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Off who wales for the weekend.
Have a good one :)
Great RNS this morning (IMO)
- drilling on 2 fronts
- 4 holes of assays inbound
- internal analysis looks favourable
I can see the interest to start building again here. Creswick results can/could be a real catalyst.
Enjoy
What did you lose on SXX then was it much. CEO spoke with fork tongue there. So what's different here, i would love to know :-)
Good post --- more fool those who freaked out and sold out. I actually quite like CB and the fund raise slip up is a side show. Sit tight and await further updates which I expect will bring confidence back to the share
Good post Legalwolf, too.
Yes, we may not entirely agree on CB.
I certainly give him the benefit of the doubt.
I feel too many (not talking about you, though) see the CEO role as merely making the share price go from one support to resistance, turn to new support to next resistance and any direction in the "wrong" way is a total failure on their part.
Let's not forget the JV discussions were largely remote during Covid - a lot was placed on opening up and people getting on site and this could have been much more of a mislead and delaying tactic from the potential JV partners than anyone at ECR intentionally misleading shareholders.
Based on the prospects they hold, I don't feel there is any need for ECR to mislead shareholders.
I feel he has explained the placing enough. Potentially Novum seem to have twisted his arm to not cancel it (or maybe they even pushed him down the fundraise path) and he's clearly not revealing all Oprah-style. But I personally don't need him to.
This is a long term play - at least for him and the company. I look at the CEO - background, approach, get a sense of what he's about - but most things in investing for me are mcap / value based - and then the more technical chart data elements.
If he really lost investors completely because of this, well...more fool them. Let them take their money to Premier and Vast with their superior CEOs and there'll for sure do so much better there...not.
JV or not, if you're going to sell out of a Victoria gold company at less than £18m mcap with cash in hand, a drill rig, contracting a third party rig at CresWick (of course, because who needs a second rig if you're only going to dig a couple holes to get a JV signed), then I think investing may not be their forte.
Craig seems to be getting the entire blame for the entire % slippage in price from 52-week high. But that is simply unfair. The slippage was already there so the placing couldn't get done in the 3p range (30-40% below the high). So there was a discount and some marginal dilution based on an unwise placing but, based on the upside, this is a complete non-story.
So, it is annoying that money gets tied up for a few more weeks/months for many investors than they intended (because everyone - including me - thought 5/6 or 7/8p at least initially, but it's really nothing more than a minor inconvenience in my opinion for those that believe in the long term prospects and can see 20p++ on the right news.
CB may not be the most natural public speaker but I only really care if he can negotiate and knows his geology. What used to be clear was that he was passionate & open about his love of the resources and that seems to be more guarded now.
Yes, he did pick up the interviewer on CresWick but I'd seen countless posts here and elsewhere in the 2 weeks prior ridiculing him over his pronunciation ("he can't even get that right"). So, I had a feeling Craig had been reading the bbs to actually make that point in the re
Good post Djia - I sent mine without having read yours. I've echoed some of what you have said about getting more info (evidence) to secure the terms (asking price) that we are after in terms of JV. You make a good point about the increased cash flow also strengthening our position in any JV discussions. Not sure I agree with everything you have said about CB. Whilst some of the criticism might have been harsh in the way it was expressed, some of it was also justified. CB hasn't handled communication around the JV, or the placing, for example, all that well. He has eroded trust/confidence in the process, losing a lot of investors completely, and leaving others having to give him the benefit of the doubt, but making us more cautious about him in the process. (BTW, in terms of the pronunciation, it was actually CB who needlessly and in a show of irritation picked up the interviewer for not pronouncing CresWick properly.)
One thing that I think has been a plus from the recent events is the quality of this bb. I think we are getting a really good mix of views, with people being very forthright in their opinions for and against. Gives the bb a good balance, unlike a lot of bb.
I don't think it's accurate to say Craig has made a mess of it.
I am extremely happy to be invested in a company he runs. Let's compare to others like Colin Bird, George Roach, or Andrew Bell who have really been past masters of diluting and providing lacklustre shareholder value. Who would you rather invest in?
Of course, I think the recent ECR fundraise was largely unnecessary and primarily failed due to slippage. And Craig openly admits, in hindsight, this was probably unwise. But the slippage was not his making. You only need to look at other shares destined for the moon like Orosur (and Alien to a lesser extent) and the sell off from recent highs was a common theme among junior miners.
So, a little share price depression. But mess it is not. Craig's job is to develop mining assets, ideally deliver a resource, and create LONGterm shareholder value.
Many months ago, when he was talking comparisons to Fosterville, he even mentioned "trading" the price fluctuations over the near future. It's a clear indication he expected peaks and troughs.
Too many armchair experts expect instant price action to take quick profit 100%+ profits. Do that - fine - but know your chart/market profile/L2 rules to avoid an unwise entry. Don't forget, current price is still 200% above last year. The clue is in the word - share"holder".
Getting more info at CresWick to secure a JV seems sensible (especially if Craig needs to justify HIS asking price/terms) and having more cash in the bank doesn't seem all that foolish if any potential JV partners are going to use prior cashflows as a reason to squeeze on any more beneficial JV terms...
Yes, CEOs should be given a roasting if they get things really wrong but some of the comments criticising his stage presence and how he can't say CresWick correctly (even though he does) just seems poor form and counter productive. He should be focussing on managing the company and communicating with his past level of palpable excitement about the resources, not watching his every word worrying if he's going to be trolled for his pronunciation.
Worst thing about ECR are the "pr" communications. When they regurgitate old info and flog the company with the desperation of trying to flog a second-hand Datsun, it does make one wonder if the company is as quality as I believe it to be. But I think that's down to a poor choice of pr representative whose approach just doesn't resonate with most serious investors. I'm sure ECR will listen to investor tweets and make changes on that front in due course when contracts come up for renewal.
Long term holder since 2016 - sold in July 2020. Rebought and holding 870k shares @ 1.89p since last autumn.
Good to see some 1m share trades go through today. Current 52-week high will definitely be broken in 2021 imo so I have no concerns currently.
*****ing at people wont help the price to go up. You all think this and you think that and you know nothing at all, All of you playing shares, its just is like putting your quid on the lottery. I see people say i made this and i made that so what !! Do you ever say i goofed on that and lost £20k no you bloody don't. So if you want a tip from an expert keep your gobs Shut.
I think you would all qualify for the muppet show if they ever Auditioned Ha ha ha Doh
Going on and on about CB from their front room armchairs ? Lol . I am a holder here and have been for a year .I believe in this company and its prospects completely. But if you can honestly say that CB has done a good job in the last few months you are talking Bollerkz. Even CB HIMSELF admits he got it wrong so what on earth are you on about ? HE HAS ADMITTED IT HIMSELF ffs !! When a CEO makes a mess he deserves a roasting , end of ! He had the decency to do 2 interviews soon after the placing and admit to his ineptitude as regards the last few months .Then he started to be honest and open with us instead of the LUDICROUS , " I cant say too much " , etc .Now we have all given him a piece of our minds ( which he deserves) , we move onward and upward .But defending someone who has THEMSELVES , admitted to making a hash of things is just plain stupid .He can still guide this company if he learns from his mistakes. I believe that CB now believes that he has something to prove to restore confidence after a succession of totally misleading interviews . But given recent discrepancies, and questionable judgement, I am confident that he will turn things around. I believe he is a well meaning decent guy who made a mess , got a bloody nose and is now getting on with the job . A CEO is paid to get the praise when he gets it right , and a pasting when he gets it wrong .I think you will find , that kinda goes with the territory. By the end of the year I Sincerely hope we will be congratulating CB on a job well done .A good kicking does you good now and again .Especially if its justified . But onward and upward now . Let's see if he develops this company into what he told us that he will do .Take us through to a mine .Then he would receive justified respect from the shareholders like us who continue to put our faith in him .
I think we will look back in a few months time and see that any buying sub 2p was a gift! Bailieston drilling continuing (Midas) & CresWick drilling (contractor) will be commencing shortly/has already commenced, with decent results cementing a decent JV (discussions/potential partner dd on going?)
Guys,
I'm over hearing people going on and on about CB and their perception, from their front room armchairs, about what has happened / not happened here.
I would urge viewing this YouTube video and just maturing a little:
https://www.youtube.com/watch?v=GjGz5jQOt-8&t=1291s MINING STOCKS ARE NOT FOR THE RISK ADVERSE
For the record I have not sold but have been consistently adding to my ECR holding.