Serabi Gold Share Discussion Threads

[francisthornhill] 25/1/2022 14:40

It's really annoying that gold goes up and a serabi goes down. There has not much changed that explain the recent huge drop in my view with official guidance being met. Maybe the market thought these would be beaten and expected more but from what I can remember they are inline and okay given the year. Still if you listen to the webinar the other week they have had supply chain issues that maybe are causing issues. I'm still here and hopeful for this year with improvements in the existing mine operations through their targeted approach and return to normal operations, supply chain easing, strong gold price and coringa getting close to operational. All this can't be factored in at the current price in my view.

[tightfist] 25/1/2022 09:00

Hi Sherry; their follow-up news release on 9th December included ".......management and its legal advisers are of the view that the current project development plans at Coringa are not affected and are continuing and that this will not affect the current expected timeline for the award of the Installation License for Coringa.".On that basis I am anticipating the award of the Coringa installation licence later in the year. No sign of slowing in the mine development; au contraire, some of further progress and detail yesterday..Cheers, tightfist

[sherry35] 24/1/2022 17:27

Today's PR/NR provides no update to the announced "temporary suspension of future licences for Coringa". So, do we have a 40K oz per annum Au mining company or 80K oz per annum Au mining company? No wonder the share price got slammed!!!

As they say Film Noir movies, "the jig is up".

[sherry35] 24/1/2022 16:46

tightfist - BINGO! Your statement "lack of confidence in the ability of the current BOD and management to deliver" sums up the optics of SRB/SBI. Their track record is engraved in the 7 plus years of filings and press releases.

I have zero confidence in the current executive team making my investment profitable. Considering I'm not the brightest bulb on the tree, what does that say about 3 directors employed by the three major institutions that are invested in SRB/SBI. They like the story "There's gold in the ground" but seem to miss the point about running efficient growing mine.

We need a miner in charge -> not charismatic prospector. With all of these issues of misappropriated funds and poor staffing, why isn't the executive team in Brazil? Get a prescription for ivermectin and fly to Brazil. I'm sure the recent bonuses (for 2020 and 2021) will cover the dispensing fees.

I'll make my opinion more clear. RESTRUCTURE!!! Either the BOD steps up or company X acquires SBI/SRB.

[plat hunter] 24/1/2022 14:17

Boris is quiet these days I note

[tightfist] 24/1/2022 14:15

One just begins to wonder how long the LTH's will have to wait before the 75p smart money placees are in the money. Right now I'm not concerned about those with an undervalued mantra..... that would be a high-class problem......

[plat hunter] 24/1/2022 12:52

Those placee's at 75p was the smart money and people who didn't believe the "£5 share price next year" mantra, where the fools.

[tightfist] 24/1/2022 12:43

Hi Cotton,.I think you may have hit the nail on the head, the problem IS that the Current Operations ARE reflected in the price and the potential and prospective operations are NOT priced-in, IMO due to a lack of confidence in the ability of the current BOD and management to deliver. IMO It's certainly not the PoG environment. .This morning's short-term 2022 commitment (set the bar low?) and the longer term 100k grande aspiration are IMO severely mismatched; even I am beginning to wonder what is going-on in the operations at Palito. Those who came in on the March 2021 75p placing must have long faces by now..Cheers tightfist

[trader465] 24/1/2022 11:59

With no directors on-site it’s far easier for the mine managers to conceal theft of gold before it’s recorded or converted to cash. The guy who stole the cash after the gold was sold obviously wasn’t the smartest crook.

[trader465] 24/1/2022 11:35

You mean nobody has been caught (yet) this quarter

[imastu pidgitaswell] 24/1/2022 09:56

There are also other positives - no cash got nicked this quarter. Bonus time...

[kennyp52] 24/1/2022 09:48

MCAP now £42M .. why would you start up an exploration company when you can buy this ?

[loganair] 24/1/2022 09:28

Very poor Q4 gold production, would have expected far higher especially considering almost back to normal.

[golden prospect] 24/1/2022 09:09

Well done Serabi for meeting 2021 guidance despite a poor Q4
( Q4 did not satisfy the T60 expectation of high 8000's )

[cotton4] 24/1/2022 08:51

I tend to agree with you Tightfist but am still of the opinion that current operations are not reflected in the price. A qtr of the mc is in cash and I expect profit for the year in the region of $13m rising to $15 this year on guidance. The positives are still there with no debt, profitable and Coringa licence due in a couple of months. I still expect eps around 9-10p for the year which would put SRB on a pe of 6. IMO no reason the sell but I understand those who want to move on.

[tightfist] 24/1/2022 08:36

I find their year-end production underwhelming, as is the fresh 2022 guidance which is now considerably below what was indicated 12 months ago and aligns with the recent analyst forecast reduction - see post #4715..They enthuse about their in-situ veins but getting the ore out of the ground and processed seems to be an ongoing struggle, and not comprehensively justified/explained. The best I can see is "The mining industry continues to struggle with supply chain issues following the COVID-19 pandemic and we are not immune from this. The Company is well prepared to mitigate these ongoing challenges with long-lead items on order....". I would like to hear about MH's supposed visit to Palito and progress on refreshing the management of the operation?.What is more concerning is MH's apparent ongoing love affair with the ~100,000 ounce "near term" aspiration which 12 months later (some would say five years?) still seems a distant prospect. This time last year there was a temporary swerve to 80,000 ounces which I'm sure some of us will still remember..Not surprising to see a dribble of early morning sellers this morning, tightfist

[ntv] 22/1/2022 07:47

Same sentiment here

[sherry35] 22/1/2022 04:53

GP - Where did CEO get the $10M US figure from? From the accounting wizard CFO? Not buying the fluff on the video - I would like to see the numbers. Given the teams inability to plan and deliver a project, what makes you think the $10M US surplus parts inventory calculation is correct?

The CEO has always used the supply chain as an excuse for late deliverables. Issues with getting stuff through the port is one I recall.

Three of the BOD members represent financial institutions invested in SBI/SRB. They are accountable to the investor in those three companies. How do they explain the unique mgmt style, late deliverables and MISAPPROPRIATED FUNDS to their investor base. All I can say is nepotism, gullible and unique ethics.

Got love those 2020 and 2021 bonuses awarded to the executive team for late deliverables, reduced production, poor staffing and MISAPPROPRIATED FUNDS. Based on the bonuses awarded over the past 7 years, they already got their payout without investing in the company.

Please please someone buy this company and restructure the BOD and executive team.

[golden prospect] 21/1/2022 18:41

TF, no problem. MH communicates a fair account and on this basis I am content to back the executive team. Regional prospects look the best they have for years so Serabi are very well placed. Despite a handful of grumblings, the future looks bright especially as the majority of investors nearing 75% seem on board.

[trader465] 21/1/2022 18:29

“hands-on̶1; 🙄

He has hardly left his house in two years, nice work if you can get it.

[tightfist] 21/1/2022 18:13

Hi GP, thanks for the link - a useful reminder of their three perspectives from very different positions along the resources and development curve. MH is a lot more pragmatic (frank?) and hands-on than the other two execs - interesting to hear his take on the S in ESG and playing their part in the local community - if noses have recently been put out of joint locally, the underlying sentiment appears pretty sound. .Cheers tightfist

[golden prospect] 21/1/2022 17:30

S35, thank you for highlighting the Mandalay case; appreciated although I assume they do not operate in Brazil. I'm optimistic that some of the Serabi problems for 2021 will not be repeated in 2022, despite a falling share price!

What takeout price do you think would be accepted ?

[sherry35] 21/1/2022 16:10

Kenny - I agree with the restructuring of executive team being the CEO and CFO. Evidently the BOD is still behind the team given the bonuses for 2020 and 2021. In fact, the team got bonuses for late deliverables leading up to 2020. BOD have NO regard to their fiduciary duties towards the share holders!!!

Just to refresh the memories of the forum members. Narrow vein miner Mandalay Resources (MND.TSX) raised their 2020 Au production guidance, announced mid last year, and exceeded their 2021 production (just announced). Believe me, Duffy and his team had some major challenges in returning the company to profitability. 2022 estimate looks even better.

SRB share price goes up, all sins forgiven, forum members happy.

I hope this company gets taken over quickly.