Aug. 19 at 7:11 PM
I'm coming up on a year of holding
$AFMJF as my safe position. It trades today as a tin-denominated fixed coupon issued by the DRC and underwritten by the UAE. The fat FCF yield reflects the massive risk premium and almost nothing else. They produce exactly 20,000 tonnes of metal per year, and the new CEO has predicted no increase for the next 5 years.
That tranquil surface masks an aggressive growth strategy. The market forgets that the company has only been producing for a few years. Expansion is in their blood. Board members specializing in growth and acquisition have been added by IRH, the new owner.
The new corporate slide deck (first in years) talks up an aggressive drill program on their land *and* regional expansion in the Kibaran Orogeny, where they feel they have a commanding local presence and first-mover advantage.
A VTEM survey and assay results land soon. Once the exploration story is heard, this should pop, but it pays a 17% yield to wait.