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Just to spell the error out:
you said:
1. "they hadn't applied for the environmental/mining licenses yet" - Kabunga starting dumping AFTER the mining licence. So how can he sell because they haven't applied, when he started selling after they received it? Revisionist history again?
I said:
Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.
I'm not sure how many more own goals you're going to score but let's try your luck at the other questions, you might fair better with those. For someone who is not verifying information and misguiding investors here I am not so hopeful.
Just out of interest Dee, how old are you? I am pointing out the factual errors in your posts and you are obsessed with a gotcha moment. I am trying to do you a favour here by highlighting legitimate questions and concerns - don't take it personally. If you don't want to answer the other questions just say so because it's getting extremely tedious investing this time in going round in circles. We are all grown ups here I hope.
Kabunga invented Cov19 as he clearly started selling before it became a big thing. Master trader that he was. It was in the tealeaves. Correlation is not always causation. Did he make the right call about the Tanz gov? Maybe - but lets hope they're slow rather than complete non starter otherwise Blackrock shareholders are stuffed. Should we have thrown money at the project if the gov didn't play ball and bkt didn't progress? Probably not - the money has to achieve something right. The final proof in that pudding will evidently when Blackrock start construction (or don't).
You know Posco are the largest graphite trader in the world right? If they can't make it work nobody will, it's really that simple.
Anyway we're due an update on our second asset soon. Lets hope its a good one :)
So you can't admit you were wrong or mistaken with any of your points.
You brought up Kabunga.
Now you don't like it?
Answer the original point, please.
If you cannot, say so - Then we can move on.
Dee's emotional attachment has got the better of him hence the apparent subjective undertone to his posts. Whilst he continues to hammer on about Kabunga I will appeal to Jim, wasa and Dan to answer the remaining questions. Jim, after all you are the one i initially put them to? Where are you sir, bless us with your presence.
Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.
Dee is now trying his utmost to make this whole thing entire about Kabunga and his flipping investment strategy. I've made my point which is clear for all to see. Let's get on to the other questions. I am looking forward to engaging those, I may learn something i don't know - I am an open minded fella.
So you haven't admitted a thing?
We're not moving on until you do.
1. "they hadn't applied for the environmental/mining licenses yet" - Kabunga starting dumping AFTER the mining licence. So how can he sell because they haven't applied, when he started selling after they received it? Revisionist history again?
2. "If he sees similar opportunities in the mining/graphite space in Tanzania or elsewhere he'll take it." - Again, what opportunity? YOU, RHT99 said that Kabunga partially dumped because of Tanzanian Government. So why hasn't he dumped a Tanzanian project where he is Chairman?
3. "He was in Volt pre-invasion so don't obfuscate" - Aww... You think you got me there, right?
BEFORE RUSSIA INVADED UKRAINE THEY INVADED CRIMEA. DON'T YOU REMEMBER?
There was almost a decade between the annexation of Crimea and the full invasion. If Kabunga could foresee the Tanzanian Government being a problem and thus, selling Armadale... you'd think he'd be able to see the situation with Ukraine being threatened by their neighbours, having a province annexed, and then having a good 8 years to get rid of the project.
Your points are moot.
Again, admit you're wrong, and we can move onto your other questions.
Yes Matt decided to help out his buddy Kabunga in Lindian, as dumb as he is, Kabunga has probably been dumping his stock with no notification. He is a full on trader and will do anything to make a buck and at anyone's expense.
The questions which are being avoided are as follows.
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
Wow Mr Dee, where to begin? You are in full throttle deflection mode. Kabunga is an investor/trader. He made a tonne of cash by multi-bagging on ACP. Steve Mehede, his boy on the board let him know what the reality on the ground was and that the imminent finance and production RNSs were all fluff (they hadn't applied for the environmental/mining licenses yet!) - he jumped the good 'ol ACP ship with your cash, likes of wasa and others having bought a shed load of Kabunga's dumped stock on the open market. If he sees similar opportunities in the mining/graphite space in Tanzania or elsewhere he'll take it. He was in Volt pre-invasion so don't obfuscate. If you start on the other questions now Dee, gives us a bit of colour around Matt's incompetence and what Kabunga was seeing long before this discussion started. Wasa answer the following then I'll happily entertain your secondary questions about Blackrock.
Kabunga has around 5 companies. Only Lindian was doing half decent, and even that's dumped heavily.
Would that be the same Lindian that MB pumped all ACP’s shareholder funds into?
RHT99 so you're central theorem is MB doesn't understand Tanzania and is too young inexperienced to deliver that project. It is a reasoned argument and you have your opinion. So I'll ask you, if I may, to answer a couple of mine:
- are the Blackrock Board more experienced? Here they are:
https://blackrockmining.com.au/about-us/#board
- has their customer (and shareholder) got experience in this business? here they are:
POSCO Holdings Inc is a large South Korean steel conglomerate with a market capitalisation of over US$32bn
with a large and growing battery materials business. POSCO Future M Co.,
Ltd plans to grow its anode business from 82ktpa in 2022 to 370ktpa by 2030.
All that experience and expertise and still no producing mine? Not even a definitive finance agreement? What are they doing wrong? And what could MB do better than these guys?
These revisionist stories of yours are ridiculous, RHT99.
Admit you made up the comment about 'MB holding the door open for Kabunga'.
Admit you could be wrong about it, and it's solely your opinion.
Admit you said Kabunga "He knew the project was not viable as the government was not playing ball and therefore started selling" - Whilst he has a Tanzanian Graphite Project called Bunyu as a company he is Chairman of.
Admit the above statement is contradictory when he didn't sell down or dispose of Bunyu, which is located in Tanzania, when you said he sold down ACP because Mahenge is in Tanzania.
Admit all of that, and we can discuss your other points.
Okay,
So let's get this straight:
You, RHT99 think Kabunga "escaped" ACP because he didn't think Mahenge was viable. Apparently, because Kabunga knows Tanzania well.
Again, you make terrible points.
So, Kabunga left ACP because Tanzanian wasn't viable, so what does he do?
*drumroll, please*...
He goes and works on the Bunyu Graphite Project over at his company Volt Resources... Which is... wait for it...
LOCATED IN TANZANIA!!!
Round of applause for RHT99.
But wait, it gets even better. EVEN better.
Volt Resources has ANOTHER project. Where's that one located?
Wait for it...
*drumroll, please*....
UKRAINE!!!
Mate, it's incredibly difficult to take you seriously.
Forget all of these other points you want to discuss. Let's clarify this one first, and then we'll move on.
So Kabunga was super smart, and Matt Bull held the door open for him.
Holding the door open for him, Matt Bull didn't sell a single share, and actually bought more.
Kabunga sold out, but he then went on to develop projects in Ukraine and Tanzania. But according to you, RHT99, he knows Tanzania well, so why is he developing Bunyu in Tanzania?
The fact is, that Kabunga has been aggressively selling. Usually large sellers leave in off-market transactions. Clearly there were plenty of buyers when he was selling, and Kabunga deliberately sold down on the market.
But hey, you're welcome to re-write history.
You still haven't adequately explained how MB 'held the door open'. Apparently MB received quarterly reports on sells. Okay, so how does that constitute MB 'holding the door open'? Is he supposed to force people not to sell? Can he? No. Rather, you don't have an answer to this. Kabunga aggressively dumped for well over a year. He's not a bastion of morality, or somebody capable of developing a Junior Resource.
Or maybe you mean he released amazing news during the period of Kabunga selling - Did this happen? No.
You say MB has screwed it up. Has things paused? Yes. Has things gone backwards? No.
Personally, I'd rather not see a micro-cap company on the hook for almost $40 Million in infrastructure projects. How does that benefit any of us?
You points are incredibly contradictory, and make little to no sense.
Why would MB be buying more when he could just sell? Why would he want to help out Kabunga, when it's well known (and you should know this) that Kabunga didn't want to develop anything - Only to be a lifestyle company. It's also well known that MB and Kabunga had a falling out.
But let's not look at rumours etc. Let's look at the facts.
Kabunga has around 5 companies. Only Lindian was doing half decent, and even that's dumped heavily.
His Graphite Company VRC is basically at the Death Spiral Finance stage. And this is the apparently smart man you think saw it all coming? The man who invested in Ukraine and again, Tanzania which he 'knew' very well?
Sorry, but these revi
All is fine and dandy RHT, nothing that Mr Bull has done has mislead the market, he’s not out his depth, he’s not lost a drill rig and operator, he can’t do anything until Blackrock have done it, it’s all the GoT fault, he is the best man for the job end of, now stop causing trouble.
Solid research Dan, kudos. Now do you want to chip in and have a go answering my questions too. The more heads we can get together the better :)
Dee, now either you have no basic comprehension skills or are deliberately obfuscating and conflating between posts akin to the the fake news media:
-- 25th April at 11:46 RHT99: "Kabunga escaped through the back door as he knew what was going on"
Yes he did. Kabunga is a seasoned investor in the mining sector, he knows Tanzania well and had Steve Mehede installed as director at ACP. He knew the project was not viable as the government was not playing ball and therefore started selling.
-- 25th April at 12:05 RHT99: "He created an escape route for him and then shafted the rest"
Yes he did. Matt was fully aware that Kabunga was selling. He was receiving quarterly reports regarding the share register and significant holdings, despite this he decided to RNS on 8th March 2021 (18 months later):
" Kabunga Holdings Pty Ltd ("Kabunga"), a substantial shareholder in the Company, has between October 2019 and 26 February 2021, sold in total 34,755,554 ordinary shares"
-- Today at 16:44 RHT99: "Matt did not see this coming and is now stuck"
Yes indeed. Matt completing messed up this project. He came into Tanzania blind with insufficient project management experience, especially of this scale, completely overestimated the job at hand and then hit a rock on all levels, from Govt discussions, finance negotiations and company management. Why has he been running a project of with no CEO. As a said, he was a young Aussie mining enthusiast who rather amaterurishly c**ked up the graphite project.
-- Today at 16:44 RHT99: "The project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it for two years without notifying..."
Well, given everything that has happened this is my opinion. I think it is a reasonable conclusion to draw by any experienced investor on AIM who knows how things often unfold in this space. For your sake I hope I'm wrong.
My posts are not contradictory at all; you are grasping at straws thereby avoiding my questions, Did Mr Bull mislead the market; now answer the remaining questions if you would be so kind dee12345, your pals clearly can't.
I was just looking back on some of your old posts. In Feb '21, in relation to stock ticker 'AST', you said stock price would go 'North of 70p', on 4th Feb you said 'See you folks at 30p very shortly', the 5th Feb marked the top at 16p with the subsequent fall to where it currently sits at 2.1p.
I know, it's off topic in regards to ACP.
No diversion.
25th April at 11:46 RHT99: "Kabunga escaped through the back door as he knew what was going on"
25th April at 12:05 RHT99: "He created an escape route for him and then shafted the rest"
You make these statements, you fail to back them up, and then you bring up new points.
Today at 16:44 RHT99: "Matt did not see this coming and is now stuck"
Today at 16:44 RHT99: "The project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it for two years without notifying..."
So which is it? Did MB hold the door open for Kabunga? Then how did MB not see it coming? Your posts are incredibly contradictory, and this is in the space of less than a week.
Say all you like about red herrings and diversion tactics. You cannot even make your original point coherently.
What you say sounds like a nice argument, but it's no different to those simplistic comments you see on Question Time.
They're ramblings. Nothing more, nothing less.
You're not providing anyone with food for thought - You're trying to come across as being insightful and clever, but your initial rant makes little to no sense.
Make up your mind on what your thesis is, and then people will happily respond.
Dee, don't employ diversion tactics. I have listed the questions below for any of you or your fellow comrades to answer. For the record I am happy to admit if proven wrong, try it and see.
1) What has the management achieved in the past 4 years which justifies taking a salary?
2) Why was the recent acquisition not funded through the £1.59m listed investments?
3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?
4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?
5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?
6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.
My overall point is that Matt has deliberately misled the market, there is much more of this you will find in RNSs but the above is initial food for thought :)
It's not that your points can't be answered - It's that there is little point.
You won't admit where you're proven wrong, but seek to make a new point instead.
There's a lot to unpack with your nonsense... Including the timing.
But it just feels as though there's very little to be gained in engaging with you.
YOU said MB allowed Kabunga to exit. Prove it.
That's one of your nonsense points that you made, yet can't prove.
The "reading between the lines strategy" isn't going to do much for you when we have lines we can ACTUALLY read. In short your whole investment argument is the hope that Matt's shareholding will ensure everything will all work out in the end. So the share price has gone from 6p to 0.7p albeit Mr Bull's holding has risen. So the share price seems to be negatively correlated with his shareholding. I know that you would like to believe that his 'skin in the game' will save your skin but it isn't happening is it Jim?
The reality is Mr Bull went in too big too quick. Young Aussie mining enthusiast who completely misread the graphite project and shafted himself as well as his shareholders. The stopping of the FEED tells you all that you need to know. The government is not playing ball, they've been talking to them for the past 4 years for goodness sake. Matt did not see this coming and is now stuck. The new project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it without notifying for two years (remember the "delayed" RNS) and Matt will do the same. If I were you I would check his average, you will find it is much lower than you all, in fact he is not far from being in the money.
The ship is sinking and the fact neither you, Dee or Wasa can answer my questions is telling.
Well said Jim, I share the same view as you.
Mahenge is an extremely attractive asset. The economics are out of this world for a company at this valuation. Of course it means nothing if we can't get the graphite out of the ground therefore the current SP is pricing in failure on this front. The project is from dead in the water as some may have us believe. We do know that it is pushed back from the 27th Feb RNS and so the company do not consider it wise to sit around doing nothing in the meanwhile. Blackrock will be the barometer for action IMO. Once they close their funding and start construction that will be the green flag for action. The government must agree to moving things forward on terms agreeable to investors in such projects.
In the interim period, Matt has decided to pursue another opportunity, the details of which are sketchy at the moment. We have to do read between the lines until the company issues an RNS with further information. If the project is about to fail, ask yourself why Matt has coughed up another £100k to take his holding to a whopping 62m shares. He is heavily invested now with 9% ownership of the enlarged float. In terms of salary, the directors here probably have the lowest payout of any company on AIM with the leanest cost base. Matt therefore relies heavily on his equity investment to make something here. He is not fleecing shareholders and the company is not a dilution pit like so many others on AIM. This placement was not a "lights-on" one - it is to fund growth and unlock value. If the SP collapses so too does Matt's investment. His success by extension is our success and I will back him to deliver.
In GBP the silver price is at 12 year high. There are worse times to be activating a silver asset, if indeed, it is capable of near term production as I expect we'll find out.
I haven’t a clue whether the ‘new project’ is good, bad or ugly because I can’t find much about it. We just have to wait for Matt to spill the beans.
Below is what I’ve found.
State of Idaho company registration
https://sosbiz.idaho.gov/api/report/GetImageByNum/037154174211037117040079243244114115092122125012
https://www.miningreview.com/uncategorized/peter-major-head-mining-cadiz-corporate-solutions/
https://miningindaba.com/speaker-list/peter-major#:~:text=Peter%20Major%20was%20born%20in,up%20and%20worked%20through%201981.
https://www.iol.co.za/business-report/companies/major-force-989707
https://www.biznews.com/global-investing/2022/07/08/peter-major-gold-relative-value
https://thediggings.com/mines/21332
The good thing is Matt has been out there looking for opportunities.
The bad thing is it’s not what I invested in, a graphite opportunity in Tanzania.
My initial thoughts are ugly. How did Matt find this opportunity? A seedy bar at a mining conference? Peter Major seems to have been around the mining industry, but is back in Kellogg living in a shack. He’s found an ‘opportunity’ in a very old mining district just down the road from where he lives. Is this his last hurrah to fund his retirement? Peter has been peddling the Canyon Silver mine for four decades firstly with GNT mining. I can’t find any production results.
I currently need a lot of convincing.