Angehender UK-Goldproduzent-Börsenwert 9 Mio.GBP!

bezahlt  

The discharge of its obligations at the Chassoul mine
and mill has long been a priority of Ascot’s and with
private equity group Equita Global having indicated their
interest in forwarding $4.5 million in financing, all
appeared settled. However, with final details frustrating
a deal, up stepped small cap investors Andrew Bell and
Tom Winnifrith (CEO of GECR’s parent company RSH)
to provide the cash to fund Ascot’s rapidly expanding
gold operation.
A total placing of £3 million in £1 loan notes, yielding
10%, and each convertible into 5 new ordinary shares,
have been issued to Red Rock Resources* (Andrew
Bell) and the SF t1ps Smaller Companies Gold Fund
(Chief Fund Manager Tom Winnifrith). 21 million
warrants are being issued to the same group,
exercisable at 20p each and £700,000 of these
warrants have been exercised immediately meaning
that Ascot Mining has raised a total of £3.7 million ($5.9
million). This cash will settle the $5 million balance
owing on the purchase of Chassoul, while also
providing working capital to ramp up production
aggressively at the mine. The management believes
that it will be producing at 1,200 ounces per month by
March. The cash flow that generates, and any cash
raised by subsequent warrant exercises, will be used to drive production to 2,250 ounces per
month by June 2011. Ascot plans to use the cash it generates to bolt on other small producing or
near production prospects in Costa Rica, and has already identified several suitable targets.
The Chassoul mill has recently been through an upgrade with nameplate capacity lifted from 50
tonnes per day (tpd) to 150 tpd. Production ramp up is ongoing and will be completed shortly,
producing 1,200 ounces of gold per month. With output currently sold at a 5% discount to the spot
price (although spot prices will soon be achieved), and operating cash costs of $350 per ounce
($427 per ounce including all overheads), current margins are in excess of $1,000 per
ounce. Thus Chassoul will soon be providing Ascot with cash of $1.2 million per month or $14.4 million per annum.
As the company has previously mentioned, once steady state production has been achieved at
Chassoul, development will move to Tres Hermanos, El Recio and Las Juntas, where 50 tpd is
expected from each. Current plans have the ore being trucked to Chassoul for processing, but the
company is optimistic of a deal being struck at its Boston concession which would allow for a more
convenient and expeditious processing method. Either way, an additional 1,050 ounces of gold per
month will contribute another $1 million per month to Ascot’s cash position.
The issue of equity and the further potential dilution from the exercise of warrants is an obvious
dampener to the share price, but for a company currently capitalised on a fully diluted basis at
under £18 million to be generating in excess of $26 million (£16 million) in annualised pre-tax cash
within the next 6-12 months is remarkable.
Comparing Ascot (Costa Rica) with fellow gold producers Minera IRL* (Peru) and Orosur Mining*
(Uruguay) gives an indication as to the discount Ascot is currently trading. Production in the 3
months to 30th September 2010 at Minera was an annualised 35,000 ounces of gold, and with the
company currently capitalised at £102.3 million, represents a valuation of £2,922 per ounce of
annual gold production. Orosur, whose annualised production rate in the 3 months to 31st August
2010 was 52,000, has a market capitalisation of £47 million, and is thus valued at £908 per ounce
of annual gold production. Ascot’s current enterprise value is £15 million and, with annualised
production of 27,000 ounces on its doorstep, is valued at £555 per ounce of production. Thus
compared to Orosur, valuations would imply an increase in Ascot’s market capitalisation of 63% or,
compared to Minera, an increase of 426%.
GECR’s valuation is confined to extrapolating near term production rates into the future and leaving
the likely expansion, particularly at Chassoul, to the future upside category. Assuming 19,700
ounces of gold is produced in the year to 30th Sep 2011, and then 27,000 ounces per annum for
the subsequent 6 years, at a flat gold price of $1,200 per ounce and $350 operating cost, we derive
a target price of 65p per share on a diluted basis (40.7 million current shares, plus 15 million
placing shares, plus 21 million warrants). However, at the current gold price of $1,350 per ounce,
and hypothetical future prices of $1,500 and $1,800 per ounce, our valuation jumps to 77p, 89p
and 112p respectively.
Ascot’s ambition is to become a 60,000+ ounce per annum gold producer through the contribution
of ore from many of the small operations in the rich Central Gold Belt of Costa Rica. With its major
obligations soon to be settled and strong operational cash flows on the way, the need for external
funding is dramatically reduced and we expect the majority of future development to be funded
internally - good for shareholders. Also good for shareholders will be the company’s planned move
from PLUS to AIM, and thus we rate Ascot a buy with a near term target price of 65p.  

bezahlt  

zieht auch mit! ;-)  

Das ist die Trendwende, auf die ich 9 Monate gewartet hab ;-)  

wunderschön, wie heute, so ein Tag, der dürfte nie vergehn! ;-)  

Fein bärentöter nur weiter so!

mfg, ice  

setze ich mich zur Ruhe :D  

Dort liegen 22 000.  

war Bruch der 0,40 Euro Marke sehr wichtig. Würde mir reichen, wenn wir sie zum Ende des Tages halten. Nächster Schub kommt mit dem Goldguss next week ;-).  

0,4248 GBP bezahlt!  

ich war mir nie sicher mit dieser aktie. hate immer das gefühl, dass es eine abzocke wäre... die aktienzahl wurd von 26mio auf 44mio erhöht...richtige infos gibt es selten...die hompage wirkt nicht gerade seriös, allein die bilder...

trotzdem (ich kann es mir nicht erklären) bin ich vor paar tagen eingestiegen mit dem gedanken, hoffentlich geht das gut. als ich heute die news gelesen habe, dass Red Rock Resources und der SF t1ps Smaller Companies Gold fond die neuen investoren sind, hat das mein vertrauen in die firma ungemein gesteigert.

 

...in FRA ist die Briefseite grade komplett leer ;-) und auf Xetra stehen wir auf der Briefseite bei 49,9.  

ist schon lange dabei und nun zum vierten Mal investiert  

die Aktionäre von Red Rock finden den Deal auch gut:

http://www.londonstockexchange.com/exchange/...y=GB00B0CQLF79GBGBXAIM  

ASCOT MINING PLC übernimmt Chassoul Goldmine


Liebe Kunden,


bereits im September 2009 haben wir Sie verstärkt auf das außerordentliche Potential der Ascot Mining-Aktie aufmerksam gemacht. Gleich zu Beginn unserer Trading-Aktivitäten in Sachen Ascot haben wir einen Sonderprospekt aufgelegt und die Fakten der Goldmine in Costa Rica ausgebreitet.

Der Ausgabekurs des Wertes lag bei 70 Cent pro Aktie, verlor zwischenzeitlich an Wert, steht heute wieder bei 46 Cent – mit der klaren Zielrichtung 1 Euro und mehr.

Denn jetzt gibt es eine spannende neue Entwicklung: Der britische Bergbau-Experte Ascot hat die Chassoul-Goldmine in Costa Rica zu 100 Prozent übernommen!

David Jackson, Vorstandschef von Ascot, erklärt: „Wir sind absolut zuversichtlich, dass wir die Goldproduktion in den nächsten 60 bis 90 Tagen auf 1.200 Unzen pro Monat steigern können. Damit werden wir unsere Rolle als führender Goldproduzent in Costa Rica festigen.“

Bisher wurden mehr als 44 Millionen Ascot-Aktien emittiert. Hauptinvestoren sind Red Rock Ressources (2,4 Millionen USD) und SF t1ps Smaller Companies Gold Fund (1,7 Millionen USD).

Nutzen auch Sie die außergewöhnlichen Wachstumschancen der Ascot-Aktie!

Details entnehmen Sie bitte unserer Produkt-Info in der Anlage.

Für weitere Beratung stehen wir gern zur Verfügung!


Mit freundlichem Gruß


Swiss Finance Asset Management & Trust AG  

Kannst bitte mal den Link zu der News einstellen.

Danke =)

 

kam per email als pdf  

Front::Comment

Ascot Mining* - Biggest Investment of my Life: Off to the races?

This announcement came out at 7 AM.

In all, funds we advise or manage now own c26% of this company on a fully diluted basis and at 26.5p on a fully diluted basis it would have a market cap of c£20 million and net cash of c£3million – the shares are now 40.5p.

Ascot is already producing a bit of gold. By my sums, in three months output will be 1200 oz pcm at an all in cost of $425 oz. In six months that will be c2400 oz at an all in cost of $425 oz. Assume a gold price of $1425 oz. That implies annualised free cashflow of $24 million (call it £16 million – more or less the EV). It can use that cash to buy other small open pits to create rock to process at its mill. So within 18 months output could easily be 3000 oz or 4000 oz a month. And it is going to aim sharpish.

What cashflow multiple is fair for a low cost aim listed producer growing output pretty rapidly? 4? 5? At 4 you are talking of a share price of just over £1.20. On a higher gold price and higher output? Do your sums. I think the GE&CR out today (price target 65p) is far too cautious.

You invest hugely when you see limited downside and potentially enormous upside.

That is what I see in Ascot. This is not the sort of company Buffett would buy (too small etc) but that is his investing principle. I must admit that we all took a deep breath before committing to writing a cheque for £1.57 million (we have exercised £500,000 of our warrants already) as I have never written a cheque that large before. But when you think what it could be worth (as of now the gold fund is already £2 million ahead on its investment) you have to go for it.

The co-investor is Red Rock Resources run by Andrew Bell. Its shares are up from 2.1p in May to 14p today. Bell is no fool.

Enough said

Tom.

*Ascot is a stock held by the SF t1ps Gold Fund and Worship Street Investments. It is a corporate client of rsh. The Gold Fund also owns Red Rock.

Happy days.

Tom Winnifrith
www.t1psim.com
www.t1ps.com
www.RivingtonStreetHoldings.com

Posted by ShareCrazy on Nov 19, 11:29 AM in Comment

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Was denkt ihr, wird es nach dem gestrigen Anstieg erstmal eine Korrektur geben und vielleicht schon morgen noch etwas weiter ansteigen?

Ich finde es ist nach so einem Anstieg immer schwer zu beurteilen.  Heute ist ja nicht viel passiert. Gleich erstmal schauen wo der Schlusskurs liegt.

 

Abstauberlimite legen, Position zwischen 0,37 und 0,45 Euro aufstocken, bevor der nächste Schub kommt ;-)  

Also so langsam werd ich ein bischen Ungeduldig.

Nachkaufen schön und gut aber......wann kommt den nun die Meldung von dem ersten Barrenguß? ;-)

 

Next week  

Mal schauen wann es hier weiter geht. Schon nächste Woche?

 

Hi wollte nur kurz mitteilen, dass ich wie angekündigt meinen Nickname geändert habe.

Have a nice Invest