Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Afternoon oldblue1973,
Extract taken from the strategy RNS..........
“Pathfinder will seek to engage further with the Government of Mozambique and attempt to recover the Licences and advance their development alongside a strategic partner”
I guess as the last action before the BIT process we contact the Mozambique Government and give them one last chance to remedy the situation before it gets a lot more publicity by going through the BIT process.
If the Mozambique Government replies as quick as their courts then after Christmas.
PLEASE NOTE I didn’t say which Christmas.
Stay Safe and stay very patient.
Adamsky
Good morning buclefern,
Good to have a reasonable post from you apart from you insult to nosirender,you just can’t help yourself.
You have put your opinion from a derampers point of view, let me put it from a rampers point of view.
“with the prospect of endless litigation and fees, hard to see where this is going.”
We will engage a no win no fee legal challenge. They will be biting our hands off with the U.K. Court ruling and the corrupt practices in Mozambique.
“The warrants suggests:
1. Limited upside.
2. Two year wait for limited upside.
3. Align research involved again (conveniently not mentioned). If not Align, who?
This comes from PFP, not BF.”
1. The share price will have to triple from here to make a profit. I have seen some companies issue warrants at nearly the current share price.
2. This is the normal length for warrants
3. How do you know it is Align and if it is great confidence to take their fee in shares and not ££
This comes from buclefern as you have put your own slant on it.
Stay safe, stay invested and don’t insult other posters.
Adamsky
Nosirender,
Thanks for the kind words. I didn’t post much until I retired recently and I take exception to people who make things up and try to use it as part of their argument. There are facts and people’s own take on things which is fine , but insults, lies and libellous comments are not on.
I will engage in conversations and debate but not with people who behave like bucklefern and thanks for the insight.
Back to Pathfinder, in life I am normally a pessimist, I say I am a realist ! But with investing in shares like this you either are optimistic and hold or a pessimist and should sell. Will it pull it off I sincerely hope so, we need the backing of the U.K. government if that is possible.
The main point I keep repeating is we have won the ownership in the U.K. courts but The General and all his cronies in the government, courts and licensing department seem to be intent on doing everything in their power to ignore the facts.
It is sad that a country and local community that could use the benefits of the resource has been held up by one person who I am guessing is not in poverty.
I have always stated that if we lost the license we should use the available funds to publicise that Mozambique is not a place for businesses to invest in.
I am more than happy with the current situation, as Align has said, the gloves are off, let’s get the BIT underway and send a warning shot across the bows of Mozambique.
Some posters have said that with all the turmoil in Mozambique and the pandemic this action will not even register. I take the opposite view that Mozambique needs investment from overseas companies and cannot afford bad publicity.
Let’s get the whole license back and settle for nothing less.
But who knows
Stay safe and stay invested
Adamsky
buclefern
Thank you for the lecture of how I should listen to opposing views, which I would do if they weren’t littered with libellous statements, statements with made up information and half truths. As per the three extracts below ...
1. “I think the PFP lawyers who teed this up probably had no clue what they were doing, given they were working for a two-pence half-penny AIM company. These could be the root of all PFP problems.”
2. “Need to get rid of the imperial mentality here, because it no longer applies. After 31/December this year you are own your own and that veil of authority will become a distant memory, not withstanding it is not even valid now. “
3. “Is the reason for the license [mis]appropriation somehow connected to impropriety of the PFP directors in the original handling of the deal?”
I try to stick to the facts with a biased view probably of being an investor. You throw a few facts and valid opinions in and then resort to the above. Number 2 above, what are you going on about ? “You are own your own”, I think that is meant to say on your own’. Where are you based in Mozambique?
We can all have opinions whether you are invested or not and we both think we are right. I won’t engage with you any further, not as you will probably claim that I can’t see the facts and face the truth but because of the three examples above.
Apologies in advance for preaching this fact...
PFP are owed £1.7 million in court costs and an AIM shell company is worth about £.5 million, bringing a total value of £2.2 million. Money will be used in expenses and retrieving the court costs money but our current market capitalisation of £2 million is based on us just being a cash shell company.
As I have just seen posted, which is a valid observation, why did you stay invested after in your opinion the Supreme Court ruling was the end game. Deep down the long term investors knew that we would get nowhere in discussion with the thief of a General, as proved in the U.K. High Court.
PS I am going out for the day before lockdown and would love to debate with anyone who sticks to facts and their own reasonable opinions.
Stay Safe, stay invested and stay long
Adamsky
buclefern
Thank you for the lecture of how I should listen to opposing views, which I would do if they weren’t littered with libellous statements, statements with made up information and half truths. As per the three extracts below ...
1. “I think the PFP lawyers who teed this up probably had no clue what they were doing, given they were working for a two-pence half-penny AIM company. These could be the root of all PFP problems.”
2. “Need to get rid of the imperial mentality here, because it no longer applies. After 31/December this year you are own your own and that veil of authority will become a distant memory, not withstanding it is not even valid now. “
3. “Is the reason for the license [mis]appropriation somehow connected to impropriety of the PFP directors in the original handling of the deal?”
I try to stick to the facts with a biased view probably of being an investor. You throw a few facts and valid opinions in and then resort to the above. Number 2 above, what are you going on about ? “You are own your own”, I think that is meant to say on your own’. Where are you based in Mozambique?
We can all have opinions whether you are invested or not and we both think we are right. I won’t engage with you any further, not as you will probably claim that I can’t see the facts and face the truth but because of the three examples above.
Apologies in advance for preaching this fact...
PFP are owed £1.7 million in court costs and an AIM shell company is worth about £.5 million, bringing a total value of £2.2 million. Money will be used in expenses and retrieving the court costs money but our current market capitalisation of £2 million is based on us just being a cash shell company.
As I have just seen posted, which is a valid observation, why did you stay invested after in your opinion the Supreme Court ruling was the end game. Deep down the long term investors knew that we would get nowhere in discussion with the thief of a General, as proved in the U.K. High Court.
PS I am going out for the day before lockdown and would love to debate with anyone who sticks to facts and their own reasonable opinions.
Stay Safe, stay invested and stay long
Adamsky
lootagloot and buclefern , you guys are obviously no longer invested and so are posting negative and sometimes inaccurate information to justify your stance, I try to post positive and hopefully accurate information as I am still invested.
So to answer your questions bucklefern
1. Investor01 answered this
2. The Chinese can start mining at the risk of in the future losing the license
3. Nobody knows the exact terms of the license but if there were conditions attached about starting mining why wasn’t the license cancelled years ago
4. I agree Align were overly optimistic at the start but how do you know it wasn’t the General leading us up the garden path for the last few months
5. We haven’t been a mining company since the licenses were stolen years ago
lootagloot
The Supreme Court wouldn’t recognise the U.K. ruling as the U.K. ruling didn’t specify which court in England and Wales, same for the legal costs case in 2014. Please correct me if I am wrong the court did not rule that the licenses were held by General Veloso and Diogo Cavaco just they didn’t recognise the U.K. court ruling.
bucklefern
Your arguments were quite reasonable until you came out with following statement “Is the reason for the license [mis]appropriation somehow connected to impropriety of the PFP directors in the original handling of the deal?”
What evidence have you got, that is potentially libellous. If you want to post negatives please stick to fact based arguments.
Also ...
“Presumably AR's amateur hour posting lackey will come on here trying to justify/glorify the reasons for holding on here. I'll be amused to see that.”
Well both of you are doing the opposite, have you something against Align ?
Perhaps you can answer why the directors and Align have bought shares recently ?
Stay Positive
Adamsky
Bugzy,
I think it all depends on how much they have already paid for the STOLEN licenses. I am making a wild guess of whatever is left of £100 million.
Bucklefern,
Can I first of all ask what your interest in PFP is ? You are correct in the corrupt world of Mozambique we own nothing. But in the U.K., owing to the court ruling , we legally own the licenses and hopefully on the international stage via BIT we will own the licenses.
IF the Chinese own the whole licenses do they either want the ownership drag on for a couple of years and ultimately lose the licence. The better solution for the Chinese would be to pay PFP to negate any potential issues with the license.
As I have mentioned before which court ruling would you place your bets on by an independent international authority, Mozambique or the U.K.
Adamsky
Hello long term suffering investors , the light is on at the end of the tunnel.
In one stroke PFP have taken out of the equation:-
The General, who wields great power but is a thief - UK High Court Ruling
The corrupt Mozambique mining department that assisted in the illegal transfer of the mining licenses
The corrupt Mozambique courts that somehow came to the conclusion that PFP didn’t own the licenses and wouldn’t recognise the U.K. High Court Ruling
The corrupt Mozambique Government who stood by and let all the above happen
Posters are already saying ‘what about Oxus Gold and Churchill Mining who appeared to have a very strong cases against Governments but lost’
I am sorry to admit I lost money on both of those. This time it is very, very different as we have a U.K. High Court ruling in our back pocket. (Which the General appealed against and then didn’t produce any evidence and was thrown out of Court). Also remember we are still owed over a £1.7 million in costs from the U.K. High Court ruling and all the money we have spent on legal expenses chasing our claim through the corrupt and totally ineffective Mozambique Courts over the years.
If this does go all the way, which I hope it does now, which ruling will be taken into account the UK’s or Mozambique’s ?
The current situation:-
A Hong Kong registered company owns half the stolen license - depending on the BIT ruling could be worthless
The General owns the other half of the stolen licence (unless he has sold it to the same Hong Kong registered company) - depending on the BIT ruling could be worthless
The likely outcomes :-
The Mozambique Government and The General negotiate a deal with the Hong Kong based Company or other interested parties in which PFP gets a very large share now.
If this cannot be resolved amicably, with a person and a Government that cannot be trusted, and the BIT ruling goes in PFP’s favour, the Mozambique Government, mining licensing department, The General and the Mozambique Courts will be shown how rotten to the core they all are. But more importantly The General gets nothing and hopefully his reputation is left in tatters and PFP get a very, very valuable asset.
IF the BIT ruling goes against us we get nothing but a shell company.
Let’s get ready to rumble
Adamsky
lootagloot,
Your statement of “have wasted the last two years running round in circles created by the General.” is inaccurate in that the Supreme Courts decision was the end of May, 5 months ago, so the BIT process could not have commenced before then. In fact it is the opposite as PFF has engaged during this time with The General demonstrating that all avenues have been exhausted , something Nick Trew might not have done and the BIT might have been rejected because of this.
I was voting against Align at the non convened EGM but have warmed to them providing we are not left holding the baby whilst they bail out. I don’t like their employee posting on here as at times he was rude, confrontational and aggressive, no need for that. I also don’t like Align’s Twitter feed to be used for their opinion on the lockdown, I want financial tweets and don’t want to have to trawl through political posts to find the financial ones.
Stay Safe, patient and positive.
Adamsky
MaximusD,
Thank you for your comprehensive reply.
I totally agree with you that AIM is littered with failures and false dawns and ultimately one or more of TekCapitals products will be successful.
I am maybe a bit of a pessimist and look at what was promised, as an ex IT Project Manager delivery date and minute details were the name of game.
As shareholders we need to ensure the BOD listen to us and our concerns as we see them and to air our opinions and pass on our observations as nobody is infallible.
Regarding Belluscura the management has failed , they have failed to deliver FDA approval in the timescales they have set. Over two years is a major delay without any knowledge of why this has been the case, only a recent RNS alluded to parts shortages for 20 devices required for FDA approval. The RNS raised more concerns as there was speculation on this board of should the management have known about these devices in advance. I agree that the company can’t constantly feed us all the news but the communications regarding the whole FDA process has been deplorable. I am invested in another company seeking FDA approval and the RNS’s throughout the whole process has been detailed , comprehensive and informative. The lack of updates leads us to speculate negatively as to the reasons why delays have happened.
The only question I would ask would be if you are an investor in Walkers Crisps or Golden Wonder would you raise the same concerns I have as my perception, maybe incorrect, is Victor should concentrate on his role as CEO of Salarius and not his other work.
Investment wise we are on the same page but have differing opinions as to the companies behaviour in certain instances is healthy to debate.
Stay Safe
Adamsky
MaximusD
Thanks for your comments, like you I am heavily invested here but as an investor I want to see the management perform and increase the value of my hard earned cash.
Belluscura - has been a total and utter mess, 2 years late for FDA clearance and can someone please tell me what the actual delay/s are ? No, they have not kept investors informed.
Salarius - we have 3 heavy hitters in the management team for over 2 years , the product was ready to go and the last recorded sales we had was in June last year. We were told 3 to 6 months to evaluate the product, we had 25 companies testing it in January this year, 10 months ago. I know you cannot force people to buy the product but let me explain my concerns.
Our CEO Victor Manzanilla has his own Twitter account and he is very active on this as other posters have commented. As a CEO for a company trying to break into the market shouldn’t he be fully focused on Salarius and not trying to expand his sideline, or maybe Salarius is his sideline , of writing books and preaching good practices, it is all about perception.
I have his Salarius e-mail address and e-mailed him a week ago, no reply. Is he A) Too busy with Salarius ? or B) Too busy with his personal career ?
The e-mail contained my observations that MicroSalt have two Twitter accounts and the websites e-mail address doesn’t work, which is very important as how do interested parties contact them ? Very unprofessional.
We will probably be successful in these two products but from what I see we could have been more successful sooner.
Ultimately we are paying the wages of management through investing and our holdings being diluted by fund raising.
Hopefully good news will come soon but I don’t agree that there has not been any mismanagement especially in Belluscura’s case.
Like you I am staying invested for the long term but things need to improve in certain areas.
All the best and have a good weekend.
Adamsky
1 - The General won’t play ball so they are either lodging an appeal, raising another case in the Mozambique Courts or seek justice through International Law, if they can.
OR
2 - The General has sold his 50%, Pathfinder have no sway now so Pathfinder lodge an appeal or commence a new court case. The Chinese can’t wait so then have to negotiate with Pathfinder or the Mozambique courts find in Pathfinders favour.
Option 2 is best for Mozambique , The General and all his corrupt court and corrupt mining authorities save face and Mozambique can then say that they have upheld the UK court ruling. A Win Win
Let’s hope its fairly positive news whatever is the outcome.
Adamsky
TopCatz
Very good summary regarding the Salarius video update. It appears that we are progressing very well but as my old boss used to say ‘talk is cheap’, we need sales figures for SaltMe and I can’t believe they have not sold any MicroSalt since June 2019, the last time we had any sale updates via an RNS.
BigBang , I share your frustration.
Belluscura - 44 working days till the end of year, will it be another missed FDA deadline, I am a pessimist and I think so. As mentioned before we are two years late and we still haven’t got a clue why.
Lucyd - they seem to be pulling out all the stops to make the new Lucyd Lyte a success. Let’s hope it is or we get bought out by one of the big boys.
Guident- Interviews recently and the control centre being set up early next year. I understand the principle of what they are doing and they are in a massively expanding market but I don’t have enough knowledge to know how successful it will be.
TekCapital’s communication has improved immensely but we need one of the companies to deliver. As you can see I still have frustrations around Belluscura and the FDA submission and sales of MicroSalt and SaltMe.
Keep positive and patient, I’m trying to !
Adamsky
TopCatz and BigBang,
Thanks once again for your replies.
I notice the words suffering and wrong decisions, are you sure these tweets aren’t aimed at TekCapital investors !
He seems very enthusiastic, perhaps some of this needs to be channeled in the Salarius direction.
I can feel an e-mail being sent to Clifford Gross.
Adamsky
TopCatz and BigBang thanks for your replies.
Clenchedcheeks any idea what he is saying or promoting or can anyone else translate , can't see much there about Salarius , MicroSalt or SaltMe.
I have got Clifford Gross e-mail address if someone can assist with what he is promoting perhaps I will send the link onto him asking what is going on as we are moving at a snails pace and the CEO is self promoting by the look of it.
Shame he doesn't post like that on the new Twitter account created recently for MicroSalt even though there was one already in existence !
I was frustrated now depending on what he is promoting I am getting angry.
Stay calm, because i'm not.
Adamsky
My jaundiced summary - Here we are over 2 years since we appointed major big hitters in the industry to the management of Salarius and from what we have been told we have had two orders and a repeat one and launched SaltMe crisps. Maybe these guys are working their socks off but from the above RNS’s there has been minimal progress. As mentioned distribution deals are great but we needs sales.
On the 24/01/2020 we were told 25 potential customers are testing our product , have any ordered ? If not very worrying.
I e-mailed the company with the e-mail Steveiom gave me, no reply, well over a week now. The e-mail address on their website is invalid and they have two twitter accounts for MicroSalt, school boy errors. The good news is I have Victor H. Manzanilla e-mail address and he will be receiving an e-mail from me later.
I have summarised the progress so far and apologise for my semi negative comments but I am getting very frustrated by the lack of progress. Either the company is not keeping us informed or the products are not as good as they want us to believe.
Have a great weekend.
Adamsky
The below are taken from the relevant RNS
06/06/2016 - Acquires Patent for MicroSalt - 4 years and 4 months ago
04/01/2017 - successful test-production and independent taste testing of µSaltTM, its proprietary, low-sodium salt product - 3 years and 9 months ago.
22/05/2018 - Appointed Eduardo Souchon and Steve McCready as directors. - Big hitters with massive experience in the industry, just read their backgrounds. Been with the company nearly 2.5 years.
01/08/2018 - Appointed Victor H. Manzanilla as its CEO - massive experience and at least he invested $50,000 for a 2.5% stake.
23/04/2019 - Initial order is from a US snack food producer and Salarius expects to dispatch the MicroSalt® in May 2019 - A good update but what about quantity ?
13/06/2019 - Secured & delivered a follow-on order for MicroSalt® for a U.S. snack food company and completed test production of its SaltMeTM potato chip snacks. - So from June 2019 we haven’t sold any more MicroSalt to this US snack food provider , why ?
24/06/2019 - Secured & delivered a new order for MicroSalt® from a Mexican seafood company for use in their dried shrimp snacks. - From this date there has been no more sales of MicroSalt as we haven’t been informed.
24/01/2020 - Hans Brokerage distribution deal - over 25 potential customers are in the process of testing and evaluating applicability of Microsalt® for their snacks and other product lines - IMPORTANT where is the update of the testing , 10 months ago ???????
02/03/2020 - signed an agreement with a leading natural foods distributor to launch North American sales of its new SaltMe!® full flavour-low sodium snack line.
04/03/2020 - Signed an agreement with iLevel Brands Inc ("iLevel Brands") as part of its launch of North American sales of its new SaltMe!®
24/04/2020 - launch sales of its new SaltMe!® full flavour-low sodium snacks in 71 stores in May 2020. - Where are the sales updates ?
16/09/2020 - signed a distribution agreement with Gehring-Montgomery Inc
My jaundiced summary to follow as I ran out of allowed characters !
Steveiom,
Totally agree with your comments lots of distribution deals but where are the sales figures especially for MicroSalt and SaltMe crisps. Just before the conference call I contacted Flagstaff and pointed out the lack of news specifically around Belluscura and the reply I got back was that there had been 27 RNS so far that year and the same was mentioned on the conference call. As you said Steveiom these RNS's didn't contain any real solid news about sales of the MicroSalt and Crisps or more importantly what's going on with Belluscura FDA submission, over 2 years late and has anyone got a clue why apart from they were short of the parts for the 15 units required.
I am just preparing the timeline of Salarius with my jaundiced comments, I am heavily invested here and was looking to invest more but I am holding off for the moment until I see clear and tangible signs of progress on either Belluscura or Salarius. Guident and Lucyd I am not sure about, Lucyd has been evolving but with the growing competition will it be successful and profitable ? Guident I honestly don't know, they are in an ever expanding market but is there solution required and how much money will it take to get it up and going unless one of the big boys subside us or buy us out.
More to follow later.
Adamsky