Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Dining on caviar while sailing on a dingy (with a puncture) springs to mind.
Bloody disgrace.
Just a reminder of the directors feeding from the trough:
2015: Revenues £29.1m / EBITDA profit of £1.1m / Directors remuneration £294k / highest paid director £202k
2016: Revenues £12.8m / EBITDA loss of £0.65m / Directors remuneration £328k / highest paid director £202k
2017: Revenues £5.7m / EBITDA loss of £1.48m / Directors remuneration £363k / highest paid director £242k
2018: Revenues £3m / EBITDA loss of £1.2m / Directors remuneration £325k / highest paid director £229k
Yes that’s right EBITDA loses of £3.33m since 2016 vs directors pay of £1,017m. If they hadn’t have fed themselves so well a placing wouldn’t be needed quite yet.
Quindell maybe they are getting their ducks in a row while wating (hoping) for higher share price off the back of a magical unicorned newsfeed.
Who knows what it is but I am disappointed to say the least - like with all AIM companies you get sold on potential and this one has been leveraged up time and time again that if and when some “real” news comes through nobody will believe it anymore.
In the last placing I and countless others invested off the back of updates on key milestones being met - where did they go and what fantasies are they going to be basing the next placing on?
Crypto currency - remember that one. Not heard a thing since the RNS-R not even anything on trading updates.
The only thing that is clear here is no matter the results the directors feel that they deserve the same level of remuneration each year which is no way to run a company. It’s quite obvious that they have been living the high life at investors expense and can’t afford to take a pay cut - this worries me more then the pointless RNS-Rs as desperate people can do desperate things.
Anyone ever heard of this company?
They are India based and only been incorporated for a year so the RNS-R statement is misleading at best. The CEO states that they have been watching MOS for the last couple of years (they have only been incorporated for a year) and that they have extensive experience in Indonesia (I can’t find any experience on line evidencing this)?
So out of the limited funds left MOS is contracting a consultancy to do some work for it. Something doesn’t seem right here.
There a long list of failed placement RNS’s stretching back to June last year all throwing different strategies on the wall with no material detail on how they will benifit the company and it’s investors.
The only people that have benifited from this is the directors who have taken over £1m in the space of the last three years where losses have been several million. Rewarding themselves on failure and I am certain that’s why the chairman bailed on this one when being asked to sign off on these rediculous levels of renumeration.
Looks like they are trying to rinse the company before it closes to me - probably paying one of the directors “mates” as a “consultant” to get the remaining money out along with the rediculous level of pay that the main director gets should put an end to this.
The one thing that investors need here to do another placement is not RNSs telling us about other avenues that the company is going down (crypto currency - remember that one... haven’t heard a thing since the “launch”... also what about the milestones for the India expansion that some of us invested on the back of?) what we need is a clear RNS telling us about revenue streams and how long it is until they break even - a simple business plan.
Yes the directors could pay themselves a healthy bonus from the company coffers so that they can buy some shares. After all they’ve been working really hard over the last few months creating RNS’s - granted with no real detail.
I also read the £420k revenue from India as a six month revenue not yearly.
Does “stable” mean that they are breaking even in Argentina now anyone?
I also read the £420k revenue from India as a six month revenue not yearly.
Does “stable” mean that they are breaking even in Argentina now anyone?
Quindell - agreed
Note from final results:
We draw attention to the company accounting policies on page 55 in the financial statements, which states that uncertainty remains over the ability of the parent company to meet its funding requirements, having incurred a net loss for the year of £3,977,000. This condition, along with the other matters as set forth on page 55 indicate that a material uncertainty exists that may cast significant doubt on the parent company's ability to continue as a going concern.
Nothing has changed and they have only a few months left to survive unless they manage to raise some debt.
I don’t know AMTECH think you have surprised yourself today by saying that MOS got their latam strategy correct mr positive!
I take your point and normally I would agree but this was a company with over £2m in the bank so not sure they needed turnover to fund things but we can agree to disagree.
Not sure I have ever been accused of being positive on this board before so Gilogilo must be referring to you lol.
2016 and 2017 both showed substantial EBITDA losses in the Latim sector of hundreds of thousands so why would they have been better off with them?
Amtech - I know and your point is? From memory as I don’t have them in front of me that in 2018 accounts the majority of marketing and admin costs have been attributed to Europe so it’s showing a magical profit after tax but 2016 and 2017 accounts are different and both showing losses.
Knigelk - yes I am a mug but slowly sold most of my shares in this just retaining a few as I quite enjoy posting about this company
What they did say is that they would use the accelerated book building funds to fund the Indian experiment reporting back to investors (mugs) on the achievement of milestones (remember those).
What profit? They haven’t made a profit there since 2015?
And this would have resulted in more money in the bank for the Indian project and no reason for the main director to pay himself a ridiculously high remuneration package as it would have been back to being a startup company.
Thought the reason why they had brought in Jonathan Bill as a non-exc Director was for his experience in the Indian market but yet a full year into that post the strategy doesn’t appear to have changed much.
In terms of Argentina not sure its correct that they would have been under if they didn’t have that revenue. They spend a £1 to get back 75p and every time they implement cost saving measures the value of the peso drops further. Should have pulled out a couple of years ago imo.
Yes and they would have had £2m cash in the bank which could have been used in India rather then paying for the loses in Argentina.
Sorry but it is madness - the minute that Argentina became unrecoverable they should have pulled the plug - there has never been a recovery in the peso and there won’t be one for several years. The likelihood is only further decline.