The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The company has essentially been mothballed, put into "care and maintenance" mode.
The board consists of a couple of part time geologists and a couple of part time money men.
There are no staff, no active operations.
I have to assume that in Cyprus they've found what they were looking for in Westline, and are pursuing DD now, while SAG do the donkey work at their expense in Canada.
I get that it's not "dynamic", with interim CEO just stabilizing the ship prior to either sale of assets or takeover.
Either that or it's game over.
Let's wait and see what SAG uncover, it could be world class, Bonanza grade, spectacular, or not.
The markets are still dire for funding, the website is again offline, the CEO is asleep at the wheel, but at least Sterling are exploring this year to give us hope.
The last RNS stated that we are looking at other new opportunities, possibly needing funding, a possible partnership deal in Cyprus, and I wonder what happened behind closed doors to usher in the new "interim" team to sell off the assets and cut costs to the point of us now being merely a holding company.
We do have a little cash, but not enough to do anything with, so we await Sterling results and hope they get good results which increase the value of our risk free 8% assuming that they take the option for the second tranche and complete the option.
In Cyprus we've given up most of our licenses, to focus on just three where the Westline trend awaits further exploration. We hope to work with partners there, but maybe we'll just sell it, or maybe we'll get no takers, not for sure we no longer have the capacity nor funds to go alone.
...and we look for new opportunities!
Come on Ensor, pay your bills and get the website back on again and prove to us that you're really there and running this. I bet you don't forget to collect your fees. Grr
how many jobs does the new ceo actually have, and has he actually started with us yet or was he just on a jolly?
cant help thinking that the way the company has been structured, including todays deal, is pointing to asset sales or partners buying in to one or more of our projects.
Don't know why Estacio sold us all his shares but seems to me that it could be to do with funding. Now we have 70% controlling interest it is now our responsibility to find funding to develop Danglay, there is one more year left on the license, tho at £22k we do seem to have got a really great value deal, but as majority shareholders of CTGR are we now liable for their deferred mine exploration cost of 27,800,747 Philippine pesos (approx £406,000)?
Seems to me the project was going nowhere with debts mounting, and we'd already spent £1.2m on exploration, so to pay Estacio £22k is a good deal for him, but also a good deal for us because we can now crack on.
Hopefully a bean counter on here can explain how the £406k CTGR loss impact us ECR shareholders...
what is going on today?
the rns was very positive, and wasnt even the visible gold assay they reported last month, so we still have that to look forward to.
it seems some posters on here only want to wave their willies in the air, but this thread isnt about you its about ECR, so please stop being childish.
32m x 2.1p = £672k
11.2m x 1.125p = £126k
total of £798,000 would come into our company bank account if all these warrants were exercised.
I can't believe how lazy some people are.
that would be me folks, sorry.
added 2.5m at 1.12p a while back and sold them between 1.55 and 1.40p yesterday and today as insurance to manage risk. still have a further 7.5m which i intend to hold, so no more selling from me in the near future.
when we get to 2.1p i will probably sell another 2.5m.
this is interesting...late reported trade
23-Mar-22 11:03:51 5.90 1,011,712 Unknown* 4.90 5.20 59.69k
today's interview was excellent, packed full of information on all our projects, so much going on, so much value to be had going forward.
i have 10m here now so i am obviously bullish, but has there ever been better value anywhere ever?
the rns on friday was not bad!
have you lot not been listening to what Craig said in his interview on August 15th?
why do you think he bought the rc rig?
if you recall he stated that diamond drilling was to find the mineralisation, find the zones holding gold, then RC proves up grades and continuity.
If you look at the assay results you'll see that we have gold in abundance, loads of it, but the nuggety nature of the host ore bodies mean that we need bulk sampling to get a representative sample, the diamond core only tell us if gold is present and where the quartz hosting the gold is.
Please also note the last results, where they stated that interested parties are doing DD on Creswick, and proving the thesis is a big tick in their box.
Mr Tang said yesterday that the results form a solid data platform that justify the decision to take Creswick to the next stage of exploration, so what do you think he means?
The next stage could be to let another interested party earn into Creswick, or it could be to do bulk sampling on our own property, ie trial mining on a small scale, and i believe that this is the most likely next step for Creswick.
My point is that although Adam has stated "nuggety, random, sporadic, high grade shoots" he has not provided data that they have identified and understood the geology to prove connectivity or a resource, so until they do we have to assume that the search continues. They also pulled the rig off from Creswick and opted to do soil samples, a backward step in my mind. The soil samples should have been done before the wildcat drilling began.
Adam has stated that Creswick gold is "coarse nuggety gold, sporadic and spotty but in high grade shoots" in interview on January 5th 2022 at 3 mins 25 seconds just three weeks ago.
I'm sure some of you lot don't even listen to these interviews and just talk down the company at every opportunity.
To whom it may concern.
Public Announcement in Relation to Recent MetalNRG PLC RNS and Align Research Note
The board of BritNRG Limited (BritNRG) would like to clarify a number of incorrect and misleading statements contained in the recent Align research coverage initiated and published on Tuesday 18 January 2022 by MetalNRG PLC (MNRG).
MNRG has never ‘owned’ 50% of BritNRG due to their failure to provide adequate and timely funding as required by the contractual agreements between MNRG PLC, BritNRG, and BritENERGY Holdings LLP.
The assertion that our director and CEO, in respect to his status as a ‘person of significant control’ of BritEnergy Holdings LLP, gives cause to voiding the commercial transactions of April 2021 (not April 2020 as mis-stated in the Align research note), in which MNRG acquired 190 shares in BritNRG and an option for further 150 shares (to be exercised upon listing of the company), is entirely fabricated and appears to be malicious in intent. Such transactions were solicited by MNRG management, were negotiated by the MNRG CEO and executed by the Chairman and CEO of MNRG. Accordingly, MNRG paid the agreed consideration to BritENERGY Holdings LLP. MNRG management now refuses to take legal ownership of the shares, despite the evidence and the payments, in what we reasonably believe to be an attempt to maintain their baseless threats of claims against our CEO and associates.
The statement that MNRG invested £1.2m in BritNRG, being somehow the metric for the sum-of-the-parts MNRG valuation for recommendation purposes, is a fabrication and in our view should not be relied upon. For clarity, BritNRG was not in receipt of these funds and MNRG failed to meet their financing obligations under the contractual agreement as referred above.
The statement that MNRG has “embarked upon legal proceedings” is also false. To our knowledge, no proceedings have been raised to date by MNRG against our CEO, BritNRG, or BritENERGY Holdings LLP. Our view is that MNRG has no good legal claims to make in any such (alleged) proceedings. We should however note that there is an action lodged in the courts in relation to this dispute, in which MNRG is currently the defendant. This is not disclosed in the Align research note.
In summary, the continued distortion of facts, evidently for some commercial or market perception purposes, are or will likely be the subject of a number of actions against MNRG who, for clarity, currently hold no equity interest in BritNRG Limited due to a number of failings and choices by, and only by, the current management of MNRG.
The Board of Directors
For and on behalf of BritNRG Limited
Looking at the recent assays, it looks like zone 5 is nearly 5m thick and with average grades of about 2gpt. It also appears to have continuity proved by other holes. Am I reading that correctly?
He must have bought them wholesale!
Isn't sentiment a function of the arbitrage between interest rates and inflation?
We know we have significant inflation for the first time in years, and rising interest rates even if very muted at the moment, so margins and yields are squeezed.
In theory gold should be a safe haven, and gold producers should do well, but ECR still haven't confirmed a formal discovery yet, and even GGP are struggling in the current environment, tho arguably they were over priced for a long time.
Unless news is exceptional I think sentiment is so bad across the entire markets that good news will be sold into, so let's hope it is exceptional.
Nobody is expecting another Fosterville, but that doesn't mean that we won't find a viable gold deposit.
They aren't drilling at gold ridge yet, but I think they will announce an exploration program there soon.