Serabi Gold Share Discussion Threads

[tiger60] 08/4/2021 11:22

Some of the grades at surface level were quite encouraging but need to be widespread whilst the grades at a level of 100m+ were superb.

The quick turnaround is in the Open Pit. More to come hopefully and then a JV to expediate.

There are unknowns and issues encountered that were very much out of the blue for most of us. But the chart is interesting as it would seem all the damage was done leading up to the announcement. Read into that what you will but that is another issue to clear up....

Holding and awaiting both Micro and Macro factors to turn in our favour. Critical point for gold coming up as the consolidation range is tightening and that normally leads to a dramatic break out. Hopefully our way.

[imastu pidgitaswell] 08/4/2021 11:21

It's early April. They would have finished their audit work as the accounts would have been published. The issue they identified, along with the (more important) income adjustment, is the only item that is still unresolved, and the reason why they have not published the financial statements.

I can't see any other interpretation. 'Further' work on 'identified' issues is exactly that, nothing more, nothing less. To interpret that as work on as yet unidentified or unreported issues is a leap of logic. imho.

Plat, you're normally a reasonable, logical person. I just think you have this wrong, and will leave it there. If I turn out to be wrong, I will certainly admit it, and it will cost me. Such is the risk we knowingly take.

[plat hunter] 08/4/2021 11:20

Exactly Stu....Pursuant to my post the other day..."The RNS raised more questions than it answered"

[cotton4] 08/4/2021 11:18

Looks like we have a difference in interpretation. The latest RNS outlines the drill results at Toucano with further drilling to be done to complete. Further being deliberately used meaning additional drilling on the same site. Auditors will be interested to do further work on the cash withdrawals to see if they can determine the extent of the issue. Until they have completed their work, they can only comment on what they have found so far.

[imastu pidgitaswell] 08/4/2021 11:14

As I say, we appear to have a divergent interpretation. I know what I think, you know what you think. All I can say is while I may be wrong, it is clear to me that your interpretation may also be wrong.

Time will tell.

Meantime, Tuesday's buy at 60.5 (posted on here, bought at 9:51am...) looking pretty good. Not selling for the quick 15% available earlier.

[plat hunter] 08/4/2021 11:08

It doesn't Cotton but if adjectives confuse you then may i suggest you google the word "Further"

[cotton4] 08/4/2021 11:06

The RNS as you have correctly pointed out does not use the word ''other''

[plat hunter] 08/4/2021 11:02

Sounds like you know exactly whats going on Cotton, why don't you enlighten us at to what the other audit issues are then?

[plat hunter] 08/4/2021 11:00

Lol ffs...Really?

[borisjohnsonshair] 08/4/2021 10:59

He's just a drama queen that cant correctly interpret news or understand regulations.

[cotton4] 08/4/2021 10:55

Plat - Are to being paid to spread fake news. The word resolved has not been used and the employees have not been fired - suspended.

[plat hunter] 08/4/2021 10:51

Well this is what it actually says...'the UK executive management and Serabi Gold plc board has suspended two local managers in Brazil. The Company has engaged lawyers in Brazil who have commenced their own internal enquiries whilst BDO LLP, the Company's auditors, are undertaking further work to resolve the audit issues identified in Brazil,"Lawyers are appointed for the 80k and the employees involved sacked... Slunds finite to me... You don't appoint lawyers without knowing how to instruct them, so that just leaves the further work and identified issues. Which are???

[imastu pidgitaswell] 08/4/2021 10:45

Eh? It doesn't state that the $80k has been 'resolved'.

The RNS states:

"whilst BDO LLP, the Company's auditors, are
undertaking further work to resolve the audit issues identified in
Brazil"

The audit issues identified. Which they have told us about.

Not 'ferreting around for anything that may or may not be an issue'

[ppvn] 08/4/2021 10:45

Hi Plat,

The approx $80k discrepancy said in the RNS that the withrawals "lacked documentary support".

We don't have any further info at this time but the suspension of two local managers does indicate that there could be the possibility of foul play. For the BOD to not pick this up earlier is imo indefensible. But is $80k a big deal for the company as a whole?

Hope that clarifies my viewpoint for you.

[trader536] 08/4/2021 10:32

Look at these ADVFN posts from 13 years ago. Sound familiar? Compare the market cap and the statements by investors, the stagnant market cap, and the increases in directors drawings .......


Ed 123 - 26 Jul 2007 - 14:59:58 - 753 of 3749 Serabi Mining - Gold from Brazil Now - SRB
The second quarter results have been released. It reads very well. Output for the third quarter will be increased and the company is aiming for a big step up in 2008 (to 60,000 to 70,000 ounces).

In 2007 output may be around 40,000 ounces at a cost of about $250 per ounce. This gives about £8 million of operating profit. Current market cap. is about £67 million fully diluted. Also, there will be loads more exploration (holding 273,000 hectares of land).
SP should be higher, imho, but overlooked by the market.

Ed 123 - 07 Sep 2007 - 13:23:08 - 767 of 3749 Serabi Mining - Gold from Brazil Now - SRB
I added to my holding today. Seymour Pierce reiterated buy on 29 August 2007 - states it's on its way to becoming a mid-tier gold producer.
SRB should produce about 40,000 ounces this year and its costs should be about US$225 per ounce. Operating profit could be in the region of £8 million in 2007. Current market cap. is only about £41 million. It has a good resource, over 700,000 ounces at about 9g/t. It also has rights to explore a large area adjacent to its current production.
Institutions paid 43p per share in July 2007 in a placing to provide funds for increasing both production and exploration. The gold price appears to be on a strong run but SRB looks neglected at its current price.

polaris - 11 Apr 2007 - 16:04:47 - 589 of 3749 Serabi Mining - Gold from Brazil Now - SRB
We cant be more than 5-6 weeks away from the trading update for Q1..and maybe some more details on the exploration. That will give a good feel to how 2007 will go.
The extra ball mill commissioned at the back end of last year should lead to an increase in milling throughput by 25%. With the work towards automated mining i would expect the head grades to fall a little during H1 2007 but this will be more than matched by the increased throughput. Q1 should yield around 13k Oz Au equivalent with average price in the 620-640$ range and possibly higher as they have small %ages of copper and silver in the refined ore and they have also seen good price increases over the last 6-9 months. I would hope that total cash costs (including admin etc - ie not mining costs which i expect to be less than $250) can be kept around the $300 per Au Oz equiv for the year and so my estimate for cash generation through the year is $17-18m. That is more than enough to fund resource drilling, expand and update mining equipment and to buy new prospects.
Current share price gives a market cap around £50m. With the prospects for increased resources with the drilling program, this still looks pretty cheap.

regards,

Paul

Stockologist - 08 Oct 2013 - 11:20:01 - 260 of 6139 Serabi Gold 2013 re-opening Palito goldmine and potential regional consolidator - SRB
They could make the current Market Cap every year in cashflow soon i.e. prospect of getting almost your entire investment in this as an annual dividend !

[plat hunter] 08/4/2021 10:28

Boris read the RNS updates again.. They've confirmed the 80k has been resolved but lawers and auditors are continuing FURTHER WORK on THE OUSTANDING ISSUES.What other outstanding issues? No one knows cause the BOD released a drill update instead to deflect attention.WAKE UP, for pete's sake lol

[imastu pidgitaswell] 08/4/2021 10:27

It's $80k, not £80k...

Anyway, we do appear to have diverging views on how to interpret the information that we have. Such is life - just keep it civil, rather than the usual toddler-fest?

[borisjohnsonshair] 08/4/2021 10:26

You don't have any excuses and I know you do it often but it ain't a big deal.

[borisjohnsonshair] 08/4/2021 10:26

If you wet the bed.

[plat hunter] 08/4/2021 10:25

PPVNTell me please... How can something be indefensible and at the same time not a big deal?I'm not at all bitter, just not desperate?

[borisjohnsonshair] 08/4/2021 10:23

£80k nicked ain't gunna hold up the audit for another 2.5 months - this ain't General Motors