Member Info for DonJules

Hi Lee... mine is a similar story. I’ve averaged down and will break even a just under 2p. I am in it ‘do or die’ but less confident now. Everything hinges on that elusive 20% improvement in gold recovery... but is it possible? 67% will not be enough imo.

So, provided we have positive cash flow, we agree that the situation can be resolved to the benefit of all stakeholders. Just needs some creativity, vision and some goodwill. Fingers crossed!

Lee, imo the stumbling block is the shareholder loans. Why would the banks be in a mind to give up anything whilst there are these loans outstanding at high interest rates. In my dream scenario the main shareholders make some gesture with their loans. They could take a haircut themselves, reduce or even axe the interest rate, offer a debt to equity swap at a fair sp say 5p. They would benefit in the long run and then I think the banks might offer a new, realist payback schedule. It is called, give and take! What do you think?

That message makes sense but why oh why not say that earlier!
If you look back on this BB there are a couple of links to news articles from Nigeria which suggest that the full cabinet will not be installed until late July or, if not by then, September after their summer holidays!

Also... can anyone tell us what resolution 4 was? It had a lot of votes against.

Great research for those links, thanks.
Unfortunately, though it explains the wait, it looks pretty unlikely that the deal will be rubber stamped by the petroleum minister by end of June, will be lucky if it’s done by end of July!

Thanks jg for the feedback. 100000 percent committed... sounds good! ;-))
Did anyone elaborate on option 3... or on exactly what would happen IF talks broke down? There have been several debates regarding this on this BB but not sure if anyone really knows the technicalities.

Any pearls of wisdom gleaned from the AGM at question time or over tea and biscuits?

Anyone know of any news out there that might have precipitated todays drop?

I’ve been holding for the turn around once the BIOX is up to speed and gold recovery to target. However, the interims have unsettled my confidence because, though the gold recovery is improving, the cost of sales has risen even more sharply so even on increased revenue the mine is barely breaking even. Can anyone shed some light on this?

Good to see some LTHs posting. I’m surprised some sells today... wasn’t it obvious that they would not make the payment? Equally obvious that no debt restructure until they have demonstrated that the BIOX is working reliably and gold recovery is near target. They are paying the interest which is significant. Just to get to 18k oz this quarter would be tremendous... and go a long way to paying the current principal payments... then the banks might consider restructuring the overdue amount. I’m long... and waiting for that good news... hopefully in the October update.

The updated planning application for development of Wressle has not been ruled on yet! This was an application to extend the time before restoration which was part of the agreement to drill. Am I the only person who gets that? Or am I wrong? All Egdon need to do is start the restoration work... slowly... and wait for the application for oil production to be approved. All imho!