Member Info for Aubery

That sums it up Myo.
I do not see how the SBR can be launched when we do not have cash to complete the shaft. I cannot see DMC starting when they have a Target Cost contract where all the risk for scope change, ground conditions... etc sits with with us and we have no contingency or insurance.
Any delay in starting the shaft throws absolutely everything out. I’d have thought any delay to the shaft would have to be made public.
If/when the SBR is launched one would have anticipated lots of PR... very quiet so far.

Myo
I agree that it has to be a partner.
It’s not a case of just getting the best case funds to finish the shafts. There is risk in finishing those shafts so who carries the risk ?
Has to be a partner... and we would have to give away a big chunk.

Casa
Do you know how much extra cash we need for the tunnel and shafts?
And any idea how much of the £180m is assigned to the shaft and tunnel.
I have thought how can we start the shaft construction when we don’t have funds to complete it...,

Christ
This is a free BB and JR has as much right as any to post. But it’s good to call out the obvious derampers who offer nothing but unfounded one post deramps.
Equally those trumpeting £5 parties, sash cutting opening ceremonies and Chinese buffets also require calling. Otherwise it just becomes an echo chamber.

JR
If you are sincere (and not a wind up, who knows) then I advise you grow up. You present absolutely zero balance and I’ve not seen you present one shred of research or evidence to support anything you have ever posted.
If you genuinely feel today has been a ‘strong finish’ in the context of where we are great for you. For most long term investors and average joes looking in with averages of 15 -25p it certainly hasn’t.
Grow up.

JR
This was not a ‘strong finish ‘

Why would dropping out of ftse 250 have any material affect. We are still in the main index.
The issue is getting funds to complete the the shafts.
Also, we will get news, good bad or ugly well ahead of 6 months. The lights go out in 6 months!

‘Nothing to worry about....’

Fran
If you are forecasting 95% dilution (your words) your potential upside must be huge.

Fran
Those companies had huge huge debts that they could not continue to service. This is not the situation we are in. We have no debt. We need cash to finish the build. Absolutely no comparison whatsoever. And if you are calling this why invest??? This surprises me as you are a CFO of 15 years....,

Nixan
Yes of course we’ve been SHAFTED but spilt milk and all that. Got to assess from here and not those halcyon days of 30p.....
This board full of extremes.... we either go bust or still talking 50p SP....
Balance needed. We have an amazing asset but it’s not funded....

Fran
If your theory of 5% dilution stands you’d better inform the Qataris and Norwegians.

Fran
SH would have to vote for it and no way would 95% dilution by passed.
I don’t doubt we could get a funder who would bully us for favourable terms, a huge royalty I would guess ( much more secure than equity- see Gina deal...). In which case I see upside from a 3p SP.
You also assume there would be only one suitor and no competition... I expect there would be some competition especially as the majority of this project can be built on pure bank debt.

..........it’s all about the SHAFTS

Cannot see the PI bond having any legs.
Imagine the admin....
Not aware of this ever having happened with a public company... it’s not dragons den
As a side it does demonstrate a willingness for the PI to go back to the well.
PI fatigue will be starting to creep in.

Appy
Good to get the debate back to the elephant in the room. Financing the shafts.
My observation and I might be wrong is that no one will lend for completion of the high risk items. Certainly not banks or financial institutions. How do they get their cash back if we encounter trouble?
I reckon it has to be strategic partner (they shoulder risk for big chunk of company and royalties) or we self fund via a rights issue and the company (us) carries the risk.
This is the crux of the matter.... get cash for the shafts and determining who carries the risk (perceived or actual)

There should be no one arguing that CF so far has got the financing wrong. Certainly not me and I am frustrated at his handing of it so far.
But, do I think he has integrity... yes.
Do I think this will be built.... yes
By CF..... probably
Is there a few quid to be made from here ... probably
Is it wise to top slice and de-risk....yes

JR your posts are breathtaking.
You claim ignorance on their being rampers then state 40 -50p in your message. Are you for real???
If you are in a room full of folk and there is one ramper in the room and you don’t know who the ramper is it is because.....

Tick
How ironic...
Talking emotion... taking emotion out of it ... where from here? You are clear that you see no investment case whatsoever, completely down from here. Fine. But you are basing that on no trust in BOD. Fine. CF has got it wrong so far.
For me it’s is there a gain to be made from 3p and a market cap of £200m and yes I think there is something in this. Based purely on the investment case. What folk like you (deramper) and equally rampers (and there are many) need to do is assess from here and now. Without emotion.

Nice one Ticktack
Good to get your debate.
What did you make of the investor call?
Do you think our market cap is low medium or high
Keen to get your thoughts

Yes Avocet,
Which is why we are 4p... do you think the uncertainty and likely dilution is priced in?