Member Info for bandit1

Just watched the webinar and was so disinterested in the latest vanity project, I skipped it forward to Q&A’s. Will keep it short. My questions were not answered again and Turner Pope were a joke as the staged questions were so ‘staged’ it was as expected and a total waste of time. Flagstaff, as someone else said probably have a brief to talk this up for a raise in 2024. Good luck with that. Brad, the principal clown, spent most of his time justifying the latest roll of the dice describing Nigeria as a ‘great place to do business’. I wonder who was convinced with that line. Perhaps he thought we would be comforted that he has inked a deal with his ex-business partner, yes that’s correct, his ex-business partner.

He also has the afront to suggest that any pleb shareholders who dare question why a small cap should raise money, don’t know what they are stalking about and should not invest in this sector! Most of us are probably more successful and knowledgable than he will ever be yet he dismisses these concerns whilst we face the miserable prospect of raising more funds at this paultry level with the prospect of severe dilution which is the real issue at play here as if they give a damn. We, or at least I, invested in an exciting JV with 2 majors but OMI is turning into a crap shoot IMO. Sadly, I can see what is coming which is a fund raise in early 2024 either to drill ANZA best case or to fund the crap shoot which will wipe out most of us with an average of 10p and above. I will not invest another penny in Billy Smart’s Circus. As for the main clowns, it is, as you were, as they will simply award themselves new options and that is why, when directors don’t put their hand in their pockets and buy a significant amount of shares with taxed income, they can do what they want with impunity, especially when you can’t even fire them at an AGM. So, they will continue to take their over-inflated salary and bonus for delivering less than nothing which, in other words, is a huge destruction of shareholder value. What a shambles this is.

I should have finished by saying that the same happened at IQE ( semiconductor design and manufacturers) where scientists developed a great product but had no idea how to interact with the investment community so IMO failed to take advantage of the potential.

PSV - Yes I have written to Barder highlighting the glaring deficiencies in the skill set of senior management ( him and FD in particular) and he simply passed my note to his external PR to reply which said nothing. I have seen this situation play out in many small caps where you have inventor/ scientist/ chemist types creating an exciting new product yet they fail to optimise the potential as they don’t have the courage or awareness to bring in people who possess the skills required for the next chapter in the development of the business. This is when the Chairman/ NED’s should step in. I can only hope that something changes here before it is too late.

I suspect that the quote in the Nigerian rag was a misquote or a mistruth from a third rate journalist or that Castro was playing Billy Big Balls throwing around big numbers of what might be as the Chairman of a “leading” - see what I mean about third-rate journalist - Canadian mining company. We are “leading” the way to the bottom of the Niger Delta at this rate.

The Clowns will pass on Anza with nothing of substance to say, duck all the tough questions with platitudes and obfuscation and as no one else is interested in the 3 vanity projects it will be deemed a complete waste of time but they can tick off shareholder comms for another few months. That is a prediction as to what we have come to expect from the Clowns which we have running this company as evidenced by their complete incompetence with the JV negotiations and destruction of shareholder value. That is a fact. One thing that I am sure about is that neither will be appointed into a position of any substance in a quoted company going forward but that is no consolation to shareholders here and now.

DandD - it was a very inexperienced, some might say, amateur comment which experienced FD’s and CEO’s would not make. This is one of the reasons why some short termer’s have sold down, as well as a larger seller. It was a completely unnecessary and damaging statement and indeed why can they be so sure when so little sales data has been made available for them to see through and assess profitability that far out!. Anyone would think they wanted the price down to award nil cost options! They are signing new contracts each month so what about the sales from those relationships in new jurisdictions in 2024 and UK/Europe for this year and next?. I have a large investment here and when I read this pronouncement I should have sold down as others clearly have, but decided I would tough it out. I wonder what our Chairman is doing to reign Barder and the FD in from making inane statements like that going forward. Hire someone savvy enough to deal with the markets for goodness sake. To the poster who asked for justification as to why senior management are not doing a good job perhaps you should reflect upon what I have said and the collapse of the share price thereafter! Private investors are ignored by Barder ( at least I have been) but I do hope that the Portfolio Manager at Lombard Odier has picked up the phone and explained that Barder and the FD should apply for an Investors relations course tout de suite otherwise they will be voted out quicker that you can say Eroxon.

Recent award of nil cost ( no risk or ambition) options, vague financials, poor PR, consistent seller and limited buyers, inexperienced and out of depth management team. So, great product and terrific potential but the bottom line is that you require really good management who understand commercial business and how to communicate to stakeholders to optimise success.

Yes it is pretty obvious that this character has an agenda as he pops up just when momentum is moving in this right direction for those of us who are long investors. Unless there is a delay with Ortex data it looks as though the 10m+ plus bought this week in big chunks were not shorts covering and in fact ‘proper’ buys which perhaps explains why some are becoming a little edgy. Market makers have had a decent week buying from those who bailed at 5.8p level and selling to others at 6.2, 6.4, 6.6 and 7p yesterday. Truth however is that those shorting have made a lot of money here and therefore can risk having their profits shaved somewhat. At some point there will be a big move upwards here and I suspect that will be when our new owners make some sort of public announcement about their intentions. In the meantime keep an eye on the daily auctions folks as they tell a story.

There is no doubt that the clowns would be voted out in a heartbeat if we were in a position to vote. I sincerely hope that Breaktwister can make some headway with FCA complaint. I will be penning numerous questions to the clowns but sadly they are usually ignored. If we all ask why AIM investors are unable to vote and that we should be allowed to going forward, surely he must provide an answer otherwise he is bang to rights. I accept that he will know that Clown 1 and Clown 2 would most likely be voted out but what else can we do to exercise our shareholder rights. This is a complete s***hole and most people are not remotely interested in the 3 vanity projects but Clown 2 is attempting to normalize OMI with a new business model focussed on no-hope early stage pipe dreams rather than a JV with 2 majors in a highly prospective region. If the clowns get their way his company may not exist in a few years time.

It is rare to come across a company that appears to be completely devoid of imagination, self-promotion and positivity. JB is extremely dour as a personality and this comes across in communication. My 5-year granddaughter could have written a more exciting RNS than this one. Anyone would think that they don’t want anyone to know about Eroxon. I will say it again, this comes across as amateur and that they are not savvy enough to communicate to the market which is very irritating indeed. The irony is that most companies without much to shout about over-exaggerate, but we do the opposite!! Hire someone smart with a marketing bent who understand the value of effective communication before you miss the boat!!

Jackbal - the clowns IMO are clearly out of their depth and I suspect had a plan to milk the USD2m which is most likely why they accepted the cash for giving up control of the JV and so they have another year delivering diddly squat. Less than £3k of trades today on the back of this joke of an RNS which is all it deserves. Sadly, I cannot see any way now that we will see new investors coming in here even on dilution which is inevitable and at these prices we will all be wiped out anyway. The reputation of our 2 clowns will go before them given this debacle so unlikely to be able to convince others to part with their money on early stage pipe dreams in far flung, high risk jurisdictions. How can these clowns sleep at night?

I wrote to James Barder last week making some suggestions as to why the market has punished our share price at a time that most would reasonably expect it to be flying with new investors coming onboard. I suggested that they also need a more experience Finance Director who can develop strong relationships with institutions and brokers and that the company need to up their game in getting the message out as well as more clarity on financials within the bounds of what is allowed under forward looking statements etc. Barder appears to have simply passed my email to Optimum Cumminications who provided a totally anodyne reply and referred me to the company’s website and future RNS’s. This is what I mean about amateur. At some point this will move ahead probably with US launch and more granular sales data whenever that is announced but I am starting to question whether we have the people with the requisite skills to make the most of what they have created so far. That will limit my investment to what is a decent sum already invested but without the CEO and CFO of the right calibre Futura may not deliver its full potential which would be a travesty IMO.

Just about every shareholder would expect that the clowns spend every moment of their time and energy sorting out the JV mess as that is where the value is yet they swan around the world and create yet another pointless vanity project. This company will go down in my long investing history as the most farcical by a very long way.

Just when you think it can’t get any worse these 2 clowns peg out some vacant land in one of the most corrupt countries on the planet expecting to find lithium. More flights, more corporate expenses, more nonsense from our clowns. You could not make this up.

20-year trader. Perhaps you could produce some reliable evidence for your numbers which look somewhat spurious. Anyone could produce assumptions for the US market ( when launched) showing a gradual build up to millions of sales pa. If they did they would be met with the same ho hum and quite rightly too. Unfortunately we all have to wait patiently for our very shy Finance Director to do what she is paid to do which is to develop realistic forecasts of future sales based on worst, base and best case assumptions based on early sales in UK and Europe and update these as the repeat sales trends become evident. I would be concerned if she has not done this internally. Part of her role and that of JB is to interact with Brokers and institutions and shareholders to tell the story about Eroxon and what is possible within the bounds of what is allowed under forward looking statements. It is called investor relations. Good that you are adding to your holding despite your concerns about sales prospects. I am hopeful about our prospects despite limited, reliable financials being made available so in some ways understand why you are scrambling around trying to make sense of this. The market will react when the company decides to share information and not before.

These days the market appears completely disinterested in trying to establish fair value and has become so short term it is no wonder that many experienced investors have switched to trading a large chunk of their capital rather than buying and holding. Given that market makers are making so little money these days they appear obsessed with getting the next trade and prices are all over the place searching for stops and whatever volume they can get their hands on. Apart from the obvious risk of a cheap takeover there are countless decent small caps on the UK markets trading on modest multiples way below 5 and 10 year averages. Some will fail of course but most will survive and prosper and the brave will make a lot of money. I remain of the view that if our Chairman is happy to continue to buy with his own cash and he has more experience of how to value a company in his little finger than most of the market spivs have, that is a clear signal to me to join him.

Robld - Agreed, in fact some may say that you put out obtuse and unhelpful announcements which will obviously hit the share price…….and then you issue nil cost options to all the team at a 12-month low. Not that I would say that of course but most are probably thinking that. Time to move over and hire some savvy executives who understand the market, know what information to supply to the market. We are beginning to look a little amateurish. This is a real pity just at a time when the company has developed a product which has terrific potential.

Nil cost options for newcomers as a golden hello is acceptable, not for directors who have been around for a while. Come on JB you just don’t get it. This market will punish you for not setting some form of stretching targets. Furthermore, our FD needs to prove her worth and start to produce compelling financial data based on the commercial deals we are signing and start to inform the market as that is what will move the needle in the short term and stop the constant slide. I have suggested before that we probably need to bring some more experienced executives into the fold as perhaps our top team made be a little out of their depth as we move from an R&D outfit to a producer. Different skill sets and expectations. If you award yourself soft options you better deliver as shareholders will not accept average performance but that should be obvious.

The publication of an updated MRE has been the subject of much discussion, speculation and obfuscation. SD has been ‘ forced’ to delay publishing our own updated version for reasons which he has explained and it may or may not be issued before the end of this calendar year, time will tell. For my part, I am keen to understand whether there is a real chance of a proper partnership developing when Newmont are in the driving seat. I don’t know but remain hopeful so that we can continue at a pace and reach the ore body asap and start producing. If Newmont really like the asset it would be good to know…..please! I would like to see an updated MRE as it should have been produced a year ago and indeed would have IMO if the partnership was strong but also feel as others do that it would be overlooked right now until we know if Newmont want 70% of Havieron.

I am in no doubt that however SD dresses it up, our relationship with NCM during Sandeep’s time started positively then took a serious nosedive when they had an agenda which was damaging to our future existence. The partnership IMO changed significantly around the 5% option negotiation ( SD maintains diplomacy on this) and has damaged us and our share price ever since. Palmer and his team will be acutely aware of this history from the DD process and numerous discussions he and his bid team has had with NCM executives. So, if they like the asset, believe it has the makings of a Tier 1 when all the data has been published, they will want to start afresh and that will begin with an updated MRE which I would like to see published together and not just by us. That would send a positive message would it not? Palmer and his team will also know that we have some very attractive tenements including EG of course so continuing to find gold and copper in a great jurisdiction must be an attractive by-product from developing a good relationship with us.

On the other hand should Palmer decide we are not in their future plans he will develop a plan of action which will enable them to sell their 70% of Hav and Telfer to the highest bidder. We are in a good position with Wyloo’s backing but I suspect that others may show interest too. Palmer has stated publicly that he is in no rush to decide which assets he will divest and which he will keep but SD may be hoping that by emphasing the importance to us that we have more up to date information on Hav in the public domain which has been purposely held back by NCM, this may draw Palmer out in some way.

The worst outcome IMO is if Palmer continues to do or say nothing for an extended period. Somehow I feel however that when he is ‘signing the cheques’ each month on the mine development he will want to allocate capital to those projects he will retain.

It is at times like these that our highly respected and connected Board members need to justify their position and get in front of Palmer and his top team and show them what could be possible g

With the 2 clowns running the show here I very much doubt that some people woke up on a Monday morning and thought, I think I will risk a punt on OMI regardless of the lowly price. Why would you? I suspect that there will be an RNS shortly with little to shout about on one of our vanity projects that with keep the clowns in paid employment for another 2 years ahead of the final equity raise at a pittance. Like many others I have written off a big investment here and don’t expect much, if anything, in return. In some ways I would rather lose the lot that see our 2 clowns make any more money here.

Well the only surprise with this announcement for me is that it was not made many months ago. As always OF tries very hard to create highly complex transactions and fails to pull them off. I wonder if Toscafund have said enough is enough. It would not surprise me if OF disappears in the not too distant future either. Another reverse another AIM document and meantime the cheerleaders ( you know who you are) will find a positive, forever in denial. I feel sorry for those small shareholders who did not exit when they had a chance as this has all the hallmarks of being taken private, a point I made a few years ago only to be shouted down by the rose tinted crew with an agenda. Another AIM failure to add to the long list.