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Why are they not generating revenue from the near term copper asset.
Do.we not have the money for the environmental deposit??
With copper at these levels and showing signs of continuing the rise I do think its coming.
Why are these lot not making money from the shovel ready asset??
Do they want to go mining?
But why should they?
Get renumeration anyway
Is back over $10k. Come on BoD either make a deal or make an exit. If you can't do it now, it will never be done.
You may be right in that JP is extremely greedy as evidenced by the totally unjustified 'bonus' a while back. He'll be kicking and screaming as we pull his snout out of the trough....
See thats where i disagree, with around/over 50mil in shares for JP and PW I think they will be looking to grow the share price then cash out. rule no. 1 of a greedy person, dont leave money on the table.
The BoD will make sure they bleed the company dry before it is wound up. Cobre money for another couple of years. Progress on monitising the assets? Nah....
No cash. Will it get another fundraise away and get some daft lot to support a placing? At a huge discount. could be the last one. Eventually this will end in administration and be delisted. 0.1 next price then 0.05. Then lights out as no one wants to continue to buy the shares and support this company any longer. It has zero prospects and Cornwall resources is a drain it cannot afford. avoid
Caspar, If only I had - thanks for the downheartening reminder.
Lupi, You absolute heretic, you - but an apt summary of the BoD’s abysmal performance over the past seven or so years; and, yet, with some of your ‘may happen’ scenarios manifesting themselves over the next year, the share-price could rapidly ascend into multiples of its current low level.
I would laugh but I just calculated what you said casper...
Not a dog of a company. It is an AIM company with (at the moment) good income. The current SP is reflecting the sentiment and not the possibilities. It is not impossible given past performance and directors remuneration, to come to the opinion that this is a "Lifestyle company" and not one going anywhere. Since taking over in 2015 they have managed to double the shares in circulation (apart from a brief rise on excellent spin), return to roughly the same sp as when they took over and paid and rewarded themselves vastly over the odds for a small "miner". There has been no show of penalty, culpability or apology for the performance. There has been no indication that we are not in for more of the same over the next 9 years. Due diligence has been questionable, some statements have been questionable, some actions have been questionable. The non investment by the chairman is showing a lack of faith. The shareholders are publicly insulted. The outcome of all this is that the same BoD are still running the show.
Yet it is still not a dog of a company.
Any of the below may happen:
If we have what we are told we have, we must be ripe for a TO.
Cobre is good (with the customers intact) for a couple more years of income.
CRL could probably go it alone with the right buyer.
LCCM can be mothballed or sold, to stop bleeding us dry.
LCCM could actually deliver (I doubt in my lifetime).
Spin could outlive memory and deliver another short spike.
Someone could put their hand up take responsibility.
The Chairman could buy a couple of shares and show that he actually has some faith in one of his many companies.
All of this and still not the worst on AIM by a long way.
If I put into bitcoin what i put into this dead dog shi*t scam of a 'company', if be a millionaire now. Worst thing is I almost did!!! Haha funny not funny.
The BoD will keep the gravy train on the tracks until the magnetite is exhausted....
Surprised this is still listed?
Interesting how JP now completely avoids interviews/scrutiny (except when reading from a pre prepared script!). Gone are the days of tsunami of cash, Redmoor juggernaut etc and the big cheesy grin. I remember talking to a chap at an AGM (I forget the year, but pre Covid) who told me he had sold all his shares that day at 3.6p as there was little substance supporting that level of SP. if only I had listened....lol
Financing, we're still in the dark about this. From the RNS "The Company is focused on utilising its operating cash flows, along with "capital raisings," to develop high quality projects aimed at supplying the metals and minerals likely to be highly demanded in the future." This time last year, there wasn't the operating cash flow in place at this level, so what were they focusing on then? We have high quality projects but where is the development of them, we've had 8 years to do something and better cash flow than 2023? These minerals are in high demand now, we just haven't done anything about it. If LCCM was marginally profitable for the previous owner, surely it would be profitable now due to changes in copper prices. What have we been told by our bod about anything?
Stated in the RNS, "Since June 2020, the Company has been a 100% owner of Cornwall Resources Limited (CRL) having been involved in the project since early 2016. How has it gone in the last 8 years. I look in on ticker CUSN, the difference between them and us is staggering! I doubt we will get a grant, we need someone to come in and do the job our bod, we're still in the starting stage on the road to production, after all this time.
LCCM. In the RNS, " In late June 2022, an updated PEPR, addressing the conditions associated with the July 2021 approval, was approved." Two years since then, what happened? What have our bod told us?
Historically, Increase Cobre production news has lifted the SP by 1p+, I suspect our bod expected movement like this again. The next best card was to announce increased "resource upside", then do a raise at a higher SP. The market knows our bod and has responded accordingly.
Is this it for the rest of the year. Some communication with facts would be nice!
We don't need to mine. We need to get to "Measured Mineral Rescource" rather than "Inferred Mineral Rescource". Then if economically viable we can sell or fund or JV.
We should get to a point soon where the BoD will either prove many of us wrong and state that we have a PEPR and funding for LCCM, given the high copper price. Or they should have the balls to say "we made the mistake many of you thought this was" and mothball or sell the money pit. The focus and Cobre money could then turn to CRL.
LCCM is the gift that keeps on taking and 6 years is more than enough time to enough. Put up or shut down.
The RNS looks more like an advert. Look how busy we are.....
Absolutely, couldnt agree more, there just isn't any money on the scale that is needed to get these sites mining.
Seriously what SP reaction do they expect with an RNS like that for what was a £100m capex project going back 5 yrs.
Re examining historic drill cores is getting us nowhere...
Serious investment is required .. ATM it is what it is a nice none income producing asset.
LCCM.. is deemed un economical so is exactly the same..
Cobre keeps the lights on and pay the BOD...
So what is the investment pull for us private investors.
If this is the news ...Watch this space JP has intimated then he really needs to wake up and smell the coffee
Peter Wale , Alan Broom and John Peters have a total disconnection to what drives private investors interest.
But to be brutally honest , there is no money to do anything of significance so all they can do is flog a dead horse
and polish turds with ineffective RNS.
NEW BOD , like a new premiership manager.
New approach....
Spinning Redmoor and LC for another year - then inform us next year that the JVs will be ready within the first half of 2025.
Looks like the Market has given its response. It will only accept results, not spin.
12 Apr 24 RNS: No cash required until the autumn? BoD will still need paying at some stage!
Cash Management and Issue of Warrants
Given the substantial reduction in sales during 2023, the Company maintained operations, including project development, through creditor management and from the Board's election to take substantially lower cash payments.
Considering future sales volumes, and the Company's historical creditor balances, the Company has augmented its previous AUD $100,000 short-term financing facilities, from an individual investor, with a further six-month AUD $50,000 funding, from another individual investor. This funding is at an interest rate of 12% per annum and has attached 10,000,000 warrants, which have the same warrant terms as those previously agreed (exercise price 0.5p and maturity 31 December 2025). Again, these unsecured loans have been undertaken through the Company's 100% owned subsidiary Ebony Iron Pty Ltd.
The additional 10,000,000 warrants, over new ordinary shares of 0.1 pence each in the Company with an exercise price of 0.5p maturing 31 December 2025, have now been issued (along with those previously notified to the market on 8 February 2024). No funds raised under these facilities will be applied to balances outstanding to the Directors or CFO and, currently, it is not envisaged that additional short-term funding will be required.