Member Info for bandit1

Bozi - I tend to agree as people like Fort will talk their own book and he/she may well be selling first thing. We will never know. Fact is that the news is another negative here along with the Sedar report which pointed IMO to a protracted process. I fully suspect that we will drift downwards over the next weeks and months. Won’t be popular with those who are in denial here about the total shambles management have caused over the past 2 years.

We have a highly experienced Board and a competent CEO who acknowledge they have been contemplating raising funds via equity ( still undecided) as part of the listing. An insider has chosen to inform a journalist that this new listing may be accompanied by a fund raise. This breach of NDA has caught GGP on the hop and as someone else said today, our highly experienced Board have lost control of the narrative and there are those who are profited from this mess today. We pay SD, and I assume the new full time recruits handsomely for a small cap company. It is time for them to step up to the plate and gain control of the narrative.

Yes it is a game of chess but we have been forced onto the back foot by Newcrest over the last few months in delaying the expected MRE and the Newmont takeover has thrown another spanner in the works. So, as a LTH I want SD, the new recruits and NED’s to prove their worth and take back control of the narrative. If that means issuing an MRE or bringing forward plans which the potential equity raise may relate to or some other strategic move which is being held back waiting for the next move from Newmont/Newcrest, I feel it is time to get onto the front foot. For me, as much as I respect what SD has done so far, he is presiding over significant value destruction and he will be judged by that and that alone during his tenure. He has rightly received credit for what he did as part of the top team at Northern Star but he has yet to prove his credentials as a CEO at GGP. The jury is still out and I suspect all would agree with me on this. We are just over a year away from producing which will give us a much stronger platform from which to raise new debt and avoid constant dilution at low levels. I hope that this unfortunate situation makes our Board reflect on how vulnerable we appear to be by sitting meekly by whilst the narrative is led by others possibly with an alterior motive and certainly with a motive at odds with our own. Get on the front foot now Sean or you will lose a grip and now is time for your highly incented Board to earn their keep.

If this happens to bring onside Aus institutions ( my concern for some time) without a value accretive purpose ie. attractive acquisition, the share price will continue to be anchored at these levels. Look at the reaction today!

Why spend 38 mins presenting on background stuff most shareholders know about then rush the answers to Q&A’s which were the most valuable part of the webinar. Yes I know why, it is so they don’t have to endure 40 minutes of the tough questions!! Once again none of my 5 questions were asked which does not surprise me as Donald wants to keep his relationship with company management sweet. Sums up LSE. Louis is the commercial man and seems to know his stuff but needs to take a more leading role in the company and tell Brad to deal with Geology only. Our only hope of any return from this mess is for Louis to find some way of convincing MMA to allow OMI some control otherwise this will wither on the vine and it will be 2/3 years of torture listening to mapping and sampling RNS’s on our new vanity projects. Their response on share purchases was embarrassing. An honest answer would have been ‘ why invest our hard earned when we can gift ourselves free options and if all goes Pete Tong we have not thrown away our own cash’. All IMO but much closer to the real world than the fantasy of AIM directors.

Bottom line is that the value in this company is sitting with our share in the JV whether it is 51% or 49%. There is no value in our 2 new vanity projects. Brad wants to talk about them as it keeps him occupied for the next couple of years whilst MMA care and maintain! Put all energies into resolving the unfinished business with MMA which is the only real chance we have of creating shareholder value. If they BOD cannot see this we are all toast.

BT - fully agree but has Brad ‘ above my pay grade’ got the minerals to push back? All will be revealed in the fullness of time. Our Chair should step up along with NED’s as our GeO CEO needs help with commercial matters and his interpersonal skills are not pretty which will make negotiations tricky. I would rather we spent money on defending our JV with top lawyers than progressing the vanity projects as we have a good case to restore control should MMA be deemed to be in default. I question what do we have to lose with a market cap at such a low level.

Our new CEO ( lost count how many we have had) was gifted a huge opportunity in March. We are still waiting for the conditions attaching thereto. I would expect that he would feel the need to engage and communicate with shareholders who will have a vote on this grant. So, either he is flat out on a transaction and there are more important things to do or he does not feel that a CEO has a duty to shareholders and therefore he should not receive the support of shareholders. Which is it?

Another numpty on here! You are irrelevant so into the trash can immediately so I will not have to waste another few seconds reading such tripe. I wonder what your previous nom de plume’s were?

Chickenlegs you may be closer to the truth with these comments than anyone else so far by putting yourself in Agnico’s shoes. Furthermore, they will be well aware that we have a weak management team who appear inexperienced like rabbits in the headlights, have little skin in the game so it would not be too difficult to pull wool over their eyes, some may say. Like others here I have more shares than the whole senior team combined ( wish I didn’t have ). A lot of the damage has been done with a 90% drop for some who bought in the 40’s. So we can only hope that we can wrestle back control of the asset on default or should the asset be sold on and our share can be attributed an utd value. Allowing Brad ‘ above my pay grade’ George ( never heard a CEO say this as he is paid as the top dog and gives little confidence that he has our back) to spend the next few years burning through our cash on vanity projects would be absolute torture. Oh, and I have sent a volley of challenging questions for the webinar but expect that Donald from LSE will ask none of them just like the last time. A bit depressing.

I am quite frankly surprised at how naive you are ‘quite frankly’ to suggest that any delay by Newmont may be anything at all to do with Havieron. This is a huge multi-billion $ deal. One of NCM’s many assets is a 70% stake in an attractive Tier 1 gold/copper mine in Aus not yet producing cash. This will most certainly be of interest and will have a value attributed to it by Newmont ( this is what happens on a deal) but there are many more assets of greater interest and of greater value to Newmont. So, let’s maintain a sense of perspective here. Newmont will have a strategy to retain and optimise some assets and sell others that do not fit their strategy. Either way we should find out later this year. Lots of micro thinking here which just muddies the waters. Important to focus on the road to production and if any deal is presented along the way SD and team will be ready to respond.

Having been involved in many transactions over the years I am intrigued about the value attributed by Newmont to Newcrest’s share of Hav when there is limited data on the public domain. If Newcrest have put info in their data room that has not been in an RNS they are overstepping the mark so one has to assume that Newmont are also working from old data. Does not make sense to me. Key for me short term is to list on ASX and attract new investors who BUY IN THE MARKET ( note to SD - do not give away cheap equity to mates just to increase the number of institutions) which I have seen too many times before. Wait for free cash flow and borrow on the back of that is what I would prefer to see.

Traders will be contemplating that question Disco but I was happy to invest more today under 49p and will keep adding where appropriate as we wait for FDA approval. A few % here and there on day trades is not why I am here. With FDA approval this will move onto a new level as investors who, up until now have sat on the sidelines will IMO invest as the potential revenue streams increase exponentially. Will come back here when we receive FDA approval which will open up a new conversation about potential free cash flow levels which will drive the share price beyond £1. Approval could come at any time and the initial rise will be baked in before the markets open. Let’s hope that our CEO has a series of announcements ready to articulate the new outlook for FUM.

Many thanks for pointing us to sedar Ageos which is helpful. As always we have to speculate to fill in the gaps as we do not know for sure how much wriggle room has been provided to MMA by OMI. Perhaps Brad was keen to secure the $2m to improve our leverage and had to give up some time. All speculation but let’s hope that we have some leverage going forward. Having 51% would make a huge difference to us should MMA decide they don’t have the minerals to progress these opportunities. This has been bitterly disappointing and I have limited interest in Brad’s 2 new vanity projects which may keep him gainfully employed at our expense but are just ho hum to me. Our paultry market cap still provides some hope given that the Colombian assets have a potential market value to other miners we just need BG to justify his over-inflated remuneration.

So much smoke and mirrors as always with OMI. Well constructed JV’s would have clauses which protect the junior partner should the senior partner seek to ‘ dither and delay’ as a tactic to buy out the junior ‘ on the cheap’. It is frustrating that the full details of the JV agreement are not in the public domain. For example, there should be a right of first refusal if one of the parties wishes to mothball the project or perhaps some option to sell our 49% stake based on an independent valuation etc. Brad ‘ above my pay grade’ George perhaps should now be known as Brad ‘ out of my depth ‘ George. Some say he is good Geo but he has done absolutely nothing to convince me that he is a competent, well rounded CEO. The details on the other projects today were no doubt written as justification for his over-inflated salary so he will not simply be playing golf for the next 3 years. He can burn through our cash travelling to and from SA! Always remember that it is very easy for directors of listed companies to gift themselves new options to replace out of the money options. That is why Brad has only bought a notional amount with his own cash. Stinks but I invested here based on the presence of 2 majors so I will have to take the hit.

Just for the sake of balance, there are organisations called Banks whose business model is to lend money. All cash raised with small caps does not have to be a dilutive equity raise and given that Eroxon is now selling and generating revenue I am sure that the management team will now be well received if they take their cash flow forecasts into their bankers if they need some short term assistance. After all, management are shareholders too and will want to protect their own assets as much as we do. Typical bulletin board rhetoric to suggest more equity raise particularly for those who want a cheaper entry eh?

Traders cashing in all or some which is not surprising but volume is low today so LO probably waiting for FDA RNS before making their next move. Lots of potential upside here with limited downside risk IMO. Whilst the FDA approval cannot be guaranteed it is more likely to be good news than bad so the risk of being out is fairly high as news could come any day. It is likely however that news will be leaked as it almost always is these days as regulators do nothing so a flurry of buying may be the signal, conversely so if the news is negative.

Very frustrating when this skittish market ignores very strong trading updates. It is the short term nature of the investment community these days. London markets are struggling whilst other markets around the world perform better. It is no wonder that new listings are going elsewhere. UK listed companies become targets at times like this. Is it no wonder than foreign capital is snapping up bargains in UK when our home grown investors just don’t get it. Taking a company private is no easy matter but I am sure that there are boards of small to medium listed companies looking at other options. Share buy backs in my experience rarely improve the share price materially ( yes eps) and if that is a KPI you can understand why they do it but I guess the management team should keeps their heads down and continue to grow the business and when an appetite returns for risk assets we will eventually see fair value here. Hard work!

Bucolic - I can tell from your reply to my first post for years that you have little or no experience of the corporate world and indeed participating on plc Boards. Unitt is a NED working a day or 2 each month so will provide advice and guidance from his own corporate experience which will be beneficial I am sure. My point, which appears to have gone straight over your head, is that developing a business at an exciting stage of its development requires a different skill set than what JB has exhibited in his tenure. That is not to say that he should not take credit for what he has achieved to date, but IMO he should take a back seat and allow a more accomplished corporate leader steer the ship - hope that is explicit enough for you.

I have recently invested again here having sold out a few years ago due to extreme frustration with our BOD and especially our CEO. Small listed Pharma stocks often fail as scientists think that, as they are highly intelligent people, it follows that their skills are easily transferable to the cut and thrust of a listed plc - wrong! You need top level communication, commercial and marketing knowledge too! Despite this we are so close to FDA approval that this is a very strong investment now IMO and I thought I had missed the boat. When will the Board’s realise that it is necessary to hire professional management with the requisite business skills who can manage the business and leave the scientists to the science.

Alaric - you do make me laugh. You may be familiar with the term confirmation bias, well you have it in spades! Your resolute support of OF and the constant dither and delay reaffirms your bias as you clearly cannot see the wood for the trees. The “ we just need to hang on for another year and we will be alright” mantra didn’t wash with me and I am sure many of the other so called dimwits on here who have chosen to preserve capital, or whatever is left of it. Many of those who does not wear the same brand of rose tinted glasses as you are no longer here having sold in the 30’s. This has been a car crash over the past couple of years by any measure. Look at yourself in the mirror and you may not like what you see.

Red - I do not dispute what you say but recent performance has been lamentable as you know and the immediate future does not look too bright does it? July 21 share suspended at 40p. Out of suspension a year later at 40p and now under 20p. No clarity on what happens next. Buyers will be hard to find ( save Tosca ) but perhaps they have hit their own limits, who knows but time will tell. I will simply sit back now, and watch how this all unfolds but as a betting man, and I am, I would not put a dime on OF sorting this out to the satisfaction of long suffering PI’s but then again his master is Tosca so they will determine his fate.