Anglo Pacific a mining investor is a company I have held for about three weeks now and I have only just got around to posting about its excelent forward potential.
What I was really looking for was a play on coking coal as China just cant get enough of the stuff to build up its industrial infrastructure, and the World spot prices have risen drammaticaly which will lead to increased end profits for coal mining companies and coal mining investment companies.

I looked at a few options and this one easily came out on top not only that but it has other mining interests in its portfolio as you will see.

From last results year ending 31st DEC 2003.

HIGHLIGHTS

• Proposed Final Dividend of 1.3p per share (2002:- 0.65p)

• Total Dividends for the year increase by 49% to 2.6p (2002:-1.75p)

• Australian Coal Royalty Independent Valuation increases by 54% to 44.3
million

• Cash and Strategic Investments increases by 64% to 11.2 million

• Earnings of 3.7p per share (2002:- 4.09p) due to reduced coal royalties
on account of mining more on Crown Land than Private Ground

• Much stronger Royalty Flows from Private Ground expected in 2004

• Encouraging outlook for Coking Coal prices and Production Rates due to
Chinese, Indian and Far East demand

• Increased holding in substantial Canadian Coal Deposits in British
Columbia which are currently included in the accounts at negligible value

• Canadian Coal Bed Methane opportunity in British Columbia

• 40 million of Unused Tax Losses

Chairmens Comments.

Our coal royalty interests are independently valued at 44.3 million as of
December 2003 which is 15.6 million more than the valuation at 31st December
2002.

During the year your Company has participated in financings for a number of
strategic mining opportunities. Our mining operational interests and quoted
stakes in gold, diamond and PGM projects were valued at 31st December 2003 at
9.6 million. This included an unrealised profit over book value of 3.5 million
in addition to the realised gains referred to earlier. The Company also had cash
of 1.6 million at 31st December 2003.

The Mining Investments.

COAL ENERGY INTERESTS

COAL ROYALTIES

In Australia, coal royalty receipts from the Kestrel and Crinum mines, operated
by Rio Tinto and BHP Billiton respectively, were 3,376,000 (2002: 5,802,000).
The Company has increased its holding in its Canadian coal deposits in British
Columbia to 65% of the Groundhog and Peace River projects. The outlook for the
potential joint venture development of these resources has further improved due
to the increasing demand for coal products from China, Japan and the Far East as
well as North American domestic demand. The Groundhog and Peace River projects
are reflected in the accounts at negligible value.

COAL BED METHANE

The Company owns a circa 15% interest in the Merritt coal and coal bed methane
project in British Columbia. With coal bed gas prices having risen sharply
during 2003 joint venture discussions continue with potential partners to
progress this project.

GOLD AND PLATINUM GROUP METALS

At 31st December 2003 the Company had investments at a market value of 9.6
million in gold, diamond and platinum projects based mostly in North America and
Australia.

The Company's strategy continues to be to acquire projects that expect to yield
dividend and royalty cashflow as well as substantial share appreciation in the
next few years. The two largest strategic mining stakes of the Company are in
Kirkland Lake Gold and Platinum Australia .

• Kirkland Lake Gold is now producing gold at its Macassa mine in Northern
Ontario . Its higher market rating has resulted in a substantial capital
gain for the Company on its holding. Kirkland Lake Gold is still
discovering gold at grades in excess of 16 grams per ton and sometimes at
much higher grades and hopes to further increase gold production in 2004.
Other strategic holdings include Aquiline Resources, Starfield Resources and
Muscox Minerals.

TALC

The Board continues to look for a joint venture funding partner for the
Company's Shetland talc interests. The company intends to jointly mine this
deposit with a view to establishing a royalty flow in due course.

OUTLOOK

The outlook for coking coal prices remains extremely encouraging and, with
production at the two mines in Australia expected to be at record levels and
mostly on the private ground, the Board expects much stronger coal royalties
this year. Furthermore current spot prices are well ahead of this year's fixed
contract prices which themselves are over 25% up on the previous year.

With the weakness of the US dollar and the current demand for metals and energy
fuels worldwide driven by Chinese, Indian and Far Eastern demand, the Board is
optimistic about the opportunities for its gold, diamond, base metal and PGM
interests, as well as for the substantial coal and coal gas projects that the
Company has in Canada.

Website www.anglopacificgroup.com

I think this company is a medium to long term investment and if you are interested please DYOR and you are responsible for your buying and selling timing actions.



cheers GF.

From Edmund Jackson in the Sunday Telegraph today.
Curb the doubts, some mines are nuggets of value
Mark Twain is often quoted by cynics as saying that a mine is "a hole in the ground with a liar standing beside it".

But while you should never discard a sense of scepticism about investment, if you had been too dismissive recently, you would have missed some mouth-watering returns in the mining sector.

So what has been happening to send mining shares soaring and has the trend further to go?


Click to enlarge
The potential was established a few years ago when central banks printed money to combat the risks of deflation. That helped to boost the price of gold and other commodities, and more recently the latter have benefited from economic growth, especially in developing countries.

Enter RAB Capital, a generalist hedge fund group that has revolutionised the Aim market in mining stocks. Its strategic move is already a classic of investment history, and a 1,274 per cent gain for its Special Situations fund last year shows the merits of a flexible approach. (These were some of the factors that convinced me to buy RAB shares, which are also now listed on Aim).

Exploiting the macro-economic trend, RAB also bridged a gap in the financing of smaller miners. Its equity was instrumental in giving banks the confidence to lend, thus creating a virtuous circle. Mining companies could invest to seize the upturn.

A booming Chinese economy has also helped, with demand for raw materials pushing up metal prices and therefore mining shares. I am wary, for as an economics student I learned how capricious trends in the Chinese economy can be. Upsets occur despite the image of strong growth.

Besides being tied to the health of the US economy (which is China's principal export market), there is a risk that continued foreign investment in China will result in overcapacity. That would hit raw material prices and thus mining shares.

Despite risks along the way, the momentum appears strong. In terms of the party for miners - commercially and in the stock market - we may only be at about 10pm.

Anglo Pacific shows how good governance and being a director of a mining company need not be a contradiction. The consistent growth chart reflects a well-run business.

A shareholder in Anglo Pacific told me to take a closer look when the price was only 14p. It was the emotional baggage typically associated with mining shares that discouraged me from buying.

The company is in the classic mould of a mining finance house, taking pro-active investment stakes. In recent years this strategy has grown pre-tax profit from a small base to 4.1m, with a yield of about 4.5 per cent at the current share price of 55.25p.

Yet the two executive directors have not been given big pay and share options. The 2002 annual report showed individual salaries of about 48,500 and bonuses of 40,000 each for 2000 and 2001 while contributions to their pensions were minimal. Each executive director had less than 1m share options, exercisable at about 21p.

Their prosperity is directly linked to the returns enjoyed by investors as they each hold over 3 per cent of the equity. I doubt the 2003 annual report will show big increases in their packages. So much for boards who say big pay and options are the only way to motivate!

The prelims showed a fall in operating profit from 5.2m to 2.6m due to the group's Australian interests mining coal on government rather than private land with lower royalties. The results should improve this year, aided by coal prices rising in the Far East. I recognise the risks but long-term the region is a dynamo.

The company holds a variety of other stakes in the Far East as well as in Canada. I think it has further upside potential, so long as one appreciates it is also geared to the fortunes of the commodities cycle.

Peter Hambro Mining, which operates mainly in gold in far eastern Russia, is another example how a combination of integrity and the ability of key personnel has delivered excellent progress. I don't like to be shown the chart because it reminds me of a golden opportunity missed.

I am learning that in the quoted resources sector there are rivals and malcontents who sow doubts. It is best to form your own judgment and not consult many others. Hambro went to a lot of effort to help me understand its operations yet I allowed myself to be swayed by scepticism.

Griffin Mining has become a favourite on Aim this year, with its shares rising from 17p to test 30p. Its prospects were bolstered in February by an RAB-backed 8.75m placing to help development of the Caijaiying zinc-gold project in China. It is estimated to have reserves worth $1.5bn (833m).

As with Anglo Pacific, it intrigues me how a small company such as Griffin is progressing nicely under an executive chairman. Corporate governance rules prescribe a split, with a chief executive and non-executive chairman.

Indeed, investors in all sizes of company have learned bitter lessons about a concentration of power. But for small companies an executive chairman is sometimes better. It puts the onus on investors to judge the boss's capability and integrity, which is no bad thing.

Griffin's chairman has publicly expressed the company's "faith and long tenure" in China. As with Peter Hambro Mining in Russia, good local relations are a key to long-term success. So far the joint venture at Caijaiying is the only foreign mining venture to be granted a base metals extraction licence under Chinese mining laws. Production is targeted to start in the second quarter of 2005.

Ocean Equities, Griffin's broker, anticipates annual pre-tax cash flow of about $25m (13.9m) at current zinc prices, once mining reaches 500,000 tons a year. At 26.75p a share, Griffin is capitalised at 43m.

I recently calculated a fair value to be about 30p a share, though I could well be conservative. I like to identify a margin of safety in a share, and in a higher risk industry/country this should be a thumping margin. But to play mining shares well, perhaps I should relax this constraint - so long as the underlying trend is firm - and recognise this sector always has an element of speculation.

Griffin seems an attractive long-term play, so long as one appreciates the potential for bumps along the way. If the Chinese boom slows, that could mean a sell-off among miners eventually, with smaller company shares vulnerable. Yet Griffin looks set to progress commercially.

The outlook for zinc prices is fair and the geological fault system at Caijaiying also has good upside potential as a gold resource.

Asia Energy, which is floating on Aim, is another group where RAB Capital's Special Situations hedge fund is investing more money. After full due diligence, the fund initially backed the company with private equity. All this is interesting for long-term prospects because venture capital money normally exits on a flotation. About 15m is being raised at 75p a share.

The group's 100 per cent-owned Phulbari project involves developing an open pit coal mine and power station in Bangladesh, and is of major importance to that country's economic development. A feasibility study is likely to take at least 18 months but management is confident and well organised locally.

Phulbari is in northwest Bangladesh, 30 metres above sea level, and not subject to seasonal flooding, unlike large areas of the country.

On a long-term view, Asia Energy is interesting. It's hard to say if there may be a better chance to buy, say in about nine months' time. Dealings start on Aim tomorrow.

cheers Gf.

Fine looking chart.




cheers GF

Canadian Coal Interests
In British Columbia the Group owns a 50% interest in the Groundhog and Trefi coal deposits as well as an interest in the Merritt and other coal bed methane projects via its 25% shareholding in Gosfield Associates Corporation.

There has been a change in the political climate in British Columbia due to the recent election of a Liberal Government pledged to re-invigorate the Provencial resource sector. It is the Group's intention to develop these resources by negotiating a carried interest with a major joint venture partner at the appropriate time.

Groundhog
The Groundhog project in central British Columbia comprises seven coal exploration licenses totalling 3,900 acres in three groups. Based upon past exploration, the British Columbia Ministry of Energy and Mines quotes the following resources of high ash semi-anthracite to anthracite rank coal:-

1. Discovery 343 million tons
2. Panorama North 108 million tons
3. Panorama South 218 million tons

The resources are very large but the area is remote and requires major investment for access.

Trefi
The Trefi project comprises seven coal exploration licenses covering 4,600 acres in northeast British Columbia in the heart of the productive and well developed Peace River coal field. Resources quoted by the British Columbia Ministry of Energy and Mines are 121.5 million tons of low to medium volatile bituminous coal. The local infrastructure is excellent.

Merritt
The Merritt project in southern British Columbia comprises:-

1250 acres of crown lands
3709 acres of provincial coal exploration licenses
Based upon estimates from the British Columbia Ministry of Energy and Mines, the project contains the following resources:-

31 billion cubic feet of Coal Bed Methane
218 million tons of bituminous grade coal
The local infrastructure is excellent with good road and rail connections as well as close proximity to the main British Columbia gas pipeline servicing the Vancouver metropolitan and U.S. export markets.

cheers GF.

I was getting interested in APF until I saw this

Head office c/o Jeffrey Gold & Co
4a Accommodation Road
London NW11 8ED

It seems that they haven't got their own office.

It appears to be just a mail drop.

There is no website for APF

There is no reply on
020 8458 5141

Given here

focus.comdirect.co.uk

A bit worrying & disappointing.

Is their main listing on an overseas exchange?
Is their main office overseas?

Perhaps their FTSE fledgling listing is not their main listing?

Everything else I've seen about the company looks pretty good.

Apple, they are an Australin company.

cheers gf. PS, this ones going to be a fantastic investment, just waiting for an outer to make us money.

Remember Caldwell Investments a month or so back, everybody thought I was bonkers, but not me. I knew there was an opportunity there, and what did we get about circa of 180% gain in price. I made a bomb.

Patience is the key and I would not place a reco on any stock unless I held it myself.

Good luck cheers GF.

Thanks GF

Surely they must have a website.

What is the name of the Australian company?

Google doesn't find me a website for Anglo Pacific.

Yep you were right about Caldwell!

Found the website

http://www.anglopacificgroup.com/

Found it on

http://www.minesite.com/companies/anglo.htm

Google now finds it as well.

A nice but small rise today. This one is well undervalued on the forward P/E.

cheers GF.

Moving up again today, slowly but surely.

cheers GF.

broker brewer &dolphin which is on Minesite

Coal prices looking good.

Gold looking good.

Looks good for APF

Yup lovely.

cheers GF.

26/05/04 10:59 Result of AGM PRNW

Final dividend of 1.3p per share

Company to make one or more market purchases of its own shares.

BUT what does the following mean?
Allotment for cash of new equity shares or from treasury.

On the move at last!

The buyers are back.

Yup nice move up today.

cheers GF.

Another shift up today. I can't see the reason for it. No direct or indirect mention in the press. Anyone got an idea?

Increasing recognition of its potential I suppose.

4.8% UP is ok by me.

UP again today.

Anyone checked out the price of Coking Coal on the World Markets?, just wonder if this as anything to do with the rises over the last few days.

cheers GF.

Good point GF

Got any good links for it?

www.minesite.com, might be on there. Will try and find out.

cheers GF.

Good rise again,backed by volume. I think an announcement/trading update is on the way. Somebody outthere knows something. There is no reason for the strong performance this week. Hopefully the weekend press will highlight APF.

A positive announcement woulde be just fine profitmaker.

cheers GF.

I paticulary like this about this one, taken from last accounts..................

Increased holding in substantial Canadian Coal Deposits in British
Columbia which are currently included in the accounts at negligible value

NICE, assets there in the accounts which are way undervalued.

cheers GF.

Thanks GF, got this one on my watchlist and will consider more carefully when I free up some funds. Cheers. D

Glad to be of help dandu71.

cheers GF.

Thanks for that info GF.

I wonder why those assets were undervalued?

If I knew why then I could be on the lookout for a similar situation elsewhere.

Nice profit, hoping for more.

Up again so far today :-)

Price of coal going up in one of todays sunday rags bodes well for this one.

cheers GF.

Ticked up this afternoon. Dont forget according to T Winnifrith coal is surging up. We have as shareholders way undervalued assets. Could earn us a real nice return this one.

cheers GF.

I'm looking forward to the half year results which are due in Sept. They will move on those if not before. I think APF can reach 1 by 31st Dec. They have underplayed their prospects but you can't hide profits forever.

Spot on profitmaker. Think of all those lovely hidden assets being exposed.

Black gold is the name of the game.

cheers GF.

Some nice buys already.

cheers GF.

Moved up a penny. Not much but this ones on a roll.

cheers GF.

Just broke resistance @ 70p...think I might jump in.

I stick with 1 by end of year. APF doesn't get much exposure. When they give 1/2 results and trading update, I expect this to fly.

NICE.

cheers GF.

ps, much rather have these slow burners than the quick up and probably down types in this market.

Is it just me and you,GF on this board? It would be great to hear the views of others on this stock.

PM, I just think its the markets in general, with volumes way down on normal at this time of year. This crab market hasnt helped in fact I make far more money in a bear market going long. Wish we would break out preferably up.

cheers GF.

UP 5.3% so far today!

Could we call this a breakout?

Still no reason for this upsurge. My view is that something is around the corner i.e. an announcement of new reserves,revaluation of reserves or just good interims. Interim div would be great. This is a good yielder. Maybe the market is getting wind of what a good company APF is. Whatever it is, long may it continue. I'm sitting pretty with 36% gain but I think there is more to come.

Yup nice day for this one, but watch out the small caps took a right tonking today.


cheers GF.

Another couple of pence this morning. Still no reason for the strong price rise. Has the price of coking coal gone up dramatically? This may justify the rise. Anyway I'm holding on to my hat as we take off. Next stop 1.

Seemingly it has PM.

cheers GF.

Hello All,
Have been watching this board for a while noew after buying in at 55p. Maybe the recent price rise can be attributed to the following:

"Rio [Tinto] said hard coking coal output from its Australian mines also increased significantly because of rising output from its new Hail Creek mine in Queensland, commissioned last year.

Total coking coal output for the second quarter rose 358 pct to 2.10 mln tons from the previous second quarter's 459,000 tons and making a rise of 300 pct half-on-half to 3.30 mln tons".


James

Goldfinger,

Any chance of an updating chart in the header please?

TIA,

Andy.

Will do Andy.

cheers GF.

Thats some increase James. I think coking coal will remain at price highs as long as oil does. Historicaly there is a price link.

Cant wait to find out how much these deposits are worth that were put into the accounts at negligible value.

cheers GF.

Thanks DonlanJa.

Nice profit so far, hopefully there is more to come.

I see a competitor to this one as been tipped by CityWire and A Sunday rag today, ATH Resources on the fact that coal prices are going through the roof. I have no doubt that ATH will be marked up in the morning but it aint a patch on Anglo and Pacific.

If you are interested in ATH check out this one first, beleive me we the holders are on the better one by a mile.

cheers GF.

ps, make that 10 miles.

Looking good today, I think the news is getting around.

GF, I hope you are right about this being an even better one!

Both look good.

I'm happy to be in APF but why do you say that it is even better?

Because Anglo sell their coal on the World markets, and the shelf life of AHT isnt that great at the moment. I checked AHT and all other coal miners out before going into Anglo and beleive me Anglo stood way above the rest.

cheers GF.

GF, having read the risk factors in the ATH Prospectus fron seymourpierce.com I tend to agree.

What do you mean by "shelf life of AHT"?

Years of reserves left with current mines operating. Of course if they open new mines that will increase.

cheers GF.

Thanks

Nice rise today and back on form after a few days where buys where greater than sells but it still went down, never mind this as been happening across the whole board.

cheers GF.

Todays Shares Mag

Anglo Pacific (APF) 71.5p
Relative strength (1 mnth/1 yr): 31%/81%
PE: 13
Forecast EPS growth: 68%
Dividend yield: 4.7%
Demand for metals and energy fuels is being
driven sky-high by economic growth in places
like India, China and other Far Eastern
countries, playing right into the hands of
miner Anglo Pacific. Little wonder the
company remains so optimistic about the
opportunities for its gold, diamond, base
metal and substantial coal and coal gas
projects in Canada. The shares have hit new
heights in each of the past five years and have
more than doubled from 2003 lows of 29.5p.

■ Shares says: A geared play on
commodity prices, the shares are not
expensive given growth hopes and a wellcovered
dividend.

Superb apple , I love you, well er er , sorry if you are a bloke. Strictly a women man.

cheers GF.

I'm not too sure about that with the hours you keep!!
I thought I was the only sad case that stays up half the night. It must be the excitement that your shares are doing well, wish I could say the same I am in E Bookers!!!

HI MP, I run my business during the night, heavy insustrial cleaning. As long as the guys are getting on with it I can take time out and post. Beats working.

cheers GF.

You Love me????????

Hold on GF!!!!!!!

You only had to say thanks for the info.

Am I a man or woman?
I don't think I want to answer that, it might encourage you.


Anyway, good call you made on APF, I'm sitting on a nice profit.
Thanks for bringing it to my attention.

LOL.

30/07/04 07:30 Re: 2nd Quarter Cashflow RNS

Hello All,
Does anyone know whether the announcement below means an increase or reduction in the numbr of shares INVESCO own?

Anglo Pacific Group PLC (the "Company") announces that it received notification today that INVESCO English and International Trust plc has revised its notifiable interest to 3,420,075 Ordinary Shares of 2p each in the Company, representing approximately 3.88% of the issued Ordinary Share capital. The shares are registered in the name of Chase Nominees Limited.

James

DON, check previos RNS announcements.

Yup its a bloody pain, they should say wether they are sells or buys.

If its not a buy they must be crazy.

cheers GF.

Goldfinger/Oliver leftwingtweet,

Please stick to industrial cleaning. Your tips are destined for the bucket - remember JCR, RAB etc. As I recall from ADVFN, Burnfinger is advised about shares from certain brokers and is offered discounted prices on some AIM companies. Then he starts the ramp and gets out when then the price is up - you were offered RAB for 25p and ramped this skyhigh. Please stop this nonsense - do you sleep peacefully?

Ramu

RAMU a mental case exposed once again. Seems he as a problem with jealousy, I note hes had a go at Sue Helen aswell. Never mind little man get Medical help.

Heres the topics he has posted on........................

Search Results
Started by Topic EPIC Creation Date Articles
goldfinger TOLEDO COPPER, One Heck Of A Speculative Share, But It Might Just Come Good.
TCU 29/07/2004 48
SueHelen Caledon Resources-In the hunt of multi million ounce gold projects. Going Cheap!
CDN 19/05/2004 417
goldfinger RAB CAPITAL PLC, A Hedge Fund Mannagement Company Showing The Way Forward.
RAB 16/04/2004 458
goldfinger ANGLO PACIFIC, Mining Investor And A Play On The Developing Chinese Economy.
APF 18/04/2004 68

OUTLOOK

The outlook for coking coal prices remains extremely encouraging and, with
production at the two mines in Australia expected to be at record levels and
mostly on the private ground, the Board expects much stronger coal royalties
this year. Furthermore current spot prices are well ahead of this year's fixed
contract prices which themselves are over 25% up on the previous year.

With the weakness of the US dollar and the current demand for metals and energy
fuels worldwide driven by Chinese, Indian and Far Eastern demand, the Board is
optimistic about the opportunities for its gold, diamond, base metal and PGM
interests, as well as for the substantial coal and coal gas projects that the
Company has in Canada.

Website www.anglopacificgroup.com

cheers Gf.

GF please don't respond to him or even mention him.

Apple, its difficult at times as the board moderators are not doing their job properly despite several PMs from them, that they will watch the position.

As I am a large share holder in the parent company I have now sent an e-mail to the board outlining why I do not think that the board moderators are doing anything like a proper job.

This board as gone to the cleaners in the last month or so, and someone, needs to be brought to account. We do not want another advfn but its going that way.

cheers GF.

Goldfinger,

Rest assured that we do take note of any comments passed to us by a user with regard to BB abuse - we will continue to monitor and we will step in when we deem it necessary.

If you have any specific concerns, please E mail me.

Ian

Ian thankyou for that re-assurance.

cheers GF.

I think I'm going to be sick....
regards

Me too teletigger. Ian, I suggest you have a look at another thread where goldfinger has been totally abusive towards a poster called Dil. How can you possibly condone that sort of abuse? It's absolutely disgusting. Sexual innuendo has got absolutely nothing to do with comments on share prices. You need to get your act together if this site is going to have any credibility.

LOL, crazyWoman. Dont forget I own a big chunk here.

We will see.

OUTLOOK

The outlook for coking coal prices remains extremely encouraging and, with
production at the two mines in Australia expected to be at record levels and
mostly on the private ground, the Board expects much stronger coal royalties
this year. Furthermore current spot prices are well ahead of this year's fixed
contract prices which themselves are over 25% up on the previous year.

With the weakness of the US dollar and the current demand for metals and energy
fuels worldwide driven by Chinese, Indian and Far Eastern demand, the Board is
optimistic about the opportunities for its gold, diamond, base metal and PGM
interests, as well as for the substantial coal and coal gas projects that the
Company has in Canada.

Website www.anglopacificgroup.com

cheers GF.

I've just jumped in here. Agree that the commodity surge will continue. Power stations in China are desperately short of coal on a regular basis according to the FT. At this rate Arther Scargill could make a comeback!

rgrds to all.
gk

Any ideas why this got a bit of a mugging today?

gallick, it didn't!

Something funny going on with money ams mid prices etc. All day its been down about 4.5 points and now in my portfolio its showing just 1/2p down, some other funnys aswell.

As it anything to do with the repair work over the weekend or did MMs go funny at the end of the days trading.

Whats the price on advfn?.

cheers GF.

I have it down on etrade as down 4.5 pts (5.88%) with a mid price of 71.40. Sorry but that's a bit of a mugging in my book!

Gallick, yup your right but its showing on stockwatch on peoples portfolios as being only 1/2 a point down. The reason, just like any other share today all red at 2pm when I checked on ceefax.

cheers GF.

Bounce back today. I had not expected such a bumpy ride. Seems to have become volatile quite recently, but smoother trend in the past. Bit of a toss up whether I went for this or Extrata, but I think this has better growth potential (albeit volatility).

GF - are you still in BAU and SCD.

regards
gk

Hi GA, yes.

Cheers GF. No sorry I am not in ST at the moment, altough I keep my eyes on it.



Perhaps andy as called this one right, he seems to get a lot right. and thats the truth ,he seems to have a nack for the winners

cheersa GF.

GF

Andy who?

Andy who post on this board. hes a good un.

cheers GF.

Gallick, got out then went in again, in both.

cheers GF.

>>GF

I think BAU is starting to look interesting at these prices. With fears of further dollar weakness (patic weak job growth figure last week), it can only be good for gold, and other commodities. Which brings me to APF...have you seen any broker price targets for APF. Broker forecasts are bound to increase as a result of rising commodity prices. PE of @35 does not look bad imho, as there is a serious growth story here.

rgrds
gk

Hi Gallick,

not to sure about your P/E as dont forget there are considerable assets on the books which were included as negligible, so if these are realised/sold next results we would be looking at a considerably lower P/E.

No not seen any brokers reports just lately, will have a look to see if I can find anything.

cheers GF.

Found this so far.................

Fundamentals
Year Ending EPS P/E PEG EPS Growth Dividend Dividend Yield
31-12-2001 2.83p 27.39 n/a n/a n/a 0.00%
31-12-2002 4.09p 18.95 0.43 +44.52% 1.75p 2.26%
31-12-2003 3.70p 20.95 n/a -9.54% 2.60p 3.35%

Forecasts
Year Ending EPS P/E PEG EPS Growth Dividend Dividend Yield
31-12-2004 4.00p 19.37 0.19 +100.00% 3.20p 4.44%
31-12-2005 6.40p 12.11 0.20 +60.00% 3.50p 4.86%

Covering analysts: JP Morgan

cheers GF.

Thanks for that GF.

Thanks GF

Gone through 80p, not bad. Gone into another coal miner Bischi, excelent chart just keeps going up.

cheers GF.

GF,
Have you any thoughts on gold and its future movements

Regards

James

Certainly have a positioned myself in quite a few of the smaller companys including Bema, Avocet, golden prospect and randgold.

cheers GF.

Joined you guys into Bischi this morning.

Bischi mining steaming ahead this morning.

cheers GF.

Yes GF, pleased to be on board this one.

Hi Chester1 please see my new thread on gold and mining.

Your contributions greatfully accepted.

cheers GF.

Another rise today, not a big one, but just keeps going.

cheers GF

Profit takers taking their gains on both anglo and Bisichi.

cheers GF.

Up again, 81p Much more to come I think.

Apple take a look at Birshici.

cheers GF,

Keeps on going up.



cheers Gf.

And another coal miner with a fantastic chart that just keeps on going up, NICE.



cheers GF.

Thanks for the info GF.

Hi apple, just wondering if they will track oil price? ie, if oil goes down will these.

Might be worth keeping a close eye on the situation.

cheers GF.

Well another move northwards this morning.

cheers GF.

Yep, ticking along nicely.

Chester Bisichi is another worth getting into. Nice rises every other day, no massive volatility.

Just been looking at similar ones ans Cape CIU looks like one of these types where they just go up quietly nearlly every day. Further research to do mind.

Cheers Gf.

I think OIL price drop is only temporary.

GF - Bisichi is the one I'm into. All my posts are related to BISI. I have no holding in APF.
I guess there should be a seperate BISI thread.

chester1

There is a seperate BISI thread!

apologies

Its my fault chester, Im sorry but I havent had time to set up an individual thread for Bischi, many thanks go to apple for that.

cheers Gf.

The comparitive charts of the coal miners on the market.



Bischi = black, Anglo and Pacific = Red, ATH Resources (new float)= Blue.

cheers GF.

On the rise again, so whats new.

cheers Gf.

:-)

Good edit apple. GF has a wife on one site and a girlfriend on another. Left his wife at home and taken his gf on holiday? Anyway he is totally in love with Katie Price. Any traders new to share trading just watch this guy, he's a total con merchant. Just got thrown off the SC site and that's the only reason he's back here posting his usual nonsense. Following his usual pattern he will now report me to Ian his mate at moneyam who must be totally sick of him by now.

Coal prices continuing to rise lovely.

cheers GF.

NB, Dunbarton CrazyWoman from ShareCrazy serial liar and squelched.

dunbarton what are you going on about?

Edit? what edit?

On the plus side, I usually take a look at the shares that GF mentions & I make up my own mind about them.

As far as I am concerned, he is being helpful by bringing them to our attention.

They don't always turn out to be winners but I have bought some of them & the ones that I have bought have made me a profit especially APF.

I have never lost money on a share flagged up by GF because I don't buy them all, so what's your problem? Think for yourself, DYOR & make your own decisions.

I don't defend GF, I've never met him & I have no idea what his motives are but I do make my own decisions.

BTW dunbarton, try being polite to people, it results in a much pleasanter experience, calling people names like 'con merchant' isn't a useful contribution.
It just results in GF calling you names as well.

GF please don't rise to the bait!

I wont apple because I know its crazywomen from sharecrazy a much discredited poster and one who has been evicted once from this site. Best to just ignore and set the squelch button up. Thanks.

cheers GF.

Coal prices continuing to rise lovely.

cheers GF.

Up she goes yet again.

cheers GF.

Guess who have a stake in Kirkland Lake Gold?..................

RNS this morning..................................

Kirkland Lake Gold Inc
02 September 2004

September 2nd, 2004
EXPLORATION OVERVIEW FOR YEAR ENDED APRIL 30TH, 2004

PROVEN AND PROBABLE RESERVES INCREASE 28%

Kirkland Lake Gold Inc (the 'Company') is pleased to present its overview of
exploration efforts and expenditures in its 2004 fiscal year, which ended April
30, 2004 and new year-end (April 30, 2004) reserve and resource estimates for
its operations in Kirkland Lake, Ontario.

Exploration Overview

'The first half of the year was spent completing the compilation work necessary
for the foundation of the three year, $21 million exploration campaign announced
October 21st, 2004' said Michael Sutton, Chief Geologist. 'Given that we did not
begin aggressive exploration of the property until the second half of our fiscal
year, we are pleased that in the last 6 months, 269,814 tons of ore was added to
reserves, grading 0.47 ounces of gold per ton (138,948 ounces) for less than $10
per ounce. Due to the wide-spaced drilling in the early phases of the major
drilling campaigns underway an increase in resource levels was not expected
until this fiscal year and beyond.'

During the second half of the 2004 fiscal year, the Company began the first six
months of a major three year $21 million exploration campaign. The increase to
the reserves was a total of 269,814 tons of ore was added grading 0.47 ounces of
gold per ton (138,948 ounces, or 28%). Since the December 2002 reserves were
released, Kirkland Lake Gold has increased the reserves by 78%.

An extensive definition drilling campaign was carried out in the first six
months of the 2004 fiscal year. An on-going expansion of mining activities at #3
shaft, #2 shaft, and at the Lake Shore Ramp required an emphasis on definition
drilling. The 2004 accomplishments achieved in the definition drilling enabled
the Company to lower the definition requirements in the 2005 fiscal year
allowing the re-allocation of resources to the exploration program.

Drilling has resulted in the addition of 132,000 ounces of gold in reserve and
resource categories (plus 32,000 ounces inferred), virtually all of which was
found in the last six months. The exploration programs that were targeting the
large-tonnage potential structures did not begin until the end of 2004 fiscal
year, are now in full operation, and are planned to be developed over the next
21/2 years. The discovery of a completely new ore trend - north-south, rather
than the classic east-west of the Camp - beyond the original goals of the
exploration program opens up substantial areas for new resources to be added.

The finding cost per ounce found for the mine site exploration was $9.41.
Including grassroots exploration drilling away from the Mine, the figure is
$12.30 per ounce. The newest discoveries to the south of the Mine have a cost
per ounce found of $6.44 (including the cost of drilling a portion through to
reserve).

'In last fiscal year's new discoveries, resources were quickly converted to
reserves and remain open for reserve expansion this year. The Kirkland Lake Camp
has tremendous exploration potential, and as the new South Zone attests to, the
cost per ounce found can be very economic' said Stew Carmichael, Chief
Exploration Geologist.

The first six months of the drilling campaign has been successful in laying the
foundation for the next phase of exploration. The campaign is on target with the
goals of drilling 500 -1,000 foot centres on aerially large, ore-bearing,
unexplored, vein systems and structures that have been identified on the
properties in Kirkland Lake. These targets have a combined potential to host
15,000,000 tons of ore (using a 25% success ratio although the Company has
demonstrated better than the historical 25% success ratio). There will be
follow-up of ore intersections to bring in new resources and reserves (50 - 200
foot centres). For the 2005 fiscal year the Company has budgeted exploration
expenditures of approximately $9,230,000.

A total of 231,390 feet were drilled in the one year period (Apr 31 2003- Apr 31
2004). Of the total spent on drilling ($3,147,000), $1,700,000 was exploration
drilling. This exploration covered various surface targets, the Narrows/'05
Break to the north, the D vein, the newly-discovered South Zone, and many
newly-discovered veins throughout the property. Most of the surface exploration
focused on grassroots targets.

Resources & Reserves Increase

The Company has calculated reserves and resources as of April 30, 2004 which are
summarized in the following table.

TONS GRADE OUNCES
(ounces
per ton)
Reserves
Proven 586,400 0.42 248,900
Probable 735,200 0.52 381,200

Total Proven + Probable 1,321,600 0.48 630,100

Resources
Measured 923,300 0.37 337,300
Indicated 2,329,500 0.30 708,800

Total Measured + Indicated 3,252,800 0.32 1,046,100

Total Proven + Probable + Measured + 4,574,400 0.37 1,676,200
Indicated

Inferred Resources 642,800 0.30 191,300

Notes:
1. The reserves and resources are estimated using the polygonal method.
2. All intersections are calculated out to a 5.0 foot minimum horizontal
mining width.
3. Dilution is added to reserves at varying rates depending on mining
method, and the width of the ore. Dilution in the reserve estimate overall
averages 26% at 0.02 ounces of gold per ton. All higher grades are cut to
3.50 ounces of gold per ton. The cut-off is 0.25 ounces of gold per ton
over the horizontal mining width.
4. The area of influence of the proven and measured categories are 30 feet
from development chip samples, probable and indicated categories are
50 feet of radius from a known sample point (drill holes); inferred is
another 50 feet of influence.
5. A 94% tonnage recovery is used. Continuity of the veins appears very good.
6. The assumptions used include $375 U.S. per ounce of gold, and an
exchange rate of $0.75 Canadian= U.S. $1.00 ($500 Canadian per ounce).
7. The Company is not aware of any environmental, permitting, legal,
title, taxation, socio-political, marketing or other issue that may
materially affect its estimate of mineral resources.
8. Mineral resources which are not mineral reserves do not have demonstrated
economic viability.

The full breakdown of the reserves and resources can be seen on the Company's
website.

Mining Now Self-Sustaining

Production has achieved continual increases both in terms of tons and grade
since resuming earlier in the fiscal year. Production tonnage has increased at a
constant rate of at least 1,000 tons per month. The extensive mine dewatering
campaign has a negative impact on the mine plan. The development tonnage
necessary to re-access the stope blocks has had the affect of lowering the grade
to date. This quarter is slated to have full production for the first time since
Kirkland Lake Gold began rehabilitating the property.

New Zones Found to the South of the Mine

The South Zone has added a new outlook to the Kirkland Lake Camp. Not only is it
a different style of mineralization (wide sulphide system), but it is running
north-south as apposed to the east-west nature of the mineralization from which
24 million ounces of gold have been mined to date in the Camp. The D Zone was
discovered last year and it too is north-south trending. At least four other
mineralized zones have been discovered to the south of the Mine.

About the Company

The Company purchased the Macassa Mine and the 1,500 ton per day mill along with
four former producing gold properties - Kirkland Lake Gold, Teck-Hughes, Lake
Shore and Wright Hargreaves - in December 2001. These properties, which have
historically produced some 22 million ounces of gold, extend over seven
kilometers between the Macassa Mine on the east and Wright Hargreaves on the
west and for the first time are being developed and explored under one owner.
This camp is located in the Abitibi Southern Greenstone Belt of Kirkland Lake,
Ontario, Canada.
The results of the Company's underground diamond drilling program have been
reviewed, verified (including sampling, analytical and test data) and compiled
by the Company's geological staff (which includes a 'qualified person', Michael
Sutton P.Geo. for the purpose of NI 43-101, Standards of Disclosure for Mineral
Projects).

The Company has implemented a quality assurance and control (QA/QC) program to
ensure sampling and analysis of all exploration work is conducted in accordance
with the best possible practices. The drill core is sawn in half with half of
the core samples shipped to the Swastika Laboratories in Swastika, Ontario or to
the Macassa mine laboratory for analysis. The other half of the core is retained
for future assay verification. Other QA/QC includes the insertion of blank
(non-mineralized) sections of core, and the regular re-assaying of pulps and
rejects at alternate certified labs (Polymet, Accurassay). Gold analysis is
conducted by fire assay using atomic absorption or gravimetric finish. The
laboratory re-assays at least 10% of all samples and additional checks may be
run on anomalous values.

The Company's Kirkland Lake properties are the subject of a report prepared by
Roland H. Ridler, B.A.Sc.(hons.), M.A.Sc., Ph.D.(Econ.Geol.), P.D., entitled
Kirkland Lake Mineral Properties (Macassa Mine, Kirkland Lake Gold, Teck-Hughes,
Lake Shore, Wright-Hargreaves dated November 30, 2001. The Company's Macassa
Mine Property is the subject of reserve reports prepared by

David W. Rennie, P.Eng. and Richard E. Routledge, M.Sc., P.Geol.
entitled Review of Mineral Resources and Mineral Reserves of the Macassa
Mine Property, Kirkland Lake, Ontario Prepared for Kirkland Lake Gold Inc
dated December 23, 2002 .
Michael Sutton P.Geo., and Stewart Carmichael, P.Geo. entitled Mineral
Resources and Mineral Reserves of the Macassa Mine Property, Kirkland Lake,
Ontario (Kirkland Lake Gold Inc.) as at April 30, 2003 dated August 30, 2003
Michael Sutton P.Geo., and Stewart Carmichael, P.Geo. entitled Mineral
Resources and Mineral Reserves of the Macassa Mine Property, Kirkland Lake,
Ontario (Kirkland Lake Gold Inc.) as at April 30, 2004 dated August 31, 2004


All of these technical reports have been filed on SEDAR (
www.sedar.com
< http://


www.sedar.com>),
except the 2004 report which will be filed within 30 days.


For further information, please contact:
Brian Hinchcliffe Investor Relations
President Scott Koyich
Phone 1 705 567 5208 Phone 1 403 215 5979
Fax 1 705 568 6444 E-mail:
info@klgold.com ENDS.

SUPERB.

cheers GF.

Some big volume in this one today. Still up on the day.

cheers GF.

>>GF

Do you know what stake APF have in Kirkland? Any idea what quantifying gains flow from these results? Sorry if that sounds a bit lazy of me to ask... but I know you have got your eye on the ball!

regards
gk

Not sure gallick, I know that its very important to the company.

Somewhere in the RNS news it is burried but beleive me it is very significant.

cheers GF.

Better late than never. Bought this morning at 86.5p.

....hopefully not a bad timed purchase !!!

Excelent interim results, what a sound company this is. Profit taking going on now like after the last results, but just look at the very brigh outlook statement. Coal prices to remain stable and on the up into 2005. I think after a day or two we will resume northwards.

Heres the results............................

Anglo Pacific Group PLC
03 September 2004



3 September 2004



Anglo Pacific Group PLC
Interim Results for the six months ended 30th June 2004


Anglo Pacific Group is pleased to announce a strong performance for the six
months ended 30th June 2004.


Highlights:



Profit before tax up 55% to 2,700,000 (2003: 1,738,000)
Profit after tax up 67% to 2,076,000 (2003: 1,245,000)
Earnings per share up 66% to 2.36p (2003: 1.42p)
Cash of 1.5 million, no borrowings, and unused bank facilities of 300K
Interim dividend for the year ending 31st December 2004 to be announced in
November 2004

Commenting on the interim results, Peter Boycott, Chairman of Anglo Pacific,
said:

'I am pleased to be able to report another set of encouraging results for the
first six months of 2004 and further progress in the development of Anglo
Pacific and its asset base.

With the increasing demand for energy products from China, India and the Far
East, the outlook for coking and steaming coal prices looks to remain buoyant.
Developing our coal energy interests in Canada and elsewhere will remain a major
focus for the Group.

The Board maintains its strategy to pay a proportion of its increasing coal
royalty cash flow as dividends to shareholders, whilst endeavouring to make full
use of its substantial tax losses.'


Enquiries:

Brian Wides / Peter Boycott Anglo Pacific Group PLC 020 7409 1111
Stephen Scott / James Harris Scott Harris 020 7618 6433





Anglo Pacific Group PLC
Interim Report for the six months ended 30th June 2004


CHAIRMAN'S REVIEW

The first six months of 2004 has seen a distinct shift in sentiment away from
gold and precious metals towards base metals and in particular coal energy and
oil. Whilst the price of gold has remained stable, and still mostly reflects
dollar weakness, the prices of base metals and energy fuels have risen sharply
due to ever growing Chinese and other Far Eastern demand as well as
uncertainties over oil supplies caused by Middle East political unrest.

In the period under review the Company has maintained its gold and precious
metal investments albeit at a reduced level and has actively striven to increase
its exposure to base metals as well as coal and coal energy. This has been
achieved by taking profits on some of its quoted investments and expanding its
private coal interests in North America and elsewhere. Our half-yearly results
reflect this.


RESULTS

Following increased coal royalty receipts and substantial realised capital gains
I am pleased to report that Group profits before tax for the six months ended
30th June 2004 increased to 2,700,000 compared to 1,738,000 for the same
period last year. Profits after tax were 2,076,000 compared to 1,245,000 with
earnings per share for the half year of 2.36p compared to 1.42p.

Our coal royalty interests are now valued at 47.1 million as at 30th June 2004,
an increase of circa 2.8 million over the valuation at 31st December 2003.

Our mining operational interests and quoted stakes in gold, PGM and base metal
projects were valued at 30th June 2004 at circa 7.3 million after having
realised profits of 0.72 million over the period. Cash at 30th June 2004 was
1.5 million with no borrowings and unused bank facilities of 300K.

On 6th August 2004 a final dividend of 1.3p per share for the year ended 31st
December 2003 was paid. Shareholders owning circa 53% of our issued share
capital opted to take further shares in the Company under the scrip dividend
alternative. The Directors also opted to take shares rather than cash in respect
of substantially all their shareholdings thus increasing their investment in the
Company.

The Company will announce its interim dividend for the year ending 31st December
2004 in November 2004, when a scrip dividend alternative will again be available
to shareholders.


cheers GF.

Some interesting speculation here..................

DAILY EXPRESS
*Suggestions that Havelock Europa (HVE.L) is trading ahead of expectations.
*Rumours that Chaco Resources (CHP.L) is close to a deal.

Who's Dealing:
*Non-Exec takes maiden stake in Mitie Group (MTO.L).

Share Whisper:
*Talk that Anglo Pacific (APF.L) could be involved in financing a lucrative mining venture.

cheers Gf.

GF you missed a bit from the express.

That mining venture could add nearly 15% to its net asset value, according to gossips.

WOW, thats excelent apple. I hope we get the news soon.

cheers Gf

No news on the mining venture yet then. Patience will pay in the long term.

cheers Gf.

Should be write ups in Shares and Investors Chronicle on the results this week.

cheers GF

Share price only fell about 2% when the figs came out. Given market perversity IMHO this is a result. 2% is inconsequential when you expect profit-takers to be around. Hopefully normal service to be resumed.

>> GF have you heard the story being pedalled (maybe it's true) about a potential 10 year commodity boom (ie we are at the start of it). Have no idea how "experts" work that one out!! There is the China/India story, but do you buy the long term view ?

rgrds
gk

Yes especially with India and dont forget even though growth rates in China have dropped from 10% plus, a 7% to 8 % is still a magnificent growth rate per annum.

cheers GF.

Looks like we may get an up day here after the lul after the results.

cheers GF.

Feature Story
Date: September 09, 2004

Anglo Pacific Now Has To Get Real Value For Its Unlisted Investments In Canada

It is never the easiest of tasks to dissect the results from Anglo Pacific Group and the interim results to end June show the pattern has not changed. Profits before tax were up from 1.74 million to 2.7 million, but 718,000 of this increase was accounted for by the sale of fixed assets. Peter Boycott, the chairman, says that With the increasing demand for energy products from China, India and the Far East, the outlook for coking and steaming coal prices looks to remain buoyant. Developing our coal energy interests in Canada and elsewhere will remain a major focus for the group. The coal royalties from two mines in Queensland, Australia, are the engine room for the company but they only increased by 510,000 so presumably the full impact of high coal prices is yet to come.

The other problem of which investors have to be aware is that the royalty interests do not necessarily provide a steady and rising stream of income. They arise when the two producers are mining from the private rather than the Crown areas of the mines and are paid in arrears. Last year mining at the Kestrel mine operated by Rio Tinto and the Crinum mine of BHP Billiton took place predominantly in the Queensland Governments area of the coal deposits. This year it was expected to switch back again, but there is not too much evidence of this as yet. The directors are maintaining their strategy of paying out between 40 and 60 per cent of net royalties after 30 per cent Australian tax as dividend, but will not make up their minds about the interim until November. Provided the mining takes place in the private areas and sales of coal get full benefit from higher prices, investors could be in for a treat. At the beginning of August a final dividend was paid for the year to end December 2003 which makes clear just how much in arrears the word arrears implies.

The company lays great store by the value of these coal royalty interests which rose from 44.3 million to 47.1 million in the half year. Anglo Pacific also has a 65 per cent interest in the 665 million tonne Groundhog coal deposit as well as owning the 121.5 million tonne Trefi deposit in the well established Peace River coal field. Both of these are in British Columbia and work is continuing on them encouraged by the much increased activity in that part of Canada during the last six months with projects going ahead at Perry Creek, Burnt River and Willow Creek amongst others. With higher world prices for metallurgical, thermal and domestic coal, Groundhog and Peace River have now become valuable assets which are still carried in the books at negligible cost. Discussions on developing them with joint venture partners continue, but it has to be admitted that Groundhog is in a pretty remote area.

In addition the company has a 15 per cent interest in the Merritt coal bed methane project. Coal bed methane is an emerging industry in Canada and the US is well ahead of it in the development of natural gas resources. Merritts resources consist of 31 billion cubic feet of coal bed methane and 218 million tonnes of bituminous grade coal. This interest is in process of being reversed into a Canadian quoted vehicle where funds will be raised locally to take the projects forward. The background for developing Merritt remains positive as the move will put real value on the stake at a time when the directors have seen a distinct shift in sentiment towards coal energy and oil in the first half of 2004.

In the period under review Anglo Pacific therefore took some profits on its gold and precious metal investments as indicated by the sale of fixed assets and has increased its exposure to base metals as well as coal and coal energy. Few details are given, but certainly the investment in Kirkland Lake Gold was reduced. The company still has a holding of nearly 20 per cent in Platinum Australia , however, which has recently announced projects in South Africa. These involve the process technology developed at the Panton project in Australia which produces a PGM concentrate of a grade high enough to go direct to refiners, cutting out smelting. As a result the technology could produce good revenue returns without the requirement for substantial inward investment. It is somewhat ironic, nevertheless, that a company which has tended to shun South Africa finds itself transported there, like it or not, as it would be difficult to liquidate this holding without crystalising a significant loss.

The company has a number of stakes in other quoted mining companies which are concentrated in North America, Canada and Australia. These include a stake of nearly 20 per cent in Canadian listed Alto Ventures for which the interest in the Oxford Lake gold property was swapped. Together with the coal and coal energy projects in Canada these were valued at the end of June at around 7.45 million net of the realised profits. Cash amounted to 1.5 million with no borrowings and unused bank facilities of 300,000. Anglo Pacific is therefore in a strong financial position and still has 29 million of tax losses to be carried forward against capital gains. For its next trick it has to come up with a deal, or deals, which will put real value into its Canadian unlisted interests.


cheers GF.

Starting to look stronger now after results last week.

cheers Gf.

Down so far today, it looks like Ransomes Dock Ltd has reduced their holdings.

Its a bad day alround apple. Just took one look at my watch list now and the majority of small caps are down after last nights poor session in the US.

Its a day for doing the garden.

cheers GF.

Showing signs of life.

Yup its been a wait after the results.

cheers Gf.

Interesting stake taken in Laramide - being a Uranium play. With fears about where energy is going to come from given the oil price rise, nuclear must be back on the agenda in a lot of countries (including the UK). There is not much uranium in the world, so IMHO there is really only one way the price can go.

rgrds
gk

Thanks for that Gallik, missed it, in the last few days been a bit busy investing in bricks and mortar.

cheers Gf.

Taken a stake in Cambrian Mining an excelent move. A couple of good investments made by management over the last few days. Is up aswell. Nice steady eddie of a riser this.

cheers GF.

Had a look at the maths on the Cambrian Mining deal GF. By my calculations (and these come with a health warning), a 6.4% stake in CBM at a then SP of 58p would have cost approx 1 mil. As of today, with CBM at 90p the stake would be worth 1.7 mill. This, based on APF's current market cap of 76 mill should mean a share price increase of 1p.

We had an increase of over 3p today which basically tells us 2 things IMHO. Firstly that the increase on fundamental terms is over the top. Secondly the market in mining/commodities (in case you did not know)is in a bull run. Having said that of course the CBM purchase could of course be a coup in the long term. I'm having slight visions of tech bull runs revisited!

>> GF

You are investing in bricks and mortar? Sounds like a bit of a contrarian play!

rgrds
gk

Hi Gk, very good points and here is my reply. Firstly on Anglo Pacific, I dont think you have factored in the increasing price of coking coal which the Australian Broker houses reckon will move from the present $50+ US dollars at present to $80 dollars per tonne in 2005. Obviously you can see that Anglo as a big percentage of their portfolio in coal and this is in fact already forcast to rise this year when the company moves from Crown Royalties to private ones.
Their increased exposure to Cambrian as upped the stakes aswell.

On the other point which is a personal one I was merely pointing out that I had lost time on the board as I have been involved in a private syndicate buying up old canal side Textile Mills, which we turn around into luxury flats that we both sell and rent off at the side of fantastic landscaped waterside features.

Sell date will probably be late 2007 so we have plenty of time for any cyclical turnarounds.

cheers GF. PS, please get in touch if I have missed points.

GF

Love the sound of your building project. I was in housing myself, built about 25 units a year plus barn conversions. But too much stress and a dodge ticker put paid to that, do miss it though.

Did well on monday and looking at these: BUR,SEY,BISI,SIA,CBM,APF,DNX,MRS.
Do you see any real no no's.

MS

Hi mickey, no not really in that list but I would add Soco onto it. You just might miss out on a real star. Hope you do well, its looking a good day so far.

cheers GF.

GF

Many thanks.

MS

mickeyskint - of your list Sterling Energy is the star. Real 5-bagger potential from current position.

07/10/04 08:32 UK smallcap opening - Anglo Pacific drops on placing of 4.4 mln shares AFX

>> GF

Have you any thoughts/heard any wispers about STAR. It could be one, from what I have heard.

(Apologies for the divertion to other APF holders).

rgrds
gk

WOW how did you hear about that gallick?????????????????. That was supposed be quiet. Gas storage which is at a premium at the moment in price as there is very little on these shores compared to the amount we need.

If you look at the chart is is to put it bluntly crap, but what say in 3 months from now.

We could be both onto a good un.

Please let me know how you go on this one if you dont mind.

Cheers GF.

..GF
I saw it tipped by the Invesco Perpetual smaller cos fund manager in Moneyweek. Agreed it has no form/chart but it would make a change if I got into one of these shares before they have already blasted off! I might wait for an initial upward move before getting on board.
Hang on a second, how did you hear about it?!

rgrds
gk

From one of my brokers Hargreave Hale, a nifty little shifty phone call to put me in the picture.

I didnt buy then , but I have since and hope to add more.

cheers GF.

I put a small amount into STAR because north sea gas is in decline & the Zebrugge to Bacton import pipeline may not be able to cope with peak demand.

So I started looking around for companies in the gas storeage business & I found STAR.

I bought them expecting them to gradually rise but they haven't moved so far.

The Humbly Grove storeage project is on budget and on schedule to start commercial operations in October 2005

The next storeage project is in Lincolnshire.

They are also pumping oil from small UK wells so the current OIL price is great for profits.

I don't buy many AIM shares but this one is an exception.

I suppose I may as well start a thread on STAR.

APF UP yet again!

Yep, good stuff.

cheers GF.

Are we going to see the next leg higher soon? It would be criminal if APF were not able to make hay while the Chinese sun was shining...

Fingers crossed Im hoping so.

cheers GF.

Looks like shares are taking a breather. ... ..Are you still in the game?

I'm still in, waiting for that Chinese dividend...

Why's this heading south at a rate of knots?

Seems the mining sector is suffering from a spate of profit taking including APF. Look at the trades. Probably some of the scrip issue shares which came to the market this week.

Interesting as APF usually manage to avoid being pulled in either direction by the bigger boys. I wonder why now is any different.

The volume traded is not great, and there does not seem to be any news about. It has bounced a bit in the last couple of hours. Can't see any reason to panic!!

rgrds
gk

Seems to be rearranging their portfolio; reduced holding in CBM, and added to HIF and Canadian Coal interests - possibly a bit short of cash as there is also the Lagoon Creek Uranium Project to finance.

>>petob

Where did you see that info please? I thought they had just increased their holding in CBM to 5.3%.

rgrds
gk

Gone ballistic again.

rgrds
gk

10% up, and I don't have a clue why! Anyone in the know??

gallick,

Sorry for not replying, computer caught a flu, am recovering archivos!
Something about the new Asia Energy ??????

>> petob

Sorry, I'm not with you. You mentioned that APF were altering their portfolio, reducing their stake in Cambrian adding to HIF etc, and I was wondering where you got the info.

I heard KMR described in a newspaper as potentially the new Asia Energy - but that is a diffrent matter.

rgrds
gk

gallick,

05/10/04 - APF holds 6.4% CBM
www.uk-wire.com/cgi-bin/articles/200410050730006908D.html

03/02/05 - APF holds 5.3% CBM ..........I do not have the number of shares in the Oct 04 deal, but on checking back CBM has been issueing a lot and the % change may be due to dilution.

02/02/05 - APF purchases further 6,500,000 HIF, increasing holding to 14.23%
www.uk-wire.com/cgi.bin/articles/200502021637501446I.html

21/12/04 - APF increases control of Groundhog and Trefi coal projects from 65%-100%.
www.uk-wire.com/cgi-bin/articles/200412211000026605G.html

I was trying to remember where I'd heard about the new Asia Energy ...KMR!, that's ok with me. Thanks.

Re: APF sp - certainly going ballistic, something going on!!!!.....If not I put sp support at 110p.

>>petob

Cheers for that.

Good to see that APF has started to push on again. I was getting a little concerned that we were heading back under 120p but it's been a better end to the week (so far....)

Bad day at the office today. Anyone have any ideas why?

I think this is the trend given that the mining sector has taken a clobbering in the last week -10 days or so. I jumped out at 127p. I think it is just sentiment- not based on news. Don't think the rise in the dollar is a factor and the China story has plenty of legs in it to run. Perhaps it is safer to be on the sidelines for now.

rgrds
gk

Hmmn - with my current luck I'd jump out and the next day a bid at a 60% premium to the previous day's closing sp would come in!

chart looking good, no nothing about this company but worth a look. anybody following it or have any views.

Anybody else still in these?, theres been a bit of interest from the t1ps.com camp Ive been told.

I see "my man" has just put me into this lot while I was out yesterday, but have yet to find out exactly why (other than mining issue!), or what target he is looking for .... No doubt he'll tell me on Monday.

I see "my man" has just put me into this lot while I was out yesterday, but have yet to find out exactly why (other than mining issue!), or what target he is looking for .... No doubt he'll tell me on Monday.

Will be interested, cheers GF.

A great write up in Shares mag today...the summary of which is ' Owning shares in Anglo Pacific is almost as safe as owning shares in a FTSE 100 miner, due to its enormous spread of investments and risk, but considerably cheaper.'
I can't copy it but well worth a read....
III also have APF as a buy today
"With oil prices remaining high, it is worth being aware of their influence on coal prices and the companies benefiting from this. Coal tends to track oil due to its role as a substitute, also reflecting changing industry demand with economic cycles. It is a vital input for the steel industry, an industry very much influenced by growth rates of developing countries.

Perhaps the key question for all resources-driven shares is whether the US can avoid a recession, which would likely hurt everyone. Obviously, if you feel negative about the big picture, then oil and coal are a tricky proposition. Yet India and China have strong long-term momentum and supply constraints are

keeping oil and coal prices well bid. For the time being at least, oil and coal-related shares are proving more comfortable to hold than consumer or financial.

Most investors' sense of gaining exposure to coal is via large diversified mining groups such as BHP Billiton (BLT.L) or Xstrata (XTA.L), with the smaller resources companies regarded as inherently speculative. Yet Anglo Pacific Group (APF.L) in the FTSE Small Cap index is an interesting example of a conservatively managed firm with a proven track record. Over the last decade, under a new management, it has utilised royalties from Australian coal mining interests to acquire further royalties and a spread of investments, besides paying useful dividends. Via a proactive style, over the last four years the management has achieved a 76% compound rate of return on its investments, which has helped to drive Anglo Pacific shares from about 40p to 166p, currently capitalising the group at 176 milion.


Assets in low political risk areas

The group also has some exposure to uranium, gold and platinum group metals also diamonds, is un-hedged and debt free, hence well positioned to gain from strong commodity prices without the gearing that typically causes trouble for smaller firms. Anglo Pacific's assets are mainly in countries of low political risk such as Australia and Canada, with management generally avoiding developing countries where resources nationalism has become a problem.

All told, it is a shrewd approach to managing financial risk and reward that coincides with the executive chairman and finance director each holding about 6 million worth of shares hence their interests are aligned with outside investors. Furthermore, the directors continue to take up their dividend entitlements via a scrip issue of shares, a vote of confidence in long-term capital growth.

In terms of portfolio spread, Anglo Pacific has some 63 million (equivalent) invested in 19 different companies in the UK, Australia and Canada, with a further 30 'incubator' investments. Management is wary not to share much detail about its smaller stakes, but this is in their commercial interests and Anglo Pacific is not a complex group to understand like the larger miners.

First half 2007 results were strong indeed. Due to strength in coal prices, the Australian-based coal royalty interests rose in value by 23% to 59 million; cash and strategic investments by 77% to 99.8 million; and pre-tax profit by 22% to 15 million. The bulk of this, 11.2 million, was via capital gains from mature mining interests, the rest in royalties. The shares trade at a small premium to the end-June net asset value of 153p per share, although this figure under-rates the potential value of substantial private coal interests in British Columbia and Australia, all of which are valued on the balance sheet at minimal cost.

The shares are also backed by a prospective 4% yield assuming a 7p per share total dividend - as forecast by Bell Lawrie White, previously broker to the group, although Numis Securities has recently been appointed and it would be fair to expect presentations soon to their clients.


Anglo Pacific overlooked by brokers?

Company REFS shows the previous broker as offering the only forecast in the market, for 24.4 million pre-tax profit this year and 26.1 million next, although this was dated 1 March and there looks to be scope for upgrades. It is quite rare for brokers to overlook smaller miners with this kind of profit dynamics, also ironic when Anglo Pacific is "unique for all the right reasons", but the City has tended to emphasise big companies or promoting AIM flotations - for the best commissions.

Another aspect of the investment rationale for Anglo Pacific is currently tightening conditions for equity and debt finance prompting more unquoted companies to raise finance by selling royalties on assets, which management says is already enhancing their deal flow.

The latest purchase was a package of Canadian uranium assets, for 4.3 million via a share issue, with nearly 13 million remaining on the group balance sheet for further investments. Besides the non-executive directors, there is a three-man advisory panel to assist with evaluating projects. This year's deals have covered the range of usual commodities, as well as gas production.

A low tax charge, just below 1 million in the first half, relates to tax losses accumulated before the current management took control in 1997, with 13 million remaining unused, hence the tax charge will rise in the medium-term.


Shares at an all-time high

So, are the shares worth buying, as they entertain an all-time high? Ultimately, this depends on whether you concur with the directors' confidence, that "recent increases in underlying coking coal prices will be maintained for some time". They have created probably the best stockmarket vehicle for risk-adjusted returns from the mining sector, conservatively managed with robust cash flows, yet small enough and with various dynamic 'incubator' stakes to offer useful upside. You must still expect some volatility with commodity prices.

Specifically regarding tax-free PEPs and ISAs, Anglo Pacific is well worth considering to protect income and capital gains, also because the shares' downside looks limited relative to speculative smaller miners where you ought to ensure ability to utilise capital losses (tax losses not applying to tax shelters).

In itself, the company is well worth following as an ongoing success story in the relevance of traditional 'merchant banking' skills to modern business, when so many financial operators nowadays end up compromising them in pursuit of quick gains".

A nice rise today...the chart of APF looks really good :-)

Coking coal prices set to increase over $200 MT so on the back of that RIO tipped to do well, also BLT, also:
"At the junior end of the market Anglo Pacific stands to be the key beneficiary. APF's principal asset is its 50% owned royalty over Rio Tinto's Kestrel coking coal mine in Queensland. Taking Friday's settlement price for 2010 and 2011 and a long term price of US$180/t, we estimate Anglo Pacific's NAV at �2.90/shr (a 14% premium to its share price). At these prices, the value of Anglo Pacific's Kestrel coal royalty alone is worth 58% of its current market cap, or 65% once we add in cash. Our 'all in' NAV which includes Anglo Pacific's thermal coal exploration assets in Canada takes our NAV to �3.24/shr and we continue to think its shares look attractively priced for further upside."

"At the Annual General Meeting of Anglo Pacific Group plc (the "Company") held on 21st April 2010 ordinary resolutions were passed to authorise scrip dividends, pay a final dividend of 4.65p per share (Ex-divi date 5th May '10), adopt director and employee incentive schemes, de-list from the Australian Stock Exchange and obtain authority to allot new shares from unissued share capital under section 551 of the Companies Act 2006. Special resolutions to authorise the allotment for cash of new equity shares or from treasury and to authorise the Company to make one or more market purchases of its own shares were also passed.

At a subsequent meeting of the Board it was resolved to offer a scrip dividend alternative in respect of the final dividend of 4.65p per share for the year ended 31st December 2009."

Stockwatch: Double-digit yield is reward for risk

StockMarketWire.com
Anglo Pacific Group will be publishing its results for the 12 months ended 31 December on 25th March.

StockMarketWire.com
Anglo Pacific Group has completed the purchase of a private party's royalty interest in the Narrabri coal project.

Of the total consideration of US$65m, the cash component of US$60m has been paid (subject to a number of completion adjustments) and the balance of US$5m has been satisfied by the issue of 4,135,238 acquisition shares.

Chief executive Julian Treger said: "We are pleased to have completed the acquisition of the Narrabri royalty. The Acquisition will immediately enhance our portfolio of producing royalties and help to diversify our royalty cash flow through the addition of thermal coal exposure, which we believe is beginning to benefit from recent supply cuts in Australia and a recovery in spot pricing.

"The acquisition is also in line with Anglo Pacific's strategy to acquire royalties on mining assets that are competitively positioned on the cost curve, cash or near-term cash producing, located in established mining jurisdictions and operated by experienced mining companies with strong track records. We hope to continue to capitalise on current market conditions and find similar opportunities that can deliver long-term value to our shareholders."

Ex-divi 25th June (4p)

StockMarketWire.com
Anglo Pacific Group has issued an update on its Kestrel royalty following the first quarter operational update by Rio Tinto on Tuesday. Rio Tinto announced production from the Kestrel mine of 1.017 Mt of hard coking coal and 0.118 Mt of thermal coal for Q1 2015.

Production rates at Kestrel are improving following the long wall ramp up as total production at the mine during Q1 2015 was 147% higher than Q4 2014 and 30% higher than Q1 2014.

The Kestrel mine production rate is expected to reach full production within the next 9 to 15 months as the mine continues to ramp up. Rio Tinto's Q1 Kestrel production update indicates that production tonnes on Anglo Pacific's royalty lands continue to be in line with guidance for 2015. The company estimates that Rio Tinto will mine between 60% and 65% of total production within Anglo Pacific's royalty lands during 2016.

StockMarketWire.com
Anglo Pacific Group has received maiden royalty payments from both the Narrabri and Maracás royalties, shareholders at the annual general meeting were told today.

The receipt of the maiden royalty payments increases the number of producing royalties within the Anglo Pacific portfolio and provides further cash flow diversification.

Anglo Pacific said that all the resolutions proposed at the annual general meeting passed by a show of hands.

StockMarketWire.com
Anglo Pacific Group reports significant progress in delivering on its stated strategy in the first quarter.

Highlights include:
- Acquisition of the Narrabri royalty for US$65.0 million along with the associated, successful equity raise and obtaining a new US$30.0 million revolving credit facility

- Maiden royalty revenue earned for Narrabri and Maracás during Q1 2015

- Royalty income of £2.3 million in Q1 2015 (Q4 2014: £0.5 million, FY 2014: £3.5 million)

- £1.7 million in cash generated from disposal of non-core assets

- Appointment of Patrick Meier as independent non-executive director from 30 April

Chief executive Julian Treger said: "The first quarter of 2015 has been encouraging for Anglo Pacific with the first royalty income earned from our two recent acquisitions, Narrabri and Maracás. We are also pleased with the underlying production in Q1 2015 at Narrabri, which is ahead of our expectations. In addition, we are increasingly confident about the recovery of royalty income from Kestrel, supported by the level of information now received from Rio Tinto."

Mining stocks getting hammered at the moment, but one for the watchlist when the industry picks up.

StockMarketWire.com
Revenues from Anglo Pacific Group's Kestrel royalty continue to perform in line with its expectations.

The group said production rates at the Kestrel mine have improved following a panel change out during Q4 2014.

Kestrel production during Q2 2015 totalled 1.118 mt (Q2 2014: 0.72 mt) and during H1 2015 totalled 2.252 mt (H1 2014: 1.59 mt). Kestrel production within the Anglo Pacific royalty area during H1 2015 was 22%, and in line with the company's previous guidance of 20% to 25%. In accordance with Anglo Pacific's Kestrel information rights, Rio Tinto has provided updated tonnage sales forecasts which confirms that the second half of this year is in line with, or slightly above the Company's previous guidance of 70% to 75% of production within Anglo Pacific's royalty area. Full year 2016 guidance of 60% to 65% of Kestrel production within the company's royalty area remains unchanged.

Chief executive Julian Treger said: "The first two quarters of 2015 have been encouraging for Anglo Pacific with revenues from the company's Kestrel royalty continuing to perform in line with our expectations. Kestrel production within the company's royalty area remains on track to increase significantly in the second half of 2015, and will further underpin Anglo Pacific's dividend."

is divi safe with a 4 Bn four thousand million impairment , directors buy can they
do sums? s/p 81p 27.7.15 BB ends

Narrabri production guidance FY2016

Anglo Pacific Group PLC ("Anglo Pacific", or the "Company") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, is pleased to provide an update on its Narrabri royalty following the release of Whitehaven Coal Limited's ("Whitehaven") (ASX: WHC) Full Year to 30 June 2015 Results.

Whitehaven has announced its guidance for Run of Mine ("ROM") coal production for the next fiscal year at the Narrabri North mine to be 6.6 Mt to 6.8 Mt.

Julian Treger, Chief Executive Officer of Anglo Pacific, commented:
"We are encouraged by Whitehaven's production guidance for FY2016 which is a testament to Whitehaven's management, who have delivered one of the most productive and lowest cost underground longwall coal mines in Australia. The expected coal production for next year is above the 6.5 Mt of ROM coal production that Anglo Pacific had assumed at the time of the royalty acquisition. This royalty continues to exceed our expectations."

StockMarketWire.com 28th Jan 2016

Anglo Pacific Group is pleased with the underlying performance of the royalties and expects further income growth from its royalties in 2016.

Highlights
- Royalty income for Q4 2015 in the range of GBP2.7-3.0m (Q4 2014: GBP0.4m)

- Royalty income for 2015 in the region of GBP8.5-8.8m (2014: GBP3.5m)

- H2 2015 and full year Kestrel coal production within Anglo Pacific's royalty area of 84% (above guidance of 70-75%) and 49% respectively

- Updated tonnage sales forecasts from Rio Tinto, in accordance with Anglo Pacific's Kestrel information rights, confirm previous guidance of 60-65% of Kestrel coal production will be within the Group's royalty area during 2016 (H1 2016: 30-35% and H2 2016: 85-90%)

- The Narrabri mine's production continues to outperform the Group's expectations, setting an annual production record of 8.3 Mt run-of-mine coal for the calendar year 2015, well in excess of the original design capacity of 6 Mtpa

- Laramide Resources C$5m loan receivable repaid to Anglo Pacific on December 31, 2015 upon maturity

- Unaudited cash and cash equivalents of £5.7m as at December 31, 2015 (September 30, 2015: £3.6m)

- Unaudited net debt at December 31, 2015 of £1.8m (September 30, 2015: £5.2m)

- Coking coal price weakness likely to result in a Q4 2015 pre-tax reduction in the carrying value of the Group's Kestrel royalty in the range of A$28 - A$33m, with a corresponding reduction in the associated deferred tax liability

- Operating costs, excluding share based payments, will be less than £4.0m, a significant reduction on the £4.9m equivalent in 2014

- Final dividend for 2015 to be reduced to 3p, from the previous level of 4p per half year, bringing the total dividend for the year ended December 31, 2015 to 7p per share

- The Company's revised dividend reflects lower income expectations due to an approximate decline in coking and thermal coal prices during 2015 of between 15% and 25%

- It is a continuing policy of the Company to pay a substantial proportion of its royalties to shareholders as dividends, with a long term target dividend of 65% of adjusted earnings

Chief executive Julian Treger, said: "We are very pleased with the underlying performance of the Group's royalties and expect further income growth from our royalties in 2016.

"Like everyone in the sector, we have been affected by the commodity environment and weakening coal prices have reduced our revenue. This decline, combined with a lower commodity price outlook, has led the Board to reconsider our dividend policy. Despite this, we remain committed to paying attractive dividends and maximising shareholder value.

"We continue to believe these challenging times for the mining sector will provide opportunities for Anglo Pacific to identify attractive new royalties that will enhance the lifespan and diversity of our portfolio."

StockMarketWire.com
Anglo Pacific Group will release its results for the year ended 31 December on 23 March 2016.

StockMarketWire.com
Anglo Pacific Group's royalty income rose by 149% to GBP8.7m in the year to the end of December, driven largely by strong production performance at Narrabri and an increase in mining within the group's royalty lands at Kestrel.

The group reports a 34.5% reduction in overheads (before share-based payments) to GBP3.2m (2014: £4.9m) and adjusted earnings, which excludes non-cash revaluations and impairment charges, increased by GBP6.2m to GBP4.0m (2014: loss GBP2.2m) resulting in adjusted earnings per share of 2.47p (2014: loss of 1.97p).

Losses after tax were £22.6m (2014: £47.6m), due largely to the Kestrel revaluation charge of £27.2m (2014: £11.8m), resulting in a loss per share of 14.06p (2014: 42.09p).

The group also reports a significant reduction in reported impairment charges to £5.3m (2014: £31.5m).

Recommended final dividend of 3p per share resulting in a total dividend for 2015 of 7p (2014: 8.45p).

Chief executive Julian Treger said: "Anglo Pacific made good progress in 2015, despite this being a very difficult year for the mining sector in general. We were pleased to see our royalty income more than doubling in the period along with a significant reduction in our operating costs.

"We look well placed to build on this with strong growth expected in 2016. Of particular note was the performance of our Narrabri royalty, which we acquired in March 2015. Production at the mine totalled 8.3Mt in 2015 which was considerably higher than the ROM estimates we had used to price the royalty at the time of acquisition. We expect there to be further production upside in the coming years driven by increased permitting capacity and extended longwall infrastructure. Despite a decline in commodity prices, we believe this royalty is worth more today than we paid for it just over twelve months ago.

"Despite the progress we have made in the year, Anglo Pacific has not been immune to the declines which have beset the mining sector over the past year. The indiscriminate selling which has affected commodity stocks has also impacted our share price, to an extent that we trade well below our net asset value per share and at a very high dividend yield. Ordinarily such a yield would suggest to the market a further dividend cut. However, following our announcement on January 28, 2016, in which we outlined a revision to our dividend policy, we have now made the cuts we believe are necessary to protect our balance sheet, subject to ongoing market conditions being relatively stable.

"We recognise the attractive opportunities present in the market at this time and are determined not to let these prospects pass without obtaining exposure to some high quality attractive royalties. We are now seeing investment opportunities with well positioned counterparties which have not been as freely available in recent years. We are confident that we can continue to acquire attractive royalties which will enhance the lifespan and diversity of our existing portfolio and which will enable us to continue our policy of paying a substantial portion of royalties to shareholders as dividends."

24 Mar 16 finnCap Buy 72.88 79.00 85.00 Reiterates

23 Mar 16 Peel Hunt Buy 72.88 83.00 83.00 Reiterates

21 Mar 16 finnCap Buy 72.88 79.00 79.00 Reiterates

StockMarketWire.com
Anglo Pacific (APF) noted the publication by Berkeley Energia of an independent definitive feasibility study (DFS) on its Salamanca Project.

The DFS reports that the project is capable of producing an average saleable production of 4.4 million pounds of uranium per annum over ten years of steady state production, or an average of 3.5 million pounds of uranium per year over a 14 year mine life.

This is significantly higher than the rate of production assumed when the company acquired the royalty in 2009 due to the considerable increase in resource discovered by Berkeley over the past twelve months.

First production, and hence first generation of royalty income for the company, is expected in 2018.

In December 2009, Anglo Pacific acquired a 1% NSR royalty applicable to production from Berkeley's Spanish and Portuguese assets for A$4.1 million which continues to be its carrying value.

Anglo Pacific also holds 30.3 million Berkeley ordinary shares.

Anglo Pacific CEO Julian Treger said: "We are encouraged by the timely release of this positive DFS.

"Based on Berkeley's long-term contracted uranium price assumptions, the project should generate average gross annual sales revenue of approximately $180m.

"Anglo Pacific has a 1% NSR royalty based on the revenues received by Berkeley.

"We look forward to Berkeley's progress in bringing this exciting project into production."

Peel Hunt today reaffirms its buy investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 108p (from 83p).

StockMarketWire.com
Anglo Pacific reports a strong first half with higher royalty income, a doubling in free cash flow and a 50% increase in adjusted earnings.

Total royalty income of £4.1m in H1 2016, a 6% increase from £3.8m in H1 2015 and the group said the weakening of sterling following the outcome of the EU referendum significantly benefited the balance sheet at 30 June and should impact positively on the income statement in H2.

Interim dividend maintained at the 2015 final dividend level of 3.00p (2015 interim dividend: 4.00p) as per the previously announced dividend policy.

The group reports free cash flow of £3.6m in H1 2016, more than double the £1.7m generated in H1 2015 and it posts an after-tax loss of £5.4m resulting in a basic loss per share of 3.18p (30 June 2015: £8.8m and 5.81p respectively) mainly arising from the £10.2m non-cash Kestrel revaluation deficit.

Other highlights:

- Adjusted profit after tax of £2.4m, up 50% on H1 2015, resulting in adjusted earnings per share of 1.43p (June 30, 2015: £1.6m and 1.04p respectively)

- Net debt of £5.0m at June 30, 2016 (December 31, 2015: £1.8m) and currently £7.5m following the dividend payment in August

- Significant increase in the value of the Group's equity stake in Berkeley Energia in the period, to £11.3m at June 30, 2016 (December 31, 2015: £7.2m), currently valued at £13.5m

- Increase in net assets at June 30, 2016 to £164.8m from £162.0m at December 31, 2015 resulting in net assets per share of 97p (December 31, 2015: 95p)

Chief executive Julian Treger said: "Anglo Pacific performed strongly in the first six months of 2016, reporting higher royalty income, a doubling in free cash flow and a 50% increase in adjusted earnings. We expect this to continue for the remainder of 2016 as, similar to 2015, the majority of our income should be generated in the second half of the year, due to increased mining in our private royalty lands at Kestrel.

"The immediate impact of Brexit was the weakening of the pound and this should be positive for the Group as our assets and income are in dollar denominated currencies. The price of both coking coal and thermal coal ended the second quarter strongly, mainly on the back of supply cuts in China. Both of these tailwinds combined should facilitate a stronger second half of the year for the Group.

"There have been a number of positive developments in our royalty portfolio during the period: increased permitting at Narrabri; record production levels at Maracas Menchen; first royalty revenue from Four Mile; and significant progress by Berkeley Energia Limited at Salamanca. We were also pleased to see Berkeley announce a further royalty during the year which would imply that our existing royalty over the project is now worth three times the balance sheet value.

"Our encouraging start to the year, coupled with the near-term improved outlook for commodity prices and a weaker pound, should now accelerate dividend cover. We continue to work hard to acquire accretive acquisitions but remain disciplined to only invest in those opportunities which will, over time, enable us to grow the dividend and create shareholder value."

StockMarketWire.com
Anglo Pacific Group's royalty related income rose to £4.7m in third quarter - 147% up on a year ago.

Royalty related income for the first nine months totalled £9.0m comapred with £5.7m for the nine months to the end of September 2015 and £8.7m for the full year of 2015.

The group had cash and cash equivalents of £4.0m as at 30 September (31 December 2015: £5.7m) and net debt of £8.2m (31 December 2015: £1.8m), both prior to receipt of Q3 2016 royalty income.

Outlook:
- Significant increases in both coking and thermal coal prices since the half year, with spot prices up 229% and 110% year to date respectively, which should benefit royalty income in Q4 2016

- Royalty income for 2016 expected to be considerably higher than previous expectations

- Net debt currently stands at £4.2m following receipt of the Q3 2016 royalty income

- Currency hedging measures implemented to protect a significant portion of forecast next six months' Australian dollar income at spot rates of approximately GBP:AUD 1.60, following the continued weakness of sterling post the outcome of the EU referendum

- Full dividend cover now expected for 2016 ahead of previous guidance, and acceleration in the timeframe when the Group can consider gradually increasing its dividend

Chief executive Julian Treger said: "We are delighted by the Group's progress this year, underlined by the significant increase in royalty income which is already ahead of 2015 as a whole. Encouragingly, we believe that more good news is still to come in Q4 2016, when increased coal prices and mining in our royalty areas should benefit the Company still further. "With the outlook for robust coal prices set to continue through H1 2017, we look forward to the corresponding benefit to our dividend cover. We remain very excited about the Group's prospects, as Anglo Pacific continues to be one of the only listed royalty companies that provides such high levels of exposure to coking coal price increases."

Peel Hunt today downgrades its investment rating on Anglo Pacific Group PLC (LON:APF) to add (from buy) and raised its price target to 128p (from 108p).

Peel Hunt today (20/12/16) reaffirms its add investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 141p (from 128p)

Anglo Pacific Group PLC (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period October 1, 2016 to December 31, 2016, ahead of the release of its full year results on March 30, 2017. Unless otherwise stated, all unaudited financial information is for the quarter ended December 31, 2016.

Highlights
§ ~240% increase in royalty income for the year to £20.5 - £21.5m (2015: £8.7m), mainly driven by the significant increase in saleable tonnes at Kestrel being derived from the Group's private royalty lands
§ Royalty income for Q4 2016 in the range of £11.6m - £12.6mm (Q3 2016: £4.8m, Q4 2015: £3.0m)
§ 88% and 67% of Kestrel's saleable tonnes in H2 2016 and FY 2016 respectively derived from the Group's private royalty lands
§ The Group continues to expect 85-90% of Kestrel's saleable tonnes will be derived from its private royalty lands in 2017
§ Narrabri performed in line with the Group's expectations in H2 2016 with further production growth expected in 2017 through the imminent expansion of the longwall infrastructure
§ Kestrel valuation expected to be A$195.0m - A$205.0mm at December 31, 2016 (June 30, 2016: A$147.8m)
§ Expected impairment charges of £5.0 - £8.0m relating to the Group's Amapá and Dugbe 1 royalties
§ Net debt at December 31, 2016 of £0.9m (September 30, 2016: £8.2m)
§ Dividend cover for 2016 expected to be approximately 1.5x

Julian Treger, Chief Executive Officer of the Company, commented:
"Anglo Pacific enjoyed a strong second half of 2016, principally due to the significant increase in saleable tonnes from Kestrel being derived from the Group's private royalty lands and another strong and consistent production quarter from Narrabri. The Group expects to report income of £11.6m - £12.6m in the fourth quarter alone, which is approximately 147% and 299% higher than both the immediately preceding quarter and the same quarter in the previous year respectively. Combined with the £8.9m earned to the end of Q3 2016, this should result in overall royalty income for 2016 of £20.5 - £21.5m. Such an outcome would represent the highest level of annual income reported by the Group since 2011.
Equally encouraging is our outlook for 2017, where we expect further growth in our income as 85-90% of Kestrel's saleable tonnes are expected to be derived from our private royalty area, a significant uplift from the 67% in 2016. Our royalty income is also expected to be strong in Q1 2017 following the settlement of coking coal contract prices at $285/t. The combination of increased saleable tonnes and higher prices, along with the potential for the pound to remain weak in the near term, should translate into further growth in royalty income for this year.

The Group ended the year with very little net debt and has the flexibility to draw down on its facility to finance future acquisitions. The additional income generated in H2 2016 has also directly benefited our dividend cover which is expected to be in excess of 1.5x for 2016 as a whole.

We are pleased with the improvement in our financial position, though the Board is mindful that the coking coal price is widely anticipated to level off during the course of the year. As such, we feel it is prudent to monitor the level of income received during 2017 and reassess the dividend should income grow as expected.

In addition to its reassessment of the dividend, the Board is also considering investing some surplus cash in growth royalties where these opportunities meet our strict investment criteria. Although cash producing royalties will remain at the forefront of our strategy, we now feel that we are in a position to deploy a modest amount of capital in development royalties which, by their nature, should result in higher returns over time. We have seen some opportunities in this area, which is still largely closed to more conventional sources of capital, and will cautiously select certain projects which are consistent with our strict investment criteria but have the ability to provide exceptional returns over the next decade.

Overall, we are very pleased with the progress we have made in 2016 and our outlook for the year ahead."

StockMarketWire.com 31/07/17
Anglo Pacific Group's royalty income rose to £15.9-16.3m - 290% up on a year ago.

It said the increase in royalty income was mostly attributable to ~88% of sales from Kestrel within the group's private royalty land compared to 38% in H1 2016, along with a ~10% increase in total sales volumes.

Other highlights:
- Free cash flow of £18.5-19.0m generated in H1 2017 (H1 2016: £4.7m) which includes the £3.1-3.4m received as part of the Denison financing arrangement (£1.7m of which related to H2 2016)

- Significant milestone achieved at Kestrel in Q2 2017 with a royalty paid on ~95% of sales which the group expected to remain around these levels for the foreseeable future

- Fair value decline of £10.5-11.5m in relation to Kestrel, largely as a result of resource depletion

- Net debt of £0.8m at June 30, 2017 (December 31, 2016: £1.0m) including repayment, within six months, of the C$12.75m drawn as part of the Denison finance arrangement

- Cash generated in July resulted in the group returning to a net cash position

- New dividend schedule with intention to pay quarterly instalments in even tranches, although the fourth quarter dividend may be adjusted to reflect the actual level of income earned during the year

Chief executive Julian Treger said: "We are encouraged by the level of royalty income received in the first half of the year, and expect this trend to continue into the second half now that we anticipate being paid a royalty on almost all sales by Rio Tinto at Kestrel.

"Royalty income for 2017 is already ~80% of that reported for 2016 as a whole.

"However on the flip side of such strong revenue from Kestrel is that it will impact on the valuation of the asset through resource depletion.

"The level of cash generated during the first six months is also pleasing, and is already ahead of that generated in 2016 as a whole. This will allow us to repay in full the amount of borrowings drawn as part of our Denison transaction.

"With spot coking coal prices running higher than we had anticipated so far in Q3 2017, we will review the absolute level of the final dividend as part of our Q4 2017 trading update and will communicate this to the market in February 2018.

"With the full availability of our US$30m revolving credit facility, a recent strengthening of the spot coking coal price, further weakening of the pound against our income currencies and a comfortably covered dividend expected in 2017, we are in a healthy financial position with good liquidity to pursue further royalty acquisitions and provide meaningful returns to our shareholders."

StockMarketWire.com
Anglo Pacific Group had a strong first half with further increases in royalty income driven by the performance from its Kestrel royalty, with 95% of sales falling within its land in Q2, combined with higher realised prices.

Highlights include:
- Free cash flow generated in H1 2017 of £18.9m, a 300% increase on the £4.7m in H1 2016 and comfortably in excess of £13.4m generated in FY 2016 This included £3.3m from the Denison financing arrangement, of which £1.7m related to FY 2016. This arrangement generated cash returns of C$0.5m per month on average

- Royalty income in H1 2017 of £16.1m, a 295% increase from £4.1m in H1 2016 and at 82% of the £19.7m earned for 2016 as a whole

- Increase attributable mainly to higher commodity prices, favourable exchange rate and increased mining within the group's private royalty land at Kestrel (88% in H1 2017 and 95% in Q2 2017 vs 38% in H1 2016)

- Record royalty income from Maracas Menchen reflecting strong production and a significant improvement in vanadium prices - H1 2017 average of US$5.46/lbs compared to US$3.15/lbs in H1 2016, and currently in excess of US$9.50/lbs

- Increase in overheads to £3.0m in H1 2017 from £1.8m in the corresponding period, reflecting higher staff costs, including share based payments, and increased investment costs associated with sourcing and appraising royalty transactions

- Adjusted earnings of £12.9m for the first six months of 2017, a 438% increase on the £2.4m equivalent in 2016 translating into adjusted earnings per share of 7.44p (H1 2016: 1.43p)

Chief executive Julian Treger said: "Anglo Pacific has had a very strong start to 2017, which has seen us add to our portfolio with the Denison financing arrangement, report significant further increases in royalty revenue, and become debt free.

"This gave us the confidence to implement the payment of our dividend on a quarterly basis, to match the timing of our quarterly revenue, and also to accelerate the timing of dividend payments post declaration.

"Mining at Kestrel is now firmly back to within the Group's private royalty land. It is pleasing to see that this increased volume in mined coal that is subject to the Group's royalty has coincided with a strong rebound in the coking coal price.

"This, along with the contribution from the rest of the portfolio and the recent Denison financing arrangement, has seen us post a doubling of income over the last two years and a similar outcome is expected this year.

"We have now repaid all of our borrowings, including the amounts drawn down as part of the Denison transaction, and have a fully covered dividend.

"The Group has ready access to between US$30.0-US$40.0m of cash and borrowing facilities for further royalty investments, and this is very much the focus for the second half of the year."

Macquarie today reaffirms its outperform investment rating on Anglo Pacific Group PLC (LON:APF) and set its price target at 185p.

finnCap today reaffirms its buy investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 157p (from 150p).

Peel Hunt today reaffirms its buy investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 154p (from 151p).

Peel Hunt today reaffirms its add investment rating on Anglo Pacific Group PLC (LON:APF) and raised its price target to 181p (from 160p).

Peel Hunt today upgrades its investment rating on Anglo Pacific Group PLC (LON:APF) to buy (from add) and raised its price target to 190p (from 181p).

StockMarketWire.com
Anglo Pacific Group said Wednesday total contribution from royalties increased by more than fifth in the third quarter of the year, driven by higher commodity prices and portfolio additions.

For the three months ended 30 September, total contribution from the group's royalty portfolio rose 27% to £12.1m, taking the year-to-date total contributions to £32.9m, up from £28.9m a year earlier.

As well as high commodity prices, a record quarter of revenue from Maracas Menchen of £1.4m, a 148% increase on the £0.6m year-on-year, and £0.9m contribution from Labrador Iron Ore Royalty Corp had bolstered overall growth, the company said.

Anglo Pacific also benefitted from another strong quarter at Kestrel with revenue increasing 26% compared to the same period last year.

Commodity prices across the group's portfolio remained resilient during the quarter and the outlook for 2019 continued to improve, the company added.

The total dividend for the year would not be less than 7p a share.

'With the addition of the LIORC investment, our portfolio has grown during the quarter by adding an additional immediate revenue stream whilst being aligned with our strategy of diversifying income sources, commodity and geographical exposure with a focus on premium quality product, said Julian Treger, Chief Executive Officer.

'Our portfolio continues to deliver growth with Q3 2018 contributing £12.1m taking total year to date royalty contributions to £32.9 million, an increase of 20% compared to the same period in 2017.'

'We remain in a very strong financial position and, with our new borrowing facility, have ample liquidity available to continue growing and diversifying our portfolio, building on the considerable progress we have made so far in 2018.'

Q4 2018 and year end 2018 Trading Update
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the "Group") (LSE: APF, TSX: APY), the London and Toronto listed royalty company, issues the following trading update for the period 1 October 2018 to 18 January 2019, which includes certain information for the year ended 31 December 2018. This update is ahead of the release of the full year results on 27 March 2019. Unless otherwise stated, all unaudited financial information is for the quarter or year ended 31 December 2018.

Highlights
§ Record year of portfolio income in 2018 of £48-50m, a ~15% increase on the £42.4m equivalent in 2017

§ Portfolio income is made up of £45-47m from royalties with the balance of ~£3.0m being the proceeds from the Denison financing arrangement (2017: £37.4m and £5.0m respectively)

§ Q4 2018 is the third highest quarter of revenue from Kestrel of £9-10m (A$18-19m), and the highest single quarter since Q2 2010

§ Record year of revenue from Maracás Menchen of £5-6m, a ~180% increase on the £2.0m received in 2017, driven by strong vanadium prices and now representing the Group's second largest royalty

§ Strong contribution from the Group's recent Labrador Iron Ore Royalty Corporation ("LIORC") investment of £1.9m, mainly earned in the second half of the year - LIORC's Q4 2018 dividend implies an annualised yield of ~10%

§ Net debt of £3.1m at 31 December 2018 (2017: net cash of £8.1m) following ~£38m of acquisitions and £13.1m of dividend payments during 2018

§ Borrowings expected to be repaid in full at the start of February 2019 after receipt of Q4 2018 royalty income, leaving up to a potential $90m available for growth through the Company's credit facility

§ Total dividend for 2018 will not be less than 7p, of which 4.875p has already been paid or declared (2017: 7p)

Potential for further volume growth at Kestrel
§ Preliminary information received from the operator, EMR Capital and Adaro Energy suggests that there could be a material uplift in production in 2019, comfortably in advance of 10% above the current broker consensus of 5.15mt

§ Anglo Pacific is currently working with the operator to validate these preliminary numbers with a view to obtaining further information in relation to the mine plan going forward, and will update the market once we are in a position to do so

Julian Treger, Chief Executive Officer of the Company, commented:
"2018 has seen yet another record year of income for Anglo Pacific. Including the cash received from the Denison financing arrangement, total income for the year is expected to be £48-£50m, well in advance of the £42.4m generated in 2017. We end the year in a very positive position, with the expectation of returning to a net cash position at the end of January 2019 and up to $90m of liquidity available in order to finance acquisitions. With the cost of capital in the mining sector increasing over the past six months, we are now seeing more investment opportunities to deploy capital and add to the £38m of acquisitions we made in 2018.

The commodities from which our revenue is derived enjoyed a very strong year. Both coking and thermal coal remained at levels far in excess of most commentators' expectations at the beginning of the year. Vanadium was the stand out performer in the period, which led to the income generated from our Maracás Menchen royalty increasing by ~180%, to become our second largest source of income.

Should the suggested significant increase in Kestrel volumes eventuate, Anglo Pacific would, subject to commodity pricing, see a noticeable uplift in revenue. In such circumstances this should have positive implications for the level of dividends in 2019.

With further growth to come from our existing portfolio, the focus for the year ahead is now firmly on recycling this revenue into additional royalties.