I recently attended a presentation by Brian Rear for Millennium Minerals and got the impression that the man was well able to arrange financing, being a strength of his. If I may impart some notes I took, and I'm not totally au fait with the implications. If they provide additional dimension to a profile/potential, tant mieux...good!
He recently completed a $23m Rights Issue with no re-pricing
MOY has a debt facility 50/50 BNP/NAB
1.24m oz Au with 567oz Reserve banked
Telstra 3G is covering the leases
Golden Eagle has 749K oz
$35m facility, hedging too
3 years of Tax losses ($60m) c/f
ROE 32%
2 mills, bigger one on order at the same price
cash costs 50%
mid-cost to peers (IGR, FML, Catlapa etc)
EV low cost in peer review
in production 2Q 2012 100K oz pa
knows how to increase reserve to achieve that goal
can build now, all Native Titles done
$10m leasing finance facility for equipment
then need about $15m.
Just my fast notes.
QMN Price at posting:
9.0¢ Sentiment: LT Buy Disclosure: Not Held
