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Newbie 642 - spot on. I had written in my research notes 'bridge =SPOF' and 'questionable commissioning'. Thought I had mitigated most things before I got in here, seems I was wrong. Still believe this can deliver but this hold up, I think, was avoidable.
Blackhopper - with your recent research, may be you can please try and answer some of the below questions?
What AP delivered?
- BP licence
- Mercuria Tranche1
- BP to production :)
- Probably more to the list people can add, but nothing significant or strategic for now
Why it will take time for AP to build any trust… Poor delivery vs promises over the last 3 years…
- Where are all the money raised going and what are people working for VAST doing?
- Expanded too fast and too thin. Wasted precious resources on “non-strategic assets” and ran out of cash. No strategic thinking, no risk management and no prudent cash management
- $1m raised for diamonds? Where did the money go?
- Money raised for Manaila trucks? Where did the money go or where is the truck?
- Headroom requested for one and used for others
- BP in production within 6 months of licence approval BS. Continued to be a liability – huge de-watering costs which was multiplied by finance delays.
- Mercuria 2 failure and Bergen saga.. All “ON TRACK” BS and eventual failure. We will not convert Bergen BS and Bergen did.
- Finance; we have option a, b, c and d. But couldn’t get any.
- Corporate Finance restructuring to balance books BS. Look at the shambles of current financial position.
- Sold PP at the wrong time, look where the gold price is above $1500
- When finance package was announced in Oct-19, AP said no more dilution in podcast (unless until he gets a lucrative concession... etc). VAST did a placement straight after
-Remember the twitter of few videos in Dec-19, apparently China equipment was not needed but VAST using refurbishment equipment (false dawn on restarting mine)
- We are always on cusp of something.. cusp of signing diamond (not VAST’s fault), cusp of arranging finance, cusp of BP production, cusp of turn-around.. for only the cusp to disappear after few weeks.
- Placement, placement, placements…from 5.1b shares to 13.3b shares. Share price from 0.55p to 0.15p.
- More than 70% reduction in share price under his watch.. (While all along AP’s BP 20% is undiluted or unaffected)
- There is more to the list and I am sure people can add
What AP couldn’t do this so far - Finance
- Proper Debt Finance facility: Now that he raised more for further documentations, better deliver debt finance facility (FAILED so far)
Of course there is opportunity with BP mine – copper, gold, silver and molybdenum… fabulous grades which supports the historical data. And one of the reasons for me to buy VAST roughly 3 years ago. But if I had diluted from 5.1b to 13.3b shares whilst reducing by more than 70% reduction (from 0.55p to 0.15p) – I have every right to sceptical of VAST’s BoD.
This is my view or opinion only based on last 3 years with VAST. Please Do Your Own Research before buying or selling.
"That Bridge looks more solid than your feeble attempt's at de ramping Buko... Game on tomorrow for Vaster's..."
That bridge looks more feeble that your ramping post DrAim..... VAST is looking more like "worst of aim" shares - led by lifestyle CEO! :) Incompetent to the core - couldn't even check the bridge as part of their commissioning process - if this is how they have commissioned the mine, I wonder how many issues or surprises we will find in "aladdin's cave"
gkb, you have answered my question perfectly... in that you haven't answered it!
They are pictures of a solution that I take it means the railway can be used in the next few days to transport concentrate. If it cannot be used for that and another message occurs, then you can get the hump.
But what you are referring to are all the failed promises of 'before' and I get that a lot of you have been here a long long time and been promised all sorts.
I have arrived because this is one of the most talked about shares on aim and i can see that many are very interested. I always feel bad for people underwater. I have been there and I know what a pain it is. If they don't deliver concentrate in October you can come on here and moan and I'll agree.
BUT, there's no smoke and mirrors about this issue, just a knackered bridge that should have been picked up on before. Of course there may have been a recent rockslide......
As for filtering you. Never would. like to hear it all. Let's hope for some product being delivered and paid for, hey !!
DrAim, Buko actually has a valid point. That bridge is a single point of failure, without it you might as well be sat on the beach somewhere. Somebody was negligent in their duty in risk management. It’s what they’re paid to do so I’d love to be a fly on the wall when the bod have their meeting to discuss WHY this fault wasn’t picked up. Let’s hope next week they get everything up and running and give a very upbeat RNS which will push us onwards and upwards.
That Bridge looks more solid than your feeble attempt's at de ramping Buko...
Game on tomorrow for Vaster's...
That bridge really doesn’t look finished
Obviously our bull****’er
Had to produce some Twitter photos just to save is arse
I still find it odd that have the mine on the books for 12 years
Then having the license to produce
2 years and 2 months that no one was employed to site manage and survey for possible misgivings but yet someone can go out and buy some lovely scarves...
Cant trust official rns let alone vox podcast rubbish and pics on twitter. Highlights of last few rns was the forecast cashflow ( with broken bridge waffle slipped in) followed by update on finance facility which was really another 1.6mill placing. anyway. another week closer we are led to believe.
gkb47 - totally agreed. I honestly don't believe anything this AP and his BoD says in twitter and social media.. absolute shambles for the last 3 years this incompetent CEO had been leading VAST. Let VAST produce something, sell and have the cash in bank - that may be a starting point. GL
BlackHopper - The smoke and mirrors is that originally the RNS stated that the " new structure will be installed by 18th September 2020". The picture yesterday didn't indicate that the bridge was actually open and able to function.
Now maybe it is, maybe it isn't and normally that kind of hair splitting wouldn't bother me but we've been told lots of things that either didn't happen or happened a long time after they said they would (they originally said BP target for production was H1 2019), others:
Trucks for Manalia, which would make it profitable, they never arrived.
Tranche B for Mercuria - due in days, they never came, now closed
Diamonds - going to be signed off shortly, said more than once, never happened, one year later still like that
Blueberry IPO, never happened, no idea what is happening
There are lots of other missedlines and things that didn't happen as they said they would, In fact so far Vast have failed to deliver on pretty much everything they promised. BP may eventually be the first but shareholders have had massive dilution due to repeated placings and convertible loans to get this far.
I'll continue to call them out until they actually deliver and if some don't like that I suggest they either filter me or get AP to get a move on.
gkb.... just out of interest, what about the bridge pictures and communications is 'smoke and mirrors' ?
It's a picture of a bridge support in place and some tidying up to do. Then they say first concentrate shipped October.
What is smokey and mirrory about this?
And before you refer back to other things, I get that a lot of things have happened in the past AND that you would have thought they had checked the bridge already, but I just want you to refer to this action.
Vast Resources Plc (AIM: VAST) updated the market on its progress at the Baita Plai Polymetallic Mine in Romania. Activities for the new steel bridge installation
No you don't - use the filter button, I just have, on you....
So we have to read your bull **** every day. One of the stupidest posts I’ve ever read, grow up.
DrAim - When Prelea stops, I'll stop. Been here two years and listened to far too much BS coming from Vast to take anything at face value.
Some people just cant stop themselves from talking utter tripe...
Who's ever heard of a 9-5 job in heavy industry - perhaps in an office block, but out in the filed it aint so...
Or, like all mining operations these days, they run 24/7? It's an operational mine, they don't run it 9 to 5 Mon to Fri. Jees.
Leemu - Normal smoke & mirrors from Vast it seems. Interesting that they start on a Friday and work over the weekend, are they using moonlighters that need to be back at their day job on Monday?
If it ain't fixed yet as you say it soon will be.First concentrate in Oct and I suspect it will be more than 150 tons
definetly not sold out, I rarely sell out unless I see another opportunity elsewhere, my avg is approx 20p, so to see SP drop frustrates me, I really want this concerntrate to be sold, that will be the game changer.
Feel sorry you sold out Leemu ! Lol. Hope you haven’t but it does sound that way ! I think it was great and the fact they stated completed leads me to believe it is complete ! If they had said almost completed I believe you would be right to be scepitical ! Each to their own and good luck anyhow !
before i state the obvious, I want to say that I really want Vast to succeed, I really do, I am invested here, I am no engineer but from looking at that pic I can tell that the bridge is not ready, yes, it may be installed and foundations in place, but its not ready. I am not deramping, to actually have pics of progress is fantastic, but just be honest and say it will be a few more days, or if it was all done, then post a pic of it all done, not with rocks laying all over the place, boards with fresh sawdust on and not fixed down and obvious overhead stuff not complete as well as bolts missing...come one Vast, your shareholders are not mugs you know.