Member Info for chattty

The year end cash runway is excellent news and bodes well for the future. it would be interesting to know where and how they will dispose of their first package of Diamonds.

SONIA is 3.93% + 15% +5% arrangement fee + 3% = 24% without the 3% break fee. is a ridiculous amount of interest to pay as is the 30 day vwap discount of 25%.
It is without doubt the highest amount of interest for a loan I have ever seen for an AIM company especially if they pay back within 2 months which would equal the equivalent of 120% p a then include all the share options etc.,
It is noticeable the BOD has rewarded themselves although they have stated shareholders will be considered for dividends etc whilst at the same time saying they are looking to buy in additional assets.
The total disregard they show shareholders in the cost of funding the company does not bode well for the future, expect such shylockian arrangements to weigh heavily on the sp.

In short when looking at the SII and the projected operation total cost payback in 2 months it is reasonable to suggest that an sp of 5p to 6p is possible taking gold into account.
I do not expect for one minute that the sp will climb that high unless a consolidation happens, more the sp has the possibility of reaching 3p certainly 1p plus which is a fair target.

It is noticeable Mr Bell has omitted any comment concerning his recent RNS on expected funds input.
So business as usual 'Jam tomorrow' using shareholder gullibility to keep his paycheque and expenses coming.
Nothing but a stopgap RNS.

The lower the price the more attractive the potential upside -a few weeks ago some investors were buying in at 30p saying it was at bargain basement -others are now saying the same buying at 16p- if the sp strikes 10p there will be another group of prospective buyers saying great value 10p meanwhile others will start saying expect 3p to 5p
What is the difference between a few weeks ago and now, nothing, still the continuation of silence from the BOD who have nothing to report to enable the slide of the sp to stop
So until good news arrives the slide has to continue and allow for the worst scenarios; it is rare to see a BOD create conditions for the perfect storm which as the sp collapses will allow for a management buy out taking the company back into private hands.
Meanwhile its a guessing game for the buyers.

Looked like a 48hour ban

I doubt there will be any delays, many obvious commercial reasons to get the deal done and in operation ASAP

I do not and will not crow about being right or wrong. Its just an opinion.
My view is clear the disastrous past RNS news has effectively killed off sp growth due to failures within the then planned expansion.
Closing original expansion plans costs both time and money as does relaunching product on, what has to be a smaller scale elsewhere so they will be lucky to see sales volume in excess of last years results which in itself will have no real effect on the sp.
as Bantham has stated it is clear it will be '24,(I'll add late '24) before any real volume of sales is achieved and agree the cash runway will not meet the expected timescale hence fund raising.
The sad thing is the BOD through their machinations have almost created the perfect storm to kill of any hope for a decent sp rise - Money mkts are tight towards those wanting to raise funds especially as they can get virtually risk free returns of circa 10% with capital growth .
So I watch with interest to see what the next RNS tells us about how their plans are moving forward.

Sp will undoubtedly move should they announce several diamonds of size being found.

Added to my reasonable holding at .3835 - they could go a little lower although I have my doubts as the closer we come to 30th April my expectation is the sp will harden off towards .06p/.08p with good news shifting price towards the 1p+ mark.
If the expected RNS also includes a good update on gold interests then the gold bugs will also add weight to the sp.
ATB

I'll stand by the fact that a BOD can and in this case say anything it likes,as far as I am concerned their track record indicates anything they say about reserves needs a full CPR for it to be verified .Note their single validated comment about JORC resources.
Look at their previous operational track record and the appalling results .
As for the matter of their expectations on income look at what happened before.
Everything I have mentioned can be checked through the past RNS releases.
Basically they do not have sufficient funds for a decent cash runway and are surviving hand to mouth they will increase their drawdown and their expenses will rise.
Your are fan of the BOD I am not
Yes I hold and trade the stock I dont trade peanuts.
My sole premise on trading is the state of the sp which is driven in this case by the herd.
Watching a profit is a waste of space far rather see it in my pocket.
No broker in their right mind would recommend this stock
So long as the grazing herd are moving the sp a profit can be made.
All the best.
O/T Does the Jersey Lily mean anything.

If you think the RNS was wonderful think again,look at the finance costs.
They still cannot afford to re start drilling,look at the existing funding arrangements ;-previous arrangements for the $1million drawdown are 8% interest plus a 10% discount on VWAP I make that 18%costs = to $180,000 easy to understand -Desperation for finance becomes obvious when the CLN have no restrictions on selling the shares immediately (if) converted at the same. time they are paying another 8% on the March 22 loan from ORCA (£2 million) plus the 10% VWAP,
Total £160,000 +$80,000 interest each year plus of course the VWAP discount of 10% on conversion so circa £220,000 interest p.a and next year circa £280,000 VWAP costs They have a further subjective $4 million draw down facility depends on FCA acceptance of report.
All the discovery work is 'in house' as it appears they cannot afford a CP report.
Add in all the operational costs and the company is going into negative territory with a poor BOD judging by its previous actions.
The bet is can it survive its poor management

The above makes for a warning that the BOD are no to be trusted especially as they are fully aware of the actual financial enterprise value of the company and its cash+loan position but choose not to publish as it makes the company valueless at the P/L level.
At the end of the day so long as there is volatility in the sp it is nothing more nor less than a trading stock and the only thing keeping the sp alive is the "herd activity and interest".

I have sold the remainder of my holding for a loss of £2200 a loss caused directly by the BOD allowing the comment of zero interest in PIs to be published because that comment must have been made when it was realised the sales forecasts were going to be met.
I maintain the sp will continue to fall away and it will years before the sp reaches double figures.

Many investors have lost a considerable amounts by the failure of the BOD to manage the company with its DUTY of CARE towards ALL shareholders not just IIs.
Think about that !

Apologies,
Yes replying to Roger 16.12

The sp has fallen some 30% in the last 4 weeks , as the BOD basically only look after themselves PIs lose faith in the ability of the company to pull its socks up .
It matters not how good the product is if the BOD are unable to pick up substantial orders in the near term so expect the sp to fall at least a further 25%.
Give it at least 2 if not three years and the sp may double from here leaving all those who trusted the companies BOD well and truly out of pocket.
The sp is after all the only thing that shows profit or loss to PIs pockets.

You really have not got a clue as to what happened or why.
Suggest you contact PJ .
Your ignorance is unbelievable- No director thought of him as a liability or wanted him removed ;such an unwarranted statement is stepping over the mark of decency let alone liability.

Yes , I hold a decent amount I trade around 15% of my holdings when a stock becomes active as my preference is to see a profit in my pocket rather than looking at one on paper.
When trading I limit the buy or sell to what I think I will get within the MMs spread.

It is usual for the MMs to sell small value orders at full ask because they are virtually worthless in commission etc.,
The spread is 20% so it will be easy to deal well inside that spread for both buying and selling reasonable orders.

25/3/22 was the original filing date, Not IPO date
For information contact Spartan Capital securities as they are the named book runner.
They raised pre IPO $500,000 OID for ELEP as the sole placement agent -It cost somewhat more than $500000 to list to IPO-ELEP looking for $6.5million to list.
Not yet researched into the book runner part by asking if it's 'open'

It would be interesting to know if any one has contacted Spartan for their comments.

NASDAQ listing has already been mentioned and is slated for approx mid '24