Member Info for Dan1605

If I didn't know better I'd say Tamer was looking for a quick trade. He doesn't seem interested in the fudamentals, potential placings, results, he just wants to talk this up to sell out on the spike.

It's all opinion Tamer, sorry if it doesn't suit your narative.

Agree with every word Legal. £1.2m of that £4m was spent on the Danglay gold project, what an absolute waste of cash. As I've said, AH was left with a company on life support and some of those that allowed it to happen are still on the board. I've also made my feelings clear about AJ but called out for being negative. At the end of the day Adam is an extremely experienced Geo, he may just need another pair of eyes on these projects. He's had a pile of cash to go at previously, he's asked if he can have some more and CB has called Novum and that was evident. How many times did we hear "we'll drill a few holes here and a few there and then we might come back to do some rock chipping"
Things are much different now, there's no cash pile which means putting more thought into operational plans.

AH is the reason I'm here. I look around AIM and ask myself where else would I stick my cash, who else has the credentials of AH and can be trusted. AH comes across trustworthy and that's half the battle. Let's be honest he was left nothing more than a wreck when he joined, no cash and no direction. There's still a hill to climb and we need some luck along the way but I'm sure he'll get us into the best position.

On another brighter note (depending on how you look at it) the warrants could bring in £1.5m assuming they're all converted. Personally I hope they aren't as 200m shares will take a decade to shift. A JV is certainly needed and I suspect it will be on Hurricane rather than Creswick as the resource is already proven and more attractive to a partner.

A very naive approach. The biggest threat to any PI is a fundraise where 9 times out of 10 we get shafted. How many times have you seen a future placing mentioned in a RNS?

Let's also not forget the payment to Placier Gold if it goes ahead. A cash payment of a minimum of 250,000 and a maximum of 750,000 AUD. Let's go down the middle - that's £300,000. Likely to come before September.

Let's also not forget the payment to Placier Gold if it goes ahead. A cash payment of a minimum of 250,000 and a maximum of 750,000 AUD. Let's go down the middle - that's £

Thanks Gino. These were my calcs, but like I said, *** packet.

Cash at March 22 - £1.2m
Cash burn from March to Dec 22 - £900,000
Rig Purchase cost - ??? Est £200,000
Asset sale - £500,000
= £600,000
My thoughts were that cash burn would raise to £1.5m running two crews. Like you say, a raise again within 6 month if not additional revenue can be found. I need to look at Royalty's.

Just out of interest Gino, how much cash do you reckon they had left in the bank pre raise? My *** packet calc suggested 700k but I suspect it could have been lower.

If it is a problem they're certainly not letting on. Adam casually mentioned they would be back twinning this year. On a different note there were a couple of big buys into close and there's no smoke without fire with this company. RNS tomorrow I suspect.

HITS - why would they be producing 5mmscfd with a 2nd compressor when they're producing more than that now? 7 was the target which exceeds the hedge.

HNY Snip, it was a comment made by AS on Twitter a few months ago. I also asked him why the directors hadn't taken part in the placing to which he replied that they had asked but were not allowed. I assume it's to do the sale of the Philippines asset.

I find it bizarre that Colin/Phil didn't take the subscription and I find it even more bewildering that they managed to flog this to retail with little discount, the placing is a kick in the b*llocks but somehow they've got this away with a small discount. The warrants will certainly be a problem and will hold us back for some time., 2p is a long way off unless we can land a JV.

AH and CB are like chalk and cheese. I think CB used to tell the market what it wanted to hear whereas AH tells it how it is regardless of what the markets wants to hear. His approach won't get us to 4p without a solid operational roadmap and solid results but it will inspire trust over time which is good for long term investors. I doubt we will hear AH talk about a JV without a strong possibility. He is well connected and no doubt trusted within the industry, if anybody can get a deal he can. If he mentions then we can be assured there is a strong possibility it will happen.

As for the phones ringing off the hooks we'll never know but in my opinion it was rubbish. A few things didn't add up but that's just my opinion. ECR is in the best position it's ever been in operationally although the recent placing will cause us issues sp wise.

Spot on Gino and some will sell out at B/E if they feel they won't see a quick return. It shouldn't drop much under .90.

It's because non investors probably don't understand the importance Mental, RNS's like this need explaining so people can understand the significance.

Hard to say Mental but from memory we've sank £1.2m into it so we need a decent price. I can't see us getting anywhere near this to be honest plus we only own 70% which is an added complication.

Hi Legal! The 80K comes from the CB days and I'm pretty sure included exploration costs. I've based it on 100k to allow for inflation. With two rigs running this year lets assume costs rise to 120k (again finger in the air) which gives us around 12 months cash assuming no large unexpected Capex costs. I'm sure CB mentioned that the 2nd drill was 100k when they first looked at purchasing it.

We can only guess at current cash but they had £1.2m last March. Cash burn is/was around 80-100k but then we had the propery sale of 500k so that takes us to 800k pre placing. The question is how much was the drill and what were the "favourable terms". So, 800k + 900k minus the drill, I think!