Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Expected loan default but was not expected that interest was not being paid. Not great position to be in and now there is a bit of fear even though mining continues. For me this now has become a lot more risky. Hoping for a more positive RNS next time but no longer sure.
I cannot understand how things have got so bad so quickly. If I remember they said in the last quearter they were cashflow positive. Break-even was copper price at $2.70 or some such. This is a little odd
As the take over happened
U see there two things here 2020 they was in Worest situation compared to now. As said thing are done on purpose
Loon please **** off what you know or pretend to know could be written on the back of a postage stamp, please stop posting irrelevant ramblings of a moron,
U just don’t understand few understand rest don’t. Know 0 kwn am very confident so hv no problem
Loon you keep repeating yourself without actually saying anything, if we don’t understand but you do, please educate us and explain what you understand but we don’t, but guess what you know nothing !
Keep rambling on with your moronic bull****
Time to feed your chickens matey
As much u lot laugh not worryed at all
Agree moon - Im not worried - pi55ed off but not worried - have not lost any sleep and have a lot riding on this!
Fingers crossed for all us holders
GLA
similar situation to another Canadian stock - PUR (main market). They have decided to cease production and put mine on care/maintenance but still allow trading i.e. no suspension (yet?). They have obtained CCAA protection but not ruled out a sale of the company. What a year 2022 has been (followed by lots of swearing and head banging lol). GLA, Dan
Know0.
For my part. No intention of taking the p*ss. I have 925,000 reasons that this is far more serious than that!
Thank you for confirming that far from being in his "confidence". You know (pun intended), no more than the rest of us. More BS then from our friend.
I simply tire after >2 years of his methods, of his trying to be all things to all men. Asked him some direct questions today, on his claim that it's the best time in RMM history, and that TB is the man to run the company due to his great job done as CEO ( note.... credit given for his mining skills, but .... That isnt actually his job role as I understood it!)..
Moon cannot answer direct questions. Deals in obfuscation, and/or offering up all options. So can always claim he's right.
I understand you hold, or held a large number of shares. Does huge dilution, or fire sale to pay bills appeal? No.... me neither frankly.
We all rate the asset, why many of us bought in. But is someone really, & in this distressed state, going to buy it for a quid!?, @ X20 the current suspended price. When if Newgen take it into admin and sell it they can get it real cheap surely..... I hope your right sir. Would love it. But can I see it in the current macro, and with companies pulling up the drawbridges generally .......tbh hard too?
You seem an intellegent type. Hitching yourself to that proven fruitcake is hard to fathom frankly?
Cheers.
Personally I'm kicking myself for not selling these when they announced that the new FD and admitted they didn't know what their financial position was. Eason Chen is a complete muppet. No financial controls at all under his watch.
Other lessons..
1. Hedge when the price of copper is through the roof.
2. It doesn't matter how much resource is underground if you can't dig it up at a sensible cost
3. Similarly, it doesn't matter how much you produce if you can't sell it at a profit. All the focus on production levels this year, without any regard for overall costs, was idiotic.
I still follow the story here.
I find it hard to understand how anyone can say with such confidence that this won't go bankrupt. Of course it can. Doesn't mean it will, but saying it can't is entirely blinkered to reality.
Let alone suggesting it'll be sold for 15-20 times the suspension price any time soon. It wasn't suspended subject to takeover negotiations lol.
Yes, they've been in discussions for a while with NewGen and NewGen would be aware they will default. It doesn't change the fact that NewGen hold all the cards. RMM suspended to put the cat amongst the pigeons.
Ultimately, the fact it's got to this stage suggests any debt offer to RMM (if their has been one) isn't particularly attractive, or enough to work at this moment.
If NewGen help it doesn't mean it's good for any existing shareholders, add per strummers point on dilution etc.
Their are some significant hurdles to overcome is the facts.
Whatever they get will need to be enough to seriously reduce costs.
I'd imagine whatever the outcome will be released very soon anyway.
For Newgen not to have offered a rescheduling at this stage the position looks very serious. Quite often it is the company who makes the first move and calls in the administrators to protect the asset. A placement could have been done 2 months ago with a rescheduling of the loan/loan extension etc but that boat might have now sailed away. The administrators will try and keep the mine going and try and find a buyer to pay Newgen off. However, if the Administrators deem this not plausible then it will be a fire sale. I hope RMM can complete a placing and keep Newgen on side and the longer these talks go on the more likely the BOD will be forced to protect the asset and involve an administrator.