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Forum - Mining and Commodities Eh! (Axmin - AXM.V)    All things commodities, with a Canadian Junior Miner focus.

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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 05/23/2018 14:35
Forum: Mining and Commodities Eh! - Msg #6164 - List AXM.V msgs Thread #674001235 (Rec: 0)
Based on the recent news from Axmin Inc, the government, UN, and other global support will help the company get this project back hopefully sometime this year. Right now AXM stock value is based solely on the royalty payment earnings multiple and has not given any value towards the CAR asset, or future Senegal royalty targets. Thus making AXM severly undervalued.

Project Link: http://www.axmininc.com/Corporatenbsp.php

AXMIN Inc. (AXM-TSX Venture) is a gold exploration company with a track record of finding and developing mines in Africa. AXMIN's strategy is to focus on newly democratic countries where it has the opportunity to acquire highly prospective ground as an early entrant.

In June 2010, AXMIN announced the completion of the acquisition of AfNat Resources Limited, at the same time the Company announced a restructuring of management and the Board, George Roach was appointed President and CEO. Shortly thereafter, in August 2010, AXMIN was awarded a 25 year Mining Licence (ML) for its Passendro Gold Project and two 3-year renewable exclusive Exploration Permits that ring-fence the ML and cover 90 sq km of strike along the prolific Bambari greenstone belt.

The Passendro Gold Project is located in the centre of its 90 km long Bambari permits, located in north-central Central African Republic (CAR). Passendro has as of June 2009, a NI 43-101 Indicated mineral resource of 2.03 million ounces Au (31.5 Mt grading 2.0 g/t Au) and Inferred mineral resource of 1.10 million ounces Au (21.7 Mt grading 1.6 g/t Au). In January 2011, AXMIN announced the results of its revalidated Feasibility Study, which indicated a robust project with a NPV at 5% discount of US$340 million, an IRR of 32% and a low cash cost of US$484/oz over a mine life of 8.3 years. In addition, the first three years provide an average annual production of 205,000 ounces with a cash cost of US$437/oz resulting in a rapid project payback of 2.2 years. With the feasibility study in hand, AXMIN has all the documentation it needs t secure the debt financing to develop Passendro project.

Highlight of the 2011 FS is detailed below:

Assumed Gold Price

US$1,100/oz

Assumed Oil Price

US$80/bbl

Mine Throughput

2.8 mtpa

Mine Life

8.3 years

Development & Construction

24 months

Strip Ratio

5.4:1

Average Annual Production years 1-3

205,000 oz

Average Annual Production (LOM)

163,000 oz

Initial Capital Costs (excluding contingency)

US$246 million

Total Cash Costs (including royalties) (LOM)

US$484/oz

Average Metallurgical Recovery

94%

Gravity Recovery

30%

IRR (after tax & royalties)

32.1%

NPV (after tax, 5% discount)

US$340 million

Operating Cash Flows

US$493 million

Payback Period

2.2 years

On December 24, 2012, the Company officially notified the CAR Minister of Mines and Defence, as per its 2006 Mining Convention, of the existence of Force Majeure due to the escalating rebel activity in the country, providing the Company full protection under the circumstances and in the event there is a change of administration in CAR. Under these circumstances all in country operations other than administrative, as well as all negotiations with the Company’s debt lenders have been suspended pending the lifting of the Force Majeure. The Force Majeure is an unexpected event that crucially affects our ability to carry out our activities under the terms of various agreements and represents a lawful reason for failure to have done so.

Subsequently, on April 2, 2013, AXMIN referenced the COMMUNIQUE GOUVERNEMENTAL NUMERO 01 of the CAR Transitional Governmentthat confirmed that all lawfully and legitimately concluded contracts with the State will be honoured, further confirming the validity of AXMIN’s legally binding contractual agreements with the State.

During 2012, the Company’s main focus was securing the financing required to build the mine. By the first quarter of 2012, AXMIN had successfully, with the assistance of its financial advisor Endeavour Financial (“Endeavour”), executed Mandate Letters for a total of $235 million in debt facility that is a mix of senior and subordinate convertible debt with a number of development agencies and commercial banks from Europe and South Africa. The debt providers’ Mandate Letters are commitments to arrange financing on a best efforts basis and are subject to legal, technical and environmental due diligence, execution of acceptable terms and documentation and obtaining final credit and board approvals. As indicated above, all lenders’ due diligence activities and negotiations with debt providers have been suspended until the lifting of the Force Majeure. On April 15, 2013, one of the four financial institutions terminated its debt Mandate Letter pursuant to a decision of certain European States to withdraw recognition of the Central African Republic as a result of the current political situation. This financial institution has indicated that it is willing to reconsider the project if the relevant circumstances change.

In May 2013, AXMIN's shareholders voted overwhelmingly in support of the Dickson Resources Change of Control, at which time the two-stage Offering closed and AXMIN issued a total of 45,000,000 Units for gross proceeds of approximately C$6.8 million. Under the terms of the Offering AXMIN announced the appointment of three Dickson Resources represetatives to the AXMIN Board.



Reply to Jimjones1972 - Msg #6155 - 05/07/2018 13:53

Axmin earns $1.2-million (U.S.) in 2017

2018-05-07 11:33 MT - News Release

Ms. Lucy Yan reports

CHAIRMAN PROVIDES AXMIN'S YEAR END 2017 FINANCIAL AND OPERATIONAL RESULTS

Axmin Inc. has released highlights from its audited annual financial statements for the year ended Dec. 31, 2017, which have been filed on SEDAR (amounts are in U.S. dollars).

2017 Highlights

Financial:

-Revenue of $1.6 million (2016: $1 million);
-Net Income of $1.2 million (2016: loss of $0.25 million);
-Cash balance of $1.1 million (2016: $0.4 million);
Operational:

-Revenue from NSR royalty with Teranga Gold Corporation ("Teranga") for the Gora Deposit has grown from $1 million in 2016 to $1.6 million in 2017. For the avoidance of doubt, at the moment only the Gora Deposit contributed the NSR royalty revenue of $1.6 million for the year 2017 to AXMIN.
-AXMIN staff are in discussions with Teranga regarding progress on developing other properties in which AXMIN has an interest.
-AXMIN holds an additional 16 target areas in conjunction with Teranga subject to future development with no further capital participation contribution required from AXMIN.
Central African Republic ("CAR")

-AXMIN is delighted to confirm that, on March 26, 2018, the Minister of Mining and Geology in the CAR issued an executive order No 073/18/MMG/DIRCAB/DGM ("Executive Order") to grant Somio Toungou an extension of the period of exemption from development and exploration under the Mining License for one (1) year, running from March 22, 2018 to March 21, 2019, relating to the Passendro Gold Project.
-By the Executive Order, Aurafrique also was granted a one (1) year extension, running from March 22, 2018 to March 21, 2019, of an exemption from exploration and research work on the Bambari 1 and 2 Exploration Permits.
-The situation in the CAR remains difficult, but AXMIN's in-country representative Mr. Boubacar Sidibe has recently visited Bambari and has met with the district commissioner, Prefect of Ouaka, Vice Mayor of Bambari, head of MINUSCA at Bakala, and representatives of the illegal miners who were at one time active on the Passendro Gold Project site. AXMIN is maintaining excellent relations at the regional level as well as at the central government level.
-AXMIN regrets the instability that has plagued the CAR but is confident that stability will return under the stewardship of the current government and looks forward to working with all stakeholders to develop a safe, rapid and profitable mining operation on the Company's mineral properties in the CAR.
Commenting on the 2017 annual results, Ms. Lucy Yan, AXMIN's Chairman, said: "During the past year of my tenure as Chairman, we are starting to see some positive developments in the CAR. We believe that the duly elected government working with MINUSCA will in time bring stability to the country and specifically to the region around Ndassima where our main asset is located. We have been in close communication with the senior ministers and officials of the governments both in Bangui and locally in Bambari and look forward to the time when we can reclaim the site to become operational again."

The Counsellor to the CAR President for Disarmament, Demobilization, Reinsertion and Repatriation ("DDRR") , Colonel Noel Bienvenu Selesson, wrote to AXMIN, "We thank you not only for the efforts made by your Company but also for the reaffirmation of its commitment and its determination to go to the operation. The DDRR process is evolving. After the successful completion of the DDRR/RSS Pilot project that ended on December 19, 2017, we are very actively preparing for the launch of the large DDRR. The provisions in this framework, will allow your Company to resume fairly quickly all its activities in the area as well as in the rest of the country."

The CAR Minister of Mining and Geology, Mr. Leopold Mboli Fatrane, also wrote to AXMIN, "... the Ndassima mine is one of the main projects on which the Government is setting out to revive the national economy. To this end, the Government and the Integrated Multidimensional Stabilization Mission of the United Nations in Central African Republic (MINUSCA) have already undertaken the restoration of the authority of the State in the Ouaka and its surroundings."

Mr. David Weill, lead independent director of AXMIN, commented, "Management has done a superb job during this time of adversity to firstly secure the financial situation of the company by strictly controlling costs and secondly develop the royalty revenue streams for the benefit of all shareholders. Management has also maintained an excellent relationship and ongoing dialogue with the government of the CAR so that, when the Company regains access to and control over the mining site, the Company may rapidly implement a pragmatic mining plan focusing on developing the extremely high-grade deposits that will provide operational security for our employees and contractors, require limited capital expenditures from the Company and hopefully achieve very profitable returns in a very timely fashion for our shareholders."

This press release should be read in conjunction with the Company's audited annual financial statements for the year ended December 31, 2017, together with its management's discussion and analysis for the year ended December 31, 2017, both of which are available from the Company's website and on SEDAR at www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00003164 .

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. For more information regarding AXMIN, visit our website at www.axmininc.com .

We seek Safe Harbor.

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