Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
I've only just noticed the short increase 24 April. A fairly bold move at this stage. Companies at around our mcap always seem to get targeted. We need to demonstrate the commercial appeal of the science soon.
What the 10/4 RNS said:
Throughput
“In original test work, mica content was estimated at 17%. In early processing actual mica content is closer to 27%. This is currently restricting throughput to approximately 26 tons per hour of dry solids and the theoretical SC6 output is 4.5 ton per hour until certain pumps and valves in the mica section are upgraded. The OEM expects these components to be at site over the course of April to enable an increase in throughput to the target rate of approximately 37 tons per hour.”
Grade and Recovery
“Whilst the plant has demonstrated its capability to produce SC6 to grade, it is not able to do so consistently and achieve the desired and required recoveries at present. The reasons include circulation between float cells, resident time in float cells, and "in cell" slurry density. Our Zulu engineering team in conjunction with the OEM team has identified both the cause and the remedy and is in the process of attending to flow changes between the various floatation cells. This problem is expected to be rectified in the coming weeks.”
Now we are in May and it does seem that these key issues have been resolved. Waiting on an RNS to confirm but for those following we have some hope that this at-last be coming together.
Yes it could be all lies, hence we are at 0.19p rather than 1p, but we have seen the equipment on site and the mine subsequently running. If you wait for official confirmation then it will cost a lot more to buy/add than at the current 3 year lows.
The directors will be keen to restore confidence. We’ve already been told that operational performance is improving, we need to know:
- scrap reducing,
- Plant availability
- Delivery arrears
- Furnace installation and improvements
-new contract awards?
I wonder 💭 f the 2023 audited results will be released before the meeting. If not then we can expect another update later in May.
The mcap looks very cheap considering the £13m ringfenced capx loan available, with now £6m cash and huge orders in the books waiting to be fulfilled. These should accelerate our move in to profit.
This is a very fast growing company, the order book has moved from a few million to £75m annually in just a couple of years.
“ The Board is acutely aware of shareholder frustrations with the need for this Fundraising, not least given the proximity to the previous equity fundraise completed by the Company in Q4-2023, but the Directors do therefore want to remind Shareholders of:
- the automotive market drivers and recent progress with the Company's OEM customers;
- the Company's manufacturing strategy including progress on installing new capacity; and
- how such drivers and progress translate into recent and forecast revenues.”
Very little on the way of delayed trades considering the shear number of buys that failed to move up the Ask. Hopefully open up tomorrow and the buying continues. Silly prices down here now.
I disagree. He did a video setting out what was needed, we say the equipment arriving via twitter and now a video saying they are installed and to show plant operating. It’s not a slam dunk by a long shot, but atleast we are getting regular updates now.
I wish it was the sell on news brigade but it’s clearly the seller who hasn’t gone and isn’t letting up.
Everyone has been asking for an update from the site. We’ve just had one.
I’m not GRs biggest fan but atleast we got something. All up and running for some time.
What a horrible day. Spud news….and nothing
All buys, all good. Got to be an opportunity to average down, even with the open offer I’d pick up more.
Moved into SCE today after they did a 66% discounted placing. The management talked about the need to raise funds for a month which made matters worse because the share price was already down 75% at the time of the placing. Exactly the sand happening here. There are no reasonable financing options for AIM companies. 50-70% discounts becoming common place. Sooner this gets done the better.
Bags of Spod?
https://x.com/dogtrader01/status/1786008621718945900?s=46&t=tlq1Bm3_53631l-uJoA5lQ
At this rate we will see £1M traded today and that’s without any large trades. Expect to see some large after hours prints for a few days. I don’t think it will take that long to get through the placing shares, we all know they will be / have been forward sold.
The plant does look impressive I have to say. Been operating for a while and good grades. Needs an RNS, no one is taking George’s word for it.
Must be a fundraise coming
Let’s not forget we are drilling the big offshore prize in Q3. So close now and all coming together.
At 3p
The company is valued at under £10m when it should be over £50m. Uncertainty has been removed but It will take some time to churn the share and have them land in sticky hands, but eventually the value will show.
The Board is however now confident the combination of this £6.5m Placing, the £2m Open Offer and the £13m local authority loan is sufficient for working capital and capital expenditure needs over the next few years.
Surface Transforms already has a secured and prospective customer pipeline for approximately £700 million1 of sales, of which approximately £390 million2 is contracted.
Surface Transforms expect to be able to sell as many discs as it can manufacture.
The Company expects to post a Circular to Shareholders tomorrow, 3 May 2024, containing a Notice of General Meeting, proxy form and full details of the Open Offer including the Application Form.
The Company will provide a live presentation to investors and any other interested parties on via Hardman & Co's platform at 12.00 noon on 9 May 2024. Interested parties can register for the presentation at https://us06web.zoom.us/webinar/register/WN_mUnp-l2KTomKBRFgUhFEow
The General Meeting will be held at the offices of Gateley Plc, Ship Canal House, 98 King Street, Manchester, M2 4WU at 11.00 a.m. on 23 May 2024.
Wow. Thought it would say the rig is on the way, but SPUD!! Excellent!
Its a sahme they felt the need to telegraph a fund raise for months rather than just doing it. Of-course the share price was going to drop. Now it looks stupidly cheap. They have more orders than they can fill, the capx has been paid for, production is about to start to ramp up and working capital is sorted. May take a while for the dust to settle but this should return to the old 25p level which is now around 9p fairly quickly.