Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Publican: "matter of fact and emotionally detached" is perhaps the best way to be when investing. Unlike yourself one might suggest. Nobody posts as much about a stranger's financial situation as you do and is entirely OK either. Besides, for better or worse, he can't see your posts anyway, and everyone else is sick to death of you droning on about it. Are you even able to stop talking about it? I have my doubts. Look in the mirror.
Yes from first day I was thinking why Karim Nasr trying to
Push the price down!!! He is doing dirty business to take the
Company to La Mancha this is how they make money and
No one can do anything
Fair enough - I won't continue flogging the horse, best of luck Wasa
Sasa I don't see his posts (unless he posts as some of the other aliases here). I find more peace that way :)
That's fine but you have 2 things wrong:
my first sell opportunity was at 20p. I was away on business for 3 days and the first considered time I could have sold my shares was the Thursday morning. At 80% down I made the decision to stick (wrong decision)
my point isn't that cornerstones might wait for admin - it happens - if it can't be funded. My point in my post is they commissioned a report which predicts a 3x CTC than the the report commissioned by previous management. There is a possibility this smells bad. That's my only point.
Anyway I leave you all in peace, having sold up. Good luck with your future investments. Probably the best time to sell was after the first financing deal was announced, thankfully, I did, around 50-60% of my then holding, and was roundly slated for it by many on this board. You can't win with people, you sell, 50% of people on the board think you're a ick, you don't sell, the other 50% think you're a ick. So I find it easier just to ignore other people - it was my decision and my decision only when I bought and when I sold and I'm comfortable with it. GLA
For pity's sake, Publican, leave the guy alone - wasa made a huge mistake in believing JM's forecasts of how everything was on track to deliver here, as all the LTHs did before the scandalous falsehood was revealed a few weeks later.
Okay, you were right on this occasion whereas most of us trusting investors weren't and have suffered huge losses in consequence, so give it a rest for all our sakes - sasa.
"Spike not sure what your point is, I didn't make the investment months ago"
Sure, but you could have exited at about 70p when the first announcement was made about cost overruns when it was already pretty clear that the writing was on the wall for shareholders, either through massive dilution or complete wipeout. Instead you continued dreaming up ever optimistic scenarios and even down at 3p were talking about potential bail out placings with hundreds of percent premiums to the prevailing share price.
So now instead of examining your mistakes you are instead thinking its a stitch up.
Tell me something - why would the cornerstone investors not wait until administration to pick this up cheaply and most likely succeed in getting a substantial hair cut on the debt? Why all along did you think they would throw in more cash at a premium and be stuck with the existing levels of debt?
Incidentally I thought we might be ucked when the number hit $450-$600m. The question I am making in my post today, is, is that number valid. How can we verify it? It's a big number? Someone got something catastrophically wrong, the DFS, inflation, the 'it's still ok and we're on track', the 35%. All nonsense if you believe the CTC $600m is valid. So many entities getting so many numbers wrong so many times....... I get that there's risk in mining but the CTC is now around $1bn from $443m. Quite a hike!
Spike not sure what your point is, I didn't make the investment months ago, I invested since 2018 since when the EV revoluation was meant to be coming nickel was going to be in deficit and here was a London listed, low cost explorer to be producer. 95% of my investment was before October last year. You mean I held? Yes in hindsight I should have sold but didn't.
Yes I guess small companies / small shareholders don't have protection, if the moral of the story is only invest in Glencore's as a PI, I got the message and it may well be what I do in the future. Not the same return, but also not the same risk.
Not sure what we're meant to do at this point adulation to all the people who are pessimistic about AIM stocks and small companies generally. Who aren't invested but post anyway? I own my decision, it went south. No problem with that. But I'm not bowing to the superiority feeling that others have in revelling in others decisions gone wrong. I hope you lots of luck with your own investments :)
You may be lucky to grab 10% you may not but there is other extremely cheap shares that you can invest ,really not worth it.
It’s not worth taking the risk to lose your money
Not in production - it was Horizonte post DFS pre finance. 3.5m-4m tonnes proven reserves. Held 26m+ shares and IIRC there were circa 1.5bn shares in issue.
Wasarunner - interesting. The company you have 2% interest in, was it in production?
"It could be a stitch up (I'm undecided - but it will all come out in the wash):"
It was so obvious that this was the next stage that was coming. Instead of owning making terrible investment decisions and taking a massive gamble when the writing was on the wall months ago, instead blame some shadowy stitch up scenarios for being the reason the gamble when down the tubes. No doubt there will be talk of a shareholder action group next.
Wasarunner - you simply called this wrong again and again, dreaming up totally unrealistic scenarios and reasons why small shareholders would be bailed out by the big boys. Its a small company with no reliable access to debt and capital and was distressed in unfavourable debt and commodity markets with Nickel unloved and a project that had clearly been badly designed. As many advised the cornerstone investors weren't interested in desperately trying to save their original investment by putting in more capital on current unfavourable terms, if they would have added more capital now, it would have been on terms highly punitive to all existing investors.
Noted about the licences being lost through admin so similar scenario but bought for $1?
I once owned around 2% of the company, with 4mt of nickel under the ground valued at $20k/t was $80bn - $1.6bn of that nickel was mine :)
It could be a stitch up (I'm undecided - but it will all come out in the wash):
- outgoing management estimate 35% cost overrun which we put in the circa $200m area
- independent review conducted by external firm, we never see the result
- La Mancha put their man at the helm, BOD ousted
- new CEO appoints company controlled/ shareholding by La Mancha (experts in gold mining?) to re-assess cost
- CTC balloons to $600m
- ex La Mancha CEO unable to find funding for the massively balooned capex
then what happens next?
- company to admin?
- bought out by (Glen? La Mancha? Orion? Glen+La Mancha+Orion?)
- creditors paid off?
- mine completed in record time with an unpublished CTC as it is now private?
The future is hypothetical, the past is known. It will be interesting to see how it plays out. If Glen or La Mancha or Orion are involved in the post restructure company then we have our answer - it was probably financeable all along. And the independent investors / PIs were taken to the cleaners.
I don't know, but we will know one day. GLA
I think this is an extraordinary scandal.
JM telling us that the scheme is on time and on budget 2 weeks before detonating the at least 35% bomb ande then walking off with his millions in to another seat - fing outrageous.
With no good news they usually pump and dump to lower price, then pump again to dump to a lower price etc...
Yup ready for a move to 60-65 soon
20Feb - dropped
28Mar - dropped
Now 13April -dropped
Note quite yet, this will do 100%
Classic dead cat bounce....
Some reasonable stakes coming in for trades! suspect this will run after lunch
Stock picking at its finest 😂😂
Sj74 goodness me you’ve got shares here and Beowulf you need help h ha ha