# NGX - Norseman Gold



## Lavender (2 December 2009)

Gold is the hot commodity. Any ideas on why Norseman Gold is floundering after a very successful launch? Is it because there is little market depth which encourages large fluctuations? But this still doesn't explain demand for gold.
Confused


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## white_goodman (2 December 2009)

*Re: Norseman Gold*

every economic lecturers favourite answer..... supply and demand.. ha

but yeh maby I should load up with my max size and push this puppy around


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## noirua (13 October 2011)

NGX stock has tumbled from about 75c early in the year to around 17c. Dual listed on ASX and AIM they have come under heavy pressure in London - closed at 10.25p (16c)  on AIM.
Basically a failure to control costs and funding. They've drawn the $15m loan and rumoured this is to help pay off $5.35m from the original purchase of Norseman's mines in 2007 and ongoing mining developments.
May well be seen as cheap if they are clearer on funding, bring costs sharply down and their new mine up to speed quickly.


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## mr. jeff (13 October 2011)

Here is some info for others that haven't investigated.

Norseman Gold

Norseman Gold (ASX: NGX, LON: NGL) operates Australia’s longest continuously running gold mining operation, which has produced over 5.5 million ounces of gold over a period of more than 65 years from the Norseman field in Western Australia.

In addition to the two producing high-grade underground gold mines, the Company has a portfolio of highly perspective, advanced exploration targets to support continued future production.  The Company has a strong management team with extensive experience in the resource, as well as considerable knowledge in corporate and strategic planning, acquisitions and finance.

There is a transcript of an interview from Jan 07 this year
 here http://www.proactiveinvestors.com.au/companies/news/12869/audio-interview-transcript-with-barry-cahill-ceo-of-norseman-gold-12869.html

" reserves are over 400,000 ounces at the moment, and the resource is 3.8 million ounces..."
"we’ve got four underground drill rigs going, drilling 24 hours a day, seven days a week.  And we do a surface drilling programme once a quarter..."

"we expect to see a minimum margin of about A$700 an ounce.."
"Well the first milestone is to start North Royal digging, which hopefully happens in the next couple of weeks.  The first thing after that will be to get a bit of ore out of North Royal and get it into the treatment plant and then, by June, fill the treatment plant.  And that is really going to be the significant achievement of the 12 months after all the work that we’ve done to ultimately fill that treatment plant, get our business up to 140,000 ounces, start to produce a lot of cash and then start to expand our business further"

all taken from the interview.
Will look into it a bit further to see where its all at.
41M MC in Australia, dual listed with AIM
Note that direct  cash costs in most recent report were $1081/oz - this must be confirmed, not sure whether this is overall.
Would help explain the hammering, there has also been production issues.


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## mr. jeff (13 October 2011)

net operating cash cost of $1227 per ounce
50kOz production for the year.
They are working like crazy trying to open up more ore to get that back on track.
More to add ? / holders?


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## noirua (27 October 2011)

Norseman shares are set to crash at the opening today. Desperate fund raising between 5p (7.7c) to 6p (9.2c) - Closing price on AIM was 6.25p (9.6c).

Costs rose to $1,600 an ounce on reduced production, and that seems to have pressed the company into a desperate position.


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## Chasero (27 October 2011)

yes -20% today.


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## noirua (29 October 2011)

Chasero said:


> yes -20% today.




A difficult stock to trade on the ASX as it has become a punters dream on AIM. Most shorters closed out on Wednesday and went long. Finished at 7.4p (11.25c) with lack of direction from mid-afternoon Friday on AIM.


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## noirua (29 July 2012)

(ASX:NGX AIM:NGL) I decided to buy some shares last week guided mostly by Kevin Maloney of Tulla, becoming Executive Chairman and the price sink-age on the, hopefully, last fund raising effort. Make no bones about it, this is a wild punt on Tulla reducing costs towards $1,000 per ounce and the gold price holding up. One for the gamblers who hope, that's it, HOPE.


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## noirua (20 February 2013)

http://www.asx.com.au/asxpdf/20130220/pdf/42d4r5rwjtycmg.pdf


Norseman Norseman Gold PLC Company Update
http://uk.advfn.com/news/UKREG/2013/article/56374578

Norseman Gold Plc share news & regulatory announcements
http://www.hl.co.uk/shares/shares-search-results/n/norseman-gold-plc-ordinary-1.25p/share-news


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## noirua (24 January 2016)

Still surviving with a good workforce at Central Norseman Gold CNG, 100% owned subsidiary of Norseman Gold PLC. Suspended three years ago by the ASX and now unquoted. Held an AGM on 30th December 2015 primarily to re-elect the Chairman.  Many grumbles as the website has crashed and we await further news.
Sudden death of the Mining overall manager and a fatality at Harlequin have caused problems but Tullah Resources are still backing mining and most importantly exploration.


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## noirua (3 September 2017)

Good news as Norseman Gold PLC's 100% owned subsidiary Central Norseman Gold Corporation Limited is up for sale at $300 million to $400 million.
*Diggers and Dealers: Historic Central Norseman gold mine for sale*
*https://thewest.com.au/business/dig...ral-norseman-gold-mine-for-sale-ng-b88563186z*

It looks as if shareholders will see some returns from this. I'm working on the figures at present as Tulla Resources are owed about $135 million as of August 2017. Tulla own 26% of NGX. Big payday coming up for Kevin Malloney's Tulla Resources Limited.


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## noirua (3 September 2017)

Total liabilities including monies owed to Tulla are in the region of $145 million as of end of August 2017. For safety's sake and time running on, a figure of $180 million is best used.
Total number of undiluted shares in issue = 1,117,202,223
Unused losses to be set against future profits = $211.4 million as of March 31st 2016.  Expected to be about $240 million at end of August 2017.
This, if CGNC is sold for $300 million it would leave $120 million for shareholders = 10.75 cents per share - probably no tax due.
This, if CGNC is sold for $400 million it would leave $220 million for shareholders =  19.70 cents per share - before any taxation.


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## noirua (24 June 2018)

NGX own just one subsidiary, Central Norseman Gold Corporation Limited CNGC, that has all it's assets at Norseman save a small office in NSW.  There is a dispute about whether Norseman paid or advanced certain tenements in accordance with holding them. A case is expected to be heard this year at the Warden's Court in WA and probably at Norseman Wardens Court.

The shares have been suspended from the ASX for 5 years and since September 2012 from London's AIM market. They hope to sell their tenements through CNGC for over A$300 million so there may yet be a pay day this year or next.

Supported by Tulla through thick and thin NGX have survived and 2019 should be a good pay day for shareholders.

Nearly bust several times and disaster after disaster, Tulla have nearly pulled this one round to their great credit.

Will post further information later.


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## noirua (25 August 2018)

Newspaper Report: Diggers and Dealers: Historic Central Norseman gold mine for sale.
Https://thewest.com.au/business/dig...ral-norseman-gold-mine-for-sale-ng-b88563186z

Forfeiture Applications Norseman Gold Mine 23/11/2017
Https://www.linkedin.com/pulse/forfeiture-applications-norseman-gold-mine-peter-brammall

4/9/2017 - 07/11/2017
Wardens Court cases on tenements M63/9 - 510611
Http://wardens39.rssing.com/browser.php?indx=6174793&item=21 - E63/1753 - 510612
St Claire Resources objectors to exemptions.
Blog:
One needs to be very careful before commenting on current actions before the Warden's Court in WA.
A quick investigation by LandTracker might give details of the amount of expenditure claimed by the holder of the tenement.
The expenditure claimed in a Form 5 is always open to be challenged and then it is up to the Warden to adjudicate if that expenditure is in connection with mining and if it is supported by evidence of actually being incurred by the holder.
I would caution anyone calling applications for forfeiture "frivolous plaints" before being in possession of the facts of the matter.
St Clair lodged applications for forfeiture on 43 of the 48 tenements long before any article about the project being for sale.
In general I would question why a holder needs to apply for 100% exemption from its expenditure commitment on its tenements where it has filed Form 5 that exceed the minimum commitment, does it not believe its own expenditure statements?
Also, although the Act allows up to 20% administration charge to be claimed for expenditure, the administration actually has to be done and shown to be incurred. Claiming over a $1M on some mining leases in administration would seem on the face of it, given the current circumstances of the holder, somewhat excessive.
Again, if one is going to comment on current matters before the Warden, one needs to be in possession of all the facts.


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## noirua (25 August 2018)

From the above NGX have a large number of tenements with claims from third parties. They are working their way through the WA Wardens court.
Change of Company Secretary: <a href='Https://beta.companieshouse.gov.uk/company/05380466/officers' target='window'>Https://beta.companieshouse.gov.uk/company/05380466/officers</a>
Tulla: Http://www.tulla.com.au/current-investments.html#


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## noirua (9 December 2018)

The stronger gold price is important to Norseman as matters go through the WA Wardens' courts. Now at US$1,247 AU$1,730 an oz the figure of AU$1,600 as NGX's target is exceeded. This long running saga for shareholders, over 5 years, may well end up quite cheery. NGX Annual Report and Accounts are due out in Mid-December 2018: Https://beta.companieshouse.gov.uk/company/05380466/filing-history


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## noirua (30 December 2018)

The NGX company accounts are now out together with company information going forward. The WA Wardens' Court will hear the cases, St Claire Resources objectors to exemptions, concerning tenements in Perth during the first half of 2019.
https://beta.companieshouse.gov.uk/company/05380466/filing-history


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## noirua (17 January 2019)

Report due in 5 days time: https://beta.companieshouse.gov.uk/company/05380466/filing-history


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## noirua (27 January 2019)

Central Norseman gold mine sale stalls
Wednesday, 19 December 2018 11:28PM
Https://thewest.com.au/business/mining/central-norseman-gold-mine-sale-stalls-ng-b881056002z

The proposed sale of the Central Norseman gold operation has stalled, with its owner revealing it has been unable to strike a deal for the historic mine since it went on the market last year.

However, the company reported that it had negotiated directly with interested parties in parallel to the PCF process, saying these discussions are ongoing.


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## noirua (8 April 2019)

*Pegging new ground not a plaint and simple call*
3 March 2019
https://thewest.com.au/business/min...d-not-a-plaint-and-simple-call-ng-b881133674z
PCF was engaged by Norseman Gold in 2017 to sell the Central Norseman gold mine but the parties were unable to find a buyer despite several promising leads, partly because of plaints over key tenements.
Norseman Gold, which is backed by Sydney-based rich-lister Kevin Maloney and his private investment group Tulla Resources, has since engaged Azure Capital to sell the asset.


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## noirua (5 August 2019)

Well, well, well. Norseman looks as if the company is being revived with a sale of a 50% interest and a drilling campaign that should have started in late July. If you thought you had lost everything check your holding as it appears we have not after all.

A drilling campaign is underway by Pantora, NGX's 50% partner. Hopefully this will turnout well. Be cheerful as Tulla are in this to make a lot of cash. The Chairman hasn't been in position taking no salary etc since 2012 for nothing. Yes, you have a right to dream on and await an eventual payday that may well come not long after a JORC Resource is in place.
Https://www.asx.com.au/asxpdf/20190729/pdf/446yrjwzhbgg66.pdf

Kevin Maloney has waived all rights to remuneration and bonuses since 13 July 2012 and nothing has been accrued.


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## noirua (26 January 2020)

Pantoro delivers high-grade gold results from Scotia deposit at Norseman Project
20 January 2020
www.proactiveinvestors.co.uk/companies/news/911088/pantoro-delivers-high-grade-gold-results-from-scotia-deposit-at-norseman-project-911088.html

Drilling at Scotia is targeting infill and extension of the 413,000-ounce mineral resource to around 150 metres below surface. Pantoro Ltd has received encouraging initial results from Scotia deposit at Norseman Project in WA with best results of 4 metres at 44.46 g/t gold from 174 metres including 1-metre at 115 g/t..


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## noirua (13 April 2020)

Pantoro Gold and the Norseman Gold Fields: https://www.pantoro.com.au/projects/norseman-project/

Precious Metals Summit: https://www.pantoro.com.au/wp-content/uploads/2019/09/20190906-Beaver-Creek-2019V1-Reduced-Size.pdf

26 February 2020: Norseman Drilling 
Drilling Indicates Significant Extensions to High Grade Deposits at Norseman
Http://www.asx.com.au/asxpdf/20200226/pdf/44fglk6yftgrx0.pdf

Norseman Gold PLC: retains a 50% interest in all Norseman operations and drilling is paid for by Pantoro Gold until a JORC Resource point or further agreement is reached.
Norseman Gold share have remained unquoted for about 7 years as the company fought to survive. With the high gold price matters have improved considerably.


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## noirua (25 April 2020)

LATEST RESULTS AT THE OK MINE AT NORSEMAN
High Grade Results from OK Underground Mine Drilling
Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/3319961d-08f9-45cb-bf05-708a0bb94de6/17042020_High_Grade_Results_from_OK_Underground_Mine_Drilling.pdf


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## noirua (25 April 2020)

Princess Royal/Slippers Infill Drilling Confirms Multiple Ore Zones
https://stocknessmonster.com/announcements/pnr.asx-6A976125/


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## noirua (9 June 2020)

Exceptional Drill Results Confirm Scotia as Key Mining Centre
9 June 2020
https://mcusercontent.com/590e305fb...sults_Confirm_Scotia_as_Key_Mining_Centre.pdf
Norseman Gold PLC are in a 50% partnership with Pantoro over the Norseman tenements.  It looks as if Norseman, formerly ASX:NGX and AIM:NGL, are getting a lot closer to a return to the ASX.


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## noirua (16 June 2020)

High Grade Results Continue from OK Underground Mine
16 June 2020
Https://mail.google.com/mail/u/0/?tab=rm&ogbl#inbox/FMfcgxwHNqKMxHGFBCnMtsnXBkZdftTg

High Grade Results Continue from OK Underground Mine
Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/f2d9ec32-a59e-476a-abfb-e6451b17c8cf/16062020_High_Grade_Results_Continue_from_OK_Underground_Mine.pdf

Norseman Gold PLC are in a 50% partnership with Pantoro over the Norseman tenements. It looks as if Norseman, formerly ASX:NGX and AIM:NGL, are getting a lot closer to a return to the ASX. The shares last traded on AIM in 2012 and 2013 on the ASX.


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## barney (16 June 2020)

Only just noticed your input here @noirua 

I have a large holding in Pantoro (PNR) so am also hopeful that the end result of the partnership will be fruitful. Certainly drilling up some positive results so far


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## noirua (18 June 2020)

barney said:


> Only just noticed your input here @noirua
> 
> I have a large holding in Pantoro (PNR) so am also hopeful that the end result of the partnership will be fruitful. Certainly drilling up some positive results so far




My own holding in NGX/AIM NGL is held in both markets.  The London market holding was a case of being caught out as I bought a few days before they last traded in 2012. The ASX holding was bought later and again caught out having bought at a very low price and suspended again - not so clever after all.  NGX's debt is formidable and getting close to A$200 million. The Aussie only subsidiary is Central Norseman Gold Corporation Limited.
Aussie Http://goldprice.org/charts/gold_3d_b_o_AUD.png


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## noirua (11 July 2020)

Pantoro Gold Presentation: Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/6c2292ff-f265-43d2-91cd-09e7d76f0ee2/22_6_20_Investor_Presentation.pdf

Norseman - 4.4 million ounces of gold - TOTAL, measured, indicated and inferred.
2.1 million ounces at 15.5g/t - underground
2.3 million ounces at 2.34g/t - surface

[ The high gold price must have put a high valuation on to the Norseman mining area that also has other metals and minerals. Very rough valuation indeed is A$2 billion - only guessed at and no figures to support it ]

Norseman shares were removed from the London AIM market in 2012 and the ASX in 2013: They have not traded since and there is no means to transfer shares, even if a person has died subsequently.

Information about the company is only available at https://beta.companieshouse.gov.uk/company/05380466/filing-history
or occasionally in Australian newspapers, principally from the town of Norseman.
http://www.newspapers.com.au/norseman.html

Shares were sub-divided in March this year. Holders ordinary shares became 'deferred' and 'new ordinary'.  A person holding 1,000 ordinary shares now holds 1,000 deferred shares and 1,000 new ordinary shares.


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## noirua (21 September 2020)

Norseman Gold PLC from page 7 - Pantoro Presentation: Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/51da07b7-f93a-4f97-9532-cc39a40e2d23/21_9_20_The_Gold_Forum_Investor_Presentation.pdf

Getting there slowly but surely. Once a completed JORC resource is available and Banking Feasibility study completed it is hoped a valuation can be put on the project together with other areas that include further gold potential, coal and iron ore. Could be a good payday for Tulla Resources in particular and shareholders as well. Remembering all this is high risk.


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## Chronos-Plutus (21 September 2020)

noirua said:


> Norseman Gold PLC from page 7 - Pantoro Presentation: Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/51da07b7-f93a-4f97-9532-cc39a40e2d23/21_9_20_The_Gold_Forum_Investor_Presentation.pdf
> 
> Getting there slowly but surely. Once a completed JORC resource is available and Banking Feasibility study completed it is hoped a valuation can be put on the project together with other areas that include further gold potential, coal and iron ore. Could be a good payday for Tulla Resources in particular and shareholders as well. Remembering all this is high risk.




NGX delisted on the ASX back in 2015?

Are you holding PNR?


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## noirua (13 October 2020)

Norseman Gold PLC have a 50% interest:
Pantoro Limited PNR (Pantoro) is pleased to announce the results of its Definitive Feasibility Study (DFS) for the Phase One of the restart of operations at the Norseman Gold Project (PNR 50%). The DFS results outlined are on a 100% basis unless otherwise stated.
Https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/d6de5e5d-53d6-4849-bd23-761322bae46c/12_10_20_DFS_Confirms_Attractive_Economics_and_Mine_Life_for_Phase_One_Norseman_Restart.pdf


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## barney (13 October 2020)

In a nut shell, it looks like around $50 million per year profit after tax for an initial 7 years, with about 1/3 of the potential current resource included ...(assuming I'm reading it correctly).

Plenty of potential cash, but also some time till it all comes to fruition.  Solid low risk Goldie of the future at this point in my opinion. (holding)


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## noirua (30 October 2020)

Pantoro and Norseman each have a 50% interest.
Big Gold Hits at Green Lantern including 41 m @ 1.91 g/t Au 
29 October 2020


			https://mcusercontent.com/590e305fbfdff52fa70c2126f/files/325ea4e8-c47d-478b-9e55-7663e5d6eb94/29_10_20_Big_Gold_Hits_at_Green_Lantern_including_41m_1.91g_t_Au.pdf


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## barney (30 October 2020)

noirua said:


> Pantoro and Norseman each have a 50% interest.
> Big Gold Hits at Green Lantern including 41 m @ 1.91 g/t Au
> 29 October 2020
> 
> ...




Yeah there is a lot of gold across a wide area for sure.  

Pantoro has the potential to become a serious player in the future, but as a holder, I would say they have underperformed at Halls Creek (not exactly sure why, but still think it should have produced way more cash for the Co), 

For that reason, I think the Market will probably be a bit hesitant until they get some more "runs" on the board. 

Will hold my core holding for at least a couple of years from now to give the Co a chance to prove they can walk the walk so to speak.


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## noirua (30 October 2020)

barney said:


> Yeah there is a lot of gold across a wide area for sure.
> 
> Pantoro has the potential to become a serious player in the future, but as a holder, I would say they have underperformed at Halls Creek (not exactly sure why, but still think it should have produced way more cash for the Co),
> 
> ...



• Substantial near surface mineralisation now identified over a strike length of approximately 400 metres at Green Lantern. Mineralisation remains open to the north and down dip.

Being near surface will hopefully make this an opencast mine. At least in the early stages. So it is likely to be more viable at Green Lantern.
The market cap of PNR is $274m at 19.5c a share.
Norseman Gold ( previously ASX:NGX LSE:NGL ) has:
Company total liabilities: at 30 June 2019 was AUD 192.5 million.
Net Liabilities: AUD 173.5 million
Annual Accounts to 30 June 2019 published on 13 December 2019: https://beta.companieshouse.gov.uk/company/05380466/filing-history
Total number of undiluted shares in issue at 31 December 2019 = 1,117,202,223 + 1,117,202,223 deferred shares (+ 68,689,051,476 new ordinary shares.)
Deferred shares have no voting rights or rights to dividends. Deferred shares have no rights to capital until each new ordinary shares has received £1 million.
Https://beta.companieshouse.gov.uk/company/05380466/filing-history
NGX shares last traded in 2013 at 4.2c a share and 2.6p on LSE in 2012.


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## noirua (19 December 2020)

Norseman Gold PLC formerly ASX: NGX AIM: NGL is to change its name to Tulla Resources PLC at its AGM on 30 December 2020 at Bondi Junction, 1 pm America/New York time.
Https://au.linkedin.com/company/tulla-group
Http://www.tulla.com.au/
Http://www.tulla.com.au/current-investments.html

Annual Report and Financial Statements to 30 June 2020




__





						TULLA RESOURCES PLC filing history - Find and update company information - GOV.UK
					

TULLA RESOURCES PLC - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity




					find-and-update.company-information.service.gov.uk
				





The company made a profit of AUD$111.1 million in the year to 30 June 2020.​This was largely due to a waiver of interest expense by Tulla Group.


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## noirua (20 December 2020)

noirua said:


> Annual Report and Financial Statements to 30 June 2020
> 
> 
> 
> ...





Things are looking up now. The Chairman has not taken a salary since 2012 or expenses (unusual) and now Tulla has returned all the interest. However Tulla did receive shares in Pantoro Group passed over to them, the reason why the interest was returned - or so it seems.

Retained losses are AUD$248 million, down from AUD$359 million. Due to AUD$111.1 million profit this year.

Net 'Group' Liabilities are (AUD$77 million), down from (AUD$193 million).
Total 'Group' Liabilities are AUD$91 million, down from AUD$212 million.

Net 'Company' Liabilities are (AUD$13m), down from (AUD$19 million).
Total 'Company' Liabilities are AUD$3 million, down from AUD$19 million.

Profit on sale of assets on page 31.

Interest waiver information on page 32.

Parent company income status at 8 page 33. The parent company is Norseman Gold PLC ( Tulla Resources PLC). Central Norseman Gold Corporation CNGC and Pangolin Resources PTY are the Australian subsidiaries. CNGC owes Norseman Gold PLC AUD$97 million.

The Intermediate Holding Company is Norseman Gold PTY Limited (Australia). Pengolin is a subsidiary of CNGC.

The remaining debt owed by CGNC has been consolidated into a new facility agreement. These debts are owed to Tulla Group - pages 40 and 41. The total debt is AUD$58.2 million as of 1 January 2020. The facility limit is AUD$60 million. Rolling interest is 10.5% per annum.

All shareholders now have one deferred share for each ordinary share in addition to ordinary shares already held.

Subsequent Events on page 47. What happens when Pantoro has expended their liability of AUD$50 million.

*** Tulla Resources PLC ( Norseman Gold PLC ) intends to relist once Pantoro has spent AUD$50 million on the project. *** At 26 on page 47.

The company has retained a lawyer to relist on the ASX.

Tulla is open to offers for CGNC, 50% of the project, or for its shares in Tulla Resources PLC.


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## noirua (20 December 2020)

There are 69,153,330,773 shares in issue. An offer of AUD$100 million = 0.14c a share. AUD$400 million = 0.58c a share. So it doesn't look likely that shareholders, other than Tulla Group, will get very much out of this.


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## noirua (21 February 2021)

Norseman Gold PLC is now known as Tulla Group PLC.  The directors have plans to refloat the company on to the ASX in the short term.


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