Another victim of lower metal prices.

Galena mining undergoing a strategic review of Abra Mining operations

Shares are now suspended

Good call from @Bear77 warning everyone about the track record of Tony James

Appears also that Alan Molyneux also left.

That's 2 names to add on your blacklist should they become directors again

Abra is also an underground mine so this would be a negative for mining services companies

The mine was developed by Byrnecut and GR engineering (GNG). I'm not sure if Byrnecut or GR Engineering is involved in mining operations.

(21/06/2023 Gold Coast Investment Showcase Presentation )

Noticed a few director buys here. BTW: Alex is the MD (source: marketindex)

21/12/22 Alexander Molyneux Buy +105,000 $0.228 $23,980 On-market trade

15/12/22 Alexander Molyneux Buy +145,000 $0.234 $33,875 On-market trade

14/12/22 Alexander Molyneux Buy +250,000 $0.230 $57,458 On-market trade

Correction on my calculations before

My rough DCF comes to be around 550m including capital expenditure. I got my Pound to tonne conversion wrong!

So NPV of 575M overall but I guess the cash costs they quoted doesn't include interest expense on debt of 110m and royalties (so maybe 500M?). Still think stock is trading around fair value as this is a underground mine and anything can go wrong. Also the company has found copper gold drill results below the silver/lead Abra deposit.

(Previous incorrect statement as reference - my very rushed valuation (on the Nov 2022 presso) comes less than the current MCAP. So it is probably fair value here. Note that Abra is a underground mining op)