We would love to hear your thoughts about our site and services, please take our survey here.
Just looked in here after seeing the company on the days fallers list. I bailed out a few years ago due to my deep concern about the way in which Cross ran the company. I remember having a few disagreements with SOTB who would not have a bad word spoken about Cross. I felt that Cross treated shareholders with disdain and would barely communicate beyond what he had to on a statutory basis ie. Financial accounts. He moved a very inexperienced lad into a FD role which was the final straw for me. It seems that lad has now gone. Thankfully, I followed my instincts in this instance as it looks as though Cross has lost his Midas touch. Not here to gloat but as a reminder to myself and others to ignore those who will ramp a stock day in day out even though there are many good reasons to question ones investment. DYOR and be wary of those who spend lots of time ramping and refusing to accept any criticism of management.
Red - no longer a holder as I sold out months ago as it was glaringly obvious to me at least that this was fast becoming a complete and utter mess with even more dither and delay than we have been used to seeing from useless politicians. Still on my watchlist for amusement value only. You cite that are a buyer despite so much uncertainty around. You must be wearing the same brand of rose tinted glasses that Alaric and that pompous poster Bluerill wears and who will be on here shortly calling everyone else who see the shambles which has unfolded here for what it is , as dimwits. Who are the dimwits now? Your choice to buy even more of these of course but I do hope that the potential upside opportunity you see amidst the carnage is worth the downside risk as all that I can see here are powerful self interests groups tying the company up in knots and starving it of oxygen. This usually ends badly in my experience. As for Malcy, buy him a nice lunch and he will wax lyrical about any OandG company (allegedly) so be careful about hanging your hat on his musings only.
Tough times being a shareholder here these past couple of years, that, there is no doubt. I probably fit into a fairly large group here who have a few million shares, seen significant paper losses but have stayed loyal to the company, believing in the potential opportunity.
My laser like focus is on production and free cash flow generation. The game changes at this point as valuation is so much clearer and with future production forecasts allowing ‘the market’ to fairly value Hav and any other emerging assets.
SD IMO is a talented individual and a strategic thinker ( not all finance people are blessed in this regard) and has been skilful in dealing with SB who has tried to shaft us. We must give him credit for that. He had little choice but to bring in a cornerstone investor at a cheap price as that is what they would have demanded, and we needed them. This financing of a large debt facility was impressive.
I am also concerned that he is prepared to give away large chunks of cheap new equity to appease his Aussie chums. If he does so, who will be left to buy in the market? There is a balance in every situation. Allow some new investor in with a raise but do so with a specific transaction in mind whitch allows the market ( including us) to determine whether it is accretive or not. I would be quite happy to see a delay on ASX listing until free cash flow is imminent but that is unlikely.
To those who say that retail investors are disappearing thereby weakening our influence I would see not yet. Still a very large proportion of nominee shareholders. Let’s see what the listing documents say and let’s assess the position prior to the vote.
Sean has bought few shares which is a little disappointing. He has a big chunk of option in the 20’s from memory. I would like to see him exercise and make money on these options in due course. What I would be concerned about is large chunks of new options gifted when the share price is on its knees. That would not be a good look.
Well done Barder and team. Credit where it is due and they have dug in and delivered. If you are a trader you are probably miffed at the timing of the warrant exercise if you managed to secure some in the first 30 minutes. This cash injection stops those same traders suggesting a cash raise in the weeks to come so that’s why they don’t like it. To make proper money here you wait for the funds to start buying in now that we have a huge market opportunity ahead of us. Sales figures will whet the markets appetite and if you have followed the story for a few years it would be folly, IMO, to sell now when you have absorbed most of the risk. Exciting times ahead.
I would be interested to know when Newcrest made this decision. If it was made in the last 48 hours perhaps it was a strategic move on their part in direct response to the RIO Tinto JV. They may regret playing hardball with GGP over the 5% option, delaying the MRE etc should we find other large ore bodies on our 100% tenements and/or the new JV with RIO Tinto and Paterson becomes THE place every major wants to mine. That would make Newcrest look a little silly would it not?
Akrigas - IMO Bhargav is primarily a trader who creates the impression that he is heavily invested and therefore posts his buys but never his sells - funny that!. For those who been around for more than a few years they will see that for what it is. Makes no difference to me as I can see it as clear as night follows day but for some who may have less experience they could rely upon his musings rather than make their own calls based on their own research.
We are clearly in a tricky situation but the pain is in the price so for me we need some resolution of the impasse with the JV and must fight to reach some agreement with MMA. I have no interest in Brad’s 2 vanity projects as they will simply keep him and Castro in a job for a couple of years whilst they squander the cash sitting on the balance sheet. I see little point in bailing now but it has been a very unpalatable investment.
Obtaining FDA approval ( it must be very close) is very likely although cannot be guaranteed so I am surprised how many traders sold out over the last few weeks especially after the product launch in Europe. They must be happy with their 10% or 20%. I sincerely hope that there is no leak and that we wake up to an RNS soon as this will lock a lot of traders out who will miss the rise which should be significant as the ability to launch in US will be transformative. I expect that funds will be keen to buy in on FDA news too. Much to look forward to.
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.