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Starting to smell contrived and it's been downhill since DM left. 12mths ago the excitement was high and its been so badly handled...I think Stalker screwed up and he decided to bail out, its looking like failure is set in so others can take the assets dirt cheap.
I agree 1baker, nothing in detail on the drilling results of Tai3 gas samples, why not free flowing, nothing on basement now being prime zone. Need the details, LB needs to get the excitement & confidence going before next drill.
Very steep hill to climb back to 6p which was last raise price. Need a spectacular result at Itumbula. The AGM today made LB look weak and awkward...how in 12 mths it has all changed. Minchin should have stayed on hindsight.
And the sp goes down again...there's your confidence vote, PI's voting by bailing out.
Wanted to give them benefit of "fronting up", they just didn't want to. Nothing on where all the money has gone, as for "unlucky", well they created the sp crashing...
They need a miracle now, they need helium gusher to restore any credibility and confidence.
these are 1000-1500m drills, not offshore 15000m drills...
seriously i'm totally floored reading that they need funding for itumbula. are they paying $2000 a day for each of the crew?
from minchin being a tight-**** and proud of it, its going opposite direction and they are spend, spend, spend.
A $4million saving for Itumbula has now become the total opposite, they need more funding..."This is subject to the successful completion of the additional funding".
WTF is going on with the financial management? Total transparency is needed, otherwise confidence will not return.
Show me the money, as where has it all gone!
Has there been something that incurred a large bill?
$17m in 6 months is some going...
Not for me to tell anyone, but Trek pointed me to this a while back and I think he should have not reduced as any bond secured is game changer., perhaps he will like a few buy back in when he looks at the potential again.
I just cannot see Minchin spending that much so fast!
In fact bring him back imo.
$10m in the bank end of June (US$9,600,786)
Raised about US$7.86 million
That's $17m for Tai3 drill, and 2 Itumbula pads and rig repairs & 6 months salaries...
FFS.
i agree skittish, they have self-imploded.
https://www.youtube.com/watch?v=pkztkbe8gnk
lorna spoke of savings in getting rig that have evaporated an having to incur additional costs with crew kept on standby. she mentions funding, but she ends stating they need funding not only for itumbula but 2024. but unless she has her own money printing machine thats ******* in the wind imo. they need a success, a big one at itumbula, secure funds just for that first, otherwise the dilution is going to be horrific.
minchin must be ******* himself laughing, as his approach conflicted with bod, and yet stalker hasn't stuck around. i wanted to give lb the benefit of doubt she has experience in the east african rift, but its clear she hasn't got the strong character of minchin, she appears scripted and not transparent. the agm will be challenging for her, will it be open and transparent or limited to 2-3 scripted questions?
where has all the money gone needs to be called out.
what diligence was made in buying the rig?
many of us got all excited that tai3 was our discovery, it may still be, but they now need a 3 inch drill into the basement as its been lined, will that be enough or is tai3 done and dusted and its all on itumbula now?
seems like its all set up noble or d3 to take the prizes.
RJ now one is buying, the sp is going down.
Hopefully the BoD tell us all how they burned through so much money. Is the gleamer of hope Tai3 being lined and just needs basement drilled? The hope is they can raise enough to re-enter tai3 and drill the basement to declare discovery.
Otherwise this is the last chance saloon, as the probability of administration is now reality because what happens if its a failure?
Perhaps will have Noble or D3 take HE1 cheap and all the licences.
Problem is with decisions made by the BoD have hugely knocked confidence.
You are simply stupid to announce fund raise in rns before completing it. That's a major bow to the sp that PI's find unforgiveable.
The rig mechanical issues have been another major issue. When purchasing a rig that has been stored away for a while, more due diligence should have been done, it should have come with part payment terms, or if sold as seen then huge discount, but again the BoD haven't been fully transparent on that. Its not saved money its cost way more hasn't it?
Tai3 was suppose to be discovery, it was while drilling that our geologist CEO realised that the helium seems to be in the fractured basement, why is this found as we drill?
There's an air of incompetence that is going to be mighty hard to turnaround now. I have written it off tbh and put this down to another AIM lesson.
so annoying they shot, why state funding before secured? ffs, sp would be 3p if they had kept their mouths shut!
really ****ed to see noble do the biz on raise, have clear direction and will push forward to production by talking to off takers. even if we have success we need major investment and with over 1.3 billion shares in issue that is going to be difficult unless sp moves to 10p minimum imo.
Skippy, agree, but what a cluster f*cking way of doing it! Already concerned about rig repairs and tai3 drill not going into basement....they let the world know they need more funds...thats damn negligent to PI's who are hurting now more!
Confidence in BoD is low. We are all sitting on paper losses and the disaster of announcing the raise before completing it is utter incompetence with disregard to our suffering the news of rig breakdown.
Most will sell into good news, any further bad news and its good night vienna!
"The Company has requested this extension in order to allow sufficient time to conclude discussions with cornerstone investors regarding the Company's corporate copper bond issue"
"the Company confirms that these discussions are at an advanced stage and the Directors remain confident that the bond issue will close"
Inching closer it seems, so getting over the line will be the catalyst, everything moves significantly forward then...dyor.