Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Prob get an announcement once the “official” results are out saying COPL looks forward to working with the government blah blah blah. Early reports from Reuters saying Buhari leading but you know the PDP are boing to call foul if it continues that way.
Dunc, I get it but he’s not a troll. I also hold only XOP shares on what was the venture before they got de listed. Reason Canadians are on this board is because the LSE is the only exchange that actually trades the stock. And that’s because Art has a knack for sucking retail investors into his web. We’re all frustrated, but it’s hard not to see another billion shares being raised to cover short term G&A while this all plays out. The five bagger for the Liberia drill doesn’t mean a whole lot. I participated in the rise but like most shareholders at the time, 5x was just enough to get back to breakeven at most. Kinda like this going to 1p. That sure as hell wouldn’t make me whole. This company had all the potential like Oilecxo to fly but at 2B shares and potentially more, our dreams are shot and I seriously doubt I’ll ever see my money back at approx $0.04 CAD.
The belief that Art would actually raise funds for an acquisition when his company is on the brink of insolvency is the sad truth. The reasoning that Art is a current holder and wouldn’t want to jeopardize his current investment is so very shortsighted. He’d take a bath on everything to date in order to recapitalize the company and start over. Just remember his current investment is only a fraction of the salary we’ve paid him to manage this company.
R Dunc my concern right now is that he’s going to be bent over a barrel if this continues to get delayed and/or we don’t get the election result we want. In either case, the downside is extreme, he will raise (because he can always find $$$) at a shite price and dilute the company by 50%. There is now a logical question for prospective shareholders. Do you get in now and hope for news before the raise or hold off and likely buy below the placing price. We as current holders are fooked if the placing happens prior to news flow. That is my point, that is Berta’s point. Our upside disappears with 4 billion shares in circulation and it’s a really possibility. Not one anybody should be dismissing with emotion and fearmongering talk. I have been here for at least 4-5 placings and it’s the same thing every time. I welcome the optimism but hope everyone is prepared and positioned otherwise
Wow, how fast sentiment changes. I can only hope this isn’t part of the pump and raise tour because its going to cost us well over a billion shares at a shite price if this is it before they need $$$. Real news needs to flow prior to placing or everyone’s dreams of money and fast cars goes out the window.
Pretty simple, if it’s material it gets announced. If nothing has been announced, nothing material has occurred. We can debate what is considered material but I’d expect approvals to fit under that column. Without an announcement, there is no proof any material progress has been made. Am I alone on this?
Well said. For all the crap I have given Art, I know this isn’t the way he thought this would all go down and that starts with Liberia. I do however hold him account for being naive and misleading but like you acknowledge, good promotion is accepted and needed in the junior exploration arena. I guess if he wasn’t such a good promoter, he’d have run out of money long ago. I agree he is heavily invested in seeing this turn good from a financial and legacy perspective, both Of which mean a lot to him. So we continue to wait. Giving timelines near and far are nothing more than a guess.
I don’t get an satisfaction either and yes NoEasy it’s as much of a smell test for me as maybe SM. Unfortunately my doubt is rooted more on past promises and performance which I know you’ll agree is hard to ignore. I will give kudos to you for digging extremely deep to try and get to the bottom of this. I think you reach rational conclusions but still here we are for reasons only Art can explain. RDunc I used to get chewed up from others who questioned why Id be invested in a share I don’t believe in. More recently you’ve seen others admit they are too far underwater to bother selling and are hanging on for the off chance this thing takes off. Put me in that camp. I still maintain if I was only 20-30% down, I’d be gone. Very few of us are in that camp unless they’ve averaged down to the tit to do so.
So far SM is looking right. Everyone knew if we got into Q1 without news, we were in trouble. Now we’re there and ppl are changing their tunes. Cash burn becomes a concern again as we can’t hold this price for long without some sort of timeline. It’s do or die now. Personally, I view another billion shares at a price lower than today as compete destruction for my holding. Am I happy? No. Is it plausible? Yes.
As I’ve said all along, chances of this coming good are a coin flip. Once you see it for what it truly is, you can relax and watch it play out. Some must be seriously going insane, just sit back and see what happens, but have the mindset this is dead money until proven otherwise.
I suppose my geography needs some brushing up on. NoEasy, it all sounds so good on paper. Shoreline and our JV puts us in a fantastic spot. But why then, are we 18 months behind schedule? Do you think it’s the promoter in Art or just something that was impossible for both parties to see? That’s what im most interested in. Why were they so wrong on timing in the first place?
R_Dunc I agree and am not taking the seemingly good progress away from them. I do believe they’re acting good faith and doing just about everything they can for everyone involved. I guess it really comes down to risk and their ability to understand the landscape and execute against it. So far they’ve proven their inexperience in this part of the world and what it might take to get things done leading to them continually over promising and under delveriving. All part of the stock promotion and small cap exploration world I accept, but I feel they’ve treated the Horn of Africa like the north sea. Just my opinion..
R_Dunc , the problem is it’s always a new timeline. I’ll give them a pass on the Ebola breakout and a few others but don’t forget the original timeline for Nigeria approvals was Q2. Stay with me here, 2017 not 2018. It’s always a bit of flexibility here and unknown roadblocks there, frankly it all adds up to nothing. Everyone knows the risk of this going another three months and I am fully onboard that Art is doing everything he can. However we just don’t know if he, or Kola for that matter have one ounce of control over timely progress. We really are at the mercy of west African bureaucracy. That’s what scares me and why I refuse to get excited on false hope. However I’ll be just as quick as the rest to pop corks if and hopefully when the good news arrives
I’m not talking about any of that god stuff. You hurl insults at me because I struggle to see any plausible way Berta’s post means anything more than to mislead. If someone wants to top up based on the summary you’ve provided below, great. But don’t do it because someone writes a cryptic message and starts a panic.