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I've sat back a day and frankly, I'm extremely disappointed. What we got yesterday was merely some NPV numbers but absolutely no indication of any progress in the last couple of months. I was expecting a decent update (heck even half a one) that addressed the gorilla in the room, being operating cash. I and many others want to know the way forward but nothing. That's why there's no buyers or interest.
DW, I read your post shortly after you posted it and thought to myself, "Another RNS addressing your main point 7AM this morning surely". I was sadly mistaken.
An update to shareholders is the minimum they should do now, as there is no interest as the volumes show.
I fully understand he can't announce a deal which has not been done, but he could give an update as to what is being done at the present time to give confidence to the markets.
I honestly thought the de-listing from ASX was going to bring at least 3 RNSs in 3 consecutive days. After all they have had weeks to prepare them and go through them with a fine tooth comb to make sure no wording could be misinterpreted.
Has anyone worked out what cash we have left approx with the current burn rate? LR did speak before about £100K to de list so that needs factoring in too. Cash at bank= £ Bleak.
Is a placing imminent just to raise enough cash to keep the lights on whilst FI / JV discussions continue?
Dissapointed, is an understatement. LR The silence is deafening.
I have to agree DW, the word disappointing does seem apt.
When the ss was originally expected our sp was circa 60% higher than today, despite it clearly not being bad news. Even my modest expectations have not been achieved, and so we need to consider why. I did expect there to be a podcast to help present this in its most positive manner, which could have included updates on progress. Funding is clearly the main issue however and clarity is therefore required.
Please take a look at the Bezant chat board. BZT. (LR other company in the Philippines)
Looks like we are not alone on this. Also take a look at the charts going back 5 years, and it doesn't look good at all.
It’s been mentioned before but perhaps everyone needs to be led by a full time chief, having to focus on multiple issues in various locations cannot be easy.
@DW...Yep it is a bit like having a gorilla in the room....Not frigging knowing what to do....as an investor...Flight or fight !! Two options the way I see it and again...BOD not managing the situation well at all....They had enough time to get their ducks in a row whilst delisting from ASX and quite frankly....Zilch to show for it except giving the shareholders something that was produced last year already. Almost the end of the 1st Quarter of 2019....and quite frankly ...wonder what they up too ?? Anyone's guess I suppose.
BB That is what LR said on a podcast, n response to a question from JW as to why they hadn't de-listed from ASX He replied, "He didn't want to waste £100k of shareholders cash on a delisting, because thats what it would cost"
Just imagine if they didn’t have plenty of time to prepare for this, it might have gone badly...
Haha ! You have to laugh, the alternative is crying, and Brexit is soaking up most of my tears these days :)
If the company survives and sentiment changes this will come back but again the markets as a whole are not looking good
Brad I guess you are aldo invested here? I was expecting so much more this week. Is a poor market this week which is also not helping.
Need a jv
Definitely. Yes, they will need cash but the last thing anyone needs is a raise through the issue of billions of shares and I think LR knows this. A joint venture or partial sale would be great to get sentiment pack and a sp rise.
Don't expect any soon I think lower the cash burn and drag on with things less costing until a partner turns up
We are still at the same point we were at xmas. BOD are terrible. They have had so much time since xmas to turn this round. Funding, jv or buyout needs to happen fast!!! News required fast!!!
Just need to put the for sale sign up now and hope someone buys.
Failing that, the 'To Let' sign.
Lol Bobby...I hear you...however if you are not disappointed as well that a follow up RNS addressing funding for the next phase was not released by now...I would be very surprised....I feel for all investors and traders that this has not been addressed. IMO this is the major obstacle blocking the lift off.
Bobby, You make a fair point however since the ss was originally being prepared for release, we have witnessed a 73%slide. Surely that qualifies as grounds for some concern. What is being discussed is what’s the plan to move this forward, I would think that to be a reasonable question.
Oiltap - I can't see any reference to a 5mt model in the scoping study.
What page is this on please?
Thanks, got it now. 10 year mine life at 0.5m tpa at 10%.
Oiltap, that PR needs to be concise and articulate. No messing about this time, it's too important for him to bungle. Any idea when he will be on?
@Oiltap...you think another RNS will be released before end of week on funding before his PR exercise with Proactive ?
HI Oiltap, you seem pretty confident that the funding is all in order. Is there any reason for your optimism?
Ok, thanks. Wondering whether to put some more in here but the funding issue is giving me a cause for concern at the moment. Hopefully this may be addressed in the comms from the company soon.