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Share Name Share Symbol Market Type Share ISIN Share Description
Tri-star Resources Plc LSE:TSTR London Ordinary Share GB00BGDLPW84 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1.80 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1.50 2.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals -6.43 -6.79 2
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.80 GBX

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Date Time Title Posts
24/3/202121:09TRISTAR---TURKISH DELIGHT--MODERATED THREAD16,191
10/12/202009:15Tristar - Pump and Dump in operation - Net Assets Ј200k But Market Cap > Ј25m !10,636
13/6/201719:09Tri-Star4
13/6/201719:09Who is granitetim ?8
13/6/201716:01New Board member5

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DateSubject
10/4/2021
09:20
Tri-star Resources Daily Update: Tri-star Resources Plc is listed in the Industrial Metals sector of the London Stock Exchange with ticker TSTR. The last closing price for Tri-star Resources was 1.80p.
Tri-star Resources Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 32.50p while the 1 year low share price is currently 1.25p.
There are currently 95,276,864 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Tri-star Resources Plc is £1,714,983.55.
24/3/2021
21:09
dr rosso: 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.
24/3/2021
20:27
dr rosso: 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
07/12/2020
13:51
cl0ckw0rk0range: So TSTR have until next December to repay loan notes to Odey, and Odey hold well over half of TSTR, and in turn TSTR have a 16% equity stake in SPMP that should now be at 100% production and throwing off cash to investors.I don't think TSTR is going to have any problems paying that debt over the next 12 months.
07/12/2020
13:46
cyberbub: PS if the company wasn't delisting then IMO the share price would be at 10p today. And yet Odey voted to delist, knowing that it would force him to liquidate the smaller funds he holds in TSTR, at a massive loss. If I was an investor in those funds I'd be asking Odey some serious questions...
02/12/2020
08:35
cl0ckw0rk0range: TSTR Situation Review #406 Nov 2020 20:27Tri-Star & SPMP Valuation I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above. Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings). Projected future Revenues (Antimony and Gold ore) by SPMP will be in excess of $200miilion per annum. On a conservative valuation of SPMP at 3 x Revenues then the SPMP Valuation is $600million. In reality once fully commissioned and operational it will literally be a #goldmine# and its valuation should be 5 X revenues or $1Billion per my previous analysis. Tri-Stars current valuation of Assets comprises its core investments to date of $34million plus its balance sheet Net Assets of $13.7million. This gives Tri-Star a current valuation of $47million versus its current Market Cap of $35million (£28million at end September). That's a 34% premium to the current share price of 30p and should in fact be upwards of 40p. Once the SPMP Plant is fully operational then we can use the appropriate business going concern valuations above. Tri-Stars valuation in 2021 based on an Operational Plant will be a minimum of 16.3% of $600million or $97.8million. For the sake of brevity lets just round up the numbers and make it a $100million valuation. That is the valuation projected in the next 6 to 8 months. And to put that in £ and pence an share price of 85p.AIM Listing and/or Liquidity eventWhatever the reasons behind the Chairmans' view to potentially de-list the business from AIM, this should be rejected outright by all shareholders. It is not in the best interests of shareholders nor is it practically nor legally necessary. In fact it makes no sense at all, that approximately 6 months or so from the SPMP Project coming to Operational and Production fruition, that Tri-Star should even contemplate this course of action. And After 5 Years of active managed investment. I will propose a full rethink on this course of action with the newly appointed Chairman. It would be only fair that Shareholders have the choice to remain invested with Tri-Star and ultimately benefiting, from a potential SPMP listing in the not too distant future. I shall trust that the Chairman and Mr. Odey keep in touch with Shareholder communications such as these.For those of you who are LTI, very simply Keep the faith and hold for the mid-term. Best wishes.
02/12/2020
08:35
cl0ckw0rk0range: TSTR Situation Review #306 Nov 2020 20:24Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other outstanding amounts will also be paid in cash to TSTR by SPMP. Thereby in total Tri-Star will receive $600k cash by November 15th 2020. The Mezzanine Loan to SPMPIn the Annual Final Year Account ending Dec. 2018, Tri-Star confirmed outstanding loans to SPMP, for the amount of $16.7million. It must be noted that in the latest Final Year Accounts, in accordance with IFRS 9, the fair value of the mezzanine loan from TSTR to SPMP (the "SPMP Mezzanine Loan") has been derived using a net present value calculation in which an effective discount rate of 23% has been applied. The outstanding Loan to SPMP has therefore been reduced to a book value of $11.4million.Only the outgoing Chairman can explain, why he has #gifted# SPMP $5.3million by reducing the outstanding loan. Equity is one thing, but the Loan was hard #shareholder# cash!In addition Tri-Star holds other Assets in its accounts of $3.9million (for other investments) which bring Total Gross Assets to $15.3m. The Accounts also show liabilities of $1.6million, therefore reducing overall Net Assets to $13.7million.SPMP Plant Completion The current expected date of completion of the plant is in H1 2021. We are not party to the detail of the what is required in order to rectify any plant deficiencies, but this statement gives a comprehensive Plant Completion deadline of June 2021 and potentially sooner. Remember the Plant has already proven its production capability.Tri-Star & SPMP Valuation I previously issued a valuation analysis for SPMP and Tri-Star (see previous posts). Ultimately the fundamentals driving the overall valuation of the SPMP business have not changed, although the investment input required to get the Plant over the finish line have increased as explained above. Current overall investments by all Shareholders has reached $206 million. In addition there are outstanding bank loans of $57million, to which all parties remain as guarantors (in proportion to shareholdings). Tbc...
02/12/2020
08:34
cl0ckw0rk0range: TSTR Situation Review #206 Nov 2020 20:21Continued...The Sultanate of Oman Government This announcement from SPMP and published in the Oman Observer (16.02.20) quotes the Companies Chairman, Nasser Suleiman al Harthy, who is also a prominent member of the Omani Government. Speaking at a recent meeting of the Board of Directors of the company, Nasser Suleiman al Harthy, Chairman of SPMP said, "The SPMP project is of National significance and it follows the government's vision and strategy of economic diversification and increasing the contribution of non-oil sectors."This statement of #national pride# demonstrates how strategically important this project is to the Sultanate of Oman and would explain its political position and demeanour towards any external parties, whether shareholders or not. It also underlines that the SPMP Project which has so far attracted over $200million in collective Shareholder investments, will be driven to completion by the Oman Government (now as the largest and majority Shareholder) - as a matter of national pride and strategic importance.The Settlement Agreement (SA)It was announced in January 2020 that SPMP required further debt funding of cUSD120m comprising USD60m for rectification costs and a further USD60m for working capital, (the "Funding Gap") in addition to the substantial sums already invested by the shareholders of SPMPTri-Star and its joint venture partners have finally concluded discussions on 1 November 2020, with a settlement agreement between the parties embracing a number of constitutional and financial changes. In broad terms, IAC and DNR have agreed to provide sufficient further funding in order for the plant to reach completion, without further equity dilution to TSTR - and this is an important point to note. Shareholders Investment to date - the Key IssueTri-Star's inability (read unwillingness due to contract Agreements) during 2019 and 2020 to make further investments (pari passu) with its shareholding in SPMP, had led to an imbalance of funding between the shareholders of SPMP. As a result, TSTR's investment in all forms now reduces from 40% to approximately 16.3% of the total amount invested (by the three Shareholders) to date of cUSD206m, the balance being provided by IAC and DNR.Under the SA, all sums invested to date are converted into equity and equity loans ("Equity Loans") proportionately. The Equity Loans are zero coupon, undated and repayable at the option of SPMP. As a result of the Settlement Agreement, TSTR's investment in SPMP will comprise equity of USD 2.6m (16.3% of total equity) and Equity Loans of USD30.8 million (16.3% of the total Equity Loans). The balance is held by IAS and DNR proportionately. Tri-Star's claim to a final USD2m payment due from the assignment of the intellectual property rights to SPMP has been settled by USD500,000 payable in cash and the balance forming part of TSTR's total funding of SPMP. A further sum of USD100,000 representing settlement for other
01/12/2020
23:12
cyberbub: I don't know why Odey would vote to stay listed. With 70% he can't get out even if TSTR stays listed. His only way to realise value is through a liquidity event = takeout by the majority partners. That means avoiding dilution of TSTR's holding in SPMP. TSTR have limited cash, perhaps enough for 4 years if they delist, but only 2 years if they stay listed. Who knows how long a buyout will take to materialise? If TSTR stay listed then they will need to raise cash in 2023 - this will automatically dilute shareholder value in SPMP! Why would he do that if a buyout can happen just as easily as a private company?Just my view.
26/11/2020
12:55
dr rosso: Notwithstanding the fact that Nov hasnt yet ended, here are the new Articles of Association as passed by special resolution on 2 Dec! TSTR a private Co. with a 16% investment in a world class minerals operation, yet the share price shows it as virtually worthless. What`s going on behind the scenes ...? hTTp://tri-starresources.com/wp-content/uploads/2020/11/Tri-Star-new-articles-of-association.pdf Page 13 Drag interesting. Looks like purchase already lined up. Current valuation of £4m is plain crazy.
03/11/2020
10:12
bernymadoff: My take is that TSTR knew about the likely outcome of these settlement negotiations prior to the suspension RNS. I don't for a second buy the line that they were in the dark. As the majority shareholder Odey would also be in the know. So the fact that they haven't sold off any of their 72% holding either prior to or post the suspension notification would suggest to me that the price they are getting for selling their stake in the SPMP is at least equivalent to or above the current share price I hope I'm right
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