Updates

Peter Hambro Mining

June 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Shares in Peter Hambro mining remain on an upward trajectory in spite of full year results for 2008 missing forecasts. Net profit of US$22m was 60% below forecast but this mainly reflected one-offs, including US$32m of foreign exchange losses and US$6m non-cash fair value adjustments. While net debt was US$348m this has now been eliminated following the completion of the merger with cash-rich Aricom.Underlying EBITDA of US$136m was slightly below forecasts of US$140m due to high operating costs. In particular unit costs at its main Pokrovskiy mine increased to US$323 / oz up from US$258 / oz in 2007 caused by higher wage, energy and material costs although Hambro's operating costs per oz remain far lower than the industry average. ...

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Peter Hambro Mining - Soaring gold price lifts shares (February 2008)

Peter Hambro Mining - On track to increase gold production towards 500,000 oz in 2008 (January 2008)

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Peter Hambro Mining - Shares fall through stop-loss (February 2007)

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Peter Hambro Mining - Acquires laboratory business (December 2006)

Peter Hambro Mining (November 2006)

Peter Hambro Mining - Share price mirrors gold volatility (September 2006)

Peter Hambro Mining - Canaccord raises price target from Â£13 to Â£18 (June 2006)

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Peter Hambro Mining - Shares rocket after production target is raised to 1.2m ounces by 2009 (March 2006)

Peter Hambro Mining - Canaccord ups price target to 1050p (November 2005)

Peter Hambro Mining - High gold grades at Pioneer (September 2005)

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Peter Hambro Mining - Gold miner aiming to produce one million ounces a year by 2009 (April 2005)

Peter Hambro Mining - Substantiall higher grades of gold found at Pioneer deposit (November 2004)

Peter Hambro Mining - Operating costs sharply reduced (September 2004)

Peter Hambro Mining - £40m fund raising (June 2004)

Peter Hambro Mining - Gain to date: 329% (May 2004)

Peter Hambro Mining - Upgrade to estimated gold reserves (April 2004)

Peter Hambro Mining - Fast growing Russian goldminer (February 2004)

Peter Hambro Mining - Huge upgrade in gold reserves (April 2003)

Peter Hambro Mining - Exciting recent gold issue (July 2002)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Peter Hambro Mining

June 2009

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