Member Info for addicknt

Tell me, Fort, why do you think there was a change of management? Were things going swimmingly well, but the Board decided to move SC for a laugh? Had we not sold the CGP shares, we were effectively out of cash. Does that smack of good leadership?

Given the faith I invested in SC, I can assure you I feel more disappointed than most, but we are where we are and I'm completely supportive of the new team and believe they are working in our interests to achieve a good outcome, but I'm completely aware of the challenges they face. I just hope we're not let down again, which I assume is what you want as well?

Fort, I agree, it is confusing and I'm unable to put flesh on the bones, but it's what various people have been told.

As for the new team, you've made several comments about this in the past weeks. In my opinion, you're failing to distinguish between a non-exec position and that of CEO, and the difference is enormous. Smith is not working one or two days a month, as you suggest, far from it. It's taking up quite a lot of his time. Finally, I've forgotten his name, but we, in effect, have a COO on the ground and I guess he's leading the team.

The plan was to release details of the Cascabel 're-set' at the same time as an announcement telling us the tranche 2 conditions had been met. Details of ExCo were also to be tabled.

DV has told several shareholders that the team is working 'flat-out' to finalise the plan. We have no idea how close we are to satisfying Franco, and differing opinions have been voiced. The company has also said that the levy issue has delayed the work towards ExCo, which is hardly surprising.

We have also been told how little had be achieved since the announcement of the Franco deal and the new team are almost having to start from the beginning. (this may be a bit of kitchen-sinking)

We probably have about $10m, maybe less, in the bank and Tranche 1 has been spent (as recorded in the last financial report). The proceeds of the placing must be being spent of both Cascabel (Tam) and general working capital.

DV has said an announcement will be made 'soon'.

If we don't get tranche 2 in short order, how will we fund the business? The Franco monies are hypothecated and we will need cash for general working capital, the levy and ExCo. A placing seems the most likely option, but we need a more stable and clearer background before we can do so at a reasonable price.

The summary is that the team are dealing with a highly complex and challenging situation and, in my opinion, the fact they missed a so-called 'deadline' should not be held against them.

The final point relates to the government. Their rhetoric has been encouraging; their actions are anything but. If they are serious about encouraging mining, and they should be, they need to ensure the two are aligned. Noboa needs to intervene, and he needs to do so now. He's on the cusp of destroying the central plank of his economic growth strategy for the sake of of a couple of hundred million dollars, which they won't receive anyway.

Orthern, a similar message from Dan was posted elsewhere, with the added detail that the team are working flat-out on the new plan for Cascabel.

Good to see the Chamber mounting a robust attack on the Ministry using the old catastrophe ploy. That's not to say they're over- exaggerating, but let's hope it doesn't lead to the government digging in its heels. Nobby needs to intervene before this deteriorates further.

One thing sticks out; two years to give up concessions!

Apologies. I misunderstood.

RK, I'm confused. You said you'd sold £500k worth of shares, but the total trades so far today are only approx £100k. I suppose they may well appear as delayed transactions, but did you actually mean you'd sold 500k shares?

IP, in order to list on ASX the company would have to prepare a prospectus. Do you have any idea how long that takes and how expensive that is? Have a look at GGP for guidance.

Regardless of whether the levy has delayed matters - and I'm sure it has - perhaps it would have been prudent of them to put out an announcement explaining the circumstances. In multiple discussions with shareholders, they recognised the poor level of communication and committed themselves to being far more open, and in fact they have been to those people who've contacted them, but that's not good enough.

RT, I don't intend to get involved in this ongoing discussion, but just one point. I can confirm Pbow has accurately recorded his posts from Telegram and has not cherry-picked them for the purposes of the debate here.

Fwiw, I think MF's point is the most valid. Other than us not taking this to production, we haven't got a clue where this will end up.

RT, I suspect they may want to release news about tranche 2 at the same time as revealing the new plan. So the question is, where are we with the CPs? Have Franco relaxed them?

CMG, I noticed the anomaly at the time, but I'm afraid they got it wrong.

CMG, I should add that both DV and PS appear to be completely confident about the cash situation, which implies they're confident tranche 2 will happen. As you know, PS has said we have, or will have, sufficient cash for the next 15/18 months, but that was before they found out about the proposed levy, which will clearly have an impact.

However, it's my belief that at some stage we will see another equity issue, although I guess they'll wait until we're in a stronger position.

CMG, according to the end March figures, cash was $18, 745,385, and that included the proceeds from the share sale.

CMG, I'm not sure you've got the cash position right. Have a look at the last MD&A.

I'm afraid you're totally away with the fairies.

"It's clear Franco are no longer involved"

Do you actually believe the total nonsense you post?

I wonder how long it will be before we announce how many concessions we will cede?

On another matter, the Ecuadorian rozzers have caught the country's biggest drug lord, who is said to be responsible for the growth of the narcotics trade. Sadly, I guess this will simply create a job vacancy and someone else will step into his shoes.

Trying to work out how your mind works is a mildly amusing diversion.

What next? How about; "Martians have invaded Ecuador and have signed an off-take agreement with the company. When will they release an RNS? This is shocking management and we should all vote against them"

As he described it, it's a 'career defining opportunity'.