⭐️Drilling results due very shortly as confirmed by Alastair Ford, Chief Investment Officer ⭐️BOD hold 30% of MAFL - They are shareholders like us and are against unnecessary dilution. ⭐️Just completed 3 placings which saw £1,150,000 raised. £1.6m in the bank. There was a premium of 25% from 1st to 2nd and 50% from 2nd to 3rd. ⭐️BOD are focused on securing a JV and finding new investments. ⭐️The abnormally high levels of INDIUM which is scarce and sells at $570,000 a tonne. Indium price is higher than Silver. ⭐️The BOD has confirmed via RNS that we have high concentrations of COPPER (2.85%) continually for 93m ⭐️We have indicated ZINC concentrations similar to the nearby Ajustrel mine at c.7% ⭐️Very limited free float - calculated 11 to 13 million shares (28 to 35% of shares in issue). Lack of supply when demand is high will send this rocketing. ⭐️NO DEBT ⭐️£200k+ PROFIT on activities last year ⭐️A 49% stake in TH Crestgate which has the Lagoa Salgada project on the Iberian Pyrite belt. This project has a potentially massive Copper Poryphyry play in addition to Zinc, Lead, Gold, Silver and other valuable metals. (SOLG have a porphyry) ⭐️400,000 shares in privately held Cap Energy which has just revised reserve estimates upwards. Cap is highly prospective to strike oil. We hold stock at a very profitable 40% below CAPs equity finance fund raise of April 2016. ⭐️109 million shares in stock market listed Ferrum Crescent - increasing in value. We sold Toral and Lago Zinc/Lead projects (via TH Crestgate) to Ferrum Crescent for £326,500 cash and shares. ⭐️Significant ETF holdings in Silver and Gold which have shown double digit percentage gains ⭐️Appreciating stock holding in Glencore (up 20% over last few months) & Anglo Pacific ⭐️Very lean business only 2 Executive Directors & 1 non-Exec on the BOD, compared to 5 or 6 in comparable AIM companies. Directors only taking £50k per annum in wages. ⭐️Globally respected board of directors with experience of over $35 billion of mining deals. ⭐️We have a very prudent NAV calculated at 6.25p at the end of December 2016. It is more likely nearer 7.5p/8p. The BOD have chosen to value our investment in private companies at cost (much higher in reality). However, our market price is governed by supply and demand - the restricted free float. IMHO, DYOR, GLA
INDIUM IN THE LAGOA SALGADA OREBODY, IBERIAN PYRITE BELT, PORTUGAL
Título: Indium in the Lagoa Salgada orebody, Iberian Pyrite Belt, Portugal / Daniel P. S. de Oliveira... [et al.]
Publicação: [S.l.] : [s.n.], 2009
Descrição física: il. ; 30 cm
Sumário ou resumo: The Iberian Pyrite Belt (IPB) is one of the most outstanding ore provinces in Europe hosting some of the largest concentrations of massive sulphides and 22% of the world-class (> 32 Mt) VMS orebodies. A significant number of (pyrite) mines are now inactive but some orebodies still remain unexploited; this is the case of Lagoa Salgada. It is the most NW orebody known and occurs beneath approximately 130 m of Cenozoic sediments which limits interpretation solely to borehole intersection data. The orebody is folded and interpreted to occur on the subvertical-overturned and intensely faulted limb of a SW verging anticline. It is hosted within a thick IPB volcanic sedimentary sequence and is made uo of a centralstockwork and a massive sulphide lens. An electron microprobe study revealed consistent trace amounts of indium in sphalerite, thus contrasting with the neighbouring Neves Corvo mine where indium is known to occur associated with stannite and stanoidite. The occurrence of elevated trace amounts of indium in sphalerite from Lagoa Salgada could make this orebody an attractive economic target beyond the traditional tin-base metal suite so far extracted in the Iberian Pyrite Belt.
It was pure pump and dump on a share which doesn't have a big number of shares in issue.Those who just happened to be holding from 6-8p and sold on the rise were the lucky ones - most others will have very sore botties and no hope of seeing their money back if they went in high......MAFL is a long term hold.
It worked because the climate was hot for suchlike....aka the rise of WRN.
The news is already out in their last RNS - "no reason".
This will drift back to the 6p-ish patch.....there are no tp's/forecasts for MAFL.....it's just a hope that some of the investee companies which it holds, will come good.
Hi Stape & all other Athol, ahem MFI, oops sorry, Mineral pals,
yes I made the AGM (Two shareholders present + the board). We passed the ordinary business quite quickly, for instance why change the board as the NAV continues to fall...? The rot has not yet been stopped I'm afraid!
The special business, drafted with latitude permitted by the Cayman Islands led us to the share capital reorganisation.
The 100 to 1 share consolidation was said to:
1) raise shares above par value.
2) provide a better share price from the psychological perspective.
3) potentially assist those whose functional currency is not GBP....(Or fractions thereof)!
The deferred shares business looks ok given paragraphs such as 7dii in the AGM notice. However we did not deal with it in huge detail and the vast majority of shares voting proved to be already cast for this motion.
The new name (Plea from the Chair, try not to call us MFI - after this was pointed out) should lead to a new, more modern website with better links etc; we have heard all of that before.
So to the future and immediately one of our largest investments, Silvermere, is clearly in trouble trying to achieve its aims. How this resolves is important given that, to us, this is a significantly sized loan to Silvermere.
Indeed our history of loans isn't that bright (See the related party transaction GBP25k loan to Fast Bet Solutions in the results to 31 Dec 2012 which is now with another company since Fast Bet withdrew from ISDX after having run out of cash!). This was put at TW's door; I haven't taken that up with him yet but I am owed a chat so may well broach the subject later in the year.
Overall, not great....unless folks average down the only people gaining here are the board. Alastair (Chief Investment Officer etc) needs to complete the turn around fairly quickly otherwise there will be a micro-company left and the best that investors can hope for out of MFI then will be investment ideas!
There may be opportunities re unlisted vehicle approaches and new shareholders buying in but that is smoke and mirror stuff unless you are in the know.
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