George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Maybe this?
NFCP Update: lots of activity, moving forward. PPA deadline Feb 28. All back feed
is in from PG&E. Has 6 employees so far, a few from the mountain area, others
within Madera County. Looking to increase to 12 employees.
Another fantastic week for Palumbo and the BOD pocketing €6k each up from €4k when he took over 5 years ago.
Mr Palumbo joined the Company's Board on 28 August 2019, having been appointed to the senior management of the Group as Commercial Director on 28 June 2019. He has been in involved in an advisory capacity with the Group since 2014 and was responsible for introducing a number of significant stakeholders to the Company in that period. David is an experienced entrepreneur with 20 years' experience in private equity, business development and asset management. Since 2006, David has founded and co-founded a number of companies in various industries such as renewable energy, wealth management, property and real estate.
Ian Pearson, Chairman of EQTEC plc, said: "We are excited to welcome David as Chief Executive. His knowledge of and long relationship with the Company, together with his strong and varied international experience make him ideally placed to realise the full benefits of the recent restructuring and continue to implement our clear strategy for growth in the highly attractive waste to energy market.
So 10 years Palumbo has been milking the punters here either on an advisory role or as CEO.
About £2m extracted on salary and bennies as CEO ,
How much as an adviser
How much in kick backs from Altair ?
"Experience entrepreneur " who's talents include trashing Eqt down by 75% since becoming CEO , diluting shareholders to oblivion by issuing 13.5 bn new shares and as a result squandered over £50m .
I looked and found nothing of interest.
Minutes from Northfork CDC finally posted
http://northforkcdc.org/
Dare we look . . .
“£4m market cap cannot go any lower if all the revenue they are generating and the refinance cash has come in”
Palumbo has saddled the company with so much debt at high interest rates this could go anywhere even to zero, the guy is a megalomaniac idiot who can’t control spending or debt because it isn’t his cash he pi sses against the wall constantly.
Wow. back to where we were before the refinance announcement and partnership rns. i hope this update, due next week, is going to get this stock off the floor and start to build some momentum. Eqtec could be the biggest riser in 2024 if they do deliver for once as surely £4m market cap cannot go any lower if all the revenue they are generating and the refinance cash has come in. i topped up just around 2.8 but looks i was a little early but feel the update could easily bounce this back well past the recent high on news of Northfork and updates on all their other projects that have been limping to the finish line. The US market is massive so a lot is riding on Northfork. France seems to be the most credible and stable blockbuster project so that will be big news once we get the green light. Palumbo was buying some stock at 7p, albeit a very small amount. Even a rise to 20p is only .2p in old money or £40m market value? is 50p out of the question or £100m market cap by end of year out of question if things start to motor? that would be a 20x and does not seem out of reach of they deliver. buy while others are fearful comes to mind but at same time had my fingers burnt on this one with mismanagement but all the tech in the world cannot necessarily fix behind the scene schenanigans.
Yes. Last substantial rns was on 12th October 2022 and basically reads we refinanced the debt with new lender to ensure project made it to live.
announces that North Fork Community Power, LLC ("NFCP") has entered into an agreement for a financial restructuring with the project lenders ("Lenders"), for the provision of a standby facility, in the amount of USD 4.3 million, towards full funding of the project up to the commercial operations date ("COD") of a plant, with EQTEC technology at its core, in North Fork California, USA (the "Plant").
The third-party funding has been agreed as part of a pre-negotiated petition filed by NFCP for relief under Chapter 11 of the US Bankruptcy Code, following alignment between NFCP managing members, including the Company, with the Lenders. The agreed terms specify funding for the Plant construction and commissioning, and for recruitment, training and onboarding of the Plant operations staff, as well as for legal and other costs associated with the Chapter 11 process itself.
The terms also specify that the Company will remain as an equity shareholder in NFCP with the final shareholding being determined during the legal process. However, any further drawdown on the convertible loan facility committed by the Company in 2021, of which c. USD 1.5 million remains undrawn, will no longer apply thereby preserving the Company's financial resources. The Company has no plans to make any further investments into NFCP.
Ah thank you for that MJ! Got me a bit earlier.
Yes Dakry thats an old article circa 2016 when the gasfier was going to be supplied by I believe GE. EQTEC involvement wasnt agreed untill about June 2019 I believe.
I am also unsure if this is just an old article before our involvement or such. Just looking for some clarity on it.
Regards, Dakry
Hiya guys. Just a curious one. I was looking at the North Fork page by CVNMTC and they've mentioned project participants as:
Central Valley NMTC Fund, LLC
North Fork Community Development Council
Phoenix Energy
JP Morgan Chase Community Development Banking
Would EQTEC just being technology suppliers be why we aren't mentioned?
Hi Simms45
This is the information extracted from the Chapter 11 petiton as to EQTECs claim.
As at 12th October 2022.Nonpriority creditor's name and mailing address
As of the petition filing date, the claim is:
Check all that apply. $2,770,467.98
EQTEC PLC
Building 1000
City Gate
Mahon T12 W7CV
Cork, Rep. of Ireland
Basis for the claim: Equity holder Loan
Plus
Security Class and Number of Securities & Kind of Interest
EQTEC PLC
Class A 3767 securities held LLC Managing Member
So not sure if any further adjustments have been made since.
North fork is smack bang in the middle of the flood warning zone that is in place for california today.
Looks like god hates Palumbo and JV Liar as much as the rest of us !
If Northfork gets commissioned in February this will be a major coup for Eqtec as it will give us the perfect case study to roll out to dozens of new locations in California with Phoenix. Eqtec have fully written off the investment so if we do end up with 49% of the project, which was the stake we had before it went into Chapter11 this will be a significant windfall. The last valuation of the project back in 2021 when they closed the finance was $20m so if we have maintained out stake that could be a valuation attributable to Eqtec of $10m. Furthermore this will be a profitable project delivering new income to Eqtec for the next 10 years as well as a service contract alongside upgrades to plant. Fingers crossed the update coming in next few days includes a lot more information as we are worth £4m so this single project alone could be worth double our market cap. i just do not know exactly what our stake is but if we only refinanced the debt and took no new investors onboard then this should be similar to before. If the moons align we could be a £50m company very shortly and todays valuation is simply a token number and nothing comparable to our valuation if things start to click.
Italy commissioning was completed in December 2022, look how that turned out, Have to hope that Phoenix aren't as incompetent as Palumbo and Co.
A tramp peeing in the woods has prevented more wildfires than Eqt
This is from Phonix Energy EQTECs partner at North Fork, BNino33
"Our North Fork Community Power Plant in North Fork, CA will be commissioning February 2024"
So perhaps its not to long to wait.
Got a feeling we wont see the update until the very last moment possible, so could be june before we see just how much of a mess they have made of it
Last Februarys trading update
David Palumbo CEO Eqtec ;
"The challenges of 2022 have strengthened our resolve to deliver EQTEC solutions to the world, and we are engaging bigger, more capable, better financed businesses who are now driving the demand. In many ways, 2022 was a catalyst for us in accelerating our strategy toward working with stronger partners for development of projects and plants that run on EQTEC solutions, and the progress we unlocked in the second half of 2022 suggest that will bear fruit for us in 2023."
Even using replica rose tinteds specs like Palumbo, a 90% collapse in shareprice along with another £8m worth of confetti issued , it just dosn,t feel like a bearing fruit year despite the 27 employees earning €204.44 each per week.
Wonder what his latest version of were the blame lies will be if an update arrives ?
Surley not the markets fault or legacy issues yet again after 5 years at the helm ?
Agree with your post mjallen but we take forever to get things over the line and risk another solution to the problem taking precedence.
The following gives me more of a lift regarding the progress to mutiple plants in the US using EQTEC systems. Having been to the US parks on a number of occasions watching the forest being managed to avoid fires has always been a costly process. If having multiple plants produciing saleable products to offset those costs must put EQTEC systems as a first port of call.
Catastrophic wildfires in California have made clear the urgency of forest management efforts that reduce risk and improve forest health. NFCP is a forest-based biomass gasification plant that will utilize sustainable local forest biomass as well as fire threat reduction activities from the Sierra and Yosemite National Forest areas which will benefit local communities.
So who has been paying costs since Chapter11? And surely the rescuer would want more than 51% to leave us with 49?
No minutes from NFCDC Board since August 2023 to refer to, so who knows where we are with the commissioning process. All well and good looking at the websites of those involved, but we know how the management of projects has gone to date.
This was the RNS where Eqtec confirmed before chapter 11 we had 49% stake. The purpose of chapter 11 was to refinance the project debt. However i cant say we have had any information what our stake is now and actually i read we wrote off the entire 4.9m euro investment so anything out of that will be a big plus, not least a US project starting operation this month. https://www.lse.co.uk/rns/EQT/north-fork-project-finance-update-m0iomil3gevbs4s.html
company wrote off the whole investment as i guess that is expected as part of Chapter 11 from an accountancy perspective but I hope we get a bit more out of this than a case study and expect Eqtec would not be a willing party if we lost our 49% stake. I am not aware that apart from refinancing any new equity investors came in so someone has to own it and Eqtec were the majority single investor and the local community were not doing any whiprounds? anyway be interesting to find out in the next update. could be a nice brucie bonus.
There is a question mark over what our exact stake in Northfork will be but it was implied it was going to be a majority stake after Palumbo invested best part of $3m to get the project complete. Eqtec were the main party keeping the project alive and have continued to provide services. The bankruptcy in US is an arrangement that gave more time to organise finances and therefore not lead to everyone downing tools and mothballing the project. something has gone well as the plant is commissioning as we speak with Eqtec involved so can only assume things are close to coming to fruition and perhaps we will see a substantial return on our investment, long ago written off. It is probably the first update from Eqtec i am looking forward to as i think a lot has been happening and revenue is coming in so it might be the first update that perks up the market. i think it is due in next few weeks. Crazy we are back to £4m valuation and a shareprice that was before we got news on successful refinance of Italy that should repay a good deal of cash to Eqtec and the Italy project should generate a decent revenue going forward due to our 50% stake.
I didn't think we were majority shareholders in Northfork. Didn't it go into bankruptcy and whilst EQT was due a residual shareholding I thought it was minor.