got my timing wrong here !
20/5/2020
08:21
meanreverter: There is plenty I don't understand about the latest Sprott financing. (1) Why was “a finders' fee equal to 6.0% of the gross proceeds of the Financing payable to a group of financial advisors led by Clarus Securities Inc.”? The company doesn't have to pay someone C$900,000 to “find” its own leading investor — the famed Eric Sprott. All that's needed is to pick up the phone. (2) What a “charity flow through common share” is will mystify most UK investors. Perhaps someone with expertise in the arcane rigmaroles of Canadian tax law could explain this. The good news is that the financing was at a decent premium to the closing London share price.
18/5/2020
11:33
cruxinvestor: Hi guys, here is our recent interview with Pure Gold Mining: https://www.youtube.com/watch?v=Hh8qxdeCfSo We spoke with Darin on their plans to get into production by end of 2020. There has been a radical rise in Pure Gold Mining's share price since we last spoke to them as the market appreciates the company's path towards production. So what is the next phase of growth? Let us know your thoughts here and in the YouTube comment section!
09/3/2020
09:03
callmebwana: Bad timing to sell gold mining shares here IMHO. Though ,I don't mind the sales,bring the share price down and I will top up some more. It is like looking in the mouth of a gift horse.😉€513; GLA holders here.
19/8/2019
16:02
troc1958: Looks like the small investor was "screwed" here today. Opened at 45p moved up to near 48p on no news and dropped back down to near 41p again. So typical of market manipulation "hype". New "Pure Gold" investors ....welcome to the "AIM" market!I still believe this share has potential, but watch the Canadian share price closely and only buy if the TSX $ price converted to £ is equivalent to that quoted on AIM. Beware of the ridiculous bid/offer spread!
28/3/2013
10:01
hedgehog 100: From the thread header - "By way of a little diversion,posters can hazard a guess as to the net profit figure(in US$,pre any exceptionals)for the 6 months to Dec.31st 2012,together with an stab at the PUR share price on 31/03/2013 and I will include these in the header for the next 9 weeks. puffintickler...US$1,200,000...6.25pence bains123...US$950,000...7.50pence. firth...US$ 925,000...5.65pence roadster750...US$900,000...14pence !!!! PeterSmith3 ...US$850,000...6.25pence mudbath...US$750,000...4.75pence. AdamB1978...US$600,000...5.5pence lovaine...US$600,000...5.2pence blueskyventurer .....US$550,000...6.00pence. sir leonardo...US$400,000...4.15pence. selurz...US$375,000...4.88pence battlebus2...US$250,000...5.75pence Hedgehog 100...LOSS...US$250,000...4.5pence" In view of the Good Friday bank holiday tomorrow, today's PUR closing price will decide who wins the share price half of the above prediction contest. The current PUR share price is 4.13, so with just six and a half trading hours remaining sir leonardo is in the lead, with myself in second place. What we need now is a few nice buys to nudge the price up to 4.5p by close ... !
17/1/2013
09:33
petersmith3: Here's the full write up from Steve for new investors. My entry for the NFSC 2013 is Pure Wafer, a business which operates in the semi-conductor industry. Given its record of shareholder value destruction this may seem an unlikely choice, but 2013 could be the year that this under-performer finally rewards its shareholders. Market cap: £10.5 million Share price : 3.75 / 4.10 Financial year end : 30th June. Web site : www.purewafer.com What exactly does Pure Wafer do? Pure Wafer is in the silicon wafer reclaim business. "During the many stages of the manufacturing process of semiconductors, large quantities of test wafers are used to check the accurate calibration of equipment. These test wafers are a key consumable in the manufacture of semiconductors and the ability to reclaim them through Pure Wafer's advanced process provides manufacturers with the opportunity to reduce costs." (2012 Annual Report) So far as I'm aware Pure Wafer has no significant intellectual property rights or technology which differentiates it from competitors. It operates in a growing but cyclical industry, providing a commoditised service which is nevertheless complex and capital-intensive. Its fortunes are largely dictated by the health of the semiconductor industry. The company also has some limited activity in the design, manufacture and installation of photovoltaic systems in the UK (Pure Wafer Solar). This accounted for just over 6% of revenues in the last financial year. As such it's peripheral to the investment case and so won't feature prominently in this analysis. A Brief History. To understand the current outlook for the business it's worth reviewing key points in the company's history. Pure Wafer was set up in 2000 by a management team drawn from the semiconductor industry with venture capital backing. The business was housed in a purpose-built processing facility in Swansea and listed on AIM in December 2004 at 125p a share. The share price peaked in February 2007 at 360p, giving a market capitalisation of £95 million. In March of that year Pure Wafer announced the acquisition of an additional processing facility in Prescott, Arizona and went on to report full year revenues of £22 million with pre-tax profits of £3.6 million. Things then went rapidly downhill. In the wake of the financial crisis semiconductor production volumes and prices fell sharply. This had a dramatic effect on Pure Wafer's financial performance - in the year to June 2009 revenues had slumped to £17 million and the business recorded a pre-tax loss of £5.3 million. In March 2009 Pure Wafer's shares were suspended. To keep the business afloat the company raised £2 million via a placing and open offer in August 2009. In the refinancing RBS (the company's bankers) and certain directors who subscribed for shares were awarded warrants exercisable at 2p. (By this time the share price had dropped to just 2p - a fall of more than 99% from its peak.) The Road to Recovery Following its refinancing Pure Wafer has slowly clawed its way back from the brink. By June 2012 revenues had increased to $36 million and the pre-tax loss had fallen to $0.7 million. (Note that from 2010 Pure Wafer has reported in US dollars, the functional currency of the semiconductor industry.) Following publication of its 2012 results the company announced a placing and open offer to raise $7 million, thereby halving net debt. Whilst this removed a cloud from the balance sheet, it also trashed the share price which dropped from over 7p to the placing price of 3.5p. Given that the vast majority of shares were allocated to institutions, many private shareholders were justifiably aggrieved by the double whammy of a falling share price plus dilution. So this is a deeply unfashionable company with a long history of losses which has alienated private shareholders. If you've bothered to read this far you'll doubtless be wondering what the attraction is. I've identified three factors which suggest that Pure Wafer is undervalued. 1. Cash Generation The business is extremely cash-generative in relation to its market capitalisation. In the year to June 2012 it generated operating cash flow of $5.7m. Capital expenditure was just $0.2m whilst interest costs and loan repayments ate a further $4.3m. For the year to June 2013 free cash flow should improve dramatically. According to the Placing Document (page 12) the cash raised should yield an annualised cash flow benefit of $2.4m. On top of this the anticipated improvement in trading performance should generate an additional $1.8m in EBITDA (see estimate below). This suggests that net debt could be close to zero by June 2013 at which point surplus cash would need to find a home. 2. Overlooked Assets Pure Wafer's processing facility in Swansea was built in 2000 at a cost of $17 million. The company owns the building outright and has a 99 year lease on the land which has a further 87 years to run. The building currently has a written down value of just $5.8 million (note 14 to the 2012 accounts). This valuation appears very conservative. There's also an unrecognised deferred tax asset of $10.8 million (note 16 to the accounts). This can be utilised assuming the business returns to profit. 3. Anticipated Return to Profitability. In the six months to June 2012 the company recorded a pre-tax loss of just $2,000. Trading performance should continue to improve thanks to a range of factors including increasing production volumes; reduced finance charges (following the fund-raising); and reduced depreciation (an increasing proportion of the fixed asset register is fully depreciated). I'm prepared to stick my neck out and project the following figures for 2013 : - Revenue to increase from $36m to $41m, a rise of 15% compared to the 20% increases recorded in both 2011 and 2012. - Gross Profit to increase from $11.5m to $13.8m (This assumes a gross margin of 34%, the same level as achieved in the half year to June 2012. This errs on the side of caution as improved capacity utilisation has seen gross margin steadily improve from a low of 21% in 2010.) - Administrative expenses to increase by a guesstimated 10% to $6m. (This compares to an 8% rise in the year to June 2012.) - Based on the above, EBITDA to increase from $6.0m to $7.8m. - Depreciation to decrease by an estimated 10% from $5.5m to $5m. (The charge has dropped from a high of $7m in 2011 as an increasing proportion of fixed assets are fully depreciated. Given the very low level of capital expenditure in 2012 a further reduction of 10% appears reasonable). - Finance costs to decrease from $1.1m to $0.4m. (This is based on my detailed analysis of the placing document. Interest charges will fall as capital is repaid and certain loan balances have been reduced in return for early repayment using funds from the placing.) - Based on the above I project a pre-tax Profit of $2.4m in the year to June 2013. - Assuming an extremely cautious NIL tax charge (2011 and 2012 saw tax credits of $0.5m and $0.4m respectively) this leaves a fully diluted EPS of 0.77 cents ($2.4m divided by 312 million shares, assuming all outstanding warrants are exercised). Assuming continued growth in global silicon wafer production the company's trading performance has a strong chance of improving in 2014 and beyond. Valuation of the Business Given its ability to generate cash, Pure Wafer could prove an attractive target for private equity. I believe this offers a useful valuation benchmark. - Assuming a valuation based on 6 times 2012 EBITDA minus net debt gives a valuation of $29 million / £18 million. (6 x $6m EBITDA minus $7m net debt post fund-raising). - Assuming 2013 EBITDA of $7.8m and negligible net debt the valuation increases to $46 million / £28 million. Alternatively, a 2013 forecast EPS of 0.77 cents on a P/E of 10 implies a valuation of 7.7 cents, or 4.7 pence per share. What are the Main Risks? 1. Industry Downturn : If global demand for semi-conductors declines this will hit both production volumes and price levels. Given the high operational gearing of the business a relatively modest decrease in demand could have a disproportionate impact on the bottom line. Pure Wafer is therefore dependent upon the continued growth in demand for smartphones, tablets, PCs and other devices which utilise silicon wafer. (For a quarterly breakdown of silicon wafer shipments since 2000 please refer to the semiconductor industry associated website : http://www.semi.org/en/MarketInfo/SiliconShipmentStatistics ) 2. Currency Risk : The business generates all of its revenues in dollars but has a substantial proportion of its cost base in Sterling. A weakening of the dollar could therefore put pressure on margins, though the operation in Arizona provides a partial 'natural hedge'. 3. Further Dilution : There have already been two highly dilutive share issues and the current 268 million shares will increase to 312 million once RBS exercises its warrants at a price of 2p. However, further dilution appears both unnecessary (thanks to the cash-generative capacity of the business) and contrary to management interests (they have warrants exercisable at 2p and will be reluctant to see the share price trashed once again). 4. Share Overhang : As a result of the recent placing at 3.5p the number of shares in issue has more than doubled. Many shareholders may be happy to sell and bank a quick profit as the share price advances. 5. Obsolescence : Wafer reclaim is a capital intensive business and without the right equipment you're out of the game. However, Pure Wafer's plant is capable of processing both 200mm and 300mm silicon wafer. The next generation of 450mm wafer is in development but is unlikely to be fabricated for at least 5 years ( http://en.wikipedia.org/wiki/Wafer_%28electronics%29 ) In Conclusion Barriers to entering the wafer reclaim market are high due to capital-intensive nature of the business. The ticket price for a new facility is around $50 million and on top of that there's a supplier accreditation process which takes between 9 and 12 months. Pure Wafer currently appears to occupy a 'sweet spot'. Wafer reclaim prices and volumes aren't high enough to attract new competitors, but they are high enough to ensure that the business generates large amounts of cash from its heavily depreciated asset base. Accounting profit is lagging EBITDA and cash flow, but 2013 should see the business return to profitability. Immediately prior to the fund-raising Pure Wafer's market cap peaked at close to £10 million (127m shares @ 7.7p). After a £4.5m fund-raising, and with debt reduced by more than half, the market cap stands at ..... £10.5 million! This is now a de-risked, cash-generative business in a growing market with high barriers to entry. My research comes with the usual health warnings as it includes a number of estimates/uneducated guesses. I may have overlooked or misunderstood key elements of the story – it's far from straightforward, after all. However, the current valuation of Pure Wafer appears to offer a decent margin of safety. This is not a share for widows and orphans, but the current balance of risk and reward seems attractive and 2013 may see the share price turn the corner.
24/10/2012
09:28
mudbath: Short term we are going to see selling pressure as holders,who do not wish to increase their exposure to PUR sell sufficient stock to enable them to take up their rights,ie 10%.My view is that most of this type of transaction will by now have been completed. The negotiation of the refinancing package,with its many nuances,has obviously taken several months from inception to announcement.For me it explains the continued failure of the PUR share price to move significantly higher over recent months,when such a trajectory appeared fully justified by the rapidly improving corporate fundamentals. As the impending dilution is a "fait accompli",and with PUR undoubtedly now profitable,we need only to concern ourselves the timing and significance of the impending upward re rating.It is a pity that the next upward move will be from such a lowly level of 3.5pence. Nevertheless,it will be a sweet moment when"normal service is resumed",as will the day when the PUR share price belatedly achieves that 10pence level.
03/7/2012
10:58
mudbath: Very relevant to the current low share price is the situation where virtually ALL recent buying has emanated from a limited pool of people who are mostly already contributing to this PUR thread. The potential for Pure Wafer to generate spectacular returns for investors imo has not yet impacted in any way on the wider market. As ItchyCrack observes,even we would have struggled to buy in any significant quantity had the seller not been in evidence over the past three months. For me PUR trading activity will go one of two ways,beyond the very short term;either the current seller will realize that he is selling to cheaply and therefore choose to desist or increase his price-in which event the PUR share price should soar,or,news from PUR will be such that resultant buying will overwhelm the "tap",causing the PUR share price to soar. "Daddy or chips ? "
16/6/2012
09:29
mudbath: chrisis33. I hope you slept OK after investing so much time researching PUR. Any future material expansion of capacity utilization at either Swansea or Prescott would surely be indicative of continued exponential growth PUR in wafer reclaim volumes. Your conclusion that, "The more I look into Pure Wafer, the greater the potential seems",very much mirrors my own,and others, view of the company and its prospects. It is therefore disconcerting that on every occasion so far,when the share price has shown any strength,it has been subsequently hammered back to lower levels by institutional selling,as has been the case since March when the share price responded positively to the excellent interim results. At least these sales enabled James Leek and Knox and Wells Holdings to take significant stakes in the company;not that their investments have had any impact,so far, on the market's evaluation. Although it is comforting to see the PUR share price edging back towards the more normal bottom end of its trading range;their is the downside of not being able to accumulate further at what did seem particularly advantageous prices. There is a well held view expressed by thread contributors, that as long as the PUR share price remains below seven pence, this does constitute an outstanding buying opportunity.In an earlier post I did outline a justification for a price target of 37.5pence on a three year view,which interestingly ignored any growth in the interim period. As ever,only time will tell. I am away now for a couple of weeks.Keep up the good work in my absence! Mud.
Pure Gold Mining share price data is direct from the London Stock Exchange
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