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Last Post: 5/20/2019 6:13:23 PM - Followers: 2 - Board type: Free - Posts Today: 0

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.

AXM.V Q2 2018 Results (Financials + MD&A) Ending June 30th 2018
All information is available through Sedar. Numbers below are in US Dollars
Tickers: AXM (CDN) & AXMIF (US)
Price: $0.20
Common Shares: 130,497,381
Options: 8,240,000
Insider/Institutional Holdings: 82,089,114 – 63%
Cash: $1,944,449
Receivables: $577,237
Prepaid Expenses: 5,487
Total Assets: $2,527,173

Accounts Payable: $2,376,429
Due To Related Parties: $189,810
Liabilities Of Discounted Operations: $323,103
Total Liabilities: $2,889,342
Three Month Period (Q2)
Revenue: $576,643
Expenses: $146,071
Net Income: $415,900

Earnings Per Share - $415,900 X 1.30(CDN Exchange) = $542,111 / 130.5 Mil Shares = 0.0042c

Six Month Period (Q1 & Q2)
Revenue: $1,067,194
Expenses: $263,256
Net Income For Period: $802,015
Earnings Per Share - $802,015 X 1.30(CDN Exchange) = $1,042,619 / 130.5 mil Shares = 0.008c

Management Discussion & Analysis
During the three months ended June 30, 2018, the Company reported royalty income of $576,643 from Gora Projects, compared with $386,655 for the same time period of 2017.  The net income for the three months ended June 30, 2018 was $437,586 compared to $359,338 in the same period of 2016.
Concentration of Share Ownership
As at the date of this report, AOG Holdings BV holds approximately 12.38% of the issued and outstanding common shares of the Company on a non-diluted basis, Shenglin Trading holds approximately 15.32% of the issued and outstanding common shares of the Company on a non-diluted basis and Dickson holds approximately 34.48% of the issued and outstanding common shares of the Company on a non-diluted basis.
Central African Republic – Passendro Gold Project
The Company’s primary asset is the Passendro gold project, which is situated in the centre of a 25-year Mining License (355 sq km) that was awarded to AXMIN in August 2010. At the same time, the Company was also awarded two, three-year renewable Exploration Licenses, Bambari 1 and 2 (1,240 sq km), which ring fence the Mining License and cover a 90 km strike along the highly prospective Bambari greenstone belt.
On December 24, 2012, the Company officially notified the CAR Minister of Mines and Defence of the existence of a state of Force Majeure due to the escalating rebel activity in the country and the necessity to withdraw its field operations. Prior to the Force Majeure, the Company was working towards securing financing to develop the Passendro gold project into CAR’s first modern gold mine. The following is a brief summary of the status at Passendro gold project as at December 2012. A full description of the Passendro gold project can be found in the Company’s audited financial statements for 2014 and 2013, its June 2012 Annual Information Form, the 2011 Bankable Feasibility Study Optimization & Update and its 2009 Mineral Resource Estimate prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). All reports can be accessed under the Company’s profile on the SEDAR website at www.sedar.com.
The Company through its in-country staff have maintained close communications with senior ministers and officials in Bangui and also in Bambari which is the closest city to the Company’s asset near Ndassima. AXMIN’s country representative Mr. Boubacar Sidbe recently meet with the Vice Mayor of Bambari and Sub-prefect to discuss the situation on the ground and express the Company’s desire to get back on site. Meetings have also been held with the Mining Minister and Chief of the Office of the Head of State. AXMIN remains confident that stability will eventually return to the country and that the Company will be well positioned and ready to work with the elected government of the CAR to develop a pragmatic mining plan focusing on the extremely high-grade deposits that will be safe for our employees and contractors, have limited capital expenditure and hopefully achieve very profitable returns in a very timely fashion for shareholders
On March 26, 2018, the Minister of Mining and Geology issued an executive order No 031/18/MMG/DIRCAB/DGM to grant SOMIO Toungou an extension period of exemption from the development work and productions of the Passendro gold mine for one (1) year, running from March 22, 2018 to March 21, 2019.
On March 26, 2018, the Minister of Mining and Geology issued an executive order No 032/18/MMG/DIRCAB/DGM to grant Aurafrique SARL an extension period of exemption from exploration and research for one (1) year, running from March 22, 2018 to March 21, 2019.
As of the date of this report, operations at Passendro remain suspended and although the Company continues to maintain a presence in the CAR (through its administrative office and permanently stationed employees in Bangui) and relationship with the State in the CAR, the Company is unable to predict when it will be able to resume its operations at Passendro for the foreseeable future, if at all. As a result, impairment in the amount of $37,346,576 was recognized at December 31, 2013 on exploration and evaluation (“E&E”) assets for the Bambari properties to reflect the decrease in their recoverable value as of result of the current unstable situation in CAR. As at June 30, 2018, given that impairment was recognized and the unstable condition remains the same, the residual value of E&E assets for the Passendro gold project was written down to $nil in 2016.
As announced on November 15, 2013, the Company entered into an agreement to secure its ownership of the licenses in the CAR. Under this agreement the consultant was entitled to remuneration upon the successful completion of its services. The total outstanding payments due under this agreement amount to US$2,000,000. Axmin’s management are actively pursuing negotiations to resolve this account payable on substantially better economic terms for the Company. A further announcement will be made when appropriate.
This impairment recognized in the financial statements does not in any way mean that the Company is relinquishing its rights to the assets and it reflects the utmost conservative view by management on the objective circumstances and will be reviewed annually and subject to recovery when certain conditions are met pursuant to the accounting standards the Company has adopted.
The Company engaged a consulting company to assist the Company to obtain compensation for its mining properties damage or loss resulted from the civil war in CAR, which amounts to around XAF 18,000,000,000 ($29.0 million) from the government of CAR. In the event that the compensation from the government is received by the Company, the consulting company will be entitled to receive 15% of the total compensation.
Senegal Joint Venture
On February 28, 2012, AXMIN and its joint venture partner and manager, Sabodala Mining Company SARL (“SMC”), a whollyowned subsidiary of Teranga Gold Corporation (“Teranga”) amended its 2008 joint venture agreement. At the time, Teranga had earned an 80% interest in the Sounkounkou, Heremokono and Sabodala NW explorations licenses (the “Project”) located in the Birimian belt of eastern Senegal, by spending US$6 million on exploration. AXMIN has retained a 20% interest in the Project. The amended joint venture and royalty agreement (the “Agreement”) supersedes and replaces the original joint venture agreement.
On June 18, 2015, in addition to its royalty interest of 1.5% NSR in the Gora Target Area, AXMIN has elected to convert its 20% interests in another 15 Target Areas into a 1.5% NSR from each Target Area. On January 12, 2016, AXMIN elected to convert its 20% interest in one new Target area into a 1.5% NSR. After this Royalty Election, AXMIN holds a 1.5% NSR on 17 Royalty Target Areas (being Target Areas have been made Royalty Election on) in total and maintains 20% interests of Remainder Areas within the Senegal permits. The free carried interest of US$2.5 million granted to AXMIN under the Agreement has been depleted on account of its 20% Participation Interest in respect of all Participation Target Areas (being areas subject to exploration and both parties remain their respective interests (Teranga – 80% and AXMIN – 20%)). No further participation contribution needs to be made by AXMIN beyond this $2.5 million free carried interest with respect to the Participation Target Areas where a Royalty Election has been made.
Full details of the exploration programs at the Senegal JV can be found on the Teranga website at www.terangagold.com.
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#211   No problem. I don't think many investors look JonnyRBuck12 05/20/19 06:13:23 PM
#210   Thanks for update, JR. I don't do Facebook, tsoprano-1 05/20/19 03:58:31 PM
#209   Axmin Inc updates on Facebook are very positive JonnyRBuck12 05/20/19 11:07:04 AM
#208   Central African Republic: Ten armed groups provide list JonnyRBuck12 05/18/19 01:52:43 PM
#207   Axmin Inc. Performance Chart From 2007 To 2019 JonnyRBuck12 05/07/19 12:45:51 AM
#206   Axmin begins formal process to choose Passendro partner JonnyRBuck12 05/06/19 09:06:23 AM
#205   IMF Staff Completes Mission to the Central African Republic JonnyRBuck12 05/04/19 10:12:37 AM
#204   AXM Receives $500,000 USD Payment From TGZ.T For JonnyRBuck12 05/03/19 09:41:47 AM
#203   Chairman Lucy Yan Provides AXMIN's Year End 2018 JonnyRBuck12 04/29/19 09:16:53 AM
#202   April 25th 2019 - China, Central African Republic JonnyRBuck12 04/25/19 07:16:52 PM
#201   Central African Republic: The FPRC welcomes the evolution JonnyRBuck12 04/23/19 09:29:18 AM
#200   April 18th 2019 Article About Ndassima Gold Area JonnyRBuck12 04/19/19 11:49:21 AM
#199   Peace: Major working meeting at the Primature JonnyRBuck12 04/17/19 10:53:07 AM
#198   April 15th 2019: Russia to Send Soldiers to JonnyRBuck12 04/15/19 02:53:46 PM
#197   African Development Bank approves strategy for Central Africa JonnyRBuck12 04/15/19 12:48:52 PM
#196   Central African Republic: $ 45 Million from World JonnyRBuck12 04/13/19 01:36:51 PM
#195   AXMIF buy 0.39377 stocktrademan 04/12/19 12:10:21 PM
#194   US Department of State: Secretary Pompeo’s Meeting With JonnyRBuck12 04/12/19 11:26:39 AM
#193   Central African Republic: Six armed groups sign peace JonnyRBuck12 04/12/19 09:36:03 AM
#192   New CAR Articles: UN Embargo Lifting Criteria, Integration JonnyRBuck12 04/11/19 10:05:18 AM
#191   Axmin appoints Jiang as CEO of Somio, Aurafrique JonnyRBuck12 04/10/19 08:18:47 AM
#190   Security Council Announces Benchmarks to Guide Decision on JonnyRBuck12 04/09/19 01:33:20 PM
#189   CAR President Promotes Diamond Leases & New Bangui JonnyRBuck12 04/03/19 09:28:44 AM
#188   AXM Technical Analysis - Bullish Buy Signal JonnyRBuck12 03/31/19 09:22:02 PM
#187   A Conversation with Central African Republic President Touadéra JonnyRBuck12 03/31/19 07:26:43 PM
#186   Farmers, herders find common ground in Central African Republic JonnyRBuck12 03/27/19 02:32:08 PM
#185   Three rebel chiefs named 'advisers' to Central African government JonnyRBuck12 03/25/19 04:55:54 PM
#184   New CAR Cabinet & UPC Congratulate Government JonnyRBuck12 03/23/19 01:16:32 PM
#182   Bogdanov Discusses Moscow's Assistance In CAR's Development In JonnyRBuck12 03/17/19 01:23:52 PM
#181   Monday Talks On CAR Peace Process To Tackle JonnyRBuck12 03/16/19 11:19:23 AM
#180   Refugee's Return To Ndassima (Where AXM Has It's JonnyRBuck12 03/14/19 11:56:31 AM
#179   You're welcome. We've had a good run so JonnyRBuck12 03/14/19 11:56:19 AM
#178   Excellent news, great article. Thanks Captcintx 03/13/19 09:36:57 AM
#177   Bangui, CAR will host the next International Economic JonnyRBuck12 03/09/19 02:13:12 PM
#176   United States Announces Additional Support to the FACA JonnyRBuck12 03/07/19 09:16:27 AM
#175   Chinese Mining Companies Are Already Working In The JonnyRBuck12 03/06/19 06:04:16 PM
#174   Pope and CAR President satisfied for Framework Agreement JonnyRBuck12 03/06/19 12:36:07 PM
#173   UNODC opens project office in Bangui, Central African Republic JonnyRBuck12 03/04/19 12:06:57 PM
#172   New, inclusive gov't formed in C.A.R JonnyRBuck12 03/03/19 01:59:36 PM
#171   Articles out this week regarding the Central African Republic: JonnyRBuck12 03/02/19 11:42:18 AM
#170   No problem! I think we will be back JonnyRBuck12 02/27/19 11:32:30 PM
#169   Central African Republic : the appointment of the JonnyRBuck12 02/27/19 11:59:48 AM
#168   Looking good... thanks for all of your articles Captcintx 02/26/19 05:27:58 AM
#167   Axmin Inc Has Been Added To CAR Government JonnyRBuck12 02/25/19 07:07:38 PM
#166   5 Top Weekly TSXV Stocks: CAR Peace Deal JonnyRBuck12 02/25/19 12:24:37 PM
#165   CAR Gov't, Armed Groups Commit To Ending Recruitment JonnyRBuck12 02/24/19 08:09:35 PM
#164   Axmin Receives $300K Royalty Payment From Teranga Gold JonnyRBuck12 02/22/19 09:51:42 AM
#163   full NAI article: JonnyRBuck12 02/20/19 03:18:34 PM
#162   Good to see NAI finally putting out articles JonnyRBuck12 02/20/19 09:43:11 AM