Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
".........is ostensibly the same in its tech and general prospects, yet in the same timeframe has done absolutely nothing"
And that my friend is the main issue with EQT at present, Palumbo has basically made it uninvestable because all he does is issue more equity to "partners" that seem to be willing to sell at any price.
The classic strategic partner "Catalyst" take shares at a an already criminal level, sell like a fire sale and then spreadbet long on a marginal and likely leveraged position.
The argument doing nothing compared to Palumbo's strategy would drive a 10x MCAP seems to be comparable to Palumbo's now hysterical comparison of EQT to google or amazon about 2 years back.
This isn't about the tech or the sector or even the green market, this is purely down to Palumbo's mismanagement and his continual gifting of equity to z-list "partners" just to pay his ludicrous salary.
“CEO who appears to have done quite a good job getting EQT out of the fire”
Oh my god take a look at yourself, Palumbo’s poor planning and operational incompetence has seen a 98% drop in the company worth in just 3 years, such a fine job. What planet are you actually on?
Bottom line is with Logik Payment expected end of may they still have to borrow to cover the working capital of 23 days !!!!
Palumbo is desperate to secure 50% voting for his re-election and doesn't care who he burns to get there !
Existing shareholders have less control yes, but the percentage of holdings under Palumbo's direct control (Altair, Pitcole, RF and YA) has increased
· Steady monthly revenues being earned in Q4 2023 and Q1 2024, = Still not enough to pay the overheads and working capital needs, or Palumbo's and JVL's salaries
· Equipment sales and commissioning revenues expected in H2 2024, = heard that before for last 4 years !
· FY 2023 unaudited revenues of c.€2.5 million, in line with Company guidance, = Revised Guidance
· Italia MDC moving toward continuous and sustained operations = Not working continuously at present, and news on operations was only forced out by the auditors.
· Financial restructuring, cost reduction and anticipated conditional strategic investment, = Restructured wealth from PIs to Palumbo's mates, cost reduction of 20% but still 27 staff not covering their wages, Anticipated failure of strategic investment.
Yes conversion into shares = More voting rights under Palumbo's control
Drawdowns decreasing, now who is the Baboon?
£500K on Feb 13
£245K on May 5
£200K on May 8
Upon the earlier of (a) the closing of the Verde Subscription (update announced on 19 April 2024) and (b) the closing of the Logik settlement, the Drawdown (inclusive of fees and coupon) will be repaid to the Refinance Investors."
So it will be the Logik Settlement, they use to repay, but surprise surprise 7M warrants at 2.35p gifted, it's just a whirlwind of cash that ends up with the Palumbo's mates left with all their cash plus millions of warrants.
This is clearly about securing percentage of voting rights, The idiot knows he's at risk of not getting re-elected as a director and is willing to do anything to pump the percentage under his direct control
Clearly doesn't now expect Verde to come through (Big Surprise there Dumbo), If they did expect Verde to actually stump up then that would make todays actions even more criminal keeping in mind the Verde conversion rate is $500K @ 2.35p and $1M @5.3p, Absolutely no way Verde are completing after seeing these gifts today, Would you ?
£500K on Feb 13
£245K on May 5
£200K on May8
Well David if this is an indication of your working capital needs, based on your revenue projections rather than reducing overheads by 20% you needed to reduce them by 80% or more !
What an absolute joke the management of this company are !!!
Like it or not the SP won’t move far from the 5p level until we get the recently announced subscription away and we get an idea as to what the short and long term intentions of the “strategic “ investor are.
Q: "Can someone explain how come this is valued under £3m"
A: Palumbo and vander Linden
So just over two months after diluting shareholders to oblivion with a debt to equity conversion, Palumbo starts ramping the debt all over again!
OK, so the original EQTEC/Phoenix MOU for North Fork was signed September 2018,
If Italy was anything to go by "Commissioning" will take at least 18 months from when the start is muted, which will see us to December 2025
Also if italy is anything to go by it won't be profitable in the first year of "operation" (as MetalNRG have told us), so that will see us to December 2026
So hopefully the first $ of profit from North Fork operations will be seen by EQT December 2027 if we are lucky.
Now for the community in North Fork this may be attractive because its generating jobs and providing a means to protect against wildfires, but for EQT shareholders that isn't the most attractive of returns on already $4M written off.
That is pretty close to a decade from first signature before a cent from operations is recovered, and that we understand is why the "great pivot" was undertaken.
Perhaps it just seems like a decade !!
North fork has been being commissioned for the last decade
New year….
April…,
May…
Next month or so…..
North fork operates on the vander linden planning scale of bull s hit!
I would like a communication from Dumbo Dave, just to say they have enough cash for the next 24 months, and won't be issuing more equity and above all wont be looking to take the company private in the next 5 years. (mind you i would like to win tonight's Euromillions too, and thats more likely than anything worthwhile from Palumbo and co)
The current uncertainty has the shareholders in limbo, looking at the shareprice and thinking that is a bargain, but thinking twice before investing or averaging down because no one trusts the BoD not to leg them over again!
"Full year won't be great"
Question number one is, will the full year revenue be more than the sum of Smirking Palumbo's and Lies through his teeth Vander Lindens "remuneration", and if not how are they still in the job paying what they are being paid?
Full year results and post period update must surely come within the next few weeks, so we will find out the true nature of what has been happening at EQT.
Smirking Palumbo and the rest of the gang can’t hide their actions much longer,
“The silence from this BoD is deafening and they certainly don’t communicate with the shareholder”
The directors of EQT are a new level of incompetence!
“Seems to me as if DP is almost not wanting Verde to proceed or something odd”
That’s because if verde do complete it burns Altair and everything Palumbo does is for the good of his paymasters at Altair
How low can this sh it show go, if this was a dog it would have been put down long ago.
We have another three weeks of this slow death before we get another verde RNS saying they have pulled out. It doesn't take a rocket scientist to work out that verde are not going to invest £1.5M at what is now a 60% premium, surely Verde's investors have put the stop to that even if the cowboy con artist CEO wanted to proceed.
Altair and Pitcole must be praying verde don't come up with the money, their 17M conversion shares got for their £406K are now worth £293K and dropping by the day, I wonder how they are liking that feeling, now they know how the rest of us feel !
Donut Dave Palumbo and Lies through his teeth Vander Linden have taken a company worth £260M just over three years ago and turned it into a steaming pile of dung worth £3.1M, and still they wont show their faces to the shareholders.
How long will they put off the full 2023 year results, god know no one expects anything other than an utter catastrophe, so lets see them, lets get the AGM scheduled and vote against Palumbo remaining as a director.