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Waimea agree with what you say and add in BlueGold investing £2.5m recently - very unlikely you shaft a new investor so soon after they buy in. However (and for me, this is the big however), you run things on a shoestring up to the point where you can't generate enough gold to hit your b/e at which point your sp plummets at which point you need funds because you don't b/e etc etc it is a spiral we simply have to break out of. If we don't, the next raise will be at 1p etc. I'm really liking the idea that we can, and we get to a point where we are covering costs but the 250oz last quarter was a bit of a shock tbh. They should have been much more upfront about stopping production while they install the new plant because then at least we could have been prepared for that number.
Also Akrokeri is all well and good but spending money drilling it then raising to cover opex costs at Homase does not make business sense to me. Get Homase producing at b/e then start drilling Akrokeri. I understand that there is ambition to produce more but you have to walk before you run IMO.
Appreciate we're in a conspiratorial mood now, but aren't there at least some things that suggest the company is being run sincerely if poorly? And absent de-listing, isn't everything else is survivable?
One big thing, I would have thought, is directors converting fees to shares, which four of them did in October. The price was 5.9p then, so they're all sitting on a pretty big loss. Unless they're getting shafted too, or there's a longer game I don't see?
And a small thing – why launch a new website?
On the other side, is it not possible that this is a small company being run on a shoestring, with low free float and low liquidity, and sure enough, they've mismanaged a number of things and seen the SP plummet with not much to catch it? That makes as much sense to me, and doesn't involve any conspiracy.
Goldyblocks . You may be correct . It’s hard work owning up to the fact you have been shafted .
That’s the reality I am facing
Please make relevant posts only....
likewise goldyblocks - if emma and co can be bothered to tell us when and where the agm will be i’m going to try get there myself too and give bill and co my thoughts in person. they can’t avoid you that way.
waimea - i’m just not convinced this lot are stupid. i think it’s the opposite and they think we’re stupid. with gold at $1900 a producer you would think would be doing whatever they can to get as much as they can.
the only thing i would say in their “defence” is heap leaching isn’t straight forward so there is a small chance they just overestimated their abilities in that dept and have royally ****ed it up….things like the audited accounts just make me very wary
Personally, I’m holding on, not very happily, to the old saying: “Never attribute to malice that which is adequately explained by stupidity.“
¯\_(ツ)_/¯
Also agree GoldyBlocks and jdt1990............GRL management have got a lot to prove and so far it's looking like an AIM stock designed for failure but to fund other interests for the management team, really hope I'm wrong and it's just dumb decisions which they will learn from.
Any bets on when we're re-listed, just for fun I'm going with by end of 31st July but the management team may reveal any possible 'sinister plans' depending on what they find in the accounts - again just my bitter and twisted mind thinking the worst and hoping for the best!
You only have to look at the likes of NCCL (now solgenics) as to how easy it is for an AIM company to be a legal Ponzi esque scheme.
Interestingly there, shareholders (me being one) were shafted with raise after raise to get close to project ready stage. Then as part of those raises one of the BOD took up a significant stake. Enough so that when they cited AIM was too expensive and needed to delist to raise funds privately, they had the votes to pass it.
Shareholders had then been used to fund the donkey work to a project ready stage and the BOD took a huge holding on the cheap, then delisted to reap all the rewards for themselves.
It was all done deliberately. Could this be the case here that we’re just a vehicle for them to take all the spoils? Maybe, I hope not. Something really doesn’t add up here though and sadly I’m of the opinion I’ll struggle to see any of my cash back.
I have mentioned before - and will keep saying - this company really needs some help at boardroom level - as I think market confidence in their RNS releases concerning future expected performance is near nihility.
No hard evidence other than the recent events over the last year as for an experienced management team many of these issues could have be avoided especially the latest audited accounts failure and in general the ongoing lack of delivery in terms of gold pours and progress..........All in my opinion of course and I'm heavily invested here so really hope I'm wrong but I've been burnt a few times on AIM and I need some positive news soon to help alleviate my suspicions. Good luck all and look forward to the suspension being lifted soon!
73 - what's your evidence of a Ponzi Scheme here?
Thanks GoldyBlocks and DanInvestor.......also sorry to any LTH's as it's another AIM (Legal) Ponzi Scheme - at least it's starting to feel like that! I'm a speculator and I've paid dearly too with some foolish COVID stocks and other high risks stocks such as GRL. Interesting comments GoldyBlocks but I would like to now provide evidence where you are wrong and GRL was not a company designed as another Ponzi scheme. However, the truth is I think you could be correct, another AIM share where the share-holders pay dearly and the company owners probably always intended to get rich quick off the back of shareholders rather than focussing on the business.
As as I say, I'm pretty foolish when it comes to investments and I take high risks but I'll sit here for quite a while longer and I hope there won't be too many more 'stupid problems' that could have been avoided, but time will tell. Good luck to all LTH's and let's hope these were genuine and silly mistakes and that management will do better in delivering some substantial gold pours and positive news soon!
Surmising is futile m8
Normal caveats - personal opinion, DYOR, no expert etc....
Surf73 - you have my sympathies, also LTH by nature. Likewise invested in this company in late 2020's for many of the reasons you stated, following a share tip (no blame attached) as the opportunity sounded promising.
I sold out yesterday at a huge loss for principally the following reasons;
1. Management control seems "iffy". To have one suspension of shares re: theft would suggest reasonable, but to have two re: audit, what can I say.
2. Could be wrong, but I believed that production at the Homebase mine would contribute to development costs at the other deeper mine. I do now wonder how this expansion will be financed?
In summary, have lost a lot of money recently on Aim (yep diversified but still+ £100K loss) in general since 2020. My personal advice would be, yep follow share tips and take BB advice on board, but just maybe be cynical and ask yourself the question, do you really want to invest in this company before hitting that "buy" button.
Hope this helps and BW.
They really like making it hard for themselves, don't they?
Someone at the top needs to make some serious changes.
Oh dear, am I regretting my GRL investment which I started back in the end of 2020............is it me or do LTH's think this could be close to the end for GRL as something very odd is going on as others have indicated and I invested here not just because of the mine prospects but also because of the so called experienced management team and their buy-in at GRL. But what we've really seen is very amateur management of the business now a failed audit 2022 Annual Report and Accounts which let's be honest, anyone with a ounce of business sense would of noted this upcoming issue and now it's going to be suspended for what could be a while.
I'm not ready to kiss goodbye to some heavy losses but I'm starting to getting a very negative feeling about GRL's long term prospects and I think shareholders are at the very bottom of GRL's management team's interest.......hoping this dog turns-around when they've woken-up their new auditors but I'm preparing for another AIM flop and financial hit!
What - exactly - was 'suspicious'?
Commoditytrader - The RNS suggests they will be published in July maybe August
"Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023."
(Caveat I never believe a word GRL say anymore)
GoldyBlocks - I agree, something not quite right here......been very suspicious ever since the "Theft"
It wouldn’t be completely unreasonable to expect things like cash and creditor positions to be published during six months though would it
Publish unaudited figures! Totally useless.
Mining accounts are notoriously difficult.
Assets are subterranean and invisible.
Often aspirational, intangible and uncertain...
🫢
Questions for AIM/ Nomad:
1) Surely it should have been announced when the auditor resigned, including the presumably inevitable consequence that the accounts wouldn’t be ready on time.
2) how long to find a new auditor and complete an audit, publish the accounts? Can’t imagine that will be quick? Possible within six months even? After which listing is cancelled altogether? Suspended in the interim of course.
3) Why not published unaudited figures as you would for interims so the market can at least see them without waiting for a full annual report?
i'd say £2k of sells is not really worthy of comment. it was obvious somebody would sell before suspension as it's a pretty poor rns but thankfully it's a £2k seller not a £200k seller with a big holder exiting due to any worry about what the auditory might have found. not that you could sell £200k if you tried.
the sp is on its **** because the company made 250oz in a quarter and now we don't get to see accounts - it is what it is. have to hold, wait for auditor, wait for the accounts, then wait for the next quarters op update where hopefully number is > 250oz.
At the time of writing this - the SP is down 8% today.
From the amount of comments on this discussion board - I assume such a drop nowadays is not worth of a discussion.
I still refer to my last posting on GRL - especially the last paragraph - as i do believe this company really needs some help.
Haha you could be just about spot on there….
Or maybe they resigned because Emma wanted them to audit the accounts but she told them the numbers would be with them “shortly” then decided she couldn’t be ars ed to send any numbers,….just like she doesn’t want to give shareholders any information.
Don't bother m8.
Accountants frequently refuse to sigh-off on accounts for mining companies.
The assets are invisible and/or underground.