RE: Another week20 Feb 2026 19:49
We got suspended for 1 month 2023 with old auditor and a simple business
We got suspended for 3 months 2024 same auditor and a more complex business still not earning replying on £8m of avaipable AUO/Quinton shares for cash deals
2025 we have a new auditor that just took 9 months to audit NEO with only 1.2 projects vs marulas 6.4 (if you get what i mean here, 1 viable, 2 plausable/licences)
So we lose AUO, have a vastly more complex business and expect the accounts to be completed faster than the same auditor took to do Neo's?
We havent had any cash, admin etc have been done on a shoe string whochbisnwhy we arent in massive debt or have big salaried execs on the payroll. The advantage is cart blanche/flexibility, ability to get in nimble and fast and assess a project on the cheap and make an offer. The downside is execution, having the cash to actually follow through hence the stalemate we are at. We lost access to £6m promised kitty in may/june 2025 just before the accounts need to be signed off with a going concern statement. Thats an obsticle I would like to see any budget company navigate over multiple countries and get the accounts out on time. Nature of the beast. Its lucrative, its cheap, nasty but the potential rewards are huge if we just start to get one project off the ground.
You have statistics in mining and I keep repeating myself ad nausem then get accused of being a fanboy/ramper - less than 1% of projects which are tasselled and turned into licences and passed around junior miners actually make it into production. You pick any junior miner on the London markets, 75% will lose you money. Some will treat water, only a small fraction actually make it.
Jason has a masters degree in mining with honours, he has seen failure and he can structure a deal. But he needs the equipment to technically work, the logistics prices to be favourable, the politics to be correct, the personnel competent enough, the commodity prices to remain favourable. With all those variables, ita easy to see how a perfectly viable project on paper (kinusi) can be so difficult to pull off, especially in Africa and especially having to rely on 3rd party financers and a degree of trust/credit to get things moving initially.
A projevt stalling by 10 years is quite the norm in mining projects but some people lose their $%!+ completely (pardon my french) when they see their investment drop 50 or 75% in two years. Thats the market! Thats very normal!! Rick Rule says it and he has made a lot of money, his best shares sometimes dropped 90% before turning the corner and going on a massive bull run.
Marula under Jason as CEO is a relatively new company and the share price has on paper gone from 2.5p to 3.5p here today. We arent losing the lot, there is a plan to cash generation and relist which I feel will be in the next 6 to 8 weeks but only once we get 1 of 3 things, revenue, loans, prebpurchase agreements. All 3 of which I believe Jason is working
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