Member Info for Adw198

Q. Why was the projected CAPEX for LOM $99.2m, but they have spent $196.3m in just 2.5 years?

A. Fair question, I suspect the extreme inflationary pressures will account for some. I’ll definitely be interested in the answer.

Q. Why was there an adverse variance of over 60% in 2022 OPEX and 28% in 2023, even though the variance has decreased significantly?

A. As above

Q. Why hasn't the promised updated technical report for Segilola been released?

A. If he promised he’d release an updated technical report it’s fair to ask. As BBN pointed out I suspect this will come when they (hopefully factor in the mine life extension)

Q. Why hasn’t a SMART plan been developed to show potential investors that they are prioritizing keeping expenses low?

A. I’m not sure I’ve seen one of these published before but it would be good to know if they do have a plan for managing expenditure

Q. Why, in Osun State, Nigeria (and I am Nigerian, so I understand the context), has an average of $1.5m per year been spent on motor vehicles and office furniture?

A. Is it definitely an average? If so then it sounds high but I don’t know the comparison. Either way it’s not material to the investment case imo, but you’re entitled to ask.

Schmidt didn’t express concerns that we haven’t sold any gold, but if I missed it please copy the words in.

Or acknowledge that he didn’t say that and that your concerns are your own, based on nothing other than not realising we never release those figures at this stage.

I’ll continue to make judgements about whatever I want which includes nameless strangers on the internet.

I’m on record as saying I take great value from hearing concerns and well researched bear arguments. But sharing a concern that we’ve not sold any gold is pretty ridiculous if based on nothing more than the fact we haven’t been given the figure yet - because it’s never released in the operational update.

There wasn’t a question raised, it was just another disingenuous concern. If we’ve not sold any gold we’ll find out next month, nobody here will be able to answer it for you before then. I tell you what though, how about we do a deal - if we’ve not sold $15m + gold I’ll never post here again. And if we have, you don’t. I suspect it’ll

be over double that amount, but I note your concerns of selling “no gold”.

if you think no gold was sold then that’s on you. people aren’t here to wipe

your **** with basics like highlighting that the operating updates never include that detail. and i’m delighted that the ir ignores such time wasting questions. incredible that you obsess about certain minutiae whilst missing some of the basics - likewise not hearing that we were paying down the accounts payable.

if you really believe no gold was sold then you’d be silly for not selling out, because if that’s confirmed in the rns that will specifically report on quarterly financial results then the price will crash. but we both know that won’t happen which shows once again that you’re just stirring.

You’ve got the patience of a saint BBN!

I really enjoy and benefit from your analysis - thank you.

Nothing is certain but the investment case here is rock solid and full of upside.

@TO73 Now your own question has been clearly answered, could you return the courtesy?

“Why hasn't the promised updated technical report for Segilola been released?“

When was this promised, please?

Does anyone have a current view on the current life of mine? If we don’t meet production targets against the original plan does that perversely mean we’re essentially extending it? The original plan suggest 2025 is the last year of full / 100k oz production but if we’ve not taken out what projected then perhaps 2026 will also see a decent number?

Even just a very conservative 1 year extension from should add 50% of the current MCAP in fcf. So many positives here.

Ultimately you’re right over the year but that Q1 figure does mean the rest of the year will

be well above. For the sake of argument / illustration Q2 (with similarish production) could be $1550 and the other 2 quarters $1150. We’re going to have to average over $1150 from here.

Still a cash machine though!

Hi Harchris

I’m just trying to factor in that the first quarter was way under the average and thus it follows other periods must average above the guidance. I just don’t want people to disappointed when the Q2 AISC comes in above and probably significantly above $1100-1200.

Similarly, unfortunately we won’t have the cash in the bank because there’s the huge accounts payable to resolve. That’s the only negative i can see though, this time next year the fcf will put us in a massively differently place.

When did they promise an updated technical report please?

Hopefully we seen and heard the last of our obsessively concerned neuro diverse friend and he’s now become BDOs problem. If BDO email him to say the RNS was a lie that they didn’t think to correct until he emailed then he can have a win. My contention is that won’t happen. Whatever the answer he’s selling up, so we’ll have to decide for ourselves why he’s sharing the question in a public forum, along with his long list of other worry beads. It’s apparently to encourage new investors which strikes me as somewhere between disingenuous and utter bs.

Anyway, a reminder that we’ll probably make another $2m this week.

I’m going to use $1400 AISC as that’s more realistic than the projected yearly average given what Q1 came in as. Let’s also be conservative and assume we miss the projected production figures and only pour 2k oz this week. So the net debt will

“melt away like the midnight snow”.

Meanwhile we can expect drilling updates on 3-4 front (Segilola underground, Douta and Lithium - I get the impression the Segilola satellite deposits have been parked) which all have the potential of delivering a re rate. Fair enough, perhaps they shouldn’t have got a shiny new company car, but I’m personally of the view entering a rate cutting cycle will more than cover the cost of a Mercedes.

If you’re reading this Segun, my advice would be take the car for a valet instead of indulging that lunatic. :)

“I have already explained why I believe other investors would be interested. I understand how investment decisions are made by the so-called 'big boys.' While they can contact these regulatory bodies themselves, it saves time and effort if the work has already been done. We aim to boost the share price, which will only happen when substantial investment comes in :)”

I disagree they’ll be scanning a message board to read your thoughts / alleged feedback from BDO before deciding to invest.

I’ve concluded you’re being disingenuous here so I’ll leave you to it.

“I understand they ( at least some) would be interested if there was a pattern of misstatements”

This I do agree with. But my point was I don’t think there’s a big boys aka smart money who are ready to invest but awaiting for you to tell us your own thoughts / the alleged reply from BDO. I suspect this just another over reach on your part that you’ll now feel honour bound to defend.

You’re selling up whatever the answers in any case, so I find these claims that you’re here to encourage new investors totally disingenuous.

“ I understand how investment decisions are made by the so-called 'big boys.' While they can contact these regulatory bodies themselves, it saves time and effort if the work has already been done”

We’ll agree to disagree on this one too. I disagree there’s big boys are waiting on a random to share an alleged reply from BDO before investing. I don’t think that’s how the big boys aka smart money work.

“Obtaining third-party confirmation of BDO's resignation is crucial. It is beneficial for the share price”

You might be worried about the auditor and who knows you might even be right. But why do you assume other people need the reassurance and that they’ll get it from a nameless stranger on the internet claiming to have been told something by the CEO or BDO.

You’ve said yourself people shouldn’t make decision based on what they read here.

Yep I picked up on the insinuation. What I was asking is why the way I’ve replied to you here would impact on how those bodies would react to you. I suspect you didn’t mean it but having said it don’t have the humility to acknowledge that.

Anyway, I’ll leave it there, you’ve made your bed now.

it’s not me who is so emotional i’ve announced i’m going to sell my holding because of how people have spoken to me. not me who is ****ed off with sl because he didn’t give you the attention you think you deserve with 1 working day. but you’ve peaked out claiming bdo will give you a different response based on this board. smart money :)

“ i was confident these bodies would confirm his claim when i sent those emails, *but now, with all these comments and snide remarks, i'm starting to have doubts*”

So BDOs response is impacted by the way people have reacted to you here?! Incredible arrogance.

Personally I hope they all ignore you and let your conspiracy theories fester.

Fwiw I agree AIM is something of a Wild West and I also know for a fact these boards contain paid for posters, but that’s why we have to assess these things. Whereas you appear to think it’s only you who can make these judgments.

Sure, what’s the answer? You said you’ll follow up next week and also said we will see how they reply - but I can find an answer. If I’ve missed I apologise

I’m not after a story about how slighted you feel, please just explain why those bodies would be more or less likely to reply because of how me and others have replied to the relentless waves of negativity?