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Rubbish. Who cares about this time next year. It is today and the share price today that counts. Who knows what is going to happen. For example, this time next year Met Coal could be back down to $100/tn for all anyone knows and in that scenario 30p will be a high price and the new £1.00..............mad, blind confidence does not work with this market. P*ss poor if you ask me.

Sell on news and back down to 30p!!!!!

What's this now? Some sell on news farce........

At last the podcasters, and in particular the Sunday Roast/Midweek Takeaway bunch, will be able to conduct an interview/podcast with meaning. All of them over the last month or two have been about why the share price had fallen. Now at last we have some positive news to progress production and hopefully the share price.

ATB

At last!!!! Great news - double production and maybe even double the share price!!

You can't blame the management - or Mike Buck in particular - as matters are out of their control. This is just a waiting game.

The situation is exactly as I posted recently. They will not mobilise until the land issue is sorted out.

Mike Buck, CEO of Petro Matad, said:

"I fully appreciate that the lack of resolution on the land access issue will not be welcomed by shareholders. At this stage we have submitted an additional application to local authorities, are pushing for short and long-term solutions to speed up approval and continue to receive the support of the relevant ministries and the Cabinet of the Mongolian government to expedite the matter. We continue to work, day and night for a resolution.

In the first half of this year, we have made substantial progress on getting our production capability ready in order to ensure we can complete Heron 1 as soon as the land issue is resolved."

As for the cash:

"The Company's cash balance at 30 June 2022 was USD 6.62 million (USD 3.10 million in cash and USD 3.52 million in Financial Assets)........As previously announced, a successful fundraise totalling USD 10.4 million gross proceeds was completed in August 2021 to develop and further appraise the Heron oil field with the goal of commencing production in the second half of 2022. During the first half of 2022, the Company has used part of the proceeds raised to place orders for essential equipment required to put the Heron 1 well into production. The remaining funds received from the fundraise have been invested in relatively safe high yielding term deposits waiting on the ramping up of work programme activities. Throughout, the Company has continued with aggressive cost control measures including maintaining a small but highly active workforce with the necessary operational capability."

It would appear that the cash has been spent on running costs (including wages) and equipment.

Provisionally the RNS dated 15th September said the following:

"Diamond core drillhole DDH1-6B : Located 530m directly south of drillhole KKME 1-6 (completed December 2020 1). Planned 600m hole depth, inclined at 80° dip and 0° azimuth (to the north). Based on the 3D modelling completed, DDH1-6B has been planned to intersect the southerly dipping conductor at a relatively shallow depth of 300m."

It also said "The T1-6 conductor has an approximate strike length of 2,600m and an estimated down dip extent of 1,000m" - though I don't think the down dip measurement is pure depth. I think it is more a sort of width measurement.

By the way Sirius Resources, which PJ has referred to on several occasions, drilling in Australia in 2013, hit 4 metres of nickel at 4.02% and 1.41% copper. That was what they called the 'discovery hole' and was considered at the time to be a huge discovery.

I don't think we have any copper here, or gold for that matter, but from the previous assays we know there is platinum and silver. I think that platinum is fairly common in this part of Africa. But it's all about the nickel really.

It's all on this first drill hole really. The drill is going to pass through the meatiest part of the T1-6 electromagnetic ("EM") conductor as shown on the maps and there is the potential for this pay zone to be a couple of hundred metres thick. We already know that this conductor contains nickel. The question is what are the grades?

Yeah, don't expect too much. The previous drill figures for this exact location are available from the RNS's at the time - around the end of 2020.

I did post a summary on 8th September which I will copy here:

"Just for reference the previous I-6 drill spud on 19th November 2020 and reached 287 metres by 30th November and the planned target depth of 547 metres by 14th December. It was later extended to 598 metres."

They don't tend to work weekends from what I remember but they may go a little faster this time as they know what they are looking for and can at least drill through the first couple of hundred metres without being too careful as that is above the anticipated pay zone.

And we will be informed as and when they reach the important zone of the visuals as seen in the core. Basically, we will know if there is nickel there and in what sort of quantity almost as soon as it is drilled.

I also posted on 8th September that the last time Molopo Farms was drilled the share price was as high as 3.5p - so the share price at the moment is actually quite low.

Also POW these days is not a one-trick pony so any risk here is really quite low.

I am not talking about what Mr Bird might have said in an interview/podcast. By informing the market I mean in an official RNS. Hence my "management should at least give us some clear indication of when these resource models will be completed” post. Anything can be said in a podcast, or rather Mr Bird can say whatever he wants and he knows that he can get away with not keeping to it but a RNS has much more credibility.

I have not come across the end of October prediction but then I am only looking in the official news releases for this information.

Unfortunately, and I wish it were otherwise, Mr Bird is making himself look a bit of a OLD FOOL these days.

The share price hit 9p in January 2021, which is the peak since the acquisition of the Bushranger prospect. A decent updated resource model for Racecourse and a maiden resource model for Ascot could and should see the share price test and even exceed these previous highs but it would just be very helpful if the market was given some prospective dates for the release of these models.

"4 August 2022
Bushranger Project Completion of Phase Two Drilling
Following the successful completion of the Phase Two drilling Programme at Bushranger, the Company will now take some time to reflect on the results of the programme as the upgraded resource model for Racecourse is completed and a maiden resource model for Ascot achieved."

Half-decent management would update the market on the expected dates for the completion and release of the updated resource model for Racecourse and the maiden resource model for Ascot. The communication from Mr Colin Bird is very poor these days. No wonder the share price is flagging. Even without any thought of the 2 million ton target, these two models should by rights see the share price up to at least the 7p mark or more, but there is little hope of that unless the market is given a working timeline. 4th August was over 6 weeks ago which seems plenty of time to get these ongoing models worked and released - and if not then the management should at least give us some clear indication of when these resource models will be completed.

yawn, yawn, yawn - this appears to be the only underperforming coal stock on the market. TGA, MCM, CGO - all rising through the roof tops but this outfit, and unfortunately the only one of the 4 in which I have a holding, is way off the pace. Yawn, yawn, yawn..............

Naheed is not a fan of this coal project. In fact she is totally against it so no progress will be made with her in charge here. Either she needs to be replaced by someone more in favour of this or the coal needs to be disposed of.

I've said it before and I'll say it again this outfit need to sell the coal deposit lock stock and two smoking barrels to the Chinese. Otherwise it is worthless. The deposit is only a hundred or so miles from the coast so the Chinese can strip it and ship it off to China to burn in their own coal-fired power stations. China is one of the countries, alongside the USA and others, who are still quite happy to produce their electricity 'cheaply' from coal.

I see another coal miner - CGO - have today announced that they are going to start to produce thermal coal alongside coking coal. This will effectively double their production and their revenue.

Maybe it's time the management here got off their high horses and did the same. They are not operating in the UK with it's no coal/super high electricity prices policy but in the good old USA where a fair proportion of their electricity is produced in the old-fashioned way by burning coal and why not as it keeps the electricity prices right down where they are affordable to the masses as well as businesses.

Such a change of strategy might even pick up this ailing share price!!!!!

FAO whoever removed my post on this thread re suspicious trading activity.

Please be aware that the FCA have now been informed. They have all of the details of these suspicious trades. This is under full investigation so beware, you have been rumbled. No doubt they will be contacting the guilty parties very soon. Insider trading, however big or small, is illegal. There can be no excuses.

Yeah, yeah, yeah - just a lot of porkies.

penstock was the only poster on here who didn't expect the permit by the end of July and now he's the only one defending all of the porkies.

The problem will be if the permit is NOT issued by 12th October. I don't think that anyone expects it before then but if that target date is missed then that will not be good as the market is very unforgiving for delays.