Member Info for Chuteless

Agreed I'm not going anywhere at the moment, I did like the look of the assets way back when but have got a bit nervous of late with delayed results etc. especially as we were told Dead Otter was an accelerated project last July /Aug , that never materialised in my eyes. I don't believe 79th group are the type of company to get involved unless they can see something worthwhile.

I did say simple ;)

the way I was looking at it is £2.18m cash on its own with 228 million shares in issue cash value is 0.0095p. current price is 0.018 so leaves assets worth .0085p to the market as currently only 100 m shares in issue .

At the moment Market says only worth £1.8M but hey ho

I Don't disagree BurtonD and now they have released the results ( which I was skeptical they would) then the deal should come shortly.

In simple maths terms the £2.1m injection with the increased shares, if agreed, puts the current value of ALL the FCM portfolio, N Hemlo, West pickle lake , Sunbeam, Zigzag, Esa, Magical, Sugar cube, Coco East, Kerrs gold & Quinlan at less than £1m for the lot.

Sounds positive and don't get me wrong I think they have been managing the cash as best they can but $1.1m was left in the kitty as of 31st Aug 24 from annual report. With a drill campaign coming up I think they will be forced to market for a cash raise within the next couple of months if not sooner.

No apology needed, I'm just old with fat fingers ;)

As you've posted 3 times I would be more worried about schizophrenia than paranoia

;)

I think that lack of interest is well past now judging by the buys/sells in the last 3/4 months.

I've been trying to rationalise why they wont release results in their possession for nearly 5 months now and I keep coming back to the deal with 79th group deal, I have recently asked if they will release results before shareholders are asked to vote on the deal and the answer was "maybe" but also a bit disingenuous saying the two are not linked as the deal is about securing funding for the future, but to me as a shareholder it is most relevant as in simplistic terms we are selling 51% of the value of FCM. The results show us ,the shareholders, the current value of the company and if £2.18 m is the correct amount for 51% otherwise why put out videos saying the company is about creating value by discovering assets and sell or JV ???. getting back to the deal, 79th have been in the data room for nigh on 10 months now and I would assume have access to the results of both Sunbeam , N hemlo and value this distressed company(maybe 30% discount) at £2.2m for 51% which puts the value at approx £5.7 m (top end)

throw in the additional shares total of 228M that puts 79ths current value of the company at 2.5p . they obviously think it will go higher with future exploration as they have agreed warrants of 5p and 10 p within 3 years.

I don't buy the bad results so hide it as there has been ample opportunity to bury that in the last 5 months.

I used to like how this was managed but am getting a lot more nervous as results fail to appear, If the assays remain for 79th eyes only before the vote then I shall endeavour to vacate at the first opportunity

All IMHO and Just musing

I get what your saying JP and agree to an extent, its what I thought before this deal was announced but 79th have been in the data room and seen all these results, looking at them they don't appear to me to be anything but an astute company, if the results are that bad I couldn't see them as the type to chuck over £2m at FCM on a punt.

Cheers

Another day of No buys , no sells no news, no comments = No interest

I just cant understand why after 4 months of receipt of assays for sunbeam they wont release to shareholders ????

PALM next door started drilling a month after the company received the results and have already released the first assays

My cynical self says 79th group have stipulated as part of the deal shareholders are not told whats there till after the vote.

Latest interview out with stockbox

https://www.youtube.com/watch?v=dKpe1t324pk

have to admit i was a bit disappointed initially with the rns offer of 1.7p but thinking about it i am a bit more confident with my investment for now. 79th have been in the data room since last march so have had time to look deeply into fcm and i assume have access to all the recent assay results(which we are not aware of the contents). to me this seems like they are confident with what they have seen enough to put £2.1 m into the company, albeit for 51%, but added to that the warrants attached also add another potential £9m investment over 5 years to bring their total to approx 68% of shares(don't quote me as back of *** packet maths) with the right results and further drilling to come i could easily see this go back to 7-9p range by xmas next year. all imho

i shall wait and see but i think things look brighter for now.

"Its a kick in nuts short-term but the best option long-term imo"

I couldn't agree more. Not on their website now but 79th speel did originally say they specialise in finding distressed and undervalued companies, I guess FCM falls into that bracket.

I am expecting a release of news now with regards to Sunbeam and Dead Otter as I believe these were kept back while negotiations were ongoing . I would like to know what potential value 79th have seen as it would help me decide if I will vote in favour of the deal. Interestingly the current MC is the same as the offer now so by my reckoning we should be sat at about 3p. Lets see if sentiment changes once assays released.

My thoughts as well, I'm not sure they would have bought over half the company if they didn't like the looks of the assay results, will be interesting for us shareholders if we get to see the results before the vote is put to us.

Pondering on why Sunbeam results are still not released nearly 3 months after receipt and last correspondence stated needing to validate some data for accuracy.

It just hit me as quite similar to sale of McKellar, Shares suspended and annual audit delayed as auditors not quite ready with the data in time, subsequently announced sale of McKellar and interview revealed real reason for delay was negotiations of Sale.

That RNS also said 79th group were still in the data room and negotiations for a second property hence my headline is Sunbeam nearly sold as the real reason for the delay in results

Just a hypothesis as we await some sort of update/results for Sunbeam and Dead otter

I think we still have a bit of a wait for assays from Dead Otter, reading the RNSs again. (at a guess) first channel sample results from 2024 season were received by about mid Oct but if you read 23rd Sept RNS it states that when all received they will be looked at and some/all will be sent away again for reanalyse by photon test. so assume another 6 weeks looking at previous results, then reassessed so I'm guessing results published by about early/mid December just in time for annual shareholder letter.

Of course not privy to any information just all IMHO

I could be wrong but I get the feeling you are not a fan of Marc 😁

Your welcome , not sure what for though ?

I guess with no signs of any news coming momentum has been lost and SP drifting back down again,

hey ho

Maybe sale of Sunbeam on with NDAs in place ?

Results from July assays were confirmed as received by the company in early Sept but still not released as of yet, 6 weeks and counting

Bigstocktrader

Could be people getting in before the weekend , Dead otter samples are entering week 5 next week and results were expected back from lab in 2- 4 weeks, also when I emailed Marc over 2 weeks ago Sunbeam assays had been back with the company for about two week and he stated he had one related item to look at before release.

Hopefully both will put us back up towards our double digit target.