Member Info for del929

I’d think a huge % of expenses between now & Nov will be the directors salaries, wtf aren’t they taking a reduction in salary to help with cash flow. After all it’s their lack of selling anything and terrible decision making that's got us into this situation.

I suggest everyone contacts YJ to request some clarity, how CS gets away with his continued vague RNS’s and updates is beyond me.

Is this latest “cash” issue preventing the release of the Annual Report or are they still trying to sort out the stuff from the end of June (approximately 9 weeks ago).

@Richard; “The board can wait till mid October and sell at possibly much higher palladium price”

Unless of course the buyers are now fully aware that we need to sell by late October or early November at the very latest and will offer a much lower purchase price. That’d make much more sense to me. Imagine if they’d just sold it a few years ago when it was valued around £5M, it’d have saved so many issues & costs for storage etc but nah, CS comes up with his masterstroke of keeping it in storage, pure stupidity to try do the exact same thing again!

I would if it was for a 1 way ticket to Siberia for CS 😂

@Officecat; anyone with half a business brain would never agree to stop their only source of income especially during a negotiation period. And if that was the case why ask for tenders to sell it?

Yet CS doesn’t mention any cost cutting measures, salary reductions, get rid of the deadwood on the payroll (there’s plenty of them) why continue to pay YJ to basically answer emails. CS should resign as he’s utterly useless. Is there any way we can call an EGM to vote him out, too late I accept but why should he continue to draw a salary for his failings!

@EIEO1; he used expected over 11 months ago so I’d not get too excited about it!

19/9/23; “The Board expects the WK concentrates to be sold at carrying value and we are currently evaluating offers from three parties who responded to the tender process.”

@Dattabase1; How many of the “genuine shareholders” post crap as well which is just as bad, possibly worse! I’m at a loss as to why anyone thinks our BOD are doing a good job. The negheads are pointing out the blatantly obvious, it’s up to CS to prove them wrong which to date he hasn’t!

@dattabase1; i think it’s cs & the bod who are giving the “negheads” ammo & plenty of it with their **** comms & performance. i had a similar response which i posted on here in july ref the ar and thought it didn’t sound promising then. hopefully they deliver it this week but i’m certainly not holding my breath!

Just had a response from YJ, I asked if CS has indicated how things are going.

“Hi, we were told that the aim is to try get it out by end of August as per the last RNS. If they are unable to do so, another statement should come to the market”

@Bfd; 2. The auditors and nomad are either incompetent or in collusion with the BoD in misleading the market.

They did all try to tell us in the suspension RNS that this year was 2023 😲😂. I’d say that’s fairly incompetent from three groups of “professionals” in an official release to the market!

@Spikey; the last cash update was 7.5 months ago (11 Jan) it’s highly possible that they’ve had £1.5M from the sale of concentrate plus more tax credits as well. They could easily have £2M cash yet here we are trying to figure it all out. They’ve had ample opportunities to update us on the facts but as ever with CS and the rest of the BOD that’s far too easy, they might as well put us through as much stress as possible and leave it to the last second to show us the facts!

@Offler; very well put and have to say I think you’re spot on. They have treated us appalling for far too long and constantly leave everyone trying to guess what is actually going on. It’s nigh on impossible to make any sense of what’s happening. There’s so much more they could and should be telling us. If this goes wrong CS is going to look like he’s deliberately misled shareholders & the market which won’t end well for him. The main thing that gives me hope is that DS owns just over 16% of the companies shares so why hasn’t he requested an EGM? I know he's assisting with the M&A discussions so must have an insight as to wtf is going on!

@offler; it’d be interesting to see the updated costs for WK now we have lower tax & the electric drag line but like everything else that must be under an NDA.

Assuming the BOD do agree a deal, what % of votes do they need to get it approved? I think some on here are going to have to seriously lower their expectations.

@IKN; yep no harm in people having differing opinions. Is there a point when you think the BOD should change strategy and go to production ie if the buyer just isn’t going to offer an acceptable price (that shareholders will agree to) our available cash is too low to continue negotiations or just a simple time frame, is another 1,2,3 or 4 years acceptable to you?

@spikey; spot on, maybe we’ve ran out of cash and are doing a Gowlings on GT and disputing the AR invoice 😂

@IKN; with regards to CS, I dispute that he’s the best person for the job. What has he achieved lately, $35m gone for the Rosgeo project, NYUD JORC details never released, Logik JV (wtf was that about), Gowlings dispute (embarrassing), his communication skills are zero, eliminates taking MT to production, appoints YJ as he won’t discuss anything with shareholders, dividend policy, EUA v2. It’s a catalogue of disasters and yet you're convinced he’s the best for the job, what’s that opinion based on? He may be a great Geologist but as EO & now CEO he’s useless and it shows!

@IKN; how many companies do you genuinely believe they are holding negotiations with? It’s all well & good feeding us next to fcuk all information so they should expect questions when they don’t achieve…. They told us on 19 Sept 23 they were “Evaluating offers from 3 parties who responded to the tender process” for the concentrate yet still no update on selling any of it! Surely even you can see that from every angle that’s very poor! If they’ve sold some then why not tell us?

With regards the asset sale, if parties are only willing to offer a maximum of x and the bod will only accept a minimum of y then at some point they’ve got to accept it’s not going to sell! Remember CS told us at last years AGM that he was very hopeful of selling this year, to not give us an update on that 13 months later is insulting.

The main focus for 2023 was selling the WK concentrate and the asset sale. We think they achieved selling half the concentrate but that’s still TBC and in any case it was probably sold in 2024. I can’t see many worthy candidates for salesman of the year 2023. I wonder how the numeration committee got on in Nov trying to calculate/justify their salaries for 2024?

This was the last operational update on 7 Dec 23. I know it’s been discussed previously but imo if there is nothing concrete in the Annual Report (whenever we get it) ref selling the assets the BOD needs a complete change and we should go to production! I know it won’t happen as CS doesn’t want that but ffs selling the assets just isn’t happening.

“The Company has prioritised the sale of its Russian assets and, as advised in the Company's 19 September Interim Results statement, this workstream remains the main focus of Eurasia's senior executive team. It is important to emphasise that, despite the now extended timeline, active discussions are maintained with counterparties based in Hong Kong and Russia, but as yet no terms have been agreed and, as ever, there can be no guarantee that Eurasia will enter into binding agreements.”