Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
If the dispute with Essar is still ongoing, that is in direct contradiction to what Art said at the last AGM in May of this year. So sub, not calling you out on anything, but where do you get the basis of your information that the dispute with EM is still ongoing? I am just trying to figure out what has really been going on, as compared to what Art told us at the last AGM.
Bonum, you hypocrite, you were hardest on me to talk about what was said at the AGM and were mad I refused to disclose something said in confidence at the AGM that I was told would hurt the process if it was disclosed. But everything else I did relay was said in front of all his staff and management. You have a lot of nerve to hide on this board and accuse me of being a dupe to help Art mislead investors. According to you, Art had all of his staff and management at the AGM in on this scam, so they could all listen to all these lies at the AGM, just so the two outside investors at the meeting could be duped and then could pass it on to everyone on this board? You keep telling us all here how smart you are. My experience with people like you is that people with deep seated insecurities need to tell everyone how smart they are to try to feel better. Get a therapist. Art won't make timeline promises in writing any more - he has burned us all, and himself, a number of times doing that in the past. If you want to blame someone, bonum, write or call the investment relations people, or Art himself, and see what he tells you. Good luck.
Both myself, and another Calgary based investor, have tried a few times to contact Art to get some sort of response. Art has not responded to either of us. Frustrating times for us all.
What I feel comfortable saying is Art went into great detail. An explanation of why Essar was not a problem was explained in a way that made sense. But now we don’t know if that was truthful because I was also told the performance bond was going to be announced within days. The story was steps were underway and drilling was going to start very soon.. I didn’t want to post that story in case it was misleading. But Art had been very optimistic and used great detail.
The service provider and drill have been promised for more than a year. I think that it has been more like 2 or 3 years oilberta.
Another interesting thing is Mozambique. Nobody is talking about it anymore. We were told at least 2, if not 3, years ago that this was a no-brainer - Exxon was going to get a contract in place and all other companies would get contracts that were based on the Exxon precedent. Exxon got theirs 2 years ago, from what I understand. This was supposed to be immediate positive cashflow. Why haven't we heard about it? What did COPL do with this asset?
I had called. Art several weeks ago on a Friday late afternoon our time on his Canadian cell number. He picked up and then told he was in London and was dealing with a personal matter and he would speak to me the following week. I called him twice on each contact number I had and left a message again and no response in the week following. Or ever. I agree that his personal issues shouldn’t be publicly discussed. We need something because our stock price reflects what little confidence the market has in our management team. Hopefully we see something soon. Gita
In terms of Art responding to investors, when he spoke to me at the AGM he told his assistant that if I called to put me through to him. I have phoned him twice now and he hasn't returned my calls. I spoke to him last Friday and he answered his Alberta cell and said he was in London at the hospital with his wife. I don't know what her sickness is, but I said he could speak to me later and so he said he would speak to me last Monday. I called his Alberta cell and it would not accept messages this last Monday. And I called his UK cell and left a message. no response.
It doesn't sound like anybody is getting answers from Art right now. The only fact you get from that is that Art clearly doesn't think he has any obligation to report to shareholders.
GLTA
If I were in the UK and saw someone post about the AGM but say they want to protect a confidence, I would be frustrated too. But the fact is, when the meeting is closed, Art is capable of saying things a bit more loosely knowing that they don't make it into the public realm. For example, the details about the Agamore drama, and how it settled. I can't post what he said. I can tell you that the AGM was basically 3 outside shareholders and all of the COPL staff, as it was held in the meeting room on the main floor of their building. So if Art was bull****ting, he was saying it in front of all of his staff that would know better if he was lying. So why would Art bull**** to mostly his own people? There are many things about this that frustrate me too, but you can't blame Art for every delay. If a third party is delaying signing something, either that is because they need more due diligence, or something, but you may not always be able to blame that all on COPL.
Big plays take time - unless you want to pay bribes to cut corners. And we have seen what happens to companies that pay bribes to cut corners. The fact we don't cut corners is why we get companies like Exxon being willing to do a JV with us. So all we can do is wait to see when this will proceed and all figure out when our risk tolerance runs out.
I do try to take a peek here every day or so, when I have time. Art said this at the AGM - in the past, he made time predictions and then felt like he got his head bit off because the timeline he predicted didn't happen. So he says now - he won't give predictions so he doesn't have to explain why his guess was wrong. So he will only make an announcement when he can say something definite. I am just as frustrated as all of you. But I asked at the AGM - why did you raise so little the last time if you don't know when things are going to happen? He told us that he has an alternate financing arrangement that will be announced at the appropriate time. GLTA
It is very easy to be frustrated here because there is no news. We do know that Art does have plans to use alternate financing going forward, as that was discussed at the AGM. We just don't know what that looks like because the framework of it hasn't been announced. We could all guess and speculate, but that doesn't help. The big takeaway is that clearly there is enough confidence here somewhere that alternate financing is viable. But we have no clue about further raisings here - we didn't raise when the Liberia drill was happening and before the result was announced. We could have raised anywhere in the lead up to the drill - but they didn't because they expected Liberia would be a success and they could raise at higher levels. And we had the dilution when it wasn't at much lower levels. That seems to suggest we are going to be doing the same gamble with Nigeria. For me this is a coin flip right now on what happens next. It isn't clear what this alternate financing is intended to cover and what are the contingencies for it to happen.
Jiving, that would be self defeating because the more shares out, the harder it is going to be to get the price to adjust upward. And more importantly here, Art values his reputation and his team expertise at finding oil, so he has a personal interest in making this succeed to prove the doubters wrong. And in Canada, if these directors exercise a boat load of options just prior to great news coming out, there are legal options available to shareholders for diverting shareholder value. GLTA
Art is a major shareholder himself, so his share holdings get hurt along with the rest of us with these dillutive financings at lower and lower prices I will remind you all that at an AGM a number of years ago, a consolidation of up to 10 to 1 shares was approved and Art was vocal at the meeting in saying he didn't want to rollback because he had a lot of shares himself.
So the facts (small financing that buys a little time) point toward alternate means having been negotiated for funding. We will all learn what that is when that is released. Art is negotiating service provider contracts right now - so that would also suggest the stage we are at here.
I am frustrated with how long this has taken. But what makes me optimistic is that with everything that went on here, including Agamore, it would have been easy for the company to just walk from the deal. Instead, we have fought hard to keep it and our interest in it and have people dealing with us regardless of our current share price. So it sure looks like there is a lot of respect outside of Art and COPL, for the viability of OPL 226 asset, if outside companies are still dealing with us on it. Hopefully our patience will be rewarded soon. GLTA
Bonum you are lucky you can hide behind a keyboard. I could knock you out for talking crap like that if I thought you were worth worrying about. But all you do here is brag how smart you are, which is usually what losers do.. Then you have a tantrum because you don’t really want to do some research. Because you don’t know how. I don’t owe you anything so p*ss off if you think I am obligated to justify something or convince you of anything. Since people like bonum showed up the quality dropped here. Too bad.
I have a large stake in this company. The AGM itself was very short but a great amount of detail on the different things here - funding, Agamore status, service provider negotiations, performance bond, bank financing, rig status, etc. were relayed in what I understood to be a private conversation as it was not part of the AGM. This included discussions of drilling plans when looking at slides that are available to all on their website.
So bonum, I don't care what you think because I am going to respect the detailed answers we got were private, so that we can get the same detailed answers in the future. Why would I blow that up? So what I can say is the company is standing behind their releases and presentations. That should tell you a lot if you go read them again.
GLTA
It is nice to see this board has moved away from the personal attacks that were going on here. Hopefully the news flow starts soon so that everyone understands what is going on here, and where it is at, so the stock price can adjust accordingly.
Guitar - Agamore is a non-issue now. Based on what was said AFTER the AGM closed. That is where a great deal of explanation was given to the few of us in attendance about what was going on "behind the scenes". This was a discussion of things that could not be publicly stated, as they are not ready for that. I have always tried to present things objectively - and perhaps I have been cynical - but I am well in the red and can't buy under a half penny here so there is no market here. I say that so it is clear what my position is in relaying what I feel I can. I feel better about this company than I have in the last few years now. So I look forward to the news releases coming out. No predictions from me on when that will happen because no predictions were given.
It is nice to see this board has moved away from the personal attacks that were going on here. Hopefully the news flow starts soon so that everyone understands what is going on here, and where it is at, so the stock price can adjust accordingly.
Guitar - Agamore is a non-issue now. Based on what was said AFTER the AGM closed. That is where a great deal of explanation was given to the few of us in attendance about what was going on "behind the scenes". This was a discussion of things that could not be publicly stated, as they are not ready for that. I have always tried to present things objectively - and perhaps I have been cynical - but I am well in the red and can't buy under a half penny here so there is no market here. I say that so it is clear what my position is in relaying what I feel I can. I feel better about this company than I have in the last few years now. So I look forward to the news releases coming out. No predictions from me on when that will happen because no predictions were given.
It is nice to see this board cleaning up a bit. Bonum, I note you have repeatedly boasted about your "staggered buying" strategy based on doing research. So read my post about the AGM again because it clearly says, the company stands behind the publicly released statements - so go do some research after you read my post again and it tells you a great deal. As much as I feel I can put on a public board.
And I think another poster made the point - there are some things that might be said in an informal Q & A that cannot be posted on a board. And why would I breach that trust with Art? All that would do is cause him to stop giving information to those coming to the meetings. Art clarified at the AGM that he was providing information that was not being publicly released, so I am going to respect his stipulation. I am not going to breach anybody's trust just because someone on this board tried to bully me into doing so. I will say this again. I own millions of shares at a substantially higher cost base than any of you. I am feeling better about the prospects here after the AGM. A release will come when it comes - there are a number of parties here and things to line up. The fact there is a plan to move forward should give us all hope. You can't promise when a third party will finally do something. So we just need to be patient.
GLTA
This board has become a place where shorters are betting against COPL and it is no longer about shareholders trying to exchange information in order to make informed decisions. It is a place where a few posters have conversations with themselves. I want this company to succeed because I want the share value to recover so I can mitigate my investment. I am not going to be accused of being a ramper or deramper. SO here is what I can give you.
I went to the AGM. I am not happy about salaries, or delays, or remuneration, but not all of that can be entirely blamed on Art. I understand a few shareholders on this board want to stage an EGM. At what cost? Are you all going to pony up for the legal cost of the application you want to bring or are you just venting on this bloody board?
The simplest way to summarize the AGM is that everything released by COPL in 2019, they stand behind it and nothing has changed for them. If you understand the go forward costs here, and steps that need to be done to get a Jack rig on site and producing, then you will understand what is going to have to happen, and in what order, for this to move forward. The Company has a plan to move forward, which cannot be discussed on a bulletin board. Essar is not an issue and the reason why was explained in detail at the AGM - and I am not at liberty to post that on a public board. But I am no longer personally concerned about Essar.
While the dilution here to date, and maybe going forward, will dilute my recovery (as I am heavily in the red), I am more optimistic having attended the AGM than I was before it. I am holding. When the stock reaches a half canadian penny, I will add more to average down. Take from that what you want - but you can go read the 2019 releases and presentations by COPL and make your own decisions.
GLTA
313 of 346 posts last 30 days have been Harry Mann on this chat board. This is pushing away potential posters that can provide comment on their research. Harry, yell upstairs and ask your mom to make you some meatloaf for dinner and before you post again, ask yourself, does this add something ?
Cheers
In Canada, it isn't worth trying to average down yet because we go to a half cent and the stock price isn't that expensive yet here. Like Oilberta said way back in this chain - Art will do whatever he wants. Don't try to rationalize it. He said in a past AGM - the stock price doesn't matter to him because this stock is liquid and he only seemed to think liquidity was important. This guy has said a few years ago that he was going to keep doing this while it was still "fun". And he would stop when it wasn't fun anymore. I posted that on this chat board some time ago, and a few people here jumped on me for it. His pattern of behaviour hasn't changed.
Take a look at Art's remuneration - salary, share options, and what they pay to be on the Board of Directors - and try to reconcile that with a stock price that is 1/10 of a pence. Does this look like someone that is concerned about accountability to shareholders? Multiple times on this board people have pointed out where what Art has said in podcasts is happening has not been what is actually happening. No timeline has been accurate. No disclosure when problems pop up. Last AGM we were supposed to have our jack rig on the way to OPL 226. No explanation of why a year later, it didn't happen. So what do the facts show us is the level of concern that Art has for shareholders?
GLTA