Member Info for Boffin

What I'm finding particularly odd is why they didn't really have a good grasp of this before they "bought in". What due diligence did they perform to help them understand and evaluate what they are undertaking? Neither of them know anything about exploration mining so what drew them to ECR and the deal they have made? Tang perhaps but then why did he want to ditch AH who always seemed to do exactly what he promised ( apart from delays at the labs). I find the whole thing rather uncomfortable.

Have I missed anything? This RNS only seems to be a summary of what we already knew. Wht is the new management adding apart from some short term cash?

Whilst I don't think it's happening it's in principle possible to use the "normal" shorting mechanism to sell forward. That is borrow existing shares, sell them forwards and use the cash to buy the new shares when they become available and take the profit. At the moment though I suspect its not worth the cost of borrowing the shares but if the SP were to rise a bit more?

A reasonable summary of the Argentina deal is available here

https://www.mining-technology.com/news/ecr-minerals-sells-slm-gold-project/

An update on the "state of play" is available here

https://hanaqgroup.com/2023/08/sierra-of-the-mines/

I think it unlikely that ECR will see anything from this for quite some time.

Last time I looked at the accounts the potential tax rebate was not to have to pay corporation tax (at the time 20%) on the first Aus$ 66M of profit. ie Aus$ 13.2 M.

Nice to have of course but first they have to make the profit!

Just in case you haven't attended an AGM before you either need to take your share certificates or if you hold them with a nominee you should apply to them for a statement of your holding. Its not a bad idea to take some photo ID I've been asked for some on a couple of occasions. But otherwise yes, just turn up.

As far as I am aware HUI have no technical facilities of their own to do development work. Nor as far as I can discern have they done any other work with third parties such as a university or engineering consultancy. Indeed they have barely existed long enough to have done such work.

They make claims re "our technology" without really providing any evidence of results and data from such work or eg photographs of any such equipment existing even at bench scale, let alone any kind of pilot plant. They have appointed an external engineering consultancy to provide advice but again I can find no information identifying specific technical development work that has taken place to justify "our technology". The conceptual diagram of the process on their website shows no difference to what PHE would show except HUI claim it as "Our Process"

To me they are strong on presentation and marketing but thin on substantiating it.

And one other thing that has rather puzzled me. Why has a small start up like HUI with very modest funds in the bank gone for all the cost and complexity of a main market listing on LSE rather than the much more typical AIM listing for such an entity? It couldn't be because they want the image that confers on a company could it?

As for their JV relationship with PHE I notice its PHE who are putting up the cash and HUI who do the talking . eg their RNS of 21 March

"PHE has agreed to pay HUI a non-returnable payment of up to £400,000 in cash in recognition of HUI's contribution to identifying the Longford Project, securing the Option and progressing the project. This cash payment comprises an initial payment of £100,000 on signing the HoTs and a further payment of £100,000 upon finalisation of the project documentation between HUI and PHE, principally comprising a development agreement and a shareholder agreement, which is expected to occur within the next three months. PHE has agreed to make a further payment of £200,000 in cash to HUI once planning permission has been granted for the Longford Project on the Longford Site.

I emphasise in the above "a shareholder agreement, which is expected to occur within the next three months.".. Well has anyone seen it? Its now 5 months and counting.

Ok it may turn out OK and indeed I hope it does but for now I'm waiting to see something that is substantive progress

Perhaps there is more in this than a "shifting of the deckchairs" but I just don't get it. Nor by the way doe the HUI SP this morning. I'm beginning to feel that HUI is becoming a bit like PHE has been for years. A lot of talk about worthwhile and tantalising ideas but little substantive progress on specific projects. At least PHE should get its pilot plant going next year which I hope may help some significant progress on project finance and construction.

I hope I'm wrong but I beginning to worry that HUI may be Hooey and thats why the SP is down about 75% in six months or so.

Always good to see a bit of a recovery but HUI is still down from 15.5 in early March. Lets just hope there is some substance behind the rise.

Hi I think we are basically on the same page. To me the purpose of a JV is two fold. Primarily it is to get ECR some more cash to spend on accelerating Queensland. Secondly the JV partner takes the lead in Victoria spends time and money in getting it to the next stage with only modest management and money from ECR.

Of course it needs a deal that works for both and I have no idea what value any potential JV partner would put on the current state of ECR licenses and exploration in Victoria. May be not enough to make a significant difference. I know ECR's need for cash may not be imminent but better to try and get some now rather than when the pot is nearly empty

I for one would be very happy to see a JV for some or even all the Victoria assets with a clear commitment to rapidly accelerate exploration. The JV could even purchase the second rig we want to offload. Its ideal for Victoria.

I just can't see the added value of years doing little more than sitting on these. They will still require some expenditure and time which could better be used in Queensland

Not the worst "Good morning" I have ever had

“ECR’s Lolworth project continues to exceed expectations. Meanwhile we expect to report further results from our projects within a week.”

Amongst others Linde is still present on the HUI website, use the following link

https://www.hydrogenutopia.eu/about

I think it was write offs of old kit and some other "tidying up". They actually had a share buy back which they plan to continue if the price is right. Also paid a dividend so I think they are in decent shape

Speedy Hire revenue last year was £440 million with a profit of £3.8m. The latter was circa 90% down yoy but should recover somewhat this year

I was wondering why my top up at 12.22 didn't seem to be appearing so I had a look at the LSE trading reports for the day. Much to my surprise they are all recorded as "Off Book" trades. That is the trades were conducted ( hidden of course) directly between two parties and not vis the Stock Exchange" Book". There are rather more flexible timelines allowed for reporting such trades which is yet another convenient way of keeping us small investors uncertain as to what is actually going on. At least in the short term. A bit more info for those interested can be found here https://traders-paradise.com/magazine/trading-dictionary/o/off-book-trade/

Showing rather more than the usual minimal trading volume and has a PHE price of just over 0.0081€ or 0.71p. A rise of some 35% on the day.

I wonder if it will hold when LSE opens tomorrow.

I agree ( but of course others may not). It seems highly likely to me that some fairly firm outlines a of a potential deal have been drawn up. Otherwise I doubt that National H2 would be spending time and money on a first project FEED based on PH DMG technology.

However given the scars from the PEEL "arrangement" PHE are right to be cautious and will want to see that National H" have the will, competencies and resources to deliver project(s) before they sign off on what could be a large and long term commitment. The necessary safeguards and get out clauses if there is a failure to deliver should be well up the PHE priority list given the massive amount of venture capital National H2 need to raise to deliver the program scope described on their website.

However apart from the time this may take I can't see any obvious negatives for PHE in pursuing this and of course it could be very good indeed.

There was a flurry of activity around their website claims to have a deal to use PHE technology. This was followed by a denial of a deal although discussions had taken place.

Last week I took another look at their website. Although a specific mention of PHE was no longer there it was clear they are still looking to develop projects using the PHE technology. Including a claim that they expected some sort of progress by the end of Q2 which has just passed

I decided to email them to see what their current situation and received a prompt and rather positive response

"Thanks for your e mail. Our relationship with Powerhouse is unchanged and we continue to develop projects in the Asia Pacific region using the Powerhouse technology. We have been progressing the bankable FEED study for the West Mundijong project which is taking longer than expected due to slow progress by the company doing the FEED study. It is important that this study is done 100% accurately as it will form the foundation for all the other projects"

I'm not sure which way to take the comment "relationship with PHE unchanged" as it suggest there is no formal deal yet but perhaps constructive conversations are ongoing.

As always DYOR

I stopped routinely looking at this board some time ago because I found little that enhanced my understanding of AFC and had already filtered quite a few. This was confirmed when I just (in hope!) looked in today to be greeted by a total of 18 green filtered "messages" on the first page. A record! Why oh why did I bother?