Member Info for ChameleonMan

Some odd trades (buys?) yesterday each for a million one reversed. and a pair of 666,666 but no price movement? Very light trading today but a big price drop - maybe another devilish trade going through?

If DA is smart he will tone down references to the consortium agreement with Rio which he mentions at every opportunity to date.

Nose down in the trough-couldn’t buy for 1.8 but this will do ( showing as a sell)!
09-Sep-20 09:22:49 1.85 268,379 Sell* 4,965
Now the placement is out of the way, all those who were holding back have nothing to fear?

I think you need to reread my post?

Looks like it could be new money as for once neither Al Marjan nor Slipstream has topped up? I expect DA feels he is doing a great job selling the proposition to new investors and would be surprised by the negative reaction on here?

As you thought, the placing was oversubscribed so looking on the bright side we are now cashed-up and only 10% to recover tomorrow.

Well we could all buy at 1.8p today if you reckon it’s a bargain? :)

I do agree that he hasn’t covered himself in glory of late although when I first invested here everyone was singing his praises and it appeared that he could do no wrong. If he can get the placement away at 1.8p then we live to fight another day. If he can’t then we are in deep trouble.

This can’t be a surprise to anyone following the failure to generate any cash from the disposal of our interests in Oman. SAV has potential to attract EU or partnership funding but we can’t continue operations in the meantime without cash. It’s now a question of surviving until such long term funding is in place. What are the alternatives? Try to dispose of our Moz assets to Rio at a further loss when they are in no hurry to progress the project?
There is little point in casting blame. We have little choice but to suck this up and hope that the money is raised and that we don’t get taken out cheap by the likes of Fortescue who can afford to hold an asset like MdB for as long as it takes.

I note that PAM ( Public Authority of Mining) aka the ministry of procrastination and meddling, has been abolished by the Sultan of Oman. May be helpful to Force?

Largely environmental concerns and fears of loss of livelihoods I would say. See the FT: https://www.google.co.uk/amp/s/amp.ft.com/content/efa997fc-1b7a-11ea-97df-cc63de1d73f4 and
https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSKBN2080GV

...it seems the more you kick this old horse, the faster it gallops? Maybe I have been too kind to it before?

Hi IB, the first test will be sooner rather than later! From the RNS “ Settlement of the Transaction ("Settlement") is subject to certain conditions being achieved or waived, and notably includes Force undertaking the steps necessary to be re-admitted to trading on the ASX and obtaining certain consents in Oman. This is expected to be completed in October 2020.”
Not sure what the “certain consents” are? Surely not a mining licence? Licence to operate in Oman perhaps? In any case it’s a very tight deadline given our experience of Omangov?

The disappointment for most of us who have been here a long time is that DA couldn’t sell it for much needed cash. Although we never expected to get our sunk costs back, we hoped that it might have been worth a few million to neighbour Alara Resources who have been able to get a mining license from Omangov while SAV have spectacularly failed. Much as I regret having to say it, the deal makes a retail fundraise more likely In the absence of a cash - rich lithium partnership deal. This deal with Force Is in my view an attempt at face-saving but the same hurdles remain for Force of no license to mine and funding to find to embark on production so it adds nothing at all.

They’ve got their hands full at the moment so they can afford to bide their time.

Thanks for that link Osaka. Basically a rehash of the old Gentor report from years ago enhanced by SAV sample data. Equivalent to putting lipstick and tights on a pig? A chance for Force directors to chase it around while drawing salaries before passing it on to a greater fool? If no fool emerges then Alara will acquire it for peanuts and feed the ore straight into their new smelter which will be ready in the next few years. DA has certainly not covered himself in glory here!

That makes sense thanks. So we can say goodbye to that 3.5 million dollar loan except in the unlikely event that this project ever reaches production in some future year?

No doubt this will come out in the wash? At best it could be interpreted as SAV are getting a 3.5 million loan from Force once Force go into production but If you believe that will happen then Hot Chocolate are not the only ones who believe in miracles!

From what I can see, Force borrowed 3.5 mil in Nov 2019 which is due to be repaid within 12 months ie Nov 2020. This was for a project in Malawi. I doubt if they are in a position to repay so sounds like SAV is bailing them out but I could be wrong. A very unclear statement for an RNS!
https://www.asx.com.au/asxpdf/20191101/pdf/44b6x895q9kl59.pdf

The answer is in the word “touted”. If it was easy to look back at my posts of several years ago you would find I was very sceptical, a view that didn’t chime with the rampers who were around In force at that time. Matilda failed in Oman, SAV failed, Alara are still in the game and heading for production. I wonder whether our Omani Investors will remain interested?