Member Info for daniscp1906

Chill mate, didn't say it was stopping me from investing but find it to be a red flag that he was willing to rinse the company $700k in cash p.a. when liquidity was a problem back then. As I said, well done to him for turning this around. And well done to you for having believed in it and invested in this since the lows in 2020 etc.

Let's see what the Abra tenement shows, there are some blocks nearby which have been drilled already by others and have estimated resources so can somewhat read across as to the potential of this (but I'm sure you know all about given your knowledge of Metals Exploration)

I'm not a shareholder. Just seemed a majorly off-market comp package vs other companies the same size and somewhat of a red flag. Of course it would be more believable/acceptable if he had chosen to defer his base salary (or get paid in shares) when the company was on the verge of bankruptcy.

Having said that, he's clearly done a good job here.

What's the deal with Darren's monstrous salary since 2019? It was 720k just base salary back in 2019 when this had a market cap of £10m and was on the verge of bankruptcy. Now its over 800k. Add to this all the free options given as incentives seems quite a high comp package for a small cap. Any views? Was he getting paid in cash even in 2019 or was it deferred given how fragile the financial situation was?

We'll know if the true potential of the Botswana licenses is real when we get a notice of takeover of ENRG Elements by Arc Minerals. ENRG Elements still retains a 25% stake in the Botswana licenses (which ARC can purchase for $5m USD). ENRG also has a 1% NSR (that can be purchased for $10m USD). Before any deal to sell the Botswana license to a third party, Arc should buy ENRG off (Current Mkt Cap = ~£1.5m). On top of the remaining stake in the Botswana licenses they also have 2 or 3 other licenses (Lithium, Uranium and Copper). This is how shareholder value is created.

Https://wearevuka.com/mining/battery/

Could see that Molulu was discussed in one of the panel sessions:

"How to ensure the sustainability of projects such as the Molulu Copper-Cobalt Project for critical minerals?"

Don't think that's correct.

The release says:

"...agreed to issue 12.1m warrants to NIU conditional upon the completion of the NIU Investment"

and the "NIU Investment" is defined earlier in the release as "injection of up to £2.5 million ("NIU Investment")" What is uncertain is the exercise price for these 12.1m warrants.

Also who knows whether they issue more warrants on top of these when the £2.5m actually is invested.

No, its 1.9m in relation to the £350,000 being issued + an agreement to issue 12.1m conditional on the fundraising of the £2.5m which is currently being discussed.

Now £350,000 issued at 2p Conversion. +1.9m Warrants at 0.005p

Still no sign of the entry price of the £2.5m investment. If the entry price is 2p then the share count will increase from 67m to 321m. A part of me wants to believe that all these shennanigans of the CLNs + "free" warrants will make up for NIU Invest coming in at a substantial premium to the current share price. So on average their position will look better but because they are entering at a premium to the share price, Russell won't look as bad.

The only positive is the counterparty looks reputable. NIU Invest SE is a large private equity. A couple of months ago they did some financing for Phoenix Copper as well. Basically subscribed to 100% of their $80m bond in exchange for ~25% stake in the company as "arrangement fee".

There's a few moving parts:

1) So there's a term sheet for £2m subscribed by NIU Invest SE but no reference to pricing. Judging by 2) and 3) it will probably be a great deal for them though

2) There was a £1.6m of CLNs issued in April 2024 at basically 4.8p or the market price (if lower). They carry a 10% coupon. NIU Invest subscribed for £1.0m of these. No warrants issued to CLN holders but 600,000 issued to Fox Davies as advisors

3) £105,000 issued as a CLN today to NIU Invest and convertible at 2p. No reference to pricing. 4.2m warrants issued at 0.5p.

Assuming they subscribe £2m worth of shares at 2p then shares oustanding will likely increase from 67.4m to ~167m. Add the CLNs and other warrants then we're at ~250m shares. I wonder how RF justifies that vs his previous comments about targetting 70m (?) shares?

They bought in 12-18 months ago when M&G sold out. Don't think they were brought in to OPG as short-term investors by the Gupta Family.

Where do you see the images?

The way the solar assets would have been financed is with a mixture of shareholder loan and equity investment. Any distributions from the project later on are then used to pay the shareholder loan interest first and any excess is paid as a dividend.

The two instruments are usually thought of as "stapled" together i.e. the same entity will hold the equity and the shareholder loan. It looks like OPG as sold the equity portion but not the shareholder loan which is unusual.

The only reason I see for it to be structured like that is because the party acquiring the asset is interested in claiming that it owns 30% equity stake in solar assets with a capacity of 62MW. So on a pro-rata basis it has added c. 20MW to its portfolio at little to no cost. The power producers especially listed ones are typically focused on MW's Installed. It could also be that they didnt have readily available cash to buy the shareholder loan and that will come later.

The good thing is that essentially what this is implying is that OPG's investment in the solar assets as been valued by the acquirer of the equity stake at the value of the shareholder loan (£10.8m) + £210,000 so a total of £11m. This is higher than I expected, I value the shareholder loan + equity in the solar assets at ~£7m.

Already at 20m Shares, 2nd highest traded volume in a day in the last 12 months (only largest day was post signing of the AA JV in April 2023). Either the rumoured placing has leaked or the swedish fund is selling all that it had left

RF has some credit for having retained all his shares (actually bought a few more) since IPO. The IPO was at 5p and over the last 3 years, CRTM has traded all the way up to >30p. How tempting must it be for a CEO owning ~20% of a company to have at least partially sold some shares throughout this time? Even more so with his background given he's a Finance guy he knows exactly what valuation is and how volatile share prices can be. The fact that he's not sold 1 share means he actually believe this is worth quite a bit more than current levels and even levels we have consistently been at in the last 3 years. Yes, he probably overblows a lot of the news and delivery last few months have been questionable but hiccups do happen and I'm confident he'll find a path to overcome them and deliver shareholder value.

Never replied to me either. I've even sent an email to the Chairman and nothing either.

Need to find out who is behind Prana GP Limited and Talisman 37 Limited and get them to start pressuring the Guptas to focus on share price as well. However, the reality is they bought in at January 2023 when OPG was trading at 6p. So within 12 months they have doubled their investment from ~£2.5m to ~£5.0m so don't think they'll care much if this moves sideways for a couple of years.

From my calcs still about ~10,000,000 shares left (

Good news comings shortly, otherwise this wouldn't be in the calendar...

_____________________________________________

Join us for an InvestorTalk with Russell Fryer from Critical Metals PLC (LSE: CRTM) from 9-920 AM EST on Wednesday, March 27, 2024

In other developments, FQM is making progress with its balance sheet initiatives, including the sale of smaller assets and minority stakes. CEO Tristan Pascall reported strong interest in the sale of the Las Cruces mine in Spain and the Zambian business. The Las Cruces sale is said to be well advanced.

First Quantum is also evaluating the possibility of a minority investment by strategic investors in its Zambian operations. Pascall expressed confidence in the investment climate in Zambia and reaffirmed the company's commitment to the S3 Expansion at Kansanshi.

Why are you including past costs for 2022?

30 June 2023 (Interim Position)

- Cash of £60k

- ST Investments of £230k (Listed Stock Positions)

- Trade Receivables £1.1m (£150k of Tingo Shares and £1.0m Shares to be issued in the listed vehicle that bought Casa, no update on this I don't think)

- Of this hence there was effectively ~£400k of liquidity

The payment from Anglo was not in the Interim Accounts, you can see no cash came in during those 6 months. So the expectation was that it was still at Unico Minerals JV level and hadn't been upstreamed. The payment to ARC was £1.9m

So that payment + liquidity at 30 June 2023 means Arc has liquidity of ~£2.3m. Another £500k will be received from Anglo in April 2024 so a total of £2.8m of Liquidity.

This will be used to pay:

~£1.25m (H2 2023 Cash Costs)

~£1.30m payable due to various members of the management team for some options they surrendered (note this may get extended if they act in good faith)

~In 2024, assuming a reduction in professional fees, there will be an additional £2m of Cash Costs

So there is a £1.7m funding gap until end of 2024 (if there is not an agreed delay for the options surrendered compensation).