Faso28 Dec 2025 07:55
Bilbale - fully impaired and now abandoned. Remember the hype. Indians,camps, ships from SA, trucks from Barnsley and Falkirk, production by the end of 2024. With gold prices twice what they were when it started what went wrong ?
That's right the company have never told shareholders they left it to the Auditors.
Could it have been dubious just like Lithium ? I think so.
Race is now on at BOULON. The 2 month mapping is now 3 months late and licence expires in H1 of 2026.
Let's review the company gold assets
- Faso - abandoned likely abandoned.
- Cote sold we think :)
- Kenya no licence since Aug 23. $1m owed. Minimum licence commitments. Auditors concerned about asset valuation.
- Australia multiple Pow defaults. The latest incurs an £80k default charge. £500k due by 31st March.
So the only realist prospect IMO is an Australia IPO but they can't line their ducks up as Bell has run the company into the ground.
They need Arbitration money and very very soon. Even that just clears the decks on debt.
I really don't get the reward beating risk argument. The assets are now either average or sold.