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Great post Norm, sums the last 2.5 years up nicely, I don't know your position or you personally but it sounds very similiar to mine. I invested in 2020/21 on the back of the JV and Silver potential at EH and ( Greenland) that was touted around but like everything UFO touches came to nothing!
I've held share,averaged down at times and to be brutally honest have spent more than I should with this lifestyle company. If / when UFO goes bust it will not effect my life or my retirement in the slightest but it makes my blood boil the way UFO have operated in the last 2 years.
It's verging on fraud and almost criminal the way PI's have been misled, I've said it before and I'll say it again, the moment the BOD realised the value of iron ore in the ground they had no intentions of ever mining it. The goal since that point has been to prove up the asset using our money, drive the company into the dust and offload the iron ore.
The BOD aren't in talks with anybody about a JV, we are in such a position of weakness we have nothing to leverage in a negotiation and the big players know it. We can't raise funds to mine and we are running out of money, it's just a question of when we fold. The BOD know this and they will make sure they are well looked after,we will get nothing.
We fundamentally got away from our core business, prove ground and JV it off, I mentioned previously that we had a very binary choice, proceed with EH or Iron ore. We chose the latter and it was the wrong decision, iron ore prices are in decline and silver is rising. We should have drilled EH further and got on with dewatering the mine, we could have JV the asset, starting producing some revenue and then made a decision on hanc##k.
We had the chance to make some money, the BOD have blown it and both assets will be offloaded for peanuts. Its pointless me selling at these levels,I now get a front row seat to watch this company cease to exist in the next 12 months, I do not think we will be here in 2025, thanks UFO.
The question is do I sell for peanuts and stick it in a long shot to try and claw back some funds or leave it in here and wait for UFO to go bust....
Another HE1 10 bagger would do nicely any suggestions anyone?
@Leweyman that really does put things into perspective, I wish you the very best.
FFS you clown,here we go again, the paid trolls and shorters quote, you couldn't make it up!!Nobody, I repeat nobody is being paid to troll this scam company. There's alot of LTH PI's who are sat under, I am one of them, it would ve nice to read this board without your constant drivel plastered allover it. You are talking complete boll##ks and have been for the last few years, go and find something more productive to do with your time you sad man.
Max you're a clown, you are either payed per post by UFO or an employee but you cannot defend or ramp this shower. The company is circling the drain, we won't even be here in 12 months and you're excited, complete muppet.
Well,the UFO BOD have finally shown their hand, I posted here as a LTH a few months ago and was royally shot down by max and co. UFO is dead in the water but now it appears this was always the intention, PI's have been promised Jam tomorrow and when it's time to deliver the greed sets in from the BOD. They've used PI money to prove up enough of the resource to sell it off, the reason why we've had such a turn over in CEO's is because they've had chance to look behind the curtain and they didn't like what they saw.
The mining agreement will come but the SP will be destroyed by then, UFO will be 'forced 'to sell hanco## to keep the lights on. The question now is to who, the BOD already know who it is going to, they have done for some time. The moment the BOD realised the value in the ground they never had any intentions of letting PI's benefit from it.
It's the same reason why we don't have a new ceo, whats the point, they need to decimate the SP to offload hanc### for peanuts and the likely hood is UFO isn't going to be around in 2025 anyway.
Im too underwater to do anything about this now, but UFO is my last punt in the AIM markets, its not even a gamble anymore, its just fraud and greed. The last 3 years have been a complete waste of time and money, somebody is going to make money out of the iron ore in the ground but it won't be us,it was never going to be us. Good luck to you all,I hope nobody is stupid enough to put another penny into this scam.
The BOD of ufo is useless, no news and a day closer to another placing....
Typo in previous message,should read the 'aren't' going to wait until they run out of cash for another placing.
No placing until next year,dream on max.They are going to wait until they run out of cash for another placing.They just haven't had any news flow to pump the SP, the minute we get news on KNAC and we get some traction in the SP we will get pinned back with a fund raise. The state that there won't be a fund raise until 2025 is a stretch even for you.
I would like nothing more than the SP go to 10p and we can all sit on this BB telling eachother how clever we were. The KNAC isn't the thing thats making me feel uneasy, it's the CEO departures and the lack of new appointment that is.
The last 3 appointnents have all been privvy to whats going on behind the scenes and all 3 have cut and run,why?
They've dumped their shares and ran for the hills and we can't even find somebody to replace them, something is fundamentally wrong here.
We can all talk about the price of Iron ore and PM's but that counts for nothing if we can't do anything with it. I'm stuck here and if it was worth selling I would but I can't. My posts as always will be put down as deramping to get a better entry blah blah blah my the true believers on here. But something isn't right with UFO and I do think the iron ore is going to get syphoned to a subsiduary by the BOD just like the tailings at EH were.
Alot of us are still underwater,some of you aren't but the constant jam tomorrow ramping is too much. I think if/when the knac comes it will be swiftly followed by a ceo appiintment and a placement and the iron ore will be offloaded.
I hope I'm wrong,but if I was running UFO as a lifestyle business that is exactly what I would do. There's too many shares in issue and the performance payment is too high to make this viable, the only value is the iron ore and the BOD is too greedy not to take it.
If the business was so solid and on the path to generating substantial revenues shortly why have two experienced CEO's quit in as many months and sold all there shares and why can't we find a replacement?
Name one positive thing that's happened in the last 6 months?
The constant ramping on this board is shocking, we are 1 bad rns away from never recovering and let's be honest the only reason we haven't seen a placing is because the SP is at rock bottom.
This will get pumped on the mining green light, pinned back with another placing and sold off.
I've posted here a few times before xmas and I'm afraid my gut feeling is coming to fruition. We've had nobody appointed in jan as promised by the BOD and the SP is getting pinned back by somebody offloading alot of shares.
This company has turned into a complete scam, the amount of insider trading that has gone on in the last couple of years is criminal. The SP was pumped just before xmas so the last guy could get out with most of his original investment.
It's become obvious there was never any intention to mine anything, the iron ore will be getting sold off for peanuts, my gut feeling is the BOD will be looking to offload the iron ore to a subsiduary company.
Ask yourself this, we've had 3 resignations in 18 months and now the BOD can't even appoint a 4th, why? What is going on behind the scenes that's causing people to cut and run, aomething isn't right with this company, people can ramp this as much as they want but I'm afraid UFO is circling the drain and as before the crooked BOD are letting people in the know get out before they put the final nail in the coffin.
I'm so far down at this point it's not worth selling,my only hope is that by a miracle there is a buyout and i might get some losses back but all the talk of 3p/4p/5p is a pipe dream.This company is done, good luck to you all.
CJ how do you see the performance payment impacting those figures?
Got to disagree, regarding Iron ore, producers are looking to cut energy costs,high grade deposits will always be in demand, finding a JV isn't my worry,the our margin is.
Bill back as CEO, is this guy serious? He made a mess in mexico and was never in a million years going to take UFO into production in OZ,right man to find the iron ore,wrong man to get it out of the ground. That said if we don't find the right guy and get the performance payment rehashed we won't be mining anything.Still sitting tight for the placing to be announced, I'm going for end of jan, give them a few weeks to release some news and pump up the SP a little.
I would like nothing more than UFO not to do a placing in the next couple of months, but they aren't going to wait until they run out of cash.
We all know how this plays out, new guy in,decent update on DFS RNS, pinned back with another placing. My biggest worry with UFO is holding for this long ,getting sold for next to nothing and getting very little profit once it's sold. I honestly don't think UFO will get a spade in the ground in 2024.
We can all sit on this BB and try and spin whatever positives we want out of the situation, the only thing I want to know and unfortunatley I don't think I will find out until it's too late is why 3 people have taken charge of UFO in the last 12 months and all 3 have walked away.
If this was such a guaranteed win then why walk away? Something isn't right and people who are in the know are jumping ship,why?
I'm stuck here like alot of other PI's and this BB has turned into another LSE echo chamber.I want this company to succeed like everybody else, I've invested alot of money and I'm in the red,but the moment anyone appears the slighest bit negative on this BB they get attacked, theres something fundamentally wrong with UFO at present,people in the know are walking away and I'd like to know why.
Time to just face facts, we've been had, the ship is sinking with all the PI's still on board,myself included
Why am i wasting my time here,because I've been sat underwater in the dog for nearly 2 years, i stupidly bought more around 0.2 to try and average down, but after todays RNS it is quite clear what direction we are heading in 2024.
$ 70 per tonne to mine and $140 per tonne for iron ore now factor in chinas slow down and iron ore hovering around $120 per tonne and offset the 50% performance payment and things don't stack up as easily do they,like I said the margins are too tight and Rod/Troy can't make the numbers work. The only way out of this is somebody with more clout renegoiating the performace payment to something more realistic, I can't see this playing out any other way, we get pinned back with a placing and hovered up for peanuts deal gets rehashed and everyones a winner, apart from us, but at least bill,rod and troy got out in one piece.