NGX - Norseman Gold
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white_goodman
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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
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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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.
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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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.
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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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?
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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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.
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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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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(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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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
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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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.
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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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.
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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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.
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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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.
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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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.
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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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#
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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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
Last edited:
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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
https://beta.companieshouse.gov.uk/company/05380466/filing-history
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Report due in 5 days time: https://beta.companieshouse.gov.uk/company/05380466/filing-history
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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.
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.
