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Good god. Is there actually some buying?
It's all down to Glenn now. Let's hope he's still kept his foot in the door somewhere they had genuine interest.
From RNS 4th January;
"as well as exploring potential strategic investor, merger or sale opportunities in relation to its Canadian subsidiary."
"Despite a period of significant challenges and difficult market conditions, I believe the opportunity exists for the Company to reset its goals and restore value for shareholders."
"Restoration of value" mentioned Samval. Your comment r.e pragmatism was perhaps already understood by Glenn. Looking to exit without a total disaster rather than with a ten bagger by the looks of it!
Can't disagree with that one. Bunch of know it all types. As said on here plenty before, Bill did not once ever fail to raise money.
Quite sure he'd have got the next trench required in early 2023 and at a price that was drastically higher than the current shambles price.
Glenn buying in just a few months ago at 4x this current price mind you. It's insane.
Looks like oblivion beckons, seems ousting bill wasnt the smartest move the lag
They were confident enough to down tools at the start of 2022 without raising money for plan B, drill on.
Bill said in the podcast at the end of 2022 that people would continue talking to them and that they wanted to see it grown to 2moz with pfs. The share price was 18p not long after that and also around September 2022 by which time they must have known they needed to do more work?
If they'd just gotten on with it last year rather than bickering about the strategic review failure and spending six months getting rid of Bill, appointing Claude and fiddling around trying to do a dual listing we'd probably be half way from 1.5moz to 2moz and PFS by now.
The management who did effectively nothing last year are heavily invested here too. They appear to have fallen out so drastically during the strategic review that they favoured 'changing the wallpaper' in 2023 over just getting on with the geological work. That suggests the greed explanation to me Samval, but we are all guessing.
JB said it well, no one really knows what happened when they tried to sell the asset. Theories range from no takers, to too greedy, to massaged and unrealistic stats in the PFS. New and uncharismatic CEO brought on board to bring this up to scratch after the failed sales process and he stuffed up the raise.
This was in my watch list for a while around 12 - 15p , looked a solid firm with good prospects.
I avoided a dog
Nobody obviously knows besides those two what actual interest they had back in 2022/early 2023.
If there was an offer or even the prospect of a 'low' offer at a premium to the then share price (40% ?) and Bill expected 500% hence falling out with potential buyers then they have well and truly screwed everybody, including themselves.
Would appear the company maybe passing the hat around again.
The management being bought in was always one of the reasons to stay JB. I wish they had nothing to be honest, I'd have got rid of these way earlier.
It's damage limitation now, get back what you can. Bill's dreams of breaking even are dead; even if he put a chunk in now, if they're not Glenn isn't running this right. Pragmatism first please Landore.
Perfectly fine comments Samval.
Part of the trouble with brining in Claude was his interests just weren't aligned. He wasn't bought in, the lower the share price went the better it was for him. Was always a risk.
Management may have a sketchy record here, but at least they're on high averages despite their continual averaging down. Glenn had no idea where the bottom was either seemingly- fancy buying in from 30p all the way down to 2.5p over just a few years.
Question is whether their interests are aligned now since their averages are so high. They do surely want to just be done with this nonsense now and get as much of their cash back as possible?
I would have hope so hear something from Glenn as to direction. A JV seems the only option that might not be awful, short of trying to sell at something like drilling cost. Take £30m and move on.
A £3m raise is 50% dilution now anyways. Doubt a TSX listing will help, dual lists always just seem to drag one another down.
Surely all anybody was expecting today Samval is that the resolutions pass, they raise a 'keeping the lights on' sum at a dreadful price and it buys Glenn some time to actually do a meaningful deal or deals?
Taking back miminiska? Sale of other non-core assets? Swallowing up Storm to get their TSX listing since they blatantly can't pay? Back at the table with anybody they were talking to just over a year ago hoping for JV, strategic investment or simply with more realistic expectations?
Plan B was always 'we drill on'. Quite how you go from a SP of 18p to a SP of 2.5p over the course of a year without raising once it was clear plan B was necessary is beyond me. As soon as it was clear there was no offer incoming during late 2022 they should have raised enough for plan B, surely?
Looks like expectations for the EGM are low. No real surprise considering the company mentioned that holders could attend the meeting online but haven't posted how to do this. Amateur!
I see the village 1p idiot is out.
Mate go back, they are missing you
Unless management do something because we have such a great asset
Hi cost of inflation hi cost on equipment drilling. A question of time when we hit 1p
Anybody on this board still citing 'inflation/production costs in this environment' as the problem here, see point 3 in this article.
BMO are forecasting declining production costs over the next three years.
Production cost deflation. Not more production cost inflation.
The idea that Junior Lake became unattractive at some point in the last two years when inflation permanently ruined margins is total rubbish. It was a temporary thing and is going into reversal. Large, shallow, open pits with high recovery rates will be very attractive again.
Cost of capital to drill on to a size where this is definitely wanted? That is the problem.
https://sprott.com/insights/sprott-gold-report-gold-mining-stocks-a-clear-and-compelling-investment-case/?_cldee=3qo4Bm0LnUJtFgciiCC8GGjr-8SQWLX8pIS5dI20yMjr-5LQSUuks172d95huCs-&recipientid=lead-5dc2a5fc79d6ea11a813000d3a0c8c6d-e11c5af0e2bb40788b1b2e75ecd743c4&esid=f958008f-68b1-ee11-a568-000d3a846077
As far as I can see you only started posting in December on LND. By that time it was already in the sh.1.t box.
Close your short, move on
Look at what we done we dug ourself big hole ceo leaving this not company we had 2021. We going. Lower and lower
Mate, when you have a user name that includes the word 'moon' I couldn't take you seriously. You're just a pain in the ass.
Close your short and sod off
Quite a biggie for a company 'that's about to go pop' wouldn't you say Goingtomoonufo?
Somebody just throwing £12.5K in the bin?
Big boys making money hand over fist.
Some of it has got to start trickling down to the little fish or there will be no exploration.
https://twitter.com/htsfhickey/status/1745529671892992075
You don’t like to face the facts that this bucket abt to pop
When are you going to naff off?
When is this bucket about to break? Complete disaster