Member Info for CheshireKat

Boris visited Mologic to mark the "£1 million in funding (they received) from the Department of International Development and the Wellcome Trust to support research into a COVID-19 diagnostic test". Doesn't alter the fact that Foresight don't own Mologic nor did Boris donate to Foresight. Alright, you're not misleading; you're plain wrong.

Foresight is an investment group. They don't own Mologic; they invest in it. Nor did Boris 'donate millions to' Foresight (though they may or may not invest on his personal behalf). Foresight were put in charge of the £70m fund to green up London (back in 2011) when Boris was mayor. You're misleading people.

wise-uranium dot org/upes dot html . The City Council of Villavieja de Yeltes will now resort to the judicial route against the July'17 agreement that authorises the exceptional use on rustic land for the Retortillo project, after the Commission for the Environment and Urban Planning of Salamanca dismissed their appeal. (Salamanca RTV al día - Las Arribes al día Apr. 24, 2020).
Even if (or when) this fails, I can envisage the local council dragging their feet in processing the Urbanisation Licence until the Company takes them back to court to force them into their obligations...unless the pressure for economic revival gets to them first.

'Defer the work' I take to be waiting till after the rainy season (Nov-Apr) to drill the new, higher grade anomalies he referred to, which will feed the plant in future. 'Upgrade the material before it goes in' may be a reference to adding a pre-concentrator stage to improve the feed ore and so (I believe) the quality of the final product. Gauging the ore's response to treatment should also help assess the options for the commercial-scale plant.

I doubt very much the II’s are ”getting I at this level”. £3.76m spread amongst “new and existing investors… and SEVERAL II’s” means barely a few hundred grand each at most. At a 50% discount, I’m not surprised there was “strong institutional demand” - they’ll be looking to churn these back into the market asap and disappear with a fast profit. They’re not investing, they’re profiting. As for DA knowing what he’s doing, in theory, having multiple projects should keep the SP buoyant as one project moves ahead while the others are being worked on, but with the enormous delays in Oman and Moz, it’s Portugal only. So it’s simply routine …Drill-Test-Drill-Test-Placing… that any mining tech team can do. So, yes, I also wonder what Archer actually does for his extraordinary £1/3m salary. I’d prefer him to be taking a lot of that in shares, then remuneration would be seen to be “rewarding performance and aligning their interests with those of Shareholders” as it says in the accounts. I’m invested in the project, but it’s very often more important to be invested in the Head Honcho, which I’m finding increasingly difficult.

Disagree entirely with Slong; nothing to do with it. Anyway, “rebel holders”, as you erroneously call them, caused the market to buoy up the SP in anticipation of a successful vote, which can only be reassuring for lenders. This action and its outcome depends who is acting behind the scenes with the appointment of these administrators. Whether friend or foe, calling in debt is way of taking over a company. To have dibs over all(?) 5 subsids means it must be a lender to the plc, I guess, rather than to a subsid, individually. Dunno for sure. Looking at how much we owe in total, even though we have kit probably worth more than the Mcap, it’ll never cover the outstanding amounts, so it seems pointless to liquidate the company. Maybe the debtors want control of the company as a way to look after their own assets. On the other hand, it’s not unheard of for some devious soul to buy out a company’s debt and then call it in as a way of taking ownership. Now who do we know who would conjure up such a scheme…? Is this what the ‘refinancing’ has been about all along and why it’s taken so long…?

Sorry! I was trawling so far back to remind myself of the story so far at Glenover, I forgot about the recent placing. However, this being for Star Zinc, I do wonder if more funds will be required specifically for Glenover....

Resurrecting Glenover will no doubt bring costs. Also, a flotation plant is to be built at the site. With GLR having a 36% stake in Glenover, I assume that will mean bearing roughly a third of the costs. Regardless, a placing should be due, as the last one was Apr’18 for Star Zinc drilling. Back then, GLR stated they had considered an Open Offer, but decided timescales and the sums involved were against them. However an Open Offer was promised for the next placing on the same terms – this being at a 20% discount to the prevailing SP, so perhaps we’re seeing a pre-emptive drop in the SP.

Thanks for all the info, Tank, you were right – Jarvis will vote on my behalf. It costs 20-quid and they want the instruction a week in advance. However, if that’s a working week, it’s cutting it very tight. So, to avoid using Jarvis and risk missing the vote, whose name would you suggest I put on the proxy form? As you can tell, this is all new to me, so all info is gratefully received…in words of one syllable (or less). Thanks, bud.

Useful find, Tank. Which site was it on, by the way?

According to 8PG website, CfA hold 3.7%, though this may not take into account the most recent dilution. That statement “approx 75% of (shares) held by 12 different Shareholders” is somewhat misleading. These 12 are listed on the website, total 74.6%, but include Nominee accounts of Hargreaves (7%), Interactive Investors (4.3%), Jim (one of those Panama Papers names!?), 4%. Ignoring the last one, together with CfA, this equals 15% not in the hands of Zaf and his pals, reducing the vote in favour to a potential 59.6%. In other words, there is a potential free float of 40% of the shares. More than enough. It's just an excuse for the proposal now he thinks he has the 75% he needs. AAZ, for example, has 43.4% owned by only 6 individuals and that company is a roaring success. If Zaf hadn’t cleared out all the small holders at the consolidation, there might be more small trading going on, so it’s his own fault (although we all know that was part of the plan).

So the next phrase about “limited free float (not offering) investors the opportunity to trade in meaningful volumes” is simply not true. The low volumes over recent months are because Zafs own machinations have destroyed the SP to a point where there is no point in trading it. We need a meaningful share price first. Besides, it’s not the volume, but the value. With a near 400:1 consolidation, of course volumes will be way down, but the value will be the same.

In the days when the SP meant something, there was tremendous sentiment around it seen in the spikes of mid’16 to mid’17. VS has moved on enormously since then and has plans to float. With this being the stated objective of 8PG, this is definitely not the time to be calling it a day. It also says, this is the reason Zaf wants to take it private – to have all the VS value to himself.

I haven’t sold yet, as I’m not convinced the fat lass has sung. I’d like to see the returns from VS at least. I do wonder who is making these purchases at the moment, though…

I noted back in Sept that 8PG was circling the drain and the de-listing of AMED was the first step of Zaf finally cashing everything in and disappearing with his fraudulent gains. He’s a professional, white-collar fraudster who has played a long-term, calculated game. I often wonder who handed over the million quid raised back in April 2016 when the SP was artificially raised to (back then) 0.3p on no news at all, except to get the placing money. Unfortunately, this lack of accountability on AIM that has allowed Zaf to get away with this for so long is what gives it it’s deservedly foul reputation.

Regarding the Nominee Accounts, Zaf has thought of this as well. Only “members” listed on the share register of the company are guaranteed the right to attend any G.M. and vote on resolutions. These are those who hold their shares in either paper certificate form or are “Personal Crest Members”. Those who hold shares in a nominee account will not be on the share register and are not a “member” of the company; only the “beneficial owner” of the shares.

The shares held in a nominee account are typically “pooled” and there will be one entry in the register for all of them - in the stockbroker’s name. The company will therefore not know you nor recognise you as a shareholder. They will definitely not allow you to vote directly and can bar you from attending or speaking at GMs.

In other words, a quick bung to the stockbroker in favour of the motion and the dirty deed is done. The final piss-take is that this is happening just when the one and only ‘investment’ worth anything, VS, is about to come to fruition and we may have finally seen some return. So that crap about “in the best interests of shareholders” is just like any other statement from Zaf – total self-serving bolox – and is all about him running off with all the VS value to come, like the over-privileged, spoilt sack of horseshit that he is.

And yes, he will need that crock of shyte New Zealand “investment” he’s got, because if he raises his twisted head here again, he’ll get it shot off…metaphorically speaking…unfortunately.

Sorry, guys, been out all day. Yes, Fulmar's link is the info I received this morning - with the "\" removed from the end and "-2019-04-04" added on. I must say, the more I read, the more positive I feel about ARCM. Here's hoping...

Mining Weekly today reported on Glencore, ERG (both Cu-Co mines located in south-east DRC) and China’s MMG (Cu only) are either scaling back or suspending operations at their mines because their reserves of easier-to-refine oxide ores are becoming depleted and the remaining sulphide deposits are more expensive to refine. The new mining code and raised taxes introduced in the DRC last year have reduced “the probability of approving the development of new facilities to treat the sulphide reserves”.

Over the border in NW Zambia, ARCM’s Zamsort mine hosts the more desirable oxide deposits, currently said to contain a 16.59Mt resource and a historical exploration target of 150Mt. Perhaps these are the global miners who have done site visits and not withdrawn their interest. Nothing certain yet, as they are still negotiating with the gov’t, although ERG has already halted production and Glencore has halved output. Glencore’s Muntanda mine is, incidentally, close to the national road and railway line to Zambia…

on 3-Jan, https://africaoilandpower.com/2019/01/03/nigeria-to-renew-oil-block-licenses-in-q1-2019/ reported that licences are being renewed in advance. Only those that seem to be requested but not worked on in time are being refused - to counter a sort of Tesco land bank scenario, It raises $billions for the govt and, so, it wouldn't make sense to simply block lots of licences without good reason. Other references, though, allude to renewals being done "under dubious circumstances", so maybe this list, if it's real, has something to do with either the 'land bank' licences or the allegedly dubious ones. Who knows. We'll just have to wait and see...

From RNS 4-Dec: "OML 109...initially awarded in 1991...to Atlas Petroleum under the indigenous sole risk fiscal regime and as such has no government participation. In 1996 it was successfully converted to OML109, and in 2017 the licence was formally extended by the Nigerian government for a period of 20 years."

OML 109 awarded in 1996 to Atlas is No9 on the list. Hardly looks legal to me, as it isn't even up for renewal till 2037, but how many African govts do things legally...?

If this is true, SIrius owe us an explanatory RNS pronto, as the RTO, I'd imagine, would be nulled and we'd go back to plain old SRSP praying for our drill rig to arrive,

...it was actually a paperweight at my old office, but anyway my thoughts (fwiw)…the issues are:

- Fujax signed a 4-yr off-take agreement supplying customers in China, so they will have immediate and future need for Mowana’s copper. They are not, however, miners; they are traders.
- ZCI is an investor and a limited company, so also not a miner and without access to market money.
- Nobody is going to allow the spivs MJ and Kev VdW back.
- ZCI won’t want to relinquish any of their 60% security over the mine without more payback of the $80m they were otherwise owed by African Copper – this refusal caused the liquidation in the first place.
- VdW is now back at PenMin, so I suppose has relinquished his (mis-)mgmt of Mowana, but still owns the rest.

Perhaps, then, the best VdW can hope for is to sell his stake in Mowana at the lamentable current SP (his own fault, so who cares), or to have some of his investment money paid back by Fujax in return for a reduced share in the company, with Fujax and the next operator taking the balance, (similar to ZCI’s original agreement with Leboam). That way, Fujax get board representation and the stake in the mine they were after in return for investing in it.

The big question still remains of who will actually direct mine operations. Although “Fujax is the exclusive long-term off-taker and marketer for Mowana, supplying clients in China with copper concentrate” (Fujax website), I doubt this would see Fujax negotiating Chinese involvement in managing the mine. They do, however, also have “close relationships with other *copper producing companies* in southern Africa”, which would be a far more logical solution.

In short, if Kev is essentially bought out and ZCI keep their share, Fujax inject the cash and take a stake in the mine and A.N Other African producer runs the mine also in return for a share in Mowana. It could, perhaps, then be a sub-sid of said operator, relisted at the going SP, with access to it’s existing advisors, capital sources and other infrastructures.
Just a thought…

I’m sure there are holes in this theory, but here goes…Bear in mind that Leboam that is being liquidated, not Cradle. Leboam was wholly owned by Penmin, which owns 60% of Cradle. 10 years ago, ZCI and African Copper spent $170m on the mine but it was never economical (VdW says they were two major mistakes in their mine plan, which he claimed to have sorted). So when ZCI was delisted in July’15, Mowana and African Copper (with MJ as CEO) went with it.

PenMin was, I believe, created to get Mowana out of liquidation. Part of the deal with ZCI was that ZCI would relinquish it’s security over the mine for $20m debt settlement (part of the $100m owed to it by African Copper) and trade the rest for a 40% stake in Leboam and thereby get back a stake in Mowana.

However, with Cradle’s share price circling the drain, could it be that Fujax wanted to muscle in on security over the mine in order to protect it’s investment and make sure it could maintain the off-take it has originally agreed? As ZCI kept some hold over Mowana through it’s 40% stake in Leboam, by liquidating Leboam, does this remove ZCI from Mowana entirely? Was this all part of the plan to leave ZCI empty-handed again, as they would have been before VdW came along? Could PenMin now negotiate funding entirely with Fujax, free from ZCI, to extend their off-take agreement? Could this be why Kev has returned to PenMin as CEO - to resurrect Mowana and CRA through such a negotiation? Then Mowana could be held up for it’s original purpose - to act as collateral for Matala’s development funding. It is, after all, development-ready and sits on a JORC resource estimate of 568,000oz @ 2.7 g/t Au. And Mowana is a decent asset. As he already owns nearly 60% of Cradle, VdW could easily keep this in private hands, but that would exclude access to market funding, so it would be better off re-listed. Questions, questions…

My uneducated observations and sums inform me that the SP is closely aligned to the futures mkt, particularly Cu, as this accounts for half CAMLs revenues, although Zn and Pb tend to follow a similar trend. The fundamentals of CAML set the baseline and the futures mkt accounts for fluctuations. There are no doubt multiple influences on the SP, so it’s not an exact science, but it seems to provide a good idea. The last peak was early Nov and then we roughly trade sideways till Jan’19, mirroring reports back then that Cu would do the same. Since New Year, the Cu price on the futures mkt has risen and our SP has followed suit. I keep an eye on news about trade with China, supply deficits, Metal Bulletin notes and the charts at uk.investing.com for what the medium term might hold.

As regards any acquisitions, CAMLs board play a safe, long game. They look for operations that can ride out the mining cycles, which is how the Chairman (I think) was able to go on record recently as saying he’s not bothered by the recent fall in Cu prices. Nice to have good prices, but not impending doom if they fall. I’m sure they will take their time and get just the one that fits their very successful business model.

...(cont)...

The consolidation was clearly aimed at sweeping out as many PIs as poss and the collapse of the SP since will have seen the back of many more. Will there be enough investors left to deny the 75% needed at the vote to delist 8PG? Or will it be a whitewash and we will see daylight robbery transpire? In a way, it all sounds too fantastical to be true, but the evidence is mounting. As foolishly optimistic as I am, extrapolating the evidence points to 8PG (and all its investments) being in Zaf’s hands before any VS valuation is crystallised, so he can bugger off to New Zealand with everyone’s money and work on his 37% stake in IBS.

Zaf - prove me wrong…

I would have to agree with kadavul. It would appear that we are nearly all of the opinion that 8PG is circling the drain and the delisting of AMED could be the first plug to be pulled from our life-support. Despite all the rhetoric and the gloriously-touted valuations on the web site, the SP is now catastrophically lower than it’s ever been, to the point of “is this company even tenable?” and shows no sign of stopping. I hope I’m being overly-negative, but for what it’s worth, here’s how it seems to me…
Back in 2016, LEG was being ramped to the stratosphere. At the end of April, the SP suddenly took off for no discernable reason. Peaking at over 0.4p, thanks to the excessive ramping and trader over-excitement, the SP settled back to 0.3p where Zaf raised £1m. This was partly supposed to be for new investments, yet when he finally got around to one - in Dec’17 - what does he do? Dilution! Again! And the SP sinks back to its old levels. Could it be that the SP was artificially elevated just for the placing? I do wonder what those “institutional and private investors” think now.
Glossing over the seemingly dodgy arrangements with Manas, which I haven’t bothered to delve into to spare myself more depressing revelations, then comes IBS. He gets 12% for LEG and 37% for himself. Why? Purportedly to get LEG new leads, I’m sure he said. Yet Zaf apparently gets scores of leads every year. If it was to raise LEG’s valuation, why not 37% for LEG and 12% for Zaf? After all, it cost nothing. And why get such a large personal interest with something that is essentially worthless on the other side of the world? Could Zaf be planning his post-LEG career away from all current jurisdictions?
It may be that the consolidation was to kick off the descent of the share price. When the SP becomes as untenable as AMED’s, 8PG can be taken private as well. The 8PG web site highlights all the multiple valuations of the various investments, so why is the SP a fraction of even pre-VS days? If the price was manipulated up for the £1m placing in 2016, then it could similarly be manipulated down to take it private. LEG shares seemed often to trade at a minimum volume of 250k per day (8PG equivalent). Now we’re at a quarter of that if we’re lucky. Lack of liquidity was one of the reasons quoted at AMED for their delisting.
Not withstanding that, I have noted from other stocks that AIM share prices move on either revenues or potential and sentiment. We have no revenue, so it is all about potential and sentiment. Left to its own devices then, the collapse of the SP tells us that there is no potential and market sentiment has also collapsed.