Member Info for baldhippy

Bad news out on a Friday, bumper positive news at 7am on Tuesday. We live in hope.

Good luck all, have a good extended weekend

If we negotiated an ATM facility with Riverfort why are we now using Clear Capital for a placing ??

We knew a raise was coming, they need working capital, which im fine with as Harlequin are not funding anything but the Hussar drill. But that's a fairly big discount to the current price. I assume Clear Capital will dump their holdings so its going to take a while to clear this lot.

Results out, all resolutions passed, nothing more noted really

Just read on Telegram the motion passed. Pretty pleased with that, even though it's not RBD it sends out a strong message.

"considering legal action", it will take ages to get off the ground even if they turn a consideration into action, cant see this going anywhere or affecting RBD in the short to medium term.

Its not our meeting, its Europa Oil, its of interest to get the mood music from North Yorks council. It may be an indication of any future approvals.

Our focus should be the AGM next week.

It will be nowhere near 1p, that's crazy talk. 80% below current price !

There is no consolation, the nominal value has changed but that's something different. The price has dropped in my opinion because of a looming raise, albeit potentially small, but more importantly lack of a signed rig.

Simple, a rig or crew on site doing something. That validates the funding from Harlequin. I think that's what will trigger the rerate and put to bed any cries of foul play.

Hmmm, talked a good game. I think we have achieved a lot in the last 18 months. Agreed we have been a bit keen with the comms but we have come a long way. Drilling is not a short term quick win. It will come good im sure

I think that's the sweetener to the deal, and CP must like it. Take your 25% out now and get little for it, stay as a strategic investor and 10 X your value.

Mortalone - Sorry for being a bit pessimistic and your right it wont necessarily be at that much of a discount. Its just plenty of other stocks im in, with a similar situation end up with heavily discounted raises. Riverfort are not providing funds as a favour, they want their cut.

What i don't get with all the arguments from the negative group around fraud, scam, lies, etc, is what's actually the scam. The directors have invested themselves, have skin in the game, have lost a load based on the market cap, have brokers, advisors on board (have to assume they are not involved in the scam) , took the effort to reverse into a FTSE listed company. So at what point do they take all our money and ride off into the sunset making many multiples of their initial investment ?

There may be an obvious answer here so someone enlighten me.

However i actually believe this is above board, just some clumsy communications happening and and its no get rich quick scheme. We will need to raise funds , and will have to take the short / mid term pain if we want the log term gain. I'm pretty sure we will get a big drop next week with a 20% discount raise, but it will wash through and be forgotten once the drill is turning.

Not sure about the 1p spread, the real spread is more like 3.7 - 3.83

I can except delays especially in drilling and the associated activities. In my opinion the issue isn't necessarily incompetence, its just setting too ambitious targets or being too bullish, and then informing the market of these date. They become set in stone at that point Any delay now looks bad. Although i guess that is incompetence at a CEO level, they should know better.

However, 1 drill booked RNS and we might be back on track.

Because £25M funding is to drill Hussar, not for general day to day expenses of GEX and pay for further acquisition's or drills. This happens with all small miners, you need funds to run the business while waiting for income,. And yes 6M as been spent, but you dont get seismic surveys, modelling, analysis, application services, LSE fees, broker, fees, etc for free .

What makes you think its been signed ART ? I would have though that by informing the market that we had a signed drill contract it would make the funding plans easier to be approved.

Big chunk of cash added from the directors is a vote of confidence too.

I also used AI to determine if any other interested parties may have booked the Ensign 970 rig, seeing as though it was being mobilised. Whilst it couldn't confirm that GEX had, it was clear that there wasn't anyone else likely to have acquired its services at present. So it does bode well, we just need the confirmation.

The problem with you list in point B is that its very detailed project planning that i'm not sure a company would release, not least because the market will hold them to account. Any slippage, which is common place in every project, will be seized upon by the market as a failure and you know what that means. Im in software delivery and project plan dates slip all the time. Look at HS2, motorway's, Elizabeth line, etc. Drilling in Australia will be no different.

Im no fan of dilution either but a vote against the proposal to raise money is really a vote to wind up the company, and you should probably sell out sooner rather than later. A Jr miner with no income stream needs cash, how else are they going to get it ? I hate the though of the dreaded 7am funding RNS every few months but its a reality we will have to live with until we are selling gas from Hussar. We are miles away from that, we are only talking about re-entry discover at present. And yes i know Harlequin are paying for that but they are not paying for general GEX running costs.

Im not being negative, i hold a pretty large chunk and had no intention of selling this morning and have every faith GEX will pull this off. But it wont be plain sailing and share price will go up and down to reflect that, but hopefully over time the trajectory will be towards £1+