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Hi Eloro, yes I thought it must be that but then the item above is "Acquisition of property, plant and equipment" on which they only spent $120k. So I'm assuming land acquisition for pipeline etc would be included in that. Hence I'm confused what the $6m exploration and evaluation assets spend is on.
No worries just checked myself..
GLA
When is the AGM?
Good grief seanhunter you're an even bigger idiot than even I think you are everyone knows 1948 is Slug.
Tesla is not Slug.
I will not disclose how I know that otherwise Slug might be able to trick me.
His boasting on advfn is solely to Fool you and he has done it.
Watch out for GeorgeV11 he is not who you think he is.
Bozi,
We've been here a 100 times now. The story was fine 12 months ago but they haven't delivered. Nothing needs amending in terms of views or opinions as it's a process of seeing what is delivered and then reviewing.
You seem to be implying that you've called it right and I've called it wrong??
I thought we closed this off when you admitted that you actually didn't believe or back your own outlook and were fearful of selling due to FOMO. That's why when you bashed the company and cited your fears, you held onto all your shares at the time. As I said, I would tip my hat to you without a second thought had you sold out at 25p or something and then bought back at 8p or 9p which is what you should have done based on your views.
Like I said... I have held waiting for sale and been positive along the way. You have held waiting for sale and been negative along the way. You should have backed up your bashing with some preservation of equity and folio worth. Instead, you apparently saw it all coming and just sat there like a rabbit in the headlights.
I'd say you got it very wrong.
I might be wrong, but didn't Scott mentioned buying land for the tailings dump site, and for the pipe line?
Also something about a decline. Perhaps that's where part of the cash went.
It's not so much how or what they are spending it on as that's evidenced in the Q report to some extent. It's what are we gaining for that spend? What is their to show for it? And the answer is ZERO.
You must remember and I say this again to make the point... we are NOT doing any exploration. Yet the cash burn looks like previous years whereby we drilled about 100 holes.
That's my biggest beef with these CGP boys. They talk a game of reducing overheads blah blah blah and doing zero exploration blah blah blah and the end result is same if not worse than when we exploring and had huge head count.
And some folk think voting them back in is a good idea! Because they feel they have no other choice?? Well, there is another choice... vote them out and get some new faces in. Get Mather back in. These CGP boys are destroying this company not improving it. It's evidenced in the recent reports, moth ball ops and zero news and of course lowest sp in years.
If they don't deliver a good reason pre agm to vote them in... they are toast. They had their chance and they failed. Simple as that.
Fort @8:49.
Yes that is it.
Care to amend all of your statements prior to October 2023 now?
I see DBW who has been 100% wrong for years is about to spit his dummy out.
I should look up the meaning of narcissistic behaviour.
You display it in all its completeness.
Someone who has no emotional intelligence for other people, someone who cannot denounce blatant rac.ism, hatred of women and extreme far right views
And even calls those that have these view's his friend.
I should take a look in the mirror, as I have given you every opportunity to denounce Slugs views only to hear your total support for him and his vile outpourings.
Nearly $70mil in a year spent on exactly what!
Where has this gone to exactly! Christ All Mighty! The explorer has not drilled!
Seanhunter just post any post where I have switched investments into a safer haven.
You cannot because you are a liar.
Sean he’ll always spit his dummy and he’ll never be proven wrong. He used to claim we’d single hands fly take this to production and gas nor moved to the JV bandwagon and still claims he has been 100% correct to date.
I thought this would be sold earlier and I was wrong. I still think it will happen.
He was diagnosed a while ago
“Narcissistic personality disorder is a mental health condition in which people have an unreasonably high sense of their own importance. They need and seek too much attention and want people to admire them”
Just filter the 🤡 then we don’t have to waste time discussing him .
Fort, what on earth are they actually spending that money on each month?
I'd check your own posting history on that one Quady - to give you the benefit of the doubt, perhaps you weren't clear, you're not too good with words and a lot of what you say is lost in puerile insults. I think that's about everybody that's ever been on this board you've called stupid and a liar. It should be becoming clear to you why you've been despised from a very early age. From the school grass to the pub bore, you've blundered ahead, sure of yourself in a world full of idiots and liars.
I shan't be asking you any more reasonable questions if you are going to have a meltdown like this.
I did note that, but seems like some creative accounting to basically kitchen sink the majority of finance costs into that Quarter. Nothing wrong with that as companies do it all the time but it tends to be done to make sure you mask the real story.
Cash burn may well be less going forwards but that doesn't hide the fact that in the 12 months under merger/premerger control they've burned through $70mln to date.
On what??
Where are the apparent cost savings?? There's one entity doing very well out of this and that's Maxit. They are rakeing it in... oh and the legals...thye silks are doing well.
I'm bullish on a sale now simply because the rule book says when seeking to present shareholders a poor value deal first...
1. Hammer the share price down and let them know what the alternatve is
2. Run the cash pile down so they know the dilution story
3. Bore them to death so they want an ending
Then bang in a pony offer deal and pray someone esle comes in and gazumps it or kicks off a bid war.
That's it isn't it?
Seanhunter you are seen here as an idiot and liar.
I have not switched any investments.
You just make this rubbish up.
We are also producing an MRE4 to go alongside PFS3.
Add: "Other income represents rent received from the subletting of office space at 111 Eagle Street Brisbane."
Rcgl, exactly! You cannot make statements regarding the cash position which you know to be false without running the risk of having your collar felt.
Quady if you are going to basically burst into tears and stamp your feet when asked a reasonable question then I have no time for that.
As the talk of "going into production" has been the driving force behind the fall from 25p to 9p, your endless gabbering to try to promote it on here has probably done its bit to knock several hundred million off this company's price, so it seems pretty rich for you to throw a girly hissy fit if anyone asks you about a mine now that the damage has clearly been done.
I note you announced recently that you had switched much of the Quady fortune into "safer" investments - which seems a distinct lack of faith at this late hour in something you profess to believe is going to happen. You help talk a share down in price for 2 years solid and then jump ship when the consequences of your endless chundering about "going into production" are made manifest. Nice one. With friends like you who needs enemies.
Hi fort, cash outflows approx $9.5m, of which approx $3.2m from operating activities and approx $6m on "Acquisition and addition of exploration and evaluation assets". Which on the one hand sounds like 2/3 of the quarterly cash spend was one off costs rather than general burn... But on the other, what are these exploration and evaluation assets?
Pages 12-13 for where they talk about the need to funds..
That 20 million is not going to last long before we have to raise… and at this level, it’s going to hurt. The longer they leave it and let the cash level drop, the more our share price will come under pressure and the more any investor can exploit our desperation..
right now, with nothing to support them, the treasury shares are simply not enough.. Nice one Scott, good job.
SM, not sure I understood that.
I suppose what I was getting at is a point I've made before, which is that it's difficult to describe us as an Aussie business anymore and I assume the Brisbane office is used only for board meetings. Which must beg the question, do we actually need it? In fact the same is probably true of London. If I was a CEO on a cost cutting mission, I'd see those overheads as very low hanging fruit.
Add, we are renting our office space in Brisbane, so if they are they'll be remote
I'm struggling to see the cost savings that Scott has been championing?
Cash at Sept 30th $22.9m. Prior quarter £32m. So $11m burn in 12 weeks?
At this rate, they won't be able to sign off the next MD&A for Dec 31st on going concern basis as won't have sufficient cash to see out the forward looking Q1 period.
And Scott say's we have enough cash to see us through to June 2024?
With cash burn rate running at about $900k per week, we are now 6 weeks on from Sept 30th so cash balance likely around $17m now.
Drops to $10m around end of year.
Oh dear Scott... AGM looms, cash shortage looms... all the cost savings taked about... yet you've virtually spunked through $70m in a year. I think that's the largest amount I have seen spent when doing zero exploration and virtually zero work on ENSA.
Gob smacking incompetence.