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We failed to break half a penny because right now, we are not worth it. It still stands that ECR will need to raise significant cash to carry on operations. Burn rate is sitting around £125,000 per month, how much cash is left now? ECR are in a desperate place, they can't raise cash, they can't sell worthless assets (Dangley), and no one believes a single word they say, and why should they after 3 years of absolute lies? And of course, the paid ramping crew will come out in force and say a new CEO but that of course is bo!!ocks, it's the same company with a different puppet in front, although this time even he doesn't want to be on the board. You reap what you sow and ECR is getting exactly what they deserve, imo.
Agreed Dan, and it was the first test, on what was arguably not the most exciting newsflow we are expecting, which is Hurricane drilling confirmation. Last word from AJ on that was that they were sorting out access etc and that all was going well. Once we get the next update, whether RNS or interview, confirming they are on track for September drilling, I would expect a retest of 0.5p, this time from a higher level on the chart.
It's not about what happens to the share price on any particular day or week, but what will happen to it from this whole maiden drilling at Hurricane, which is to be measured in "months". No way it will be at these levels throughout that period imo. I'm here for those "months" and confident of seeing a return from these levels, but let's see what happens. All imo and GLA
For those interested in the charts, the resistance was at 0.50 and we failed to break it. We're sat right on a potential new support. We're controlled by newsflow but it's interesting that the charts are playing out.
Is Craig still CEO Oiland?
I recall another company I had stocks in, Alien Metals, glad I got rid of them.
However when they got bad results from their Mexico concessions, they just shut the whole thing down and focused elsewhere. This was the mistake of ECR, they kept on 'digging a hole' (excuse the pun) when it was clear that anyone with common sense that the assays they were producing were rubbish. Perhaps the difference was, Alien Metals had other resource which they could focus on. Whereas with ECR, they felt they had to keep on going to keep the company- and more importantly- their salaries- going.
"Post period end the results from Victoria have been generally inconsistent, and while some great unexplored potential still exists at both Creswick and Bailieston (and Tambo), in the interests of finding the best possible value for money from the Company’s assets, the Board have decided to focus resource on our Queensland assets in the near term. "
I feel somewhat vindicated. There COULD be potential in Queensland but it was pretty clear that the previous assets that were ramped by CB were ****.
Remember I said that I ran the assays past a family friend who was a retired goldminer at a midcap and he said they were poor results? CB was trying to say we 'didnt understand that we are drilling diagonally and not vertically' and many people fell for it.
Also gives you an idea just what nonsense he was talking about about a 'potential takeover/bid'....but that ramp did allow him to raise 5 million and go on a real estate spree. Think about all that money burned, all those SP-diluting placings- and it all came to nothing. Queensland is a reset and from what i've seen- it may actually yield some potential and a resource. There was more chance of Elvis flying a UFO crashing into the Loch Ness monster than finding any commercial resource in Victoria and i remain amazed how many people could not see this. Anyone who asked questions was a 'deramper'.
Hopefully people have learned from taking things the CEO/BOD say at face value and will be more critical and sceptical of future news and future ramps- especially with this particular company's history of baseless ramping. Hopefully when more Queensland results come out, people who question and critique wont be dismissed as 'derampers'
Remember a CEO isnt your best friend, isnt your relative- you have no more reason to trust them as a random sitting next to you on the bus.
TS... I agree with all of your post. For the reasons you outline I have been adding....
The final 20 seconds of the recent video I did enjoy again the other night. I'm sure all here have watched it. Very telling.... Atb BH
Agreed that there is a level of mistrust as the previous CEO 'ringing off the phone' statement did a lot of damage.
That's why the price here is suppressed as much as it is.
On the flip side if Hurricane does as the board expects and starts to be proven to be a wider width economical prospect then this will multi-bag from here is the blink of an eye as positive results come in .
Lulworth is a completely different beast when it comes to scale and if/wen any of the Rare minerals or gold get proven (or part proven )there than a £4m mcap is going to be a dot in the rear view mirror.
Of course they have to be on the path of being proven before any of that happens so we will see what the ongoing and continual activity and updates from those two licenses bring over the coming months.
Also I still think that Ballieston is on the For Sale list for ECR...not one of the core assets and should be offloaded with Itagon to boost cash reserves.
Trex ,I agree with your post ,it's time to deliver here .so many misleading statements that have not matrealiced,especially on Creswick over the years.
....looool notrex....Your not going to have another meltdown are you, bust another blood vessel ?
Exactly Dan - no more BS (talk is cheap) - it's time to actually deliver.
Only time will tell Paul but most have been bitten too many times to buy the story. How many times have we had good sampling only to find nothing with the rig.
'the assays are dog***t. Certainly not enough for a buyout like CB was claiming (before he raised a big wad of cash of this ramp and started a real estate spree).'
I think many were looking for the next Greatland Gold story and just expected it to be a matter of time before we hit something with the assay results.
However we are now a different story, I do believe AH has a passion for Geology and wants to find something in Queensland so disagree with us being lifestyle.
For new investors speculating now is the time to come on board to see what fruits Queensland bears, for that reason I rate us a buy.
I didnt expect so many responses which is why I continued. I mean, its not like I broke a vow of marriage or something so relax. You should be more worried about those who run ECR keeping to their word. What happened to the potential buyers that CB claimed were buzzing around the company?
The SP is still in the boots. I think the SP was around 0.9 when I first posted in Jan. Now its ONE THIRD of this. Some people are still defending this lifestyle business.
ECR has not provided a SINGLE substantial assay result yet. If anyone believes what they have published (starting with 'we are pleased to announce....') then I have a seafront property in Switzerland to sell you.
Its like losing a football match 6-0 then coming on social media saying you had a great result. And they know most people here dont understand assays so will be easily swayed. Its all rather brazen.
Like I said, feel free to find anyone who has experience in mining, and they will tell you straight away that the assays are dog***t. Certainly not enough for a buyout like CB was claiming (before he raised a big wad of cash of this ramp and started a real estate spree).
Any shareholder will be concerned as to whether Adam Jonea has the ability and competence with which to find a commercial resource - so far he has not. However your first of four post sas an LSE member dated 16th January concerned ECR and commenced with "I will only post this once...." and so I take no notice of someone who breaks his/her word.
Hey look who's back...lol....4 posts all ECR and all overly negative.
You are right in that pretty much all mining companies use drill contractors and will pay really high contracting costs and have no flexibility in their drilling programme.
ECR are different as they can change their drilling plans as the results/geological finds dictate and have the ability to hire out the rig to those companies (in between our drilling programmes) who want to pay exorbitant contractors fees so we can generate extra revenue if required.
I just saw the last RNS
These property disposals (when CB went on a spending spree with your money) actually represent the most significant RNS since the new CEO.-That is how bad things are.
To date, this company has not produced any materially significant RNS. It returns poor assays than issues an RNS saying the assays are great. It relies on the fact that many AIM miner investors dont look into things in detail. As I keep on saying- I challenge anyone to show any mining expert the assays that ECR have produced to date- and let us know what they think of them.
Its like an alternate reality when you look at the comments here- sometimes suspiciously so. Who are all these people who have swallowed the Kool Aid?
The RNSs issued by ECR reminds me of Donald Trump at his finest. When the sky is clear and blue he could tell you that its raining and cloudy and expect you to swallow it.
It is amusing that a company that a tiny AIM miner- which is nowhere near a JORC compliant resource, despite the millions of investors money used- had money to buy its own property and its own expensive drills. Every other AIM mining company I know- use drilling companies and dont pretend to be real estate companies. Makes you wonder if someone is benefiting from this.
Also...have they got rid of the 100 year old NED who lives in Jersey>- you know, the one who was given a job by his old friend- CB.
GLA
This is all rather laughable
Oh dear TS - you really have got it bad! I suggest you read 'The Charge of The Light Brigade' by Alfred, Lord Tennyson - it did not end well for the brave six-hundred.
Legal: It seems to me that the overall problem is more deep-rooted insofar as there just isn't the money being put into AIM these days to support current SP's (not just ECR). Consequently, I believe you're right to suggest that investors are indeed being more cautious about what they do invest in - and trust (or lack of it) is a serious driver of such decisions.
Legal...summarised it perfectly there
Rx. You seem to not know the difference between the current SP and investing....which is when you buy a share in anticipation for future SP.
I don't give a toss what the current SP is unless I want to sell or buy (which I have done so happy to get in the 0.5's) ...I'm here for 3/6/12 months time and some of my holding for 2-3 years.
The SP at those points is what I'm concentrating on and the developments between now and then....not what's happened in the rear view mirror.
TS: That's correct - it does indeed fluctuate intra-day - but the direction of travel is clear.
Thanks RX - so far, no sign that a rising POG will lift all boats. Looks like investors are being more picky about which junior goldies to put their money in? And if so, are perhaps wary of buying ECR merely on anticipation/expectation any more? Therefore, we are likely going to have to wait for CresWick results, and they will determine the direction of travel in the near term. Plenty of upside if they are decent results though.
rx according to your google share price:
ECR Minerals PLC (ECRE)
0.5624
+0.0124
(+2.25%)
*it will fall further*
Legal: No short (over 0.5%) since 2014 (https://shorttracker.co.uk/company/GB00BYYDKX57/) - and if it was to be shorted it would likely have been initiated long before it reached its current low. Regrettably, I suspect a significant shareholder throwing in the towel (as I alluded to earlier) - and there is just not the liquidity to absorb these shares at the current price (low as most may feel it is). Consequently, if the selling continues it is inevitable it will further - unless positive news is forthcoming (and I mean serious, verifiable and quantifiable positive news, not the usual ECR hype).