Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Have you been on the Sherry Neil? 1p? Not a chance, the BOD need the mcap to increase and at 1p this would never recover. The Chairman has deep pockets and has the ability to fund this alone, not that he will. Between 1.5 - 1.7 is my guess.
They've made a mess of this and it's looking deliberate. They suspend on ASX but leave AIM to run knowing it will crash the price. The only saving grace here now will be the Chairman putting his hand in his pocket.
A good summary TS! I think there are a couple on here that were looking to trade this and buy back at 0.20, unfortunately it's not worked out. The MM are happy to collect shares at 0.22 and flog them back to the market at 0.23/0.24.
It just needs buyer and it will move, these MM are sat on the Ask with less than 2k's worth of stock.
Peel and Berenberg clearly have a lot of stock to shift here. The company need to come and out and clarify funding plans.
I agree with the contingency Notrex, generally companies will don't like any less than 3 months worth of working capital however i'm sure our sticky hands will be more than willing to throw in more cash when the time comes and so in theory they could put this a little further. I don't know how much the drill in VIC is costing, would anybody like to guess?
I don't recall them ever stating that only one campaign can be funded, unless I missed it. The fact is we can only guess how much cash they have left (500-600k is my guess) and we can only guess how much it will cost to drill VIC. Cash burn has been 80-80k per month for the last few years that has now been reduced. Another positive is that a pick up in activity should increase the chances of leasing that rig and IF this can cover the majority of the monthly cash burn (it has been stated before) we are laughing. I'm not expecting any fireworks just yet but progress is good so far.
They're merely promoting the investment case, I wouldn't call that ramping. The cash situation was known back in the Spring, it was stated at the time that the company had enough cash to complete the SS. Anyone shocked by this revelation clearly did not do any homework.
The sp dropped because circa 13m shares were dropped on the market "at any price". This appears to be one seller but the question is who.
Those late trades explain yesterdays drop and qualify for a TR1.
Agree Jarvy. Pat has also stated on a couple of occasions that he intends to buy once the SS is released. The drop is a perfect opportunity, as is the need to raise cash. I'm not suggesting that he wanted this drop but it does present an extraordinary opportunity.
Not sure about that, this looks extremely weak. I've not seen selling pressure like this on the release of a SS for years. Obviously financing is the Elephant in the room so they need to act fast to get that sorted.
Agree with every word Jarvy. The trades just don't justify the drop but watching the order book throughout the day the Ask was constantly loaded, this suggests that there is a glut of stock that wasn't there yesterday. The board did say last month that they wouldn't raise at the price at the time which I believe was 2.2p so who knows. Also agree re ASX, I've never seen any advantage to a dual listing.
i've been back through the trades for my own sanity and we've had 6m in large buys. roughly 19m buys vs 15m sells, suggests either stock is coming from somewhere or the mm are taking the ****.
This is more than just a reaction to the Scoping Study, something else is afoot and more than likely a placing.
There was always going to be a need for CAPEX but I agree Earl, retail would rather take a 40% loss than wait.