Serabi Gold Share Discussion Threads

[imastu pidgitaswell] 27/9/2021 07:07

"When we look back at 2020, I think all things considered it was a very satisfying year."

Wow...

I'm out for the day. These are out of date anyway. But, at some point, he has to go. Unbelievable comment.

[imastu pidgitaswell] 27/9/2021 07:04

Morning Plat - we have news. Who would have thought it?...

If you had started your toy throwing last week, I would have said fair enough. Starting it when you did, and ignoring the factual corrections that people made to your irrelevancies and errors, was just fatuously stupid.

Anyway, we move on - maybe you should.

[backinblack80] 26/9/2021 22:02

tf, exactly! And NPV10 is pretty conservative, imho....Hence my frustration. As loganair posts re the elusive 100k..So how do management salvage this situation? I think a resignation or two and/or a stellar RNS not just putting the accounting issue to bed but giving investors confidence in exploration upside...partnership...open pit mining potential etc...?

[loganair] 26/9/2021 19:34

Serabi

Positives:

1. Actually mining gold while starting up a second mine.
2. Debt Free.
3. Profitable with plenty of free cash flow.


Negatives:

Since 2016 management have been promising with in two years to become a 100Koz producer while over the past 5 years maintaining being at 35koz to 40koz producer.

[cotton4] 26/9/2021 19:15

I'm sticking with my 2020 profit before tax of $10m-$11m and ~$16m for 2021 with $6m for h1. Optimism reigns supreme.

[borisjohnsonshair] 26/9/2021 17:54

Thanks by the way.

[tightfist] 26/9/2021 17:47

Coringa PEA NPV's were published 2 years ago (6th September 2019). Today's value of the Post-Tax NPV10 is around $70m AT $1,450 PoG. At $1,625 PoG I would estimate around $100m.The current EV of the ENTIRE SRB business is $59m - is this the epitome of a Contrarian play?! tightfist

[borisjohnsonshair] 26/9/2021 16:08

Zero for any exploration potential

[borisjohnsonshair] 26/9/2021 16:07

Zero for Coringa

[borisjohnsonshair] 26/9/2021 16:07

2019 income before tax US$6.2M. Anything above US$7M should suggest SRB undervalued based on existing production, ALONE.

[tightfist] 26/9/2021 09:47

Hi BiB, it seems like we have a similar background in managing projects and expectations. My most frustrating/underperforming period was when my delivery was totally dependent on the major Third Party partner who became a serial under-performer - which leaves one repeatedly renegotiating expectations between the supplier and customers. Part of this role also involved working alongside a U.K. finance manager who was accountable for consolidating the results of our Brasilian subsidiary.........enough said! Agreed, they certainly havn't done well but my life experiences possibly make me more tolerant of SRB's situations..It's notable that Stockopedia have downrated SRB to a "Contrarian" play for the last 8 months (meanwhile the share price has slumped 32%) - I think most us can agree with their algorithm!.Cheers, tightfist

[backinblack80] 26/9/2021 00:25

Hi tightfist, just my disappointment and frustration getting the better of me!
I guess, like many other investors, who judge the success of a company by the share price performance which has been dismal here...I'm very disappointed.I've no issue with this problem originally occurring but imho the way the CE and FD have dealt with it is nothing short of pathetic. Serabi is an AIM miner and confidence in management is paramount...hence the current share price The FD nearly a month ago made a very clear statement as to the accounts and publication

"The Company advises that the Forensic Investigations group of Deloitte in Brazil ("Deloitte Brazil") who had been contracted by the Company to undertake the necessary enquiries have now completed their work and circulated a draft of their report (" the Deloitte Report") has been circulated to the Company and the Company's auditors. The report is expected to be finalised in the next few days Following the issue of the Deloitte Report the Company's auditors require a short period of time to complete all their final audit and internal review procedures. The Company and the Company's auditors plan that the issue of the 2020 Annual report will be issued well in advance of the dates agreed with Companies House and AIM."

BIG fail in my opinion and it reflects badly on the FD and CE (the Company).Yes, they've released some promising news on exploration recently yet zero acknowledgement and a stagnant share price ..says it all really...at least to me. I'm not an accountant but have experience of managing projects and expectations....imho they haven't done well in this regard....

[francisthornhill] 25/9/2021 10:06

Quite a large purchase at close by the looks of it. Hoping for an RNs early next week to close last year and then more positive announcements going forward. A patient investor... The view of srb looks positive from simply wall Street app imho

[tightfist] 25/9/2021 08:44

Hi BiB, I note your points - what is your take on last year's accounts sign-off, the role of the auditors and FD over the last few years, and the contents of the "Deloitte report" recently prepared by the Forensic Investigations group of Deloitte Brazil? My hunch (please assume I know nothing) is that the FD is very busy working to reconcile these aspects..IMO the CEO's contributions have been the exploration updates and particularly the seemingly unrelated RNS regarding Coringa progress released last Monday..Good luck! tightfist

[backinblack80] 24/9/2021 22:33

I sincerely hope the accounts will be announced the beginning of next week...but more importantly include some game changing news....

[tightfist] 24/9/2021 20:40

Hi Sherry; For sure, holding SRB/SBI is not a comfortable place right now for the anxious, depending on your timescales. The knock-on effect of two Brasilian colluders is incredible..As a VLTH I am kind of sanguine, (if one believes the company-speak) the underlying fundamental prospects seem very positive - but it can take the U.K. market a long time to respond to the fundamentals, and we also have global PoG prospects to contend with..Cheers, tightfist

[golden prospect] 24/9/2021 20:22

Great they didn't try to bury on a friday; news beckons.

[sherry35] 24/9/2021 19:58

Hello tightfist - Thank you for the post #3710 reference. To be candid, I haven't been reading posts on this board for several weeks due to anxiety. As for holding one's breath, I hate to call you smurf-fist.

[golden prospect] 24/9/2021 09:54

I wonder if we are going for an after bell release of results for weekend reading.

Eerie silence.

[tightfist] 24/9/2021 08:34

Hi Sherry, regarding the OS status, take a look at post #3710, it sounds like it's use is selectively ongoing. I agree, I don't recall a definitive company statement regarding specific Sao Chico ore sorting performance. They recently referred to prospective Coringa ore sorting trials; on the one hand they have a large process plant to fill - now the additional potential benefit of reduced tailings was highlighted..I am hopeful that immediately they exit the current debacle we will see some meaty Director Buys - but I am not holding my breath!.Cheers, tightfist

[sherry35] 24/9/2021 05:26

Yawn!!! Same old discussions about the mgmt. The BOD won't restructure the executive team because of nepotism between certain directors and execs. Research the bios for yourselves. Bottom line, the CFO should be fired for the accounting issues. The market is looking for reparations.

Is the Palito ore sorter working? The last PR stated "The fact we have our own sorter at Palito means we can undertake our own testwork and find the optimal settings and processing criteria." So what!!! Is the @#$% ore sorter working at Palito? They should be able to get this right given the money spent on having the vendor engineers on site tuning the sorter.

How shares do the execs own? Hmmmmm

[borisjohnsonshair] 23/9/2021 14:24

Ha - Losers back.

[borisjohnsonshair] 23/9/2021 13:44

Why is this an issue