Serabi Gold Share Discussion Threads

[tiger60] 24/5/2021 10:37

Indeed Loganzir something I pointed out a few weeks back.

Also the development metres is changing from 32,000 to 30,000 to hopefully high twenties.

Start of year: 'including up to c. 32,000 metres of drilling on priority targets during 2021 as part of the Company's longer term exploration objective of targeting a mineral resource above 3 million ounces of contained'

Along with MH latest production guidance slight change.

But what annoys me most is when Qtr2 figures come out they will say we beat budget by x%.... but there is no transparency. Tell us the target for Qtr2!

[trader536] 24/5/2021 10:22

The overpaid directors have been asleep at the wheel for six years!!

[loganair] 24/5/2021 10:21

I note in their latest update how Serabi are now mentioning their aim is to become an 80k oz producer instead of 100k oz as they've been reporting over the past several years they're going to be.

[imastu pidgitaswell] 24/5/2021 10:12

Kenny - I'm not. It's all detailed in the remuneration note. Basic of $236k. Bonuses, pension, benefits etc on top. Separately again, details of share options, grants, share holdings etc. All in the annual report. We all know that general financial information is usually wrong and out of date - you only have to think about what ADVFN financials show - if anything has happened, such as the recent share issue, it's many months before it is ever updated.

It's not that relevant, it's just when people bandy about '1 million a year' - it's not and the detail is available.

[borisjohnsonshair] 24/5/2021 10:10

That article has rocked the market's confidence and devastated the MCAP. 72p at time of issue, two weeks ago, 72p today. You are the safest ZERO going. How much did you lose in 2013 to be obsessed 8 years on. Did your wife leave you because you lost the house??? I'm so glad it's had such a terrible effect on you. ? my head off at your pathetic-ness!!!

[trader536] 24/5/2021 09:58

Rip-off at Serabi?

"The unexplained cash drain stretches back six years, which means that the local forensic accountants recently retained by Serabi will have their work cut out if the company is going to be able to produce financial results ahead of the stipulated date on 30 June"



The CFO sits at home and pays someone else to look at the accounts. lol

Woof woof 🐶🐶

[kennyp52] 24/5/2021 09:29

Imastu .. you are only looking at basic pay .. there are incentives which boosts pay out of shareholders value .. so yes .. I do trust analytical professional guidance on the salaries. And Goldprospect .. they were paid to do all these things and had they not we would be down the tube now . POG saved their necks as production was far lower than other comparable miners . Production , production , production .... nothing else matters as much at this time before we get taken down and sold to the cheapest bidder .

[trader536] 24/5/2021 09:21

Good morning Boris, did you take the Mrs for her 6:30am dump in the park?

I see the rot is continuing here, where will it end?

Perhaps an RNS is coming informing holders of further accounting issues while the CFO gets paid to relax at his farmhouse?

How much gold do you reckon is getting nicked?

Woof woof 🐶🐶

[tiger60] 24/5/2021 08:38

Moving the focus away from the company for a second and on to the trading patterns what we don't want to see here is tranches of 25,000 sells with a closing UT artificially pushing up the closing price. If this happens someone is taking this down. Will update later based on trades.

[imastu pidgitaswell] 24/5/2021 07:45

You wouldn’t just take the audited financial statements as the source, but prefer a Google search, which returns any random dated version, complete or otherwise?

[golden prospect] 23/5/2021 23:07

It feels like some posters have short memories.

Given 2020 was a covid lockdown year, the team did a great job keeping the mine up and running.

They were faced with a tricky storm. Paying down Sprott and settling outstanding $12M to complete the purchase of Coringa (plant ready). Fortunately Equinox played ball with deferral, allowing for monthly repayments and Greenstone provided CLN insurance if needed. As it happened, only #$2m was utilised as SRB was sufficiently cash generative to pay down debts. In the recent placing the $2m+ Greenstone CLN was settled.

I'm grateful the management navigated a complex path to provide for a strong platform. Debt free, well cashed and positioned to benefit from a gold bull market.

Investors will make their own choices.

[kennyp52] 23/5/2021 22:48

Millwall .. I think we are essentially saying the same ... the balance sheet will not need re-stating which is very important in not causing even more unrest around this share . I’ve been shouting on here for 9 months they need to get the production numbers up ... check my posts .... we are missing out potentially on a great run on POG and this has to be the focus for the company without compromising safety . The production figures have been appalling imho and until these are improved we might not see this move up for months and months . So where are our CEO and CFO ...at home . Good luck

[imastu pidgitaswell] 23/5/2021 21:03

Yes. Have a look at it yourself, in the link. Page 69

The base salary is just over $234,000

[sherry35] 23/5/2021 20:34

imastu - does the $400K include the bonuses?

[millwallfan] 23/5/2021 19:58

Tiger. Hopefully if there is a drop it will be limited to the very late 3.5p rise Friday

[imastu pidgitaswell] 23/5/2021 19:50

Why is the received wisdom that the ceo is paid “a million” - it’s $400k (not pounds)

[millwallfan] 23/5/2021 19:46

Kenny. My interpretation of ‘no black hole’ is different from yours as I took it to mean that there are not any ‘open ended’ gaps to be further investigated and valued as losses. In other words the gate has been closed. I do hope I am correct in my assumption as if so the matter should now be brought to a swift conclusion with assurances of no future repeat. As a former chief auditor I do agree with previous comments that (1) it is management’s responsibility to implement adequate internal financial checks and controls (not the auditors who undertake checks on their adequacy and effectiveness) and (2) where there is collusion discovery becomes significantly more difficult.
However, I do agree the company has strong fundamentals and is currently well undervalued. Increased production levels and further JORC updates are this essential for us to see some positive lift in the share price.

[tiger60] 23/5/2021 19:27

Well, a fall back down to 71.5 on open is on the cards with the UT trade unsupported. Hope not but barring a RNS I expect it to open down. Hope I am wrong.

[kennyp52] 23/5/2021 18:51

No “black hole” means they are not reporting any assets that do not exist ... why would they exist if they have already been stolen ? It does mean an amount of shareholder value has been lost . It should hopefully confirm though that the inventories are real and properly valued ( or is this another reason why the accounts are not being signed off ? ) The mere fact all of this is now in question is a dire drag on the share . A board that sits in the U.K. with all of the action in Brazil is not on . Essential travel is ok . Why are they not over there ? Or is mugging off the shareholders for a million a year making life too easy for MH ? Not impressed with all this nonsense but stuck with a lump I feel is substantially undervalued. Can this go any lower ??

[bad gateway] 22/5/2021 12:13

Would imagine they have to if they're taking any legal action against the managers. Get it all cleared in one go?
Would be good to have sorted, its frustrating looking at the chart wanting to take off (imo) and being stymied like this.

[cotton4] 22/5/2021 12:02

Morning Tighfist,

I had another listen to the Crux interview with CL.
The main comments he made, imo, were ''no signifcant re-statement'' of accounts and more importantly ''no black hole''. These comments have been made after some time has been spent by the forensic accountants, so he will have a good idea they are getting to the bottom of this. There is always the caveat that until they do all the scheduled work, there remains a bit of uncertainty but we proceed knowing that the reported cash balances are intact. I would presume and it is only a presumption that they will be looking at all areas where the managers in question had a responsibility.

[tightfist] 22/5/2021 09:30

Hi SV, there was a fuller statement (incorporated within some other matters) several weeks ago that reported on the reconciliation of historic assays with the smelter and (from memory) the variance was substantially reduced to what I interpreted IMO as a reasonable degree of variance. I cannot immediately find the actual RNS..Like you I was concerned that there may have been some theft of actual gold but this RNS seemed to closed that possibility. IMO another reason why we need to see extremely robust closure of the accounting/trust issue..However, DYOR! Cheers, tightfist

[kennyp52] 22/5/2021 08:04

Mines ... holes in the ground with liars at the opening ?

[swanvesta] 21/5/2021 22:37

As I recall there was an anomaly in the assays of concentrate sold, which led to a (downward) adjustment of $1m+ of revenue. That seems rather more significant to the finances, and worries me as a potential symptom of organised theft/fraud. Can anyone put my mind at rest?