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February 28, 2015 @ 10:56 am

Keith Neumeyer - First Mining Finance

Keith Neumeyer discusses the IPO of his new company, First Mining Finance (FF). 

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First Mining Finance has been designed to take advantage of the depressed markets for mining assets. Many see current valuations as the cheapest they have been in 20 years, on a relative basis perhaps even the cheapest ever. FF's aim is to tap into its large knowledge base and use it to accumulate as many quality mining assets as possible (Americas only) - assets which don't require higher metals prices to be viable - while they are cheap. Eventually, the plan is to have a large bank of them. When (if) the mining cycle turns favourable again, it is hoped the 'mineral bank' will have appreciated considerably in price. FF will then look to generate revenue either from re-sales, JVs, royalties or streaming structures.

The man behind the deal is Keith Neumeyer. For those of you that don't know Keith, he built First Majestic Silver (TSX:FR) and took it from penny stock status to $25 a share (in the heady days of 2010-11) with a C$3 billion plus market cap. It is now one of North America's leading silver producers and even in today's beaten up silver market it remains profitable with a market cap of around C$900m and a share price of $7.50-$8.  Keith was previously behind First Quantum Minerals (TSX:FM), which followed a similarly enormous trajectory to become one of the world's biggest copper producers. His record in mining is pretty much second to none. It is better than even mine.

Also involved are many of the other key personnel from First Majestic, such as Ramon Davila and Raul Diaz.

FF already has 18 properties at various stages of development (gold, silver, copper, lead and zinc) and has raised C$2.7m. The company will IPO in Canada via an RTO next month and plans to raise another C$8-10m (at 40c) in the process. A C$10m raise would mean 80m shares outstanding a market cap of just above C$30m. Management will own about 10% and First Majestic shareholders 25-30%. 

The success of First Mining Finance depends on the metals markets, of course, but the ideal situation would be for them to remain depressed for another while so that assets can be picked up cheaply and for things to then pick up, as they one day will. This is a company to hold for three to five years rather than flip.

Anyway, if you are interested in finding out more or in taking part in the IPO, please contact me and I'll send over forms (email - frizzers at gmail dot com). If you want to speak to Keith, I'll try and arrange that too. 


edit - Further to your questions, I have had the following from management:

"Total management fees are around $500k per year, this includes the cost of support services from First Majestic (offices, legal, administrative etc). We have four employees. The total holding costs per year are around 900k so the total annual cash burn rate is expected to be $1.4 mn.
 
The minimum investment amount is $10,000.
 
Management currently owns (i.e. before this financing) 15% of the shares. 
 
We are looking to close the financing within the next week or so ( i.e. by around March 6 or so) and we expect the shares to be listed by the middle of this month".
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December 29, 2014 @ 6:09 am

What are the implications of the technology behind Bitcoin?

A reversal of roles in today's Bulls and Bears - Dominic Frisby (me) is the interviewee. 


This is a re-broadcast of an interview I did for Simon Rose of Share Radio in November about Bitcoin and the implications of the technology behind it, re-published with Simon and Share Radio's kind permission.

Happy Christmas and Happy New Year to one and all.



Bitcoin: the Future of Money? by Dominic Frisby is available directly from the publishers Unbound, from amazon.com or amazon.co.uk. The audiobook is available here.


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December 11, 2014 @ 5:12 am

Hacking from the squats of London

Renegade computer hacker Amir Tarki talks bitcoin and revolution.

This interview was recorded in early 2014 as part of the research for my book. Some of the Occupy movement are based there - and Amir uses it as his London base. I thought you'd enjoy listening to it.

 AmirTarki.jpg
And this is the squat where we recorded the interview:
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Bitcoin: the Future of Money? by Dominic Frisby is available directly from the publishers Unbound, from amazon.com or amazon.co.uk. The audiobook is available here.
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December 7, 2014 @ 4:21 pm

The fifteen thousand pound pop tart

Dominic meets with Siam Kidd.

Siam joined the RAF after school and not long after completing his officers’ training he began trading and investing. He didn’t have the most successful of starts. Being  self taught and impatient he quickly lost money, including - as he describes the interview - fifteen grand in the time it took him to make a pop tart. This continued for some time as he continually struggled to balance his pilot training and trading, but now trading has become profitable for him. In addition to trading his own book Siam teaches his trading strategies via The Realistic Trader.

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Bitcoin: the Future of Money? by Dominic Frisby is available directly from the publishers Unbound, from amazon.com or amazon.co.uk. The audiobook is available here.
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December 4, 2014 @ 5:09 pm

Every ounce of new gold that is mined is being bought by the Chinese retail buyer ….

Dominic Frisby meets Ned Naylor Leyland at Mines and Money in London. As you'd expect, they discuss gold and silver and, (also as you'd expect), Ned has some very interesting things to say.


Ned graduated with from Bristol Uni in 1998. He began his career at Neilson Management, later moving to Smith & Williamson (formerly NCL Investments) in 2003 where he was an investment manager. Ned joined Quilter Cheviot in 2008 and is advising a specialist precious metals fund


Follow Ned on Twitter.

Ned-Naylor-Cheviot-London-Leyland-3-Edit

Bitcoin: the Future of Money? by Dominic Frisby is available directly from the publishers Unbound, from amazon.com or amazon.co.uk. The audiobook is available here.
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December 3, 2014 @ 5:25 am

The world’s number one gold forecaster utters …

Dominic Frisby interviews Ross Norman, CEO of Sharps Pixley, at London’s Mines and Money conference. Ross’s record in the LBMA annual gold forecasting competition is second to none. Together they try and make some sense of the gold market …



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Bitcoin: the Future of Money? by Dominic Frisby is available directly from the publishers Unbound, from amazon.com or amazon.co.uk. The audiobook is available here.


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November 26, 2014 @ 5:04 pm

Frank Holmes - are natural resources the place to invest now?

Dominic Frisby talks to Frank Holmes, CEO of US Global Investors. They consider the outlook for commodities, emerging markets and natural resource stocks and discuss where to invest now ...
Read Frank's blog here.
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November 7, 2014 @ 9:42 am

Dr JW on the disaster that is metals and mining …

It's been far too long, but Frisby's Bulls and Bears is back. In this episode we talk to our old friend Dr John Wolstencroft about the disaster that is metals and mining ...

Here's a picture of John just after he was fed some BS from a mining executive ...
JohnWolstencroft.jpg
And here's a link to a really good book ...
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March 4, 2014 @ 12:38 pm

Liam Halligan Talks Ukraine

Liam_Halligan_OECHD_2011.jpgAfter a very pleasant lunch, economist and journalist Liam Halligan explains the Ukranian crisis and its implications to me.

Follow Liam on Twitter.
Bitcoin - the Future of Money?
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February 24, 2014 @ 1:45 pm

Bitcoin - the Future of Money?

Dominic Frisby reads an extract from his new book, Bitcoin - the Future of Money?


The book is now fully funded but you can still pledge and get your name in the back.

If you are interested in the audiobook of Life After The State, please click here.

Follow Dominic on Twitter.
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