Member Info for ART123

.....and I just want to get rid of the few I'm stuck with.

At the moment none of these numerous acquisitions look like they are even remotely likely to add value to the share price and m/cap as they are all in an early stage.

It's going to take a long time and cost a lot of funds to get any of these projects even into the drilling stage - and the ones that are drillable do not seen to be imnpressing the market.

Too much of nothing, I feel - and

I wish this CEO would stop making any new acquisitions and at least find something worthwhile in any one of the ridiculous number of assets that have been acquired here.

I am still stuck with some of these from the SULA days and they don't like they're going to be going at this rate.

It's pointless to keep acquiring more and more assets if none of them are proving up - and costly to the shareholders!!!

In wish this

"The drilling of the Jade Prospect remains subject to further funding being secured by the Company. The Company is currently in negotiations with potential counterparties and is aiming to finalise the necessary arrangements in the coming weeks. Further updates in this regard and in relation to the Jade well drilling preparation and permitting activities will be made in due course."

Not too sure what this means - and no one left here seems to even care. They cannot secure funding against future production as this is a wildcat drill so if they are not going to do a placing - or if they can't get one off - then maybe it is some form of a Loan Note.

The warrant exercise extension period has just ended with only an additional £120,000 raised so that master plan has not worked out. What next?

Your post is pure nonsense.

All of the 'investors' on your list are brokers and the holdings represent the total combined private investor holdings that they hold.

Hargreaves Lansdown for example have 15.73% of the shares in issue held by PI's ie. you and me and other posters here held by them as brokers.

Use your head. These are not Institutions or institutional investors or 3%+ shareholders. My holding, for example, is held with HL so is part of the 15.73% they hold.

Silly person.

I agree, yes this will obviously get drilled but they need to raise the cash.

They cannot do much now until the end of the extension period, which is 12th November. At the moment they need both the 12p warrants as well as the bonus 12p warrants to be cashed in full to cover the drill costs but not the funds for testing which would have to be raised later.

That looks unlikely for now as only a handful of 12p warrants have been exercised and zero of the bonus warrants so far so the only remaining option would appear to be a large, discounted placing. Even a Loan Note isn't an option at this late stage as it would all need exercising almost immediately.

It really doesn't matter how many shares Kelly or Bisht own. They did not participate in the placing and therfore are not involved in this bonus warrant scheme. That is very poor and looks to reflect their lack of confidence in such a crackpot scheme.

It also looks very bad that they are even suggesting funding the drill from overpriced warrants when they are not prepared to risk their own cash.

This is not about the drill or chances of success or the size of the possible resource but simply about how EME are going to fund the drill costs.

One lesson I have learnt from SOLG is not to post (especially optimistic) posts every day for years on end while the share price is stagnating. Instead this time I shall post very sparingly and begrudgingly - or not at all!!!!!

And please stop arguing and picking on my posts. That is a sign of people who don't know a lot and who are a little bit ****ed off. Grow up a bit and accept that not all opinions are the same or the same as yours.

1 year has gone anyway. XTR acquired Bushranger on 27th October 2020 and drilling commenced on 16th December 2020.

And please stop arguing. I am entitled to my opinion. Too much arguing and rude responses are usually a sign on these boards of people who don't really have a clue.

SOLG acquired Cascabel in mid 2012. By mid 2013 with good drill results the SP reached as high as 15p but then for the next 3 years it continued to fall despite continued good results albeit with slow drilling.

The difference with GGP at Haveiron is that with Newcrest on board the drilling was fast and furious, hence the relatively quick maiden resource estimate.

With just the 2 rigs here this could take a long, long time to reach the initial 2 million ton of contained copper.

This will be a long slow road with 2 rigs on the go, that's for sure.

We've been told that Phase 2 is for 20,000 metres. I'm assuming that won't be enough for the bigger JORC so is the plan then to extend Phase 2 or to start a Phase 3?

If it's the latter then I hope there isn't going to be a long gap in between Phases 2 and 3 while XTR wait for drilling permission.

I've seen this before at SOLG. After the initial drilling the SP rose from around 2p to as high as 14p. Then for the next couple of years while the drilling continued at a slow, self-funded pace the SP dropped all the way back to 2p or even lower.

Then eventually, about 3 years or more after the commencement of drilling, the SP finally started to rise. It continued to rise all the way up to over 40p but unfortunately all of the initial posters had long ago got bored and disappeared, with
Many losing considerable amounts of money during the initial pullback and very few of the original posters ever made any money.

I personally didn't lose much but I did miss the final rise. Unfortunately after 2 or 3 years of an ever decreasing share price it is difficult to get any enthusiasm back or even to know when to buy back in.

At least I know not to let that happen again but this might turn into a long, slow ride with little excitement from the share price in the meantime.

Even the posters are already disappearing fast with only 20 or so posts so far today.

Personally, I'm a little disappointed that we haven't seen a return to the 8p/9p share price of Phase 1 during this second phase.

Obviously the objective here is to prove up a 2 million ton contained copper JORC. As I've posted before, anything above that figure is not going to be of much value or interest certainly to me.

So the necessity here is to reach this target JORC as quickly as possible.

As I've posted before, but been bashed a bit for saying so, I think that XTR will have to considerably increase the drilling speed. Newcrest at Haveiron (GGP) had 8 or 9 drill rigs working around the clock to get their maiden JORC. I think maybe 4 or even 5 or 6 drill rigs may be a good idea here to get this speeded up.

Otherwise this could go on for quite a while and unfortunately the share price won't start to rise to any serious levels until we get nearer the JORC.

It would be very annoying if the share price here got stuck in the 4p/6p range for too long - ie. for a year or two.

Only one of the directors even participated in the July placing, and then for only 200,000 shares to the value of £12,000.

Apologies, but my information was slightly inaccurate in the previous post - not that anyone is likely to even read my post and notice it!. 1 bonus share was offered for every 2 placing shares, so he has exercised his full allocation, for the grand sum of £12,000.

Talk about management trying it on. It certainly doesn't give much confidence to the remaining "institutional and high net worth investors".

This is from the placing RNS dated 9th July 2021:

"Tom Kelly, CEO of Empyrean, commented on the Placing:

"We are very pleased to successfully complete this placing which provides the necessary funding to accelerate our preparation activities, including the securing of the rig, for the drilling of the extremely exciting Jade Prospect in China, which we are targeting to occur before the end of the 2021 calendar year, as well as providing working capital funding. The Placing Warrant structure with early exercise incentive Substitute and Bonus warrants also provides a mechanism by which the shareholders can potentially achieve a situation where the well is completely funded without the need for asset sales, joint venture or further placing. It puts the Company's destiny largely into the hands of shareholders. Whilst asset sales, joint venture or further placing are all worthwhile alternatives to drill Jade, it is the Company's view that the least dilutive solution, given that any asset sale may not settle before drilling starts, is for the remaining funds to come via warrant exercise. We look forward to updating shareholders on what is shaping up to be one of the most exciting wells drilled by a junior oil explorer this year."

This should also be added from the same RNS:

"The majority of the subscribers to the Placing were institutional and high net worth investors, including both new investors and existing shareholders, and also clients of First Equity Limited in the United Kingdom, who acted as UK manager to the Placing, and Petra Capital, who acted Australian manager to the Placing. Non-executive director of the Company, John (Spencer) Lay****, subscribed for 200,000 New Ordinary Shares in the Placing."

By now, with the original 3 month exercise period long gone, it is obvious that the warrants are not going to provide the necessary funding for this drill. In the real world, they never were, but the management seems to have a very distorted view of how " institutional and high net worth investors" like to spend their client's money. Interestingly only one of the directors even got involved. and then for only a pitifully small amount - 200,000 shares for £12,000, but even he has only taken up the option to exercise half - 100,000 - of his available warrants - for guess how much? - yes, £12,000.

So far, including during the 21 day extension, only 3,225,000 x 12p warrants have been exercised for a sum of £387,000 ($527,000). That is woefully short of the "significantly reduced drilling cost estimate of US$12.3m (previous estimate US$18.5m), plus a success-based testing cost estimate of US$7.4m".

With asset sales unlikely to be an option, and no mention of a JV, maybe it's about time that the management here came up with some real funding options.

Whoops

I've just noticed that the last post on this board, with only a month to go before spud, was 6 (Yes SIX) days ago. Not a single post in nearly a week!!!!!!

Obviously, everyone here has given up and gone elsewhere. Not even the dreamers who still believe they can fund this drill from the warrants are still here.

So far the bonus warrants have brought in only a miserable £390,000 - $535,000.

All very well but EME are still woefully short of drilling funds for this well.

The somewhat dodgy extension to the exercise period for the bonus warrants has obviously not gone down well with the respected Institutional and high net worth investors. Out of a 21 day extension period, during the first 12 days only a further 750,000/£90,000 more shares have been exercised. Maybe these bonus warrants not being exercised during the original 3 month period says it all!!!!! - rather than blaming non-existent Covid restrictions.

I think it is time EME looked elsewhere for the best part of the $20Million that is going to be required to pay their 100% of the drill and test costs.

I see that there are no further exercised warrants today on what would have been the last day of the three month bonus period. As any announced today would have to have been arranged prior to yesterday's extension then that shows the lack of interest and belief in this crackpot warrant scheme.

As for the 3 week extension using Covid restrictions as the excuse, I doubt it will attract much more interest, especially as the warrant holders will be obliged to exercise 2 x their 12p warrants as well as the 18p ones to ensure raising sufficient funds to pay the drill costs, or risk losing out if there is another forced discount placing.

This scheme has actually left the II's and high worth investors in a very difficult situation. This is risky as they might not be so keen to fork out cash in future.

As for blaming Covid for the lack of exercising of the incentive warrants, that is pathetic and disrespectful to the people who have struggled through the last three months.

Unfortunately in this country there has been a noticeable pathetic lack of Covid restrictions, as is reflected by the 40,000 new cases every day.

Maybe the EME management are thinking that the warrant holders might have been imposing their own non-obligatory Covid lockdown restrictions and that is why they have not been able to exercise their incentive warrants electronically!!!!!

Absolutely pathetic.

If, and it's a very big if, EME do find a JV partner then the usual arrangement will be for them to pay for the drill costs and for that outlay they will usually require a 70%ish holding.

Unfortunately EME only hold 50% post successful exploration so EME's holding would be reduced to about 10% or 15%, with the subsequent reduction in value.

Looking at the figures, a placing to raise the drill costs would be the best option. Maybe leave the testing funds until they know whether they have hit oil or not.