The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The valuation is a reflection of years of missing their forward statements and failure to realise the potential many believe the tenements hold. Now the bold step has been made to raise funds via a 'cheap' equity funding to firm up resources and exploit the potential via exploration - at a cost of $5m. Whilst maintaining production and extending lifetime of mine (which for all deep narrow vein mining operations is traditionally short).
A recent accident at the mining site, accounting issues, assay aggregation errors and drop in production levels have help to perpetuate a feeling that this company lurches from one mistake to another. However, this year has the potential to change the perception and maybe the last chance for the current management.
The initial expo results have done nothing to dispel many peoples believe that the tenements hold vast resources - with company expectations of firming up 3m. With that the extra development work should lead to enough RoM to reintroduce the recently purchased ore sorter and thus push production levels passed guidance levels of 33,000-36,000. Additionally, it looks like Coringa will now actually get started in July which has been some time coming, although the final license is still outstanding (and a risk).
The problem with the audit is that many are stating it is only 80,000 what is the issue. Well it is twofold firstly it shows that the checks and balances are not in place or working and secondly, we can't be sure that the 80,00 is the end of the matter. Accountants will be trawling through historic accounts as well. All of which does reputation damage. It was only because we are listed on the canadian exchange which requires accounts 3 months after year end that this was in the public domain. AIM requires accounts 6 months after year end so now as each day passes the risk of no accounts being produced weighs on the share price. The sooner the better.
Anyway with gold going higher today and the resisitance at 1800 broken this looks to have the ability to shoot up if the mgmt can regain credibility with the next set of data, then the next etc.
probably the string of bad news. Needs to continue the good grades in its exploration and produce some good quarterly results to give the SP some energy.
I wonder when they'll let the market know the true extent of the audit issue?
Well undervalued and this cash producing company has absolutely huge potential.The company will now be going through everything with a fine tooth comb,which can only improve forward prospects.I have been topping up recently as this is such a bargain.
Filtered
But they needed the extension period didn't they?
Absolute joke how this company has been run for the last two years, and the trading volume backs that assumption up. Just £68 of buys on Friday, anyone still holding this garbage is locked in whether thy like it or not now and just sitting with their fingers crossed that it doesn't get suspended at the end of June.
Thank the BOD for that.
Hey fella, not sure from which rock you crawled from under, but the only “facts” that non insiders are aware of are what gets formally RNS’d......
You just seem to be a poor story teller with a vivid imagination. For example your first statement says “delayed filings for 2 years running”....I will highlight to you that there was an extension period granted for 2019 results filings due to the covid pandemic was kicking in hard at the backend of Q1 2020 and so their results filing publication last year was not classed as delayed.
In future please keep yourself to the HUM board where you appear to be well liked.....(not).
Let's be honest and look at the facts.
Delayed filing for 2 years running.
Being blamed by forum boards on local managers stealing 80k
If 80k was the only or real reason, you'd have had them released as soon ad they reconciled it.
Problem is much much bigger and symptoms of a BOD asleep at the wheel.