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Yeah, maybe it's a pity that the Performance Shares - and is quite a chunk all told for free - should have been tied to something more positive - getting the first drill at Hussar underway for example - rather than just an increased Mineral Resource Estimate which basically counts for nothing unless they actually find the Helium and get it to flow.

I think that the only good timing here will be for them to give an update re the application and some drill dates.

This is a very poor start to the FQM JV. You would think that they would know better - and where to look. 550 metres of nothing. Never mind; at least it is all being paid by FQM!!!

RNS dated 20th December 2024 - link below - states:

Drilling Permit Status:

DEMIRS (Department of Energy, Mines, Industry Regulation & Safety) is scheduled to re-open on 3 January 2025. The mandated processing time for permit applications is 15 days, although permits are usually granted within 10 days.

https://www.lse.co.uk/rns/GEX/operational-update-qeda367zukoojvz.html

The figures are all in the RNS dated 9 January 2025.

"The Share Capital Reorganisation will reduce the number of ordinary shares in issue from 2,866,858,800 Existing Ordinary Shares to 28,668,588 New Ordinary Shares."

They then issued 126,666,667 Subscription Shares and another 8,400,616 in the WRAP offer to raise about £2m at 1.5p. Finally they issued another 311,617,085 shares to pay off the bondholders.

So without the consolidation there would now be 48,000,000,000 shares in issue as against the 2,866,858,800 before the consolidation. They basically issued an extra 450 billion shares = or 450 million after the 100-1 consolidation. I would call that dilution even though the m/cap went from about £425K to £7.5M.

What do you mean - zero. The RNS clearly states that "The Company's 15% position in the Duyung PSC was held on its balance sheet at US$18.9 million as at 30 June 2024, however the Company intends to impair the Duyung PSC carrying value down to the transaction consideration."

The 'however' and the writing down of the asset is only in response to the CORO proposal re the disposal. If the shareholders vote No then the carry value will not change.

Also your information is out of date. Yes, the m/cap was about £500K when there were about 2500 million shares in issue. They then did a 100 to 1 consolidation to bring that down to around 25 million shares. They then issued around 420 million shares to pay off the bondholders plus did a placing to take the m/cap to £7.5M with 480 million shares in issue.

However I do agree that there is a chance of a bagger here, at which point I could possible regain my loss, but first the m/cap would have to come back down to around where it was before the dilution and secondly they will need to hold onto the Duyung 15% as that has a considerable value - at least $18.9M as in last year's results.

I sold my smallish holding here at a huge loss a while ago but I have not given up hope of getting my money back as long as the company is still in business. I have had such a result on several shares recently. I will continue to watch proceedings here.

CORO paid $15.3 million for the 15% stake.

11 February 2019

"Coro Energy plc is delighted to announce the signing of a binding conditional agreement as it takes its next step in building its portfolio in SE Asia through the acquisition of an interest in the Duyung Production Sharing Contract ("PSC") in the West Natuna basin, offshore Indonesia which contains the Mako gas field.

Under the agreement, Coro will pay a cash and shares consideration of $4.8 million and contribute $10.5 million toward the 2019 drilling campaign, in order to earn a 15% stake in the PSC. The cash element of the consideration is being subscribed/underwritten by institutional investors, including cornerstone investor Lombard Odier Asset Management (Europe) Limited, on terms which have been announced separately today."

16 April 2019

"First Completion of Duyung PSC Acquisition

Coro has now paid the existing owners of the Duyung PSC a total consideration of $2.95 million in cash and $1.85 million in Coro shares as well as providing a $10.5 million contribution towards the 2019 exploration and appraisal drilling campaign to earn its 15% interest in the Duyung PSC. Transfer of title of the 15% PSC interest to Coro's name is subject to customary Indonesian regulatory approval which is expected to follow, with a long stop date of 31st December 2019. Should regulatory approvals not be forthcoming, Coro has agreed to receive transfer of 15% of the shares of West Natuna Exploration Limited, the current owner of the Duyung PSC."

10 April 2025

2Recommendation and Voting Intentions

The Directors consider the transaction to be in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors unanimously recommend that the Shareholders vote in favour of the Resolution to be proposed at the General Meeting, as the Directors intend to do in respect of their own beneficial holdings of Ordinary Shares, representing approximately 1.51 per cent. of the Company's existing Ordinary Shares.

With management only holding 1.51% of the shares in issue I think the best result here will be for the shareholders to vote No.

One month, or rather 4 weeks since the last update from Silverking really isn't good enough. An update is long overdue.

Well, it looks as though Mr Bird's Sunday Roast prediction that Trump's tariffs would be dropped by June is going to come good. They are as good as gone already and Trump certainly won't get the support to bring them back in even from his own team so that's one less worry.

Also, Mr Bird didn't seem too worried about the drop in the price of copper and that is going back up fast at the moment.

Which leaves the only problem now is how to actually get something relevant from the old bird - ie. a communication about how drilling is progressing at Silverking, as well as an indication of when we will get the initial assay results from the 3 drills that we know have been completed successfully. This information would no doubt have a very posiitive effect on the share price.

Where is this share price with some of the news that is imminent and even overdue - 15p, 20p, even 25p!!!

The m/cap is still only £10M. I seem to remember that HEX was about £25M on spudding their first drill (and it had been higher at up to £33M) and of course HE1 had a ginormous m/cap of £100M when they spud their first well in Tanzania.

Meanwhile, some are rushing to grab a bit of profit at 10p. I reckon it is probably worth waiting for now - at least to see what the immediate plans are.

The price action is noticeably restrained despite being very positive. However some positive news from the management could see this flying up!!!

Helium is hot at the moment with HEX and HE1 both drilling frantically and MSMN planning 5 wells imminently. It's the right time for GEX to get in on the action now as well. Let's have some positive drilling dates please.

10.6p to buy and 10.12p to sell for quantity of 50,000................

10.5p paid........even without any news, which we are certainly owed by now. Not sure where the management have disappeared off to as they are usually full of news and podcasts. More to come with the share price anyway.

Yes, I am assuming that the price is continuing to rise..................

Yes, but if it is NT to buy on all of the other brokers, then with IG you are getting the chance to buy before the price goes up anyway. Then, when people do pay the higher amount and buy then the price is going to go up further by the time the other brokers give a proper buy price. And then when they do, the available shares are soon bought and it goes to NT again. Believe me, you are better off the way that IG do it. And they are operating on a zero-commission fee these days. And they, IG, do an ISA account, the same as everyone else, and you can also put US stocks in the ISA if you so wish.

Yes, but if it is NT to buy on all of the other brokers, then with IG you are getting the chance to buy before the price goes up anyway. Then, when people do pay the higher amount and buy then the price is going to go up further by the time the other brokers give a proper buy price. And then when they do, the available shares are soon bought and it goes to NT again. Believe me, you are better off the way that IG do it. And they are operating on a zero-commission fee these days. And they, IG, do an ISA account, the same as everyone else, and you can also put US stocks in the ISA if you so wish.

The message is quite simple: buy now or pay more later - and that is later this morning. The early birds today got in at 8.05p but right now the entry price is 9.25p and rising.

The MM's certainly love to up the Ask on this one at the moment. No sooner is it 8.95p to buy than it is suddenly up to 9.44p. This is on IG, by the way, where they don't bother going to NT but just up the ask a bit quicker.

They don't always get takers at the upped buy price though, which is probably slowing down the rise, as is the constant revert back to NT on the other brokers.

I see that Mr Bird made light work of the dip in the price of copper. He also reckons that Mr Trumps tariffs will all be dumped by about June this year and that the market is being primed for the mother of all bull runs. We shall see.

In the meantime, an update re further drilling at Silverking would be nice, plus a podcast or two, which together should see this through until we can get these high-grade assays.

Link to the podcast is below and the interview with Colin starts at 20 minutes.

https://www.thesundayroast.net/podcast/episode/50acaef7/s9-ep81-sunday-roast-featuring-colin-bird-executive-chairman-of-bezant-resources-and-african-pioneer-bzt-afp-cpai-pow-gmet-eleg-jlp-swt