Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Firstly - thanks Olderandwiser for judging my symptoms and character - wish I was as wise as you. For your peace of mind - my son in law had a headache and bit of a temperature for a day. mt grand daughter had a high temperature for a day. I had a high temperature for 12 hours and a bit of wheezing. None of us had the symptoms outlined for getting tested. My point was that we do not know what caused these mild reactions whether ot be a virus of bacteria - we don't know - many people have these symptoms all of the time and some of them will have been mild Covid-19 but will not be counted in the denominator as not everyone is tested.
Secondly - you are right mcb77 this share price performance is awful - how can it be justified on what we know? Share buy backs would help as it would indicate to the market that cash is available to do so. SLP did a share buy back today and hardly fell as a result - it was down markedly but recovered nearly all losses on the share buy back.
It looks extraordinarily cheap at this price but I am sitting on my hands. Too early unless there is news from the company (p.s. Blackrock spokeswoman indicating that sub $20 oil is in the offing in Bloomberg interview).
Absolutely mind blowing.
Down over 30% in one day. Among the worst performing shares in the sector yet again, even though we are a fixed priced Gas producer. Maybe I've misunderstood the RNSs and were are producing 90 % oil not gas !
This is the result of months and months of under performing the market, way before corona appeared on the scene.
Now the markets have tanked, this share price has gone into the abyss.
Market cap now £67 million. The CEO is going to have to cut his cloth accordingly. His salary has to be reflected by the market cap of this company. £300k max !
Also if we are receiving the muted payments for our Gas sales, surely a share buy back has to be considered imminently. 25% of shares could be brought back for £17 million.
Thanks Andy and indeed on RNS announcement would be made if guarantee invoked.. and no announcement was made..
There's a lot of panic about currently so I develop thicker skin and hope for the best. Indeed, I did a small amount of averaging down today and have a plan that I will do growing more such into any further weakness from here.. hopefully little if any of that obviously.. but that's in the hands of others (ie I haven't sold any and indeed have small added)
Aside :
I'm not in the habit at all of quoting Mr Trump at all, but I do identify strongly with this one:
''So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!''
Yes the cable article. I asked her categorically are we being paid for the gas produced and she said yes if we weren’t we would invoke the JP Morgan guarantee and that would obviously be material so we would have announced it to the market.
As if they should be so ******* surprised! this has been tanking near daily from Nov last year since the 'transformational' (AK) deal completed - not all about covid-19!!!!!!!!
And just to add to the situation Natural Gas is up at the moment @ $1.71
BB
the Cable Article I read is from early Dec 2019 and based on non payment of bills in periods prior to that Andy.. Is that what you are referring to ? Great if content of article not true obviously but, whatever, that article has been in the public domain for months now ... so it being a major driver of s/p meltdown in recent days is surprising to me?
Andy rang IR and got the same story about no issues with payments. She said that several shareholders have been in touch and it sounds like they may issue a statement.
75% off the recent high.
And no clarification from the Company. Maybe they want PI's out and II's in.
It'll be interesting to see the next update on Major share holdings.
BB
Just off the phone to Investor relations. She assures me that Savannah are being paid and the article in the Cable is not true. I raised my concern on why the market hasn’t had these fears put to bed with a very simple “In response to media speculation” RNS. I do urge all shareholders to speak directly to the company as the more private investors show concern the more likely they are to do as we want. Give them a call and send a rocket up AK’s arse ?+44 20 3817 9844?
Company now valued at less than £70 million and falling. New debt deal seams unlikely in these conditions
the vols behind the last 1p or so of drop are not big, this part of the drop at least may shortly correct, I hope. but yes, some news would be nice, especially director buys if they are allowed to (if RNS is imminent they may not be)
From bad to worse. Management it’s time you told us what is going on.
An open answers to a very simple question. ARE YOU GETTING PAID FOR THE GAS YOU ARE SELLING ??? It’s simple, put out an RNS in response to media speculation that you are or are not receiving revenues from Calabar.
Some Directors buys wouldn't do any harm
30% drop in one day, in need of some good news. what do people think will stop this drop in SP
There is an interesting article on Reuters today explaining how with oil at today's price Opec Countries are losing £500m/day.
Nigeria £35m/day., also there fiscal breakeven per barrel is $144 (Nigeria) $83 (Saudi). Can't see it being too many months before the posturing stops and the talking starts, Bl--dy painful in the meantime though.
Is there any chance our customers may come back and ask for a haircut on there Take off prices from us over the next 6 months or so as that could be a problem ?
Difference is US theoretically run a free market and the government will not intervene in Oil price fixing where as all Opec and Opec+ don't, Baker Hughes rig count each week will be the tell tail sign on US production. Not sure what Russian break even BOD is but non of them will want it below $30 for long, indeed below $40 but we could see it in the 20's in next couple of weeks.
agreed older and wiser.. but Saudi's have a young egotistical leader with still relatively very deep pockets..so this price war could run for a fair few months, easily..
PS: a lot of US shale co's are carrying unsustainable debt at $50 WTI .. mid 30's for even a few months will be carnage there especially.. Putin and indeed Saudi's well aware of this...so double whammy for Putin and half a whammy - with a medium term view - to the Saudi's.
PS: I'm wondering if US will agree to get involved in any next OPEC + cuts agreement.. that may well be clearly in all parties interest this next time round..
I think there's nothing Putin would like to see more, than America's chief ally in the ME admitting economic defeat in this spat over oil prices and supply, and coming back with its tail between its legs, to a new dialogue with Russia on their terms.
For those looking for some hope:
I copy this post from Fernan on PMO board earlier ( ps I'm not been in PMO for a year plus now and may well not be back in it but I did that averaging down journey with them in an awful approx. early 2016 - worse than SAVP now- and came out the other end way up overall.. every journey is different and luck plays a big part of course .. but I very much hope to repeat similar here )
…………………………………………………………………………………...
Good morning..
According to IMF, Saudi Arabia requires an average oil price of US$ 83 per barrel to get fiscal break even
Source:
https://www.reuters.com/article/us-saudi-oil-output-breakingviews/breakingviews-saudi-sets-global-oil-a-stress-test-few-wil/bl-pass-idUSKBN20W18L
At a Brent price of US$ 33/b, and production of 10 millon barrels per day, they are losing US$ 500 million per day, or US$ 184 bn per annum
Their foreign exchange reserves in January were US$ 490,6 bn
Source:
https://www.ceicdata.com/en/indicator/saudi-arabia/foreign-exchange-reserves
Of course they have plenty of running room to issue more debt.
But history shows that this price war could not last more than a few months.
In the last 40 years, after initiating a price war, Saudis and their OPEC peers have always came to the negociation table to make a new output cut deal.
Why follow the Italy example? They have one of the oldest populations around - and the average age of those dying is around 80 there I think - and were caught out by an early and quick spread in a European sense. (and it's focused only in the Northern region of Italy in their cold weather period)
The US are far more resilient too... not least as large numbers without healthcare plan will never be tested and just lie low and hope to come out the other side ok.... and the vast majority will quickly and easily.. eg mild in 80+ per cent who get it.
Spring is coming .. you can feel it in the temperature and that's a big help.
And Look at your last 50 years history of such illnesses generally .. include BSE etc.. as a rule they don't turn out nearly as bad as first feared.
This will turn out to have been overhyped in UK and Ireland etc, I firmly believe.
Kalan, if you think you might have had the covid-19 symptoms, you are being very anti-social not self-isolating and getting tested. All of your family. That is part of the problem here. Folks, and the government and sporting associations, aren't taking proactive actions.
20 years ago at the turn of the century the FTSE was at 6900 i.e. higher than now. It dropped to 3600 on the dotcom bubble bursting.
It rose to 6500 before falling again to 3500 on the credit driven bad debt crisis.
It rose to 7700 and fell to ……. on the coronavirus lockdown.
It appears we can't have a sustained addition of value in stock markets until the artificial intelligence revolution takes place. Buying at the bottom of the last two bear markets has been a good move though.