Placing10 Feb 2026 11:39
There wont be any placing for a while, as they have £1.3m in bank
but Raglan was suppose to mean they dont need to raise again for G&A, issue is now, they will burn £80k a month, plus not have Raglan optimised for 2-3 momths, so they will spend c £500k-700k this year on G&A from cash at bank rather than from Raglan revenues
Issue is now they are talking about more drilling, more ops works that all takes money , they need £500k ++ on equipment from BM, so a placing will happen in Q3/Q4 for BM and that is what the market doesnt like
Nick lied again
he said the economics at 3-4k meant raglan cover G&A at 5k they now say it doesnt and the grades are super low plus more works
LOM is 3-5 years.
I SAID THIS MONTHS AGO THEY WILL PRODUCE INITIALLY FROM RAGLAN WHILE WAITING ON BM AND THEN SUNSET RAGLAN AS ITS NOT A SERIOUS OPERATION- EVERYONE LAUGHS BUT THAT IS WHAT IT IS
NO need to have raglan equipment at Raglan and having to buy more for BM, as the LOM at Raglan doesnt make it make sense to have two lots of everything!
Raglan was a market spin for a placing! its not a long term project and that is coming out in the wash
No comment on when production would actually start is also concerning nor any update on BM!
Poor from Nick, who needs to go