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James Emerson
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Hedge fund trader and analyst specializing in REIT, hotel, home building, real estate, financial, and consumer discretionary stocks. Preferred stock expert. Extensive experience investing using a variety of typical hedge fund strategies including long/short equity, merger arbitrage, capital... More
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  • Questions For TRX Management

    I sent the investor relations department at TRX the following questions today.

    Dear Sirs:

    Mr. Sinclair has invited investors to inquire about the company. Therefore I am submitting the following questions which I hope you will answer.

    1) What was the company's cash balance as of Nov. 30, 2014?

    2) What is the scheduled delivery date for the CIC plant being built by DMO Tech?

    3) What is the total purchase and installation price?

    4) Has TRX put a deposit down on the plant? How much?

    5) Has TRX paid for any other equipment subsequent to year end Aug. 31, 2014? If so what was purchased and how much was spent?

    6) Is management currently restricted from buying stock? When does that restriction end?

    7) What are the capex and opex requirements of the new low cost mining plan? How much in phase I remains to be paid?

    8) How can shareholders be confident that the low cost mining plan is viable since there is no PEA? What is the estimated cash cost of production?

    9) What is the new project annual rate of production?

    10) Is the Allied Gold JV still alive? What was the date of the last substantive contact?

    11) Why hasn't a JV agreement been completed?

    12) How much ore containing material has been placed on the leach pads at Buckreef?

    13) Has leaching commenced?

    14) What qualifications does Giancarlo have to run a mining operation?

    15) Since Mr. Sinclair has privately announced a "first pour" by January 31st, how can the company achieve that milestone and what is the projected amount of gold to be produced?

    16) If the Buckreef Gold JV agreement has been amended to extend the Target Date as Mr. Sinclair has stated privately, can you release that amendment? If you cannot release the amendment, why was it amended? What concessions did TRX have to give to obtain the extension?

    17) According to the Buckreef JV agreement, 1.1 (11) "Effective Date" means the date upon which the following shall have occurred: (a) the parties shall have executed this Agreement; (b) the Company shall have been incorporated and duly organized in compliance with this agreement; and (c) the Property shall have been transferred to the Company. When did items b & c occur?

    18) What are the components of Buckreef Phase I and Phase II?

    19) Mr. Sinclair has privately stated that my article on SeekingAlpha is inaccurate. What are the inaccuracies?

    20) Previously, I had been told by a credible source that TRX and Mr. Sinclair have been told by the Tanzanian government that the company will never be allowed to mine at Kigosi. Is that true?

    Thank you in advance for your prompt response.

    Regards,

    James Emerson

    Tags: TRX, Gold Mining
    Dec 09 4:18 PM | Link | 1 Comment
  • What Happened To The InterOil Bidders?

    Back on March 1st, InterOil IOC "was pleased to announce that's its advisors have informed the company that several bids to partner with InterOil in its Gulf LNG project have been received." It is now April 2nd and shareholders haven't been told the results of the process. The lack of communication portends a downdraft in the stock.

    In the company's earnings release they stated "Our Board of Directors intends to meet our advisors during March 2013 for the purpose of evaluating bids received and selecting our partner(s) for the development of the LNG Project utilizing gas from the Elk and Antelope fields." Based on that announcement, I would have expected at a minimum an announcement of the name of the winning bidder by the end of March. The lack of a triumphant press release is a clear signal that the bids were inadequate. It doesn't take a month to analyze and select a winner.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Apr 02 12:52 PM | Link | Comment!
  • Trading Update: Tanzanian Royalty Exploration,TRX collapsing
    The stock broke the key $5.70 level on relatively light volume.  $5.70 is a key level as it was price the underwriter paid in the recent offering.  Recent purchasers are now significantly underwater.  The next key level is the $5.30s which is my estimate of the entry price for the largest shareholder, Geier International Strategies Fund managed by Mr. Gibson.  Look for the downward trend to continue and accelerate if the stock breaks below $5.30
    Aug 24 12:40 PM | Link | 5 Comments
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