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Step aside if you don't want to get crushed in the rush for the exit... it may get lonely around here..
We all know who got very rich on the basis of "being brave when others are fearful" and "fearful when others are brave"...
the same person who claimed success is not about "timing the market" but "time in the market"
AT THE END OF THE DAY WHY DONT WE LET THE GOLD DO THE TALKING, IF THERE IS RICH RESOURCES IN BLUE MOON, CRESWICK & BAILESTON LETS SEE WHAT THEY FIND GOING FORWARD......
£15M mcap and £5.8M cash. Now oversold territory imo...
I believed this man's words. I bought at 3.8p, I averaged down at 2.7p . I'm sat on a huge loss because of this man's inept performance. Snake oil salesman springs to my mind. What hurts me more than the Financial losses are the loss of trust. I genuinely thought he was a stand up guy who spoke the truth. He can do as many interviews as he likes, I don't believe a word he says anymore.
The first half of the interview was uncomfortable viewing. It should have been obvious to him that it would be the first question asked and he should have prepared/rehearsed a better answer than mumbling his way through it and then not giving a cogent answer at all really. He could have explained in more positive terms what the money was going to be used for. There was an opportunity to spin a more positive answer here which he missed.
I think we did get a better answer on the JV. It is now clear, as I and others have previously speculated on here, that potential JV partners want to see the new licence applications granted and/or more drilling results at Creswick, before committing to the JV. There has been progress on one of these licences, but we now need ERR to "issue" the other two applications. I think it would have been better if CB had given this clarity in previous interviews, because we all know that things at ERR are taking time with new licence applications. Going forward, we can now concentrate on what is the single most decisive and determining factor with this investment, which is the drilling and results. If they are positive, CB's shortcomings (actual or perceived) will not matter as much or at all, and everything will fall in place. But it's going to take time and patience here.
CB definitely mumbling and bumbling in the interview.
Obviously market isn't happy again further.
Looks like many months till we can be back to 2.5p+
Well...turns out CB is a mumbler when he’s not bragging about the company.
Why not mention the fully funded statement when asked about the cash raise? Would have been nice to see his reaction to that statement.
JV issues? He mentions the licensing hold-up (guessing it’s something to do with that law where we need another license in order to progress the JV) - surely this requirement was known months ago and not suddenly sprung on them, so why talk about a JV so much when clearly paperwork and licenses were needed? That’s a red flag in terms of them knowing the business and moving forward. If that is a new rule and it was thrown at them then I apologise. Can’t see it though. They would have known another license was needed.
And finally, why was the only he was looking forward to was assay results? When you’re asked what you foresee with your company going forward, surely the answer needs to be better than “we’re hoping for good drills”? - licensing, permissions, five year plan, ten year plan? Something other than purely “good drill results”
All slightly disconcerting :-(
T&T
Nearly 40% of the current value of the company we hold in cash, how much further can it fall?
Downside risk at this level is now so small compared to the potential upside of a potential Creswick JV, further (successful) drilling and additional licences being awarded imo
they do say when you are at the bottom the only way is up...
This was always going to be a long term investment, and ECR do have the funds to keep exploring for some while. So whilst I'm not selling up I do think it is one to put back in the bottom drawer and give a little longer after the recent excitement has seemingly come to nothing...
Still the route to glory is never a simple smooth one, most of the really big mines started with disappointment and knock backs... we may yet get there... if nothing lese we look a much more financially attractive idea to new investors at under 2p with more than £5m in the bank than we did at 4p with a much emptier bank account.
POINTS FROM TODAY:
+JV IS NOT DEAD, FURTHER DRILLING TO ENHANCE VALUE OF JV & LICENCES PENDING
+DRILLING CONTRACTORS TO ACCELERATE PROGRESS
+BLUE MOON
+5.8 MILLION IN THE BANK AFTER PLACING
Yep I am one of them first in at 4p average now 3p
Crazy down here proper stuck in here now and just a long waiting game now
I suppose most of the hot short term money has probably exited already, now it's a matter of how much of the LTH decided to at least divest part of their holding.
I'm holding back to see if we see a spike down to try and pick up something very cheap. Otherwise, I'm happy with the holding - well I could be happier....
Snipvw...I picked up on all those points too .You could tell by Craig's tone that he seemed utterly deflated and has been brought down to earth with a bang .He knew that he had to take that interview and he could not get out of it . His demeanour was there for all to see .He knows that he has got it wrong for the past 6 months or so and that was clearly evident . The market will perhaps respond appropriately. The menu clearly showed steak but at the moment its fish fingers all round . To be fair , he got what he deserved there .But I dont believe that shareholders did . It's the shareholders that suffer while the CEO gets paid .I will look at how much a CEO has invested in the company in future .Perhaps that's the way forward .
Feel sorry for those that bought at 4p+ just a few months ago. Well played CB....
Going to listen now, market hasn’t reacted well, again.
There are investors in ecr who won’t come on this board, won’t interact on social media, but will know what they’re looking for still and will sell up
A second rig was big on the list for me but they seem to have counteracted this with getting a contractors rig along side MIDAS
Bargain levels if you believe in this long term. But the JV looks no closer to be signed (although not dead in the water by any stretch of the imagination)
Same spot as we were 1 year ago. A campaign at HR3 which has brought high grades in very limited widths. JV no closer but now we have £5.8m, a purchase drill rig and we’ll have a contract rig running too. Underwhelming but worth keeping in mind long term that Theres a lot of value to be had here. Long and strong.
Will listen now :)
I’d have liked a question about the lab though, as having our own facility will mean they can be more selective going forward.
I have to say he has definitely not covered himself in glory. His reasonings around the capital raise is shocking, from his last interview saying fully funded they've also had the discussion with the broker at the same time to raise more cash. Really disappointed in him. Not selling but CB is now down in the book of untrustworthy individuals, even if it was the 'board' who made the decision. The board now have to give him the opportunity to redeem himself to pi's because that was shocking. His whole performance.
It’s possible there isn’t another rig available
For sale atm.. they’re gold dust atm according to
Articles I’ve read.. but getting contractors in means they’ll still be drilling alongside Midas so it’s good to know there will soon be multiple rigs on the ground.
according to the interview, JV is still on further drilling to enhance JV and licences pending
Drill rig no 2, no Rig, contractors to be bough in.
StockBox interview live now!