Tri-star Resources Share Discussion Threads

[mibo1] 29/9/2021 17:30

Not much news from SPMP

Anyone come across any recent updates?

[spagboll] 15/9/2021 13:26

Good to see some other holders here. I retained my shares and was wondering what was happening. I guess keep waiting.

[dr rosso] 08/9/2021 10:06

Odey, on BoD, obv content to sit on his 10% of SPMP for the time being. Imo, the Omanis will ipo it and we'll be sitting pretty with our shares in a gold/antimony producer.

[mibo1] 27/8/2021 10:26

Probably d

TSTR’s interest may only be diluted if shareholders with 75% or more of the voting rights agree (which currently requires at least 2 shareholders): a) that capital is required to expand the project in a material way; b) to apply for a listing on a recognised stock exchange which results in the free float being at least 25% of the issued share capital; c) that an independent third party investor injects equity in the business on an arms-length basis; or d) in order to continue compliance with bank facility covenants, the banks require any of the New Loans to be converted to equity.

[sirianbotham] 27/8/2021 10:18

How? Negligible operating costs.

[mibo1] 27/8/2021 08:34

We are at risk of further dilution though so that 16% could reduce

[solarno lopez] 26/8/2021 13:44

a nice way of putting it Doc

[dr rosso] 26/8/2021 12:48

I expect holders of tstr to be allocated 16% of the spmp ipo. On full production by mid-2022, those shares are going to be valuable. All Odey has to do is sit tight and he'll be owning around 10% of a newly listed antimony/gold producer. Can't see him accepting 50p per share in a payoff now, when he can double that in 12 months

[solarno lopez] 15/8/2021 11:51

Thanks to Doc and Bron and the shares change hands at circa 5p on the Asset Match platform

[bronislav] 15/8/2021 11:30

There is an update on tristar but you have to email tristar to obtain it.It details the expected earnings and it suggests that once the roaster is at full production with revenues tristar will come back to market as part of SPMP.

[dr rosso] 15/8/2021 10:40

Nothing on spmp website. The longer this goes on, the more valuable that Co becomes as it nears its targets for antimony production and gold refining. Things seem to be progressing as expected. With Tstr having a 16% stake which I believe cannot be diluted, the prospects are appealing. Lets put a value of £1bn on spmp for middle of next year. Tstr worth £160m.Two scenarios. We get taken over and a cash payoff. 100m shares issued so a £100m pay off = £1 per share. Alternative spmp lists on the London market amd we become shareholders in a prosperous metals producer. Case of wait and see. What we dont is action before spmp hits full production.

[solarno lopez] 10/8/2021 08:43

Any news anyone

[bronislav] 26/5/2021 06:55

If Odey is merely waiting for a payout why has he become a director.

[dr rosso] 24/3/2021 21:09

Tri-Star Resources Ltd Metals & Mining 1.00p x 95m shares in issue = £951,736.

Indicative asset-match price of 5p values TSTR 16% stake at £4.75m
That gives SPMP a valuation of around £30m.


Fair value of SPMP at the end of 2021 likely imo to be £150m. That gives TSTR a valuation of £24m, around 26p. Double that for end-2022. Maybe Odey will hold out for 50p.

[dr rosso] 24/3/2021 20:27

Latest update from Tristar on SPMP
There is some good news coming from SPMP:
 The smelter is up and running and they should produce 8-10,000 tons of antimony
this year.
 They expect to be processing some 20,000 tons by next year annualised.
 They hope to be refining some 20,000 ounces of gold.
The timing could not be more perfect with antimony prices reflecting:
 The fact that Polyus in Russia who are one of the largest antinomy and gold refiners, are currently working through a particularly antinomy free seam.
 That the development of an antimony mine in Tajikistan is behind plans.
 That Myanmar is currently off limits.
 That three mines in China have been shut down on environmental permitting grounds.


SPMP forecasts $191M in revenue in 2022, calculated at an antimony price of $7000 and gold at the Bloomberg consensus of $1611/oz. Depending on the commodity price assumptions used, this number could increase - the current antimony price has recently spiked to above $11,000/t. If the price rise continues, on current estimates, turnover could be between $250m and $300m and EBITDA could be $35m+

Working capital requirement is typically three months of sales so around $90m but the budget calls for less than $50m although this is budgeted against 2021 Sb price.
Current debt is $100m bank debt and $60m of preference debt with a 20% coupon.
Even with all of this, after interest on bank debt and preference debt, cashflow should be $27m, which should allow the company to pay down the expensive preference debt.

The valuation of Tristar values the shares of SPMP at $14m, which obviously looks inexpensive against a possible cashflow of $27m per year.
Things are for going the right way, but fingers should be crossed!

12th March 2021

[bronislav] 24/3/2021 16:28

Crispin has put a lot of effort into the roaster znd he will want a decent price for the 16% of which he holds the majority of shares.

[solarno lopez] 24/3/2021 15:20

No idea Bron but the Doc may well be on track

[dr rosso] 24/3/2021 15:12

To oversee the Omani buyout of the 16%

[bronislav] 23/3/2021 12:35

I wonder what he is up to,if anything?Interesting development solarno.

[solarno lopez] 23/3/2021 11:24

17 Mar 2021 Appointment of Mr Robin Crispin William Odey as a director on 17 March 2021

Good spot Bron

[solarno lopez] 23/3/2021 11:20

Don't know but that would be interesting

[bronislav] 23/3/2021 10:59

Crispin odey...
Anyone know if it is correct that Mr odey has become a director at Tristar?

[bronislav] 23/2/2021 12:18

Auction closes today at 3pm.indicative price now 4.8p