Tiger Royalties And Inve... Share Discussion Threads

[shedjock] 11/1/2005 11:30

Thanx........ no notification on M O N E Y A M !!!

So, NAV increased by 35% since September, and now trading at a 71% discount !!! Hmmm, that's not fair, lol

[buffin] 11/1/2005 11:16

Yes, today, see other thread, 4.14p.

[shedjock] 11/1/2005 11:11

Offer to 2.6p

I was expecting NAV update on 1st February.........

perhaps it's earlier !!

[double6] 11/1/2005 10:48

Lacks of trades suggest no rise in the short term IMHO

[topvest] 11/1/2005 10:41

Very nice indeed! This looks a bit of a bargain at this price. May get a good rise now today.

[ntv] 11/1/2005 10:34

you got one
assets now 4.14p as of 31/12

[shedjock] 11/1/2005 10:22

I'm just hoping that Franconia come up with something special.... That would be a nice New year present. Anyway, fingers X'ed

[shedjock] 11/1/2005 10:21

I hope so, I'm sitting on far too many of these !!

[abubryn] 11/1/2005 10:09

Presume this is the normal trick a small tree shake before NAV update ??

[hamlette] 08/1/2005 02:02

Good tick up for Minmet today.........from UK-Analyst

Shares in miner Minmet added 0.175p to 2.825p after it gave a re-assuring update on full-year gold production results from its Björkdal gold mine in Northern Sweden. It said output for the final quarter ending December 2004 was 8,093 ounces of gold, giving a total gold production for the year of 30,601 ounces. It said the lower production experienced during 2004 resulted from the company's continued reliance on lower grade stockpiles. The company said it had made a number of advances on the operational side of the mine during 2004 and saw an increase in resources, which now shows a gold resource in all categories exceeding 1 million ounces. Operating costs in the crushing and processing departments were reduced through the purchase of the crusher in April. A new mining, drilling and blast contract was finalised and implemented during the last quarter with the arrival of new mining equipment capable of undertaking the pre-stripping of waste. This will provide the company with access to proven reserves of higher grade ore in the latter part of 2005, it said.

[audereestfacere] 07/1/2005 16:05

Aren't we due a portfolio valuation update from TIR?

[blank frank] 04/1/2005 20:35

Franconia Minerals Corporation closed its IPO last month, and should float on the TSX-V within a few days.

TIR hold 333,533 (consolidated) shares in Franconia, worth £63,371 at the current FRA mid price of 19p.

I'm certainly not aware of any other company to Franconia with over £Billion of platinum equivalent (in-situ), and potential for £TenBillion+ of zinc (in-situ), capitalised so low as a mere few million pounds:-

• Franconia's Birch Lake platinum property is the "most advanced PGM discovery in North America"; resource estimated at 29 million tonnes at a grade of 3.94 g/t platinum equivalent (Pt eq.); deposit containing approximately 3.7 million ounces Pt eq. (5.9 million gold equivalent oz). [ ]

• Franconia's San Francisco zinc property was described as "its [i.e. Teck Cominco's] best zinc exploration target in the conterminous US."
[18/2/02 Franconia announcement ]

If drilling at San Francisco finds more zinc, it might be up to tens of millions of tons (which FRA has said is possible ), though even one tenth of that might/should be enough for a zinc mine. Zinc is currently US$1,269.50/tonne; so the in-situ value of the zinc would vary from a few billion dollars to tens of billions of dollars. If the profit margin after extraction costs is say 10% (and that is a bit of a guesstimate, which will be influenced by various unknowns), then the worth of that could be a few hundred million to a few billion. FRA's share could be forty per cent of that in a joint venture with Teck Cominco.

It's worth revisiting the assessment of Franconia's San Fransisco zinc project by the esteemed Otto Snel. Otto posted the following on 20th. January 2002 on Unquoted [ Franconia Minerals Corporation board, "Franconia" thread ]:
"Comparisons to other mines are difficult. Metallurgy, location, etc., are factors very much influencing the economics.
Below are details of a few zinc/lead/silver mines located in difficult or remote locations. These give some indications of profitable grades.
Australia's open pit Century mine, owned by Pasminco, the world's largest zinc and lead producer, is located in a very remote area of Queensland, 250km NNW of Mt Isa. It grades 12.1% Zn, 1.69% Pb and 46 g/t Ag. The concentrate is transported by a 300km underground pipeline to Karumba, on Queensland's Gulf.
Pasminco is now in administration but not because of its mining operations. The directors entered into transactions of which they had no expertise or understanding, namely currency hedging. It bet against the American dollar and lost billions. I suspect they acted on the advise of the company's bankers but as directors they, of course, carry the can. And the shareholders lost all their money!
Teck Cominco's underground Polaris mine on Little Cornwalis Island, Nunavut, Canada, grades 14.5% Zn and 4.0% Pb. Although the mine is operated all year 'round the shipment of concentrate can only be made in the limited Arctic shipping season, July to November. The mine is to close later this year due to ore depletion.
The world's largest zinc mine, Red Dog, also Teck Cominco, is located in a very remote area of Alaska. It grades a very high 20.8% Zn, 4.7% Pb and 85 g/t Ag.
So Franconia's grades are very respectable! Especially considering its location, a part of the world with good infrastructure."

Since Otto wrote that Franconia's San Francisco zinc property has effectively been 'upgraded' three times, as a result of the drilling programme later on in 2002. And on top of that, zinc prices have also risen very strongly since then, with the price recently rocketing to a four-year high. [Before the 2002 drilling, the estimated reserve was already over half a billion tonnes, in-situ value of about £0.675Billion at current zinc prices. ]

The endorsment of Franconia by Otto Snel is an excellent validation of its prospects in view of his hugely impressive mining expertise, as outlined by UncleBulgaria:
" ... what I picked up on was Otto's investment. He is getting around £6k worth of shares for arranging the lead and commited investors agreement.
The fee is quite small - around 3% of the cash raised so is in line with standard commission levels. What is interesting for those of you who know Otto is that he is very competent at evaluating natural resource companies and when he gets excited enough about one to put his (considerable) reputation on the line then it is worth taking note."
[Posted by UncleBulgaria, 07-12-2001, Franconia Minerals Corporation board, "Franconia" thread. ]

"Shares" magazine, 30/9/04:
Mining article
Section on ZincOx (ZOX) - low-grade zinc extraction
"Five years ago, when zinc projects were being mothballed at an alarming rate, it would have been sucidal to recommend a stock like ZincOx. But with relatively strong zinc prices and booming Chinese demand the time is now right."

Franconia's zinc grades at its San Francisco zinc project, which has been described by Franconia as a high-grade project (e.g. by FRA Chairman Ernest Lehmann, 28/9/04 Chairman's Statement), generally look to compare quite favourably to those of ZincOx.


B.F.

[johndee] 03/1/2005 22:44

Dividends would be nice...thats the future now...growth is over in the forseeable future..........investors are looking to buy companies that pay dividends instead these days it seems.

[wightman1] 03/1/2005 22:02

Hamlette
I guess the problem is in the discount to the Nav. How and when will TIR return money to shareholders? Many would like the value of the shares to increase and be happy with the capital gain, I guess. The danger may be that the directors sell certain holdings at the right time and for the right price and plough the money back into investments. What do we want, money or value?

[hamlette] 03/1/2005 20:41

With Cambrian tipped by Justin Urquhart Stewart as his "Top Share" for 2005, this raises a dilemma: to invest directly into Cambrian or to top up in TIR. Given that Cambrian accounts for over 50% of TIR's NAV, then I am inclined to top up with TIR, given the large discount to NAV. However, the bid/offer spread is a big factor in this dilemma, which may close during 2005 given the quarterly valuations and hence more interestin this stock. I have ignored the growth potentials of the other TIR investments and also the large Cash mountain, which must surely be put into play during 2005. Anybody else have a view?

[ntv] 31/12/2004 11:37

looking cheap again with cbm climbing

[vatattack] 30/12/2004 18:47

A good point Wolstencroft. I think that tax will also only be payable on 'realised' capital gains.

Happy new year

[wolstencroft] 30/12/2004 13:09

Remember TIR's published NAV may not include tax payable on capital gains.

[audereestfacere] 24/12/2004 10:25

A Merry Christmas to all TIRers, may your NAV's never decrease and your share price always increase.

[hamlette] 23/12/2004 23:37

FAO Wolstencroft - thanks for the update on the NAV. TIR will be releasing quarterly valuations from now on, so we will soon see what the official position is at the year end.

[wolstencroft] 22/12/2004 23:48

Something like this
Tell me your email and I'll send the excel sheet

Holding Price Exchange Value
Africa Eagle AFE 1241274 0.220 1 273080
Alamos AGI.TO 106293 3.680 2.38 164352
Cambrian CBM 1350000 1.620 1 2187000
Warrants 1200000 1.420 1 1704000
Warrants 150000 1.120 1 168000
Formation FCO 2025000 0.430 2.38 365861
Franconia 1666667 1 68750
Warrants 833000 0
Gold Fields GFI 10500 12.600 1.92 68906
Minmet MNT 17471488 0.028 1 480466
Pacific North West PFN.TO 566500 0.430 2.38 102351
River Diamonds RVD 6666666 0.020 1 133333
Warrants 6666666 0.005 1 33333
Ridge RDG 100000 0.400 1 40000
Bullion BLO 9000000 0.040 1 360000
Tertiary 1330000 0.070 1 93100
Ascent?? 22500000 0.010 1 225000
Still cannot bring myself to value it at 5p
Loan -534270
Cash at interims 3672000
Less Bullion Resources Purchase -180000
Less own share purchases -373520
Tax due on gains of 2.7M to Dec 03 -846000
Additional tax due based on 04 gains plus tax on Ivanhoe -919652
Loans 40000
Less Ascent?? -225000

Total 7101092
Shares issued 217000000
NAV Pence 3.27
Share Price Mid 2.10
Discount 35.83%

[hamlette] 22/12/2004 00:03

FAO Wolstencroft: any idea what the 7.6% drop in Cambrian today has done to the NAV? River Diamonds and Ridge have also moved lower since your last post.
Cheers,
Hamlette

[hamlette] 21/12/2004 23:56

Anybody know whether TIR were involved in the African Eagle placing today?

RNS Number:6514G African Eagle Resources PLC 21 December 2004

AFRICAN EAGLE COMPLETES PLACING

African Eagle (Ticker: AFE) announces that it has completed a placing of 4,576,817 shares at a price of 22p per share, raising just over #1 million. The placing is conditional, inter alia, on the shares being admitted to trading on AIM. The funds will be used principally to fast-track exploration at African Eagle's promising new Igurubi gold project in Tanzania and Mkushi copper project in Zambia.

Out of the total placing, 1,500,000 shares were placed with the JP Morgan Fleming Commodity Share Fund, which the Company believes brings the total number of its shares held by JPMF to 5,950,000 or 6.41% of the new total of shares in issue.

In addition, 1,000,000 shares were placed with funds managed by RAB Capital, which the Company believes brings the total number of its shares held by RAB funds to 25,605,312 or 27.57% of the new total of shares in issue.

African Eagle is also pleased to note that 1,363,636 shares were placed with Cornhill Insurance, bringing a significant new institution onto the Company's register of shareholders.

African Eagle also announces that the holders of 440,000 warrants have exercised at a price of 6p per share; the holders of 25,000 options have exercised at a price of 8p per share; the holders of 55,000 options have exercised at a price of 11p per share and the holders of 20,000 options have exercised at a price of 16p per share.

These allotments bring the total number of shares in issue to 92,874,654. The Company has made application for the new shares to be admitted to trading on AIM.

Mark Parker Company Secretary African Eagle Resources plc

21 December 2004

[papillon] 17/12/2004 15:38

NTV, what do you expect? A wide spread is invariably what you get for a penny stock with a mkt cap of less than £5m.