We would love to hear your thoughts about our site and services, please take our survey here.
I've emailed the Board over the last 18 months without a single courtesy of an acknowledgement, let alone a reply.
With regard to funding, the information is in the public domain from the last financial statements for the period ending 30-Sep-2023. Cash was US$2.280m with working capital of US$1.096m. Expenses in the preceding 3 months was US$1.411m of which general admin expenses were US$1.253m and recurring mining expenses of US$0.159m.
Costs for Q4 onwards may be higher due to the increased holding in HyProMag. In effect, using the Q3 run rate, they must be borderline out of cash as of today.
A year ago, in conjunction with the fundraising at that time they entered into a US$2.6m convertible loan with HyProMag Germany, which had not been drawn down as at 30-Sep-2023. It appears this money has been spent over the last 12 months. More importantly, where does this leave the progress of the HyProMag plant in Germany - we have zero visibility and no timeline other than commissioning or production is targeted within this calendar year.
The Board have plenty they could and should be keeping investors updated with but they choose not to.
Without the MDA and associated financing package, I’ve resigned myself to a bargain bucket equity raise as we have insufficient working capital to make it through to the end of Q1. Despite much to look forward to, the Board’s failure to communicate continues to frustrate. I was disappointed to learn that commercial production from HyProMag only commences in 6 months time. It would be great to get a roadmap for commercial production from the German plant as I suspect it will not be within this calendar year.
Sadly the Board continue to fail to communicate what should be easy and exciting story. If you don’t follow the story, you would be oblivious to the fact that we start producing magnets in the next 7 weeks and even if you do follow the story, we have received no guidance whatsoever.
Imagine the contrast if CoTec was in charge, it would be super exciting and you wouldn’t be able to keep Julian quiet. Chalk and cheese sadly.
I admire your patience Crumbs. The comparison with Sovereign is interesting considering they have a market cap of approx £140m at pre-feasibility stage, having already announced and brought on a strategic investor. Our rutile results, which longterm shareholders have funded are being withheld from us almost 3 years on ... for whatever reason ... it's not a priority said Alex.
We commence production of magnets from Tyseley this Q4, that means in the next 8-9 weeks but we have been provided zero guidance including on the economics ... when asked in the Jul-23 presentation, Will went to great lengths to explain the variables ... they must have a base case that they could share? What's happened to the sample magnets previously produced, have they achieved standard / met customer requirements?
The BOD do little to keep PI's updated and/or to protect the erosion of the share price ... the current market cap of
100% GLR.
HyProMag UK production is already pushed back to Q4 2023 as per recent Management Discussion Analysis, however, Will has also contradicted this by stating they are targeting commissioning in 2023 as per his "Near Term production" presentation slides with CoTec. I queried this on 22-Mar-2023 without acknowledgement or response.
My big frustration is that the Board don’t communicate and treat PI’s with disdain and I’ve been a shareholder since Sep-17. They have done nothing to shore up the slide in share price, they cannot even be bothered to update their websites. I contacted Will 10 months ago with concerns and again subsequently and have not even had the courtesy of an acknowledgement, let alone seen any improvements in comma. I suspect the MDA is still progressing given they have all recently awarded themselves cut price options upon approval of the MDA. The share price was 25p last June when we were expecting the MDA to be concluded imminently.