Member Info for Candid

Come on Birdie, get the Ferber property in progress, gold exploration in Nevada is booming

https://www.proactiveinvestors.co.uk/companies/news/222414/galileos-glenover-rare-earths-project-already-boasts-a-pea-and-a-large-stockpile-of-ore-thats-already-been-mined-222414.html

I think they were unlucky with the US bank as they put high hopes on this client, confident that they would sign up. Understandably so, as if they did go to general release this would have propelled MNO skywards.
Problem is that most of the USA SME’s are actually not ready for digital banking, most of them still use a checking account ffs! Probably 2-3 years away before digital becomes mainstream there. It will happen, but not yet..
In the meantime MNO need a new strategy and focus on other/new clients, I know they are working on this and I’m sure we will get some news about it. Who knows, we may see a surprising positive outcome out of this.
The platform is cutting edge tech they just need to find the right clients.

You do realise that a vast majority of glassdoor reviews are actually fake, anybody can go on and write them.
Glassdoor don’t act on these and why I don’t use it/trust it.
The same person has added neg reviews on 9Spokes, another fintech company based in Australia, the comments and points are word for word.

Very good indeed, surprised this company is not getting more attention. Project looks like a no brainer now and all the right people are in place to make it happen. I’m still in here from the Wildhorse Energy days and boy has this come a a long way since then.

Agree about the mining rights and that’s probably why an outright sale of the project can’t be on the table yet but a JV option might be. Unless of course they sell thier share of project to
Ferminore.
I think they have played the rare earths quite smartly as they will retain the valuable rare earth tailings if the MPP goes ahead with the phosphate project.
If a major producer comes in with wads of cash to develop the rare earths project, as was originally intended, then GLR will no doubt go with that!
Incidentally the mining rights that have been submitted are for both phosphate and rare earths mining so I don’t think a separate mining rights application will be required. As I understand it, the mining right application is currently waiting for the water useage licence from the department of water and sanitation DWP, once this is approved we’ll have the mining right. I think that is key.

If anything it will be a JV with a ‘third party major developer‘ says so in the RNS.
The US Gov has already started assessing African rare earth projects, as I mentioned here last week.

«The Board therefore considers that the project is well placed to benefit from potential upturn in the RE market and/or from third party major developers and they will be assessing the possibility of reactivating the project»

Peel Hunt and Shard still have large holdings, I suspect they may be selling whenever there is high volume.

As I understand it, Avesoro sacked 300 workers and have signed a contract with Orkun Group Sarl to perform the mining on a contract basis.
Orkun Group Sarl are expecting to rehire some or all of these workers, probably on a lower wage.
Surely the liability is on the mining contractor Orkun Group Sarl as they should have made adequate arrangements to ensure they have workers available and that they can complete the mining as per the contract! Avesoro should sue them if this is not swiftly resolved.

This has been falling steadily since 170p, could see some short covering at these levels

A company that has a track record of successfully operating gold mines in Burkina Faso (such as SEMAFO) should consider taking this over

For a company that will still be producing 200k ounces gold! ($260m cash flow per year at 1300/ounce)
Youga open pit mine workers have stopped work but I think they will go back as they don’t really have much choice. Hopefully another RNS tomorrow or Weds confirming deal with workers to prevent a temporary mine stoppage. If so shareprice will recover somewhat, if not could drop further.
A merger with another African operator perhaps....

Interesting about the rare earths at Glenover, anybody know the potential here? I understand that after the phosphate has been extracted the resultant product can be sold to a rare earths processing company?
Once the mining rights are granted, which includes phosphates and rare earths, things can get interesting.

https://www.scmp.com/news/china/article/3013297/pentagon-eyes-rare-earth-supplies-africa-push-away-china

So it looks like it’s all happening now, 2 drill rigs, drill pads ready and about to commence.
Rig 1 - Cheyeza east
Rig 2 - Cheyeza west ?

New Cheyeza central area to follow...

First results weeks away. Time to take positions.

RNS confirms last week’s dumping of stock. It was Herald Investment who sold it’s entire 5% holding

whatever the outcome of FDA there is definitely new funding required going forward, as already stated by the company

Assuming new trials needed, how much would be needed to fund this and at what placing price?
I know this depends on the type of trial neeeded, but taking an average between small and large scale.

A holder dumped a block of 4 million shares last week.

However the real reason for the deciline since IPO is that we are seeing no significant deals that will lead to much needed revenue.
Cash burn for first 6 months since IPO was around £2.25m, at this rate the company will run out of cash early next year or perhaps even sooner if Q1/19 had a higher cash-burn rate.
Comes down to the basic principle of no revenue = no business.

Yes looks like a new holding, Shard Capital prob took a majority of the 100m recent placing and are under Jim Nominees 97m, while Bank of New York account must have accumulated...

Comprehensive presentation available now on Amryt’s site, deal looks good to me and propels the new company into a serious pharma player. Waiting for readmission in early Q4 now....and 2020 will be the year where things happen.