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Yep, I would go with that, management have to participate in placings or nobody else would! But Glenn has put in over £100k since July including 60-70k in the open market. He clearly still has immense confidence in BAM, you don't put that amount of money in otherwise. It's more than a token amount. I don't know his salary, but it would have much less than Bills over the years.
Claude the SP destroyer, was going to put in 250k Canadian at 6.5 p, again you dont pledge to buy this much stock if you are not confident in the asset. It would have been much more than the minimum he would have gotten away with. Obviously the placing never happened because he screwed up, but the confidence in the asset was there.
The projected mining costs at BAM (2019 PEA and 2021 PEA) have basically tracked close to the average mining costs of producers as costs have increased. It's not an economically marginal deposit, but still needs work done to form up size.
It's just been repeated abysmally poor management decisions, coupled with pretty poor market conditions. They must have spent something like £5million since the last hole in BAM was drilled on salaries, TSX listing, wasted battery metal drilling etc, astonishing waste especially considering every drill campaign on BAM has been very successful.
I can't see how they can get back drilling now, would be 100% dilution even if they got the money.
Would now certainly take a heavily discounted sale.
God knows what the actual politics is shujja.
It did appear around this time last year that when there was no offer after the strategic review that Bill and Glenn might have had a bit of a fallout. Bill aggravated suitors/wanted too much, Glenn was perhaps more pragmatic seemed to be the theory. There was mention of 'still talking with people' in the podcast as that was winding up.
Noted this in the RNS yesterday;
"exploring potential strategic investor, merger or sale opportunities"
Maybe Glenn will be back at the table this year, granted in a dreadful position now but with a more realistic aim?
All is happened because of some idiots being clever on the telegram group? changing management feeling important . sending Reps in AGM feeling they had control trying to turn thing they way . egg on they face, lol
At the end of the day if they sell the assets they’ll get back their money that happen, RMM so really, they don’t lose anything. And where are the ones left with the crap.. we were so close to having it up and running now look where we are.
Ooooooo I know. Management both massively increased their equity here and they still get their wages as a result of the company not going under. Win win.
The answer to that (as always with fundraising) is simple. They HAVE to participate otherwise why would anyone else?
Clearly this fundraise is essential. Otherwise why do it?
This Goingtomoonufo gimp? Keeps pumping going bankrupt and going down to 1p.....
Someone is still buying chunks of LND today and you have to ask, why have management bought into the Placing?
I had begun to wonder if Claude was deliberately running it into the ground in order to arrange a 'take under'.
His tenure panned out to be absolutely dreadful.
Wouldn't be surprised if Bill was biding his time to bid for the company if it gets cheap enough. Cant imagine he was happy being kicked out.
Some people here suggesting that the project isn't viable in 'an inflationary environment'.
We aren't in one. It's disinflation now and possible deflation scare. Has been for some time.
Unfortunately Peter Schiff 'death of the dollar/hyperinflation' type parrots are popular with gold bugs and have gotten inside a lot of heads. It's an easy to promote message, just not a true one.
See Gary Tanashian's work (notes from the rabbit hole) for a less popular and more accurate view.
Big open pit mines will still pay in the future as gold goes up and costs come down. If Bill hadn't started clowning around two years ago trying to sell and had raised to keep expanding BAM with buyers approaching when ready the mess wouldn't be half this big.
Well the way to look at this is about to go tits up or we could try to survive the last bit
The lag group have proved disastrous they wanted bill out got their way and now look where we are.
If the alternative is administration, then the bandwidth for additional share issuance will be approved at the AGM imho...
I'm with Hillpark's post of 8.50 am.. there is probably, even in these latest awful circumstances, some sell on value here.. if even to another small cap explorer.. but Glenn and Bill and other shareholders taking say for eg 10m gbp to sell up in coming few months probably wouldn't happen around now, even still imho..
My guess is the first thing they'll do is run this co. on fumes in the short term and sit and hope market/sector sentiment changes thru 2024.. I'm ok with this.. and absolutely don't want a new ceo in in the short term..
PS: In picking Claude they bought into his strategy/vision.. so in my mind this was just one more very bad call from Bill and Glenn.. and, as ever in life, there are consequences to bad calls..
I assume the £600k will keep the company solvent & legal (for a period of time). If £600k not raised then the alternative is curtains.
Can see a fire sale being sought.
For sure - they are not going to be able at attract a new CEO.
Bit confused what they think £600K will achieve. Do they have a cunning plan?
Will it be approved at GM considering the previous active shareholder group?
Surely at this almost unbelieveable low mc & valuation this must NOW be hot target for take-out by cash rich producer? Hostile approach if nowt else?
It’s pretty obvious to be honest with you that half 1 million is not going to get us by. And in fact, we need a lot more… pretty obvious so that’s why I’ve say one p they really messed us up
You're pretty insistamt that we hit 1p.
You have a short don't you, you scuzzy little sh.1.t
So once we hit 1p then we will get the money, but this has been a total crap show
Hopes and dreams have left the station. This is not a viable project in the current macro environment and will not be without changes outside the company control. It doesn't matter if the gold price is $2k if the setup and ongoing cost of a mine are too high. The first placement failing was the clear sign to leave.
Claude presiding over worse share price damage over six months than Bill did over any six month period and starting out from an already dreadful level.
The old guard both helping themselves to another 1.25 million shares each.
Either they are both seriously stupid or they did hear something they liked in that strategic review from somebody and all is not lost.
Bill coming out of retirement? ;-)
Glad to seem him go. A drain on cash resources and clearly not as capable as he made out in his CV. Delivered nothing but a mess since he joined.
Surely now the focus has to simply be get BAM proved up to 2moz and sell it off. With gold at $2k per oz, this has to be a bargain ready for someone to snap up in a fire sale.
Or that’s what I hope anyway so I can recoup something (will be at a material loss no doubt though) in my lifetime
Problem is the mkt has had a sniff that company needs funding hence sp destruction.
Https://total-market-solutions.com/2023/12/20-mining-companies-for-2024-part-ii-g-z/
I hope this is all priced in....and "medium" term we rally....if I had to place odds...I'd say 66/34 positive! so I hold but with a weak buy call???
GLA