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A video update direct from the Clogau Waste Tip, presented by our Chairman
https://twitter.com/AlbaMinerals/status/1778361928206667904?t=n2S-4srB1SQFihQSGUMjVg&s=19
Finch v Surrey CC re scope 3 emissions at HH.
Supreme court decisions are delivered on Wednesday and the timetable of future decisions released at 11am on the preceding Thursday.
This morning's page on the court's site is unchanged since before Easter, we are too close to the beginning of the new term this Tuesday:
https://www.supremecourt.uk/news/future-judgments.html
Blimey, its a moving.
Never seen it so high.
Glad they're getting stuck in to the trenching. Hopefully some good commercially viable results and if so get really stuck into the waste tips 2024, whilst also progressing with the mine.
Might be worth a further dabble now the Isa allowances are renewed again. Still feels like we are lowering our break evens (averaging down) though.
We could do with several good news RNS's without a raise a few days after. Get the SP up and above the 0.017 before a maybe needed by then a placing at .0125 again. The last one at .0065 feels like giving it away.
Even though I'm likely to be in for some more if it drops below .0065 like the drift/drop after last placing.
Cheers Robbie for link and GLA etc etc
GoldnOilDigger,
If all goes well, the favourable resolution of the legal proceedings should put some value on HH.
That got cut short.
UKOG (MC < £2M). So if there is any potential in HH. How much would it cost to take over HHDL and potentially UKOG etc and hopefully get shut of the Green issues with "Finch & co."
Possibly run the site with a proper "non-crook" based BOD and get a decent income/profit.
There's lots of tax losses and I'd suggest, still a need for national energy security for another few decades whilst renewables get further advanced.
Everything has a price and the impossible can be done eventually.!! Just a thought.
Cheers again Ocelot for your research.
GLA DYOR (or pick the brains of good people).
Thanks all.
Nice one Ocelot, that's good info.
2.1M still a lot outstanding that would be nice to get back however unlikely.
Unfortunately with over £20M in loans and the bulk £17M ish owed to UKOG (current MC
So they are progressing with trench sampling the waste tips - hopefully more gold incoming…. GLA
https://x.com/albaminerals/status/1778058018585788750?s=46&t=_5ANy-C8-Y35U4iL5K1ZHg
PS: and, of course, there is the continuing legal case brought by Sarah Finch et al against Surrey CC re scope 3 emissions where the Supreme court has still to deliver its judgement.
GF wrote this in the Final Results RNS of 19/05/22:
"We look forward to hearing of the Operator's plans for enhancing productivity and delivering on the inherent, and to date largely untapped, value of the Horse Hill Oil Field".
The real problem appears to be less HH itself than the operator, UKOG's lack of resources to develop it.
Surely this timescale should be seriously diminished, seeing that we already had a (previously) working mine.
From note 18 of UKOG's 22/23 annual report.
At 30 September 2023, the outstanding loan balances owed to HHDL’s shareholders were; Alba Mineral Resources PLC (Alba) £2.1 million (2022: £2.54 million), Doriemus PLC (Doremius) £0.6 million (2022: £0.57 million) and UK Oil & Gas Plc £17.43 million (2022: £16.59 million).
Since that date, a partial repayment of around £100k has been made to Alba (see the RNS of 06/12/23).
The loans are payable on determination by the Board of HHDL. The loans currently attract an interest rate equivalent to the Bank of England base rate.
DriverMike - except we already have a mine - all we are doing is reopening an existing mine…. GLA
Hi Robbie and fellow concerned shareholders.
I've trolled again this morning through the countless RNS's regarding Horse Hill and bloody hell, there's a lot. I will have missed some info as my eye's where getting sore. It seems Alba has bought chunks of HH developments from different companies around 9-10 years ago approx for quite substantial sums of money (foresight would have said excessively expensive now), but at the time there was so much hype and what seemed to be good drilling tests etc. It also seems the CEO at the time Michael Nott was at the start of the investments and then George was appointed again around 10 years ago and seemed to carry on with the investment as part of the BOD.
I haven't found anything on the loan yet, if it actually exists but with other info I've read it seems it does.
Basically it seems there was loads of hype "Gatwick Gusher" and lots of people (Ukog shareholders past and present) and a few businesses (Alba etc) invested on the potential of mega riches that seemed to good to miss out on (FOMO) and from test results and the probable sales pitch probably from Sanderson, just sucked in millions of pounds that seem to have been frittered away and no where near the oil expected ever materialised. (Please correct me if I'm wrong on some of this) as I got bored and had to stop reading of this frustrating business opportunity that now just seems a liability.
To get full research by me, then I'd need hours, weeks and months to see if there is any potential in HH, but my Business is easier and much more profitable, so I'll do a bit on Wednesdays if I can be bothered.
I think George would clear this (Asset/Liability) as quick as possible if a reasonable no strings attached offer came in for HH shares. There's only so many hours in the day to sort businesses out and Alba's Gold is potentially much more important than the Oil.
Getb shut of HH, Let SB sort the Graphite out and we may have a simpler better business eventually.
GLA DYOR and lets hope for the best.
Should pay for the care home fees then.
As recently pointed out by a very nice gentleman called "Nutty-mike" mining takes a very long time and is very costly, I suspect there will be many more dilutions and a few set backs before the final goal is achieved, as a starter for research Goggle "mining timescales" then "5 stages of mining" and have a guess where alba is .............. a quick quote from Nutty-mike, As my experience dictates, mining is a marathon requiring patience and foresight. Data as of October 30, 2023, reveals it takes an average of 16.9 years from discovering mineral resources to their production, with around 12.5 years devoted to discovery, exploration, and feasibility and about 1.8 years for construction planning.
Morning all, so how long before we get some solid news to shove these shares up they really seem to be stuck in low gear lol
Today and yesterday the MM has stopped doing those daft 0.08 self trades pretending to be buys. I wonder why the change in behaviour? I mean its lovely that they want to keep the mid price up a bit, but its fairly clear the buy price is 0.0665-0.067 and the sell 0.065-0.0655 .
We are still seeing a lot more buys than sells, but at least one of the placing destinations has obviously created a stock overhang by making their shares available from the day of the announcement, even before they were actually admitted, at any price higher than a profit of 0.01 per share.
It may be worth a question to GF, why are you placing shares with such loose hands if the news is so positive?
George is a director on the Horse hill development ltd board , seems a very complicated set up to me!
GoldnOildigger - why did George loan them the money, what was his thinking/its purpose? GLA
Https://www.mining.com/gold-price-sets-record-for-eighth-session-in-a-row/
Hi Robbie, I believe the HH is a loan, not repayable on demand and only interest being received if at all, based on current base rate ( so poor over last 10 years). Sanderson seems to be in charge of repaying, so not much chance there.
I'd imagine now its just a matter of time and getting so many pennys in the pound from liquidators sometime.
There was supposed to be a £100k payout a while back from oil sales, but my Gut feeling is that this was conditional on GF signing over some control to a new group of probable crooks. It looks like he didn't and we didn't get the money. I think if we did, there would have been an RNS to say so.
My thoughts are if UKOG and the sanderson legacy don't keep bleeding more and more investors keeping the lights on and wages for him and it does eventually go bust, then it maybe something Alba could potentially take control over, depending on what was really needed for investment and potential income (We do need an income from somewhere, but not a money pit if that's what HH would take).
So basically HH very little value and our investment buggered. But at least if thats the case, there will be quite a lot of tax losses to offset against future Gold income. We probably have millions on reserve on losses, so probably no dividends either for many years, if Clogau starts making a good profit.
Sorry for long winded reply. I hope this helps.
If some of my thoughts/comments are wrong, please update me as this was all on memory. Cheers
2 elements: shares in HHDL (note: NOT in UKOG) + advances made to HHDL.
HHDL and HH are both controlled by UKOG. UKOG is not exactly overflowing with cash resources at the present time, so UKOG itself is not a buyer and it is highly unlikely another player would want to buy into the present situation.
Can somebody explain Horse Hill ie is it a loan we are owed or do we have shares in the company (which we can sell)? Horse Hill needs to go to fund gold…. GLA
£408k at todays price, obviously I think you could treble that with Welsh Gold premium ... £1.2m, I would sincerely hope the grades would get higher once processed, probably extrapolated to 1000kg per tonne !!!!!, again this is the problem with announcing individual high grades samples, great for keeping the Gold fever going, rubbish for doing the basic maths, bulk sampling will give a much better picture, then you have a better chance of working out infrastructure costs, extraction costs, processing costs ....... profit etc