Member Info for Culpepper

Crikey. I wonder how many copy and save other peoples unremarkable posts.
Brings a whole new dimension to this bb malarkey.

Looking through, old Mr. Day really dipped out on the option award stakes. Maybe right place, but the wrong time. 5mil at 25p exercise price. Having regard to the latest awards, there’s probably room to revisit that

funders

He can’t commit, can he?
It’s simply impossible for him, or Ggp, to work in isolation from Havieron JV partners, and the proposed finders. And there may be other matters to deal with I’ve never heard of. I don’t know about such, but it seems probable to me Australian authorities will likely have a say on the overall plan through to decommissioning the mine.

The whole business requires coordination between the various parties. It’s a business matter. Nothing will be hurried to please a few PI’s.

“Whilst the Company and the Banks have entered the Commitment Letter, financial close of the proposed facility and draw down is also subject to customary project financing conditions including completion of reporting requirements, Feasibility Study criteria and agreeing final documentation.”

The DTM cannot be put into effect, and therefore is unlikely to be announced, until such time as the banks have reviewed the study and determined that feasibility study criteria has been met, monies can be advanced,and final documentation agreed. Putting the cart before the horse would risk them looking like the twits they would be.

Passed.
Ian Smith, Executive Director, commented: "After many years the business is back to a stage with a sensible level of debt. It is a profitable business that can look to the future with conservative optimism. We will look to our strategy of diversifying the revenue base, potentially through acquisitions and strengthening the board and management teams.''

We had and can expect a bit of dilution - Wyloo warrants. No matter what you think of broker prices, per share it’s taken into account.

Share prices can’t always be fathomed, can they? Fact is, there are sellers.
I’ve never been convinced to expect huge things on what amounts to size,life of mine.
More on efficiency of productivity, and the amount of it leading to profitability within say a 12 month production cycle. That is unclear, but will come from the study, for the purpose of a DTM, ongoing finance, and all the rest of it.
Then when it gets going we shall see how they’re doing as 12 month reporting periods pass. Usual thing with shares.
Then there’s the unknown, price of gold, with about 20times the amount of paper gold traded as the physical. But I’m not up on that. Anecdotally, I think many expected it to be on the way up by now. But it hasn’t happened in a meaningful way yet.
Anyway, I’ve no doubt Mr. Day will leave PI’s with a warm glow. Can’t do any harm, as long as it doesn’t lead to setting up unfulfilled expectations in peoples minds.

It will encompass that, won’t it? I don’t need the nuts and bolts. I accept the less convinced do.
Technical work to support the development of the Feasibility Study continued during the quarter. While the study remains in progress, it will be extended beyond the December 2022 quarter to allow further time to maximise value and de-risk the project. A further update will be provided as value enhancing options are assessed

§ The extended study will seek to de-risk the project by capturing the ongoing successful growth drilling campaign and allow potential resource conversion to increase production potential and mine life of Havieron

§ Further optimisation work is underway as part of the Feasibility Study which will contribute to offsetting any potential impact of inflation

It’s also possible that the our new board have advised Shaun not to get too involved with pandering to Pi’s.
——————-
Agree. Never does good. It can amount to puffery around the facts.
Already got to the point where people are looking for explanations for what’s already been explained adequately in the proper way through the RNS.

On Havieron alone. It’s hard to put a valuation on the thing isn’t it? It tends to be all in the sitting value and then the potential of the asset size, and then onto the amount of sustainable profit over say a 12 month time scale. Until that time is reached there are many more variables wrapped up in the technicals of the mining operation. We shall learn more about that soon. The banks want to know too.
Some ideas are given here. https://corporatefinanceinstitute.com/resources/valuation/mining-asset-valuation-techniques/
But I’ve moved on in my own way to the vision of a few years on now, Wyloo investment and all that. Timescales are somewhat large, though.

https://www.mckinsey.com/industries/metals-and-mining/our-insights/the-mine-to-market-value-chain-a-hidden-gem

Don’t know anything about Donald. Don’t hear it in or from America - but I suppose it’s not in everyday use there, or here.

The term "fear, uncertainty and doubt" appeared as far back as the 1920s,[1][2] whereas the similar formulation "doubts, fears and uncertainties" reaches back to 1693.[3][4] By 1975, the term was appearing abbreviated as FUD in marketing and sales contexts[5] as well as in public relations:[6]

One of the messages dealt with is FUD—the fear, uncertainty and doubt on the part of customer and sales person alike that stifles the approach and greeting.[5]
The abbreviation FUD is also alternatively rendered as "fear, uncertainty and disinformation".[7]

https://the-international-investor.com/investment-faq/holding-foreign-stocks-isa-sipp

I think there’s something in that. Don’t like words like fud, they’re so yesterday.
I am pleased we now have a fully experienced BOD. Hero worship is a one way street.

And despite them selling a few, looking ahead, as and when, the way is open for Tribeca to take more with their £22m. indication.
On anything arising, it is now hard to see as time passes a raise at less than 8.2, and possibly less than 9p. And though I don’t know, it is open to suggestion that Wyloo as prime movers will not wish to have their voting power diluted.
So, it seems to me there’ll be a premium to the price we’re at.

And the warrants will cost Wyloo £35m. For completeness. As per RNS.

Yes. 9p. will be their average. As per RNS

They’re up to speed. Their paperwork and calculations needs to be also.