Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Yeah; it's beginning to smell.
Same with the offtake being so close; hand bitten off etc to "let's find the right partner, no rush".
Frayne is losing credibility fast which is beyond frustrating.
What an absolute load of waffle again.
Very exciting prices/great opportunity, no substance and a repeat of already known info.
Where are we with the IML... thats the only question that matters, what's holding it up? A militant minister that didn't agree with the EIA so is obstructing it? Pure laziness from officials? A form waiting a signature?
This level of opaqueness followed by BS articles like this winds me up.
Not sure it did tbf, it was fairly vague. Offtakers were biting our hands off but nothing yet...
TBH I just need a status update from Frayne; there must be other stuff they are getting on with surely!?
Another week drawing to a close; absolute radio silence again.
Again, Frayne would surely update us if the IML isn't imminent anymore but then weeks go by (nearly months now) and absolutely no idea on the current status. It must be close otherwise he would have had to update us but if it was close months ago why isn't it here yet. Schrodingers IML!
Really need this to start hitting some return; with inflation and market risk being what it is, a position that has done nothing but go down for 18 months is not ideal.
Still waiting for the placing you promised last time?
A CEOs job is literally to promote the company. Maybe he had as you as say enough of the interviews but he's not exactly done a lot of them. It just didn't seem as engaged did it? We have zero idea where we are with this IML process; it's very frustrating and Frayne must be fully aware of how frustrated shareholders are. It's beginning to get a little bit rude how poorly they are being treated given the delays. It would be great to understand what else is going on in the background whilst the IML is waited on even if they have no clue as to where it is in that process (which I just can't see as being the case!)
Another week passes though... Surely there must be some inkling as to the status of the IML. The "imminent" phrase is looking pretty stupid now tbh. To get through H1 without the IML is not great.
Frayne has been upbeat when it comes to offtake (although less so on the last podcast).
IML and offtake should happen back to back unless IML happens out of the blue with no warning....
I really hope we don't get into July without any sort of idea where the IML is...
Hard to argue with those figures when you look at the perceived revenue stream. The whole project is so attractive as it's such less operational risk with mineral sands. You dig it up using a digger or a spade, stick it in a filter, spin it and there's your product. The only risk against us here is time/bureauacy. The longer it takes vs the price of the resource. I don't believe there's about to be any dip in commodity prices, inflation is here to stay and it's quite a recession proof sector (very short supply as well).
The only caveat is AIM. It's a cesspit; regulation is non existent. I am amazed this share hasn't taken off yet which makes me question my own judgement. It all seems to make perfect sense on a discount model. I guess the risk here is still binary, no IML, it's all over. I can't see how anything else is left to be factored in so if there's no re-rate on the IML then I will be baffled.
100%. Didn't tell us anything.
Either Frayne has no idea (which I hope isn't the case) or just isn't telling us. They must know what the hold ups are; where in the process they are, what has been said.
All the while, cash burn continues. It will eventually be a problem if this delay goes on a couple of months, the cash will disappear and bang, another placing!
More like a curse it seems...
Back to sleep for June I think; are we likely to see the IML in June? I literally have no idea now, The PR didn't seem to really give us any clue where we are in the process so I assume Frayne literally has no idea either and it's totally at the whim of the GMSB!
Yeah I have to agree.
Only useful bit of information was the cash balance but then that could be an issue if this delay is 6 months. Very little insight into the IML process again, i.e. where it is, what's holding it up etc. It could be that they have no idea but I doubt that's the case. Production hopefully within 12 months of IML; so definitely not in H2 which I think most people have worked out. Least they answered (sort of) the liability payments but was very vague over the funding for this. The offtake discussions were less exciting this time round; Frayne was previously saying they were biting his hand off, was very imminent for a deal; it felt like this wasn't the case this time. Probably likely if first delivery of offtake is over a year away!
Absolutely... I Follow a lot of the sri lankan civil service on social media and they are quite active. This gives hope and falls in line with Frayne's everything is ok attitude. Id still love to know how far down the route we are the IML, it still feels like any day now but its hard to tell. A few buys and a genuine tick up, lets hope we can gather some momentum!
Spread is 6.06 to 6.34 which is a 4.4% spread... Not actually that bad for once. Tighter than it's been for a while.
The NPV figures are insane for a circa 14mil market cap.
I just topped up for the very very last time at 6.335p.
News best come soon!
Spoke to WH Ireland analysts to see what they thought of situation in Sri Lanka.. response below.. not much to say but they think as we do I guess.
I see the situation in Sri Lanka has deteriorated.
I take comfort in the fact that the country needs dollars and jobs. Capital is in pole position to help to supply that β though outside funding may be complicated by the situation in country.
I have no insight on the process β I live in the same information sphere as you. I will certainly pass your concerns onto the company about newsflow and will attempt to look further into the situation on the ground myself.
As a mining project it still stacks up β high-grade, staged development, good price outlook, resource uplift likely. But it is located where itβs located and CMET will have to make the best of it as they can.
Makes sense; the payments still haven't triggered yet weirdly.. Assume that's being wrapped up as part of offtake/financing when the IML gets approved.
We continue to wait.
Hmm...Valid point; though I don't think the economics report was the DFS. It's hard to tell as I thought if this was the DFS then payments for the original liability had to be settled. As for patience, I've been very patient, i've allowed a 65% fall in my holdings even with averaging down. All i'd like is a little bit of reassurance as to where this process is. We are all making guesses/assumptions with the GMSB, where it is etc but no clue as to where it is really.
I'm still hopeful that the TMS podcast is delayed due to MF having some news to give and can go all guns blazing into PR as last weeks turned into a trickle very quickly.
It won't hurt our cause at all, it's pure sensible research.
And I agree with all your other comments; but if that's the case, why is it "imminent" and Frayne sees no issue. Obviously can't be that much of a problem so what else is happening? The investment is "right for me" if there's value to be returned. The longer the delay, the higher the cash burn without revenue/offtake coming in, the more dilution there is and the lesser chance of getting my significant amount of money back (plus hopefully a return!). This is AIM afterall and unfortunately, blind faith never helps!
Yeah Clifford chance are big in the game; I have a friend who works there who is very accomplished!
I am also working on an old colleague who is Sri Lankan to ring the GMSB and just ask questions outright and see what we can get from that. Probably nothing but I can't sit around not knowing anymore!