The report on the Hibiscus website is an excellent read - really positive, upbeat and encouraging. I like the fact that the management own more than 10%. Polo's stake is 8.75%. Market cap of Hibiscus is 1.477 bn RM or £275 m with £1 = 5.37 RM. This means Polo's stake is worth over £23m. This is way above Polo's market cap.
There is a new investor presentation for May 2018 on the web site. The potential profit is going to reduce the P/E ration to 3 to 4 which is extremely low, thus pointing to a large increase in share price particularly if dividends start to be paid.
Well there seems to be a delay in the Q1 figures which are surely IMHO going to Showa huge increase in turnover due to the 5000 to 6000 bbl/day increase in production from 1st Jan. according to the presentation Opex is RM 60.3 per bbl. According to my calculation that is less than USD 16 and oil was over USD 60 in the period. Here is hoping.
Compliance with Takeover panel policies. The whole business with Weatherley is taken out of context. The loan agreement with Orion calls for this process, it effectively shows to Orion what can be achieved by asset sale or not thus balanced against recoverable debt.
Not only would Orion lose any debt owing BUT potentially all the 28% share capital tied into Weatherley. Polo paid 3p a share.
Blackham stubs its toe on more gold riches at Wiluna
Matt Birney 
Wednesday, 9 May, 2018 - 06:36
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Blackham Resources  looks like it is getting set for another upgrade in gold resources and reserves after new drilling revealed multiple extensions of high-grade, shallow, oxide ores right on the doorstep of its Wiluna mill.
In an update to the ASX, the rapidly growing gold producer reported that results from the latest drilling from 130 RC holes in March and April had the potential to substantially extend the life of open pit ore reserves.
The drilling was targeted at free-milling open pit reserves over a strike length of 3.7 km and will continue until the middle of this month. This will be followed by a re-estimation of resources.
The latest program follows last years massive drilling program of 77,000m, which delivered probable reserves of 7.7 million tonnes at 2.7 g/t gold for 669,000 ounces.
The new results reveal impressive east-west crosscuts of shallow, high-grade mineralisation between the historical West and North Pits and also includes high grades at the Starlight, Wiluna Queen and Magazine prospects.
At the east-west cross structures, the best intercept featured 16m at 4.41 g/t gold from just 2m below the surface, including 6m at 9.53 g/t. Other good hits were 3m at 7.65 g/t from 78m and 4m at 3.56 g/t from 86m.
At Starlight, high-grade mineralisation was found close to the surface, including 3m at 7.04 g/t from 17m and 6m at 6.0 g/t from 55m.
The latest drilling also hit high-grade Wiluna shear-style sulphide mineralisation at Starlight, with an intercept of 22m at 3.29 g/t from 97m downhole, including 3m at 8.33 g/t. This has defined a new ore shoot, which is open down dip and improves in grade and thickness with depth.
The latest impressive drill results are another boost for Blackham, which is on track to produce between 40,000 and 45,000 ounces in the half year to the end of June after a stunning turnaround in performance of the Wiluna-Matilda project.
With the mill running strongly, the likely addition of substantial new free-milling reserves will be welcome news. The company is confident it can fast-track development of the free-milling ores because the bulk is within the existing mine footprint.
Meanwhile, results from underground drilling that is underway at Golden Age, and a new round of drilling at the adjacent Lake Way pit will throw up even more results that may provide a window of wisdom into just how big Blackhams Wiluna gold play could become.
Matt Birney 
Thursday, 3 May, 2018 - 22:50
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Blackham Resources  potential doubling of production at the Matilda-Wiluna gold project has been boosted by new testwork showing transitional ores can be processed at 30% lower cost than originally assumed in last years expansion feasibility study.
The metallurgical testwork is part of a reinvigorated body of work on the potential doubling of annual gold production at the Matilda-Wiluna project after the company decisively fixed last years production issues.
Blackham is now on track to produce between 40,000 and 45,000 ounces in the first six months of 2018 at an impressively low, all in sustaining cost of less than $1100 an ounce.
A preliminary feasibility study completed last August mapped out an expansion plan towards 200,000 ounces per annum by unlocking the value of the large-scale sulphide resources.
In an update to the ASX, Blackham said the expansion PFS included a conservative assumption that transitional ore between the free-milling oxide ore at the surface and the sulphide bedrock ore would be processed on a new sulphide circuit.
However, recent metallurgical testwork confirmed that both the oxide and transitional ores were best processed through the carbon in leach (CIL) plant already commissioned at Matilda-Wiluna.
In fact, CIL processing is now expected to produce higher recoveries of gold from the transitional ore at a 30% reduction in processing costs compared to the sulphide circuit.
The average leach recovery from the transitional ores was 84.3%, which is only just behind the 90.8% average recovery from the oxide ore. The Wiluna transitional ores tested have an expected average CIL recovered grade of 1.76 g/t gold.
The good news for shareholders is that Blackham suddenly has additional ore reserves that it can process through the existing CIL plant. With most of the mining approvals already in place, the company can now fast-track any potential gold production from the transitional ore.
Blackham will soon update its reserve estimates on oxide and transitional ores, which will help quantify the positive impact of its recent testwork.
The latest update follows 84 RC holes drilled in March along 4kms of strike of the Wiluna mine to further delineate oxide reserves.
The company is also conducting detailed geochemistry to remodel the thickness of oxidation across the entire project, providing more data to calculate the volumes of oxide and transitional ore.
Well TMS are still fighting; but only it would seem over the damages....
It must be costing a fortune to make a court case in a Swiss court.
The only good news is that it would appear a NEW partner has been identified, one supposes to comply with Tunisian company practice. Positive for once but only one step.
I cannot imagine what Polo's pleased about. This company has been a disaster ever since Tang took over.
No good news from Celamin until the thieves give back the shares they stole. And even then, how are we going to work with them as 'partners'? Clearly no 'due diligence' was done before investing.
WTI badly structured from the start; every RNS ends by saying it will not have the cash you repay its debts.
Do not see how Celamin will be able to capital restructure if there are no assets. Either a deal has been done or a court ruling is made subject to appeal but there is only 6 weeks to go. Hopefully not another sad story like WTI.
Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, is pleased to announce that its investee company, Celamin Holdings NL ("Celamin") (ASX: CNL) has issued an update on its progress towards reinstatement of its shares to trading.
· Celamin is progressing with actions towards reinstatement of its shares to trading, including dispatch of Notices of Annual General Meetings to be held on 28 May 2018.
· Shareholder approval is being sought for consolidation of the company's capital by a ratio of 1 for 100, extinguishment of unpaid amounts on partly paid shares, change of status to a public company limited by shares and a change of name to Celamin Holdings Limited.
· ASX grants short extension to deadline for the company to be removed from the ASX to 15 June 2018 to provide additional time for completion of these steps.
· Celamin undertakes to offer both a Share Placement Plan and a bonus issue of options to shareholders within 3 months of reinstatement of the company's shares to trading on the ASX.
As previously advised (Celamin's ASX Release 2 March 2018), Celamin is committed to completing the steps necessary to support an application for reinstatement of the company's shares to trading on ASX. To allow the company time to complete these necessary steps ASX extended the deadline for removal from the ASX Official List by 3 month to 6 June 2018.
ASX has now granted Celamin a further short extension to this deadline for removal from the ASX Official List to Friday, 15 June 2018, allowing more time for completion of Celamin's application for reinstatement.
An update on Celamin's progress in this regard is provided below:
Celamin has now prepared and lodged outstanding accounts and reports including the 2016 and 2017 Annual Reports, copies of which may be accessed on the company's website: www.celaminnl.com.au or via Celamin's announcement platform on ASX.
Notices of Annual General Meetings have been dispatched today to Celamin's shareholders for meetings to be held on 28 May 2018. The Annual General Meetings and the resolutions to be put to the 2017 Annual General Meeting are further steps to be completed prior to Celamin seeking reinstatement of it shares.
In addition to the usual business for the company's 2017 Annual General Meeting ("2017 AGM"), Celamin is proposing a number of additional resolutions for the purpose of:
· consolidating the Celamin's issued securities by a ratio of 1 for 100, to support a price of 2.5 cents for the company's application for reinstatement to ASX ("Consolidation");
· extinguishing the unpaid amounts on the consolidated partly paid shares ("Capital Reduction"), effectively converting these shares to fully paid ordinary shares;
· changing the status of the company from a no liability company to a public company limited by shares and changing the company's name to Celamin Holdings Limited;
· replacing the outdated constitution; and
· issuing underwriter options outstanding from the December 2014 Rights Issue.
Celamin believes that the consolidation and other steps will provide the company with the best platform for continued growth, a capital structure that is more in line with the company's size and a share price level that is more attractive to investors.
Celamin intends to formally seek approval from ASX to reinstatement of its shares to quotation and trading on the ASX market following:
· shareholder approval of all resolutions proposed at the 2017 Annual General Meeting to be held on 28 May 2018;
· lodgement of a cleansing prospectus in respect of the placement completed in February 2018 following the meetings being held; and
· completion of the consolidation of issued capital, Capital Reduction, change of status and name of the company following the 2017 Annu
Well whatever the outcome the change in the value of Polo assets if market valuation was used will be neglible. WTI clearly did not meet production targets and if the original business case was expecting an even higher price for copper then it was a dud. If Orion want their money back then even longer terms need to be agreed. Capital raising at the current price will not reduce the debt.
Well it is not all bad, the management may have wasted money in the exploration of the acquisition BUT can now concentrate on resolving the debt with Orion. IMHO it is difficult to understand that if copper is back over $6000/tonne that there is still a cash flow issue. Polo paid over 3p a share and it is about time the shareholders booted the Weatherly BOD in the derriere to get back on track. The opportunity in Zambia was always high risk IMHO due to the politics and best avoided.
24 April 2018
This announcement includes release of inside information
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Kitumba Purchase Update
Further to the Company's announcement of 4 April 2018, Weatherly advises that it has not been able to agree to an extension to the Backstop Date with Intrepid Mines Limited in respect of the agreement to purchase the Kitumba Project in Zambia, which was originally announced on 12 December 2017. This means that the agreement for the acquisition has lapsed.
Further information will be included in the Company's operations and production update for the quarter ended 31 March 2018, which is expected to be announced shortly
Reports in a major Bangladesh Newspaper that the Government is about to approve Open Pit mining at Bakapukuria mine. This is the underground mine that is part of the same seam as Phulbari. See more details on the GCM bbs.
This is major news as if you approve Open Pit at one end of the seam how can you object to the other end. This together with all the recent Chinese activity suggests that we are very close to a major step forward. The green light is looking to be within our grasp.
Whilst the sentiment is possibly correct, the content is not, it has always been a strategy of Polo (as per Orion) to take on early stage projects. This may mean pie in the sky BUT you have to take account that the 2008 financial crisis setback commodity development due to lack of risk funds and that the commodity price bottom was only reversed in Q1 2017.
Prism, Celamin and GCM (for even longer than the rest) are all mega or large projects that will require large capital input and time to develop. As a long suffering investor that time has impacted the share price and asset value (which is still stubbornly slow to improve).
IMHO the management team at PRISM have started the strategy to launch an IPO (2 hires in marketing/sales at start of year) and seem to be managing the politics a lot better than GCM (where the Chinese have a large percentile of the company BUT no project government authorisation to go ahead thus still a maybe ). The PRISM project is immense in its breath products, specialised clays, iron powders, vanadium and lithium not to mention the power generation, etc., YET not unlike Sirius Minerals $2.9B investment (another 2 to 3 years or so to produce product) will eventually get off the ground.
Yes, the Polo management lack of communication (especially the failure to respond to the investors info email link), marketing and performance to date are frustrating to say the least, but that was the same when Mr. Dattels was the leader. The only real cash asset IMHO is Hibiscus (the BLK portion has devalued as a total percentage) but given the oil price uncertainties, the fact that company is in litigation (although fully written down) and still growing (the potentially LNG assets off Australia could suck huge cash to drill and develop and there has already been one duster) and not yet to reach potential as a balanced portfolio as a solid asset.
As for Celamin, ownership disputes are always messy, the best outcome is to avoid litigation and by June 2018 the needs of the ASX listing will need to be satisfied OR else it will be de-listed. As Sirius has shown there is a market for phosphates and the Tunisian government certainly need the project for employment and revenue.
Yes, we are stuck with the Polo BOD and leadership where overseas shareholders meetings make it difficult for the private investor to question and probe what is going on. Like many AIM companies we are at the mercy of the BOD, perhaps patience may soon be rewarded IF the rumour that GCM will have the funding outlined within 6 months or so.
This article (about SoftBank Vision Fund's investment in Nemaska Lithium Inc) clearly shows how far PRISM still has to go before they can even invoice a single dollar's revenue, let alone receiving it, or, god help them, make any profit. Prism is another of POLO's legacy bottomless pit investments I'm afraid.
Sensible investors have of course written off POLO's Prism investment 100% - not cautiously hoping to wake up to good news one day, but simply because this half baked, underfunded pie-in-the-sky IS worthless.
Matt Birney 
Wednesday, 11 April, 2018 - 05:54
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In the mining game it is possible to experience the highest highs and the lowest lows.
Nobody knows that better than Blackham Resources  whose Matilda/Wiluna mining operation went right to the brink of the abyss last year after experiencing heart breakingly high stripping ratios, lower than expected top of ore body grades, fires and pit wall slippages.
A year or so on now and that all seems like it was just one of those very bad dreams that you have where you wake up and you arent quite sure if it was real or not.
Blackhams Matilda/Wiluna project is now knocking on the door of the 90,000 ounce a year club, producing gold at under $1100 an ounce at a mind blowingly low stripping ratio with tens of millions in the bank and high grade stock piles that can be plundered at will.
The company has lifted its annualised rate of gold production to almost 90,000 ounces after another big improvement in the operation in March.
The resurgent gold producer told the ASX it set a new monthly gold production record in March of 7,419 ounces, up 11% on the previous month. Production is now running at an annualised rate of more than 89,000 ounces.
The latest result boosted production for the first three months of the year to a quarterly record of 20,631 ounces, up 38% from 14,922 ounces in the December 2017 quarter.
Blackhams target of 40,000-45,000 ounces from the 100%-owned Matilda/Wiluna operation in the first half of 2018 is now looking comfortably within reach.
Crucially, the company continues to churn out more bullion at record low costs, continuing the big turnaround in performance that began in December when higher grade zones were accessed in the Galaxy and M4 open pits.
All in sustaining costs were reduced to a record low A$1,092 per ounce in the March quarter, down a whopping 42% from A$1,882 per ounce in the December 2017 quarter. This reflected a massive reduction in the stripping ratio from 10.2:1 to 2.5:1.
The company is confident the strong performance on costs will continue, with directors reconfirming guidance on all in sustaining costs at A$1,100 1,200 per ounce for the first half of 2018.
Improvements were recorded right across the mining operation in March. The amount of ore processed increased from 150,000 tonnes in February to 165,000 tonnes in March, while high grade stock piles stood at 127,000 tonnes at 1.5 g/t. Mill feed grade improved from 1.5 g/t to 1.6 g/t.
Blackham continued to benefit from strong gold prices, with an average realised price of A$1,699 per ounce for the quarter. The company has also locked in an even higher price of A$1,724 on 27,400 ounces over the next nine months through forward sales contracts.
The strong margins are flowing through to the balance sheet too. At the end of March, cash and bullion stood at $29.2 million, while secured debt had fallen from $43.8 million at the end of February to $40.0 million.
Executive Chairman, Milan Jerkovic, said: The March operational results demonstrate a continuation of the step-change in project economics that commenced in December 2017. Record production and significantly reduced costs underpinned a quarter of strong operational cashflows, whilst building stockpiles. We remain confident that 2018 will be a transformational year that will generate significant operating cashflows and value for Blackham and its shareholders.
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