Australian (ASX) Stock Market Forum

NGX - Norseman Gold

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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.
 
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.
 
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..
 
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.
 
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.
 
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:)
 
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:)
Click to expand...

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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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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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.
 
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.
Click to expand...

NGX delisted on the ASX back in 2015?

Are you holding PNR?
 
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)
 
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
Click to expand...

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.
 
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),

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.
Click to expand...
• 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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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

NORSEMAN GOLD LIMITED filing history - Find and update company information - GOV.UK

NORSEMAN GOLD LIMITED - 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 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 said:
Annual Report and Financial Statements to 30 June 2020

NORSEMAN GOLD LIMITED filing history - Find and update company information - GOV.UK

NORSEMAN GOLD LIMITED - 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 find-and-update.company-information.service.gov.uk
Click to expand...

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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