Member Info for DonkeyOatey

Anglo have drilled and the three holes have found nothing. That's not an irrelevance, that's a stated fact, and clearly indicates that perhaps Arc's licences don't have what was hoped. Anglo can afford a number of expensive punts in the effort to find large discoveries, Arc cannot and this is all they have - sadly it looks like Arc don't have anything of value. My prediction: NvS and co continue to bleed out all of the cash coming in the door into their own pockets, give themselves more no cost options in case anything of value is found, and then there will be another big raise in some months when they've paid themselves all the cash and need gullible fools to provide more cash to keep rolling the dice whilst paying themselves stupid money. You only have to research NvS' history to see his history of non-delivery in pretty much anything.

That's a truly excellent question - why buy this and not just bitcoin? Why paid £70m for a company with large overheads when holding £70m in bitcoin would cost you almost nothing (and pro rota of course)? Bitcoin may well be the outperforming asset of this year, next year or any year, but why pay salaries and listing costs just for a company to own bitcoin instead of buying the bitcoin yourself?

Not sure why you think this is worth £16m, that's the real question to be asked here. The only cash they have coming in from Anglo is more than spoken for by the greedy, ridiculously high salaries from the overpaid board, so a raise will be needed to fund any actual work. Anything about 0.5p seems too high to me here, especially with the massive liabilities here: the board with their snouts in the trough.

To you Gully, but I don't see anything here worth £70m, in fact I don't actually see any value here at £7m. I prefer companies with actual assets backing up their valuations, Stragety as you suggest and companies such as Coinsillium which you didn't (but which I am sure you are aware of.)

So, just to be sure I understand this correctly: NvS has been paid an absurd salary this whole time, and absolutely nothing of any value has been delivered for shareholders here. Hmm I do recall some people were warning years ago about NvS' disgraceful history in the only real job he's ever had of any distinction at Bumi - I hope people listened and did their own research into his history of failure and non-delivery, it sure looks like ARCM is heading in one direction only (hint: it isn't going up in value!) And all that Anglo JV cash? Yeah, that's pretty much spoken for in the absurd salaries these clowns pay themselves for delivering absolute shareholder value destruction. Perhaps people will wake up here one day?

"Mark Sale's bank account has certainly enjoyed success, when you take into account his salary and other fees from his company."

Agree totally, Sale is the only one making money out of FCM.

All a little fanciful, Auc1, unfortunately. Glencore have been a cornerstone investor in G11 for years, and yes they have a presence on the BoD but that won't change much. Plus G11 don't have spare cash to be buying up partner interests, they can just keep diluting us with further drilling which we can't afford to contribute our share to. The news that Glencore might be looking to dispose of Pallas Green though might have some opportunity, since Stonepark was always assumed to be the icing on the cake which made Pallas Green economically viable. I don't recall word ever being that Glencore wanted to buy, but I do recall that South32 or some other big player tried many years ago, but G11 wouldn't play ball so it all fell apart.

Problem is price of oil makes things very uncertain for expansion here, plus the awful behaviour of the CEO Welch when trying to wriggle his way out of his lie that there would be no further discounted placings, market's completely lost trust in him.

I forgot to say that I also agree with you about ignoring the talk re grant funding, it'll come when/if it comes (it would be very weird if it doesn't come, given the lack of domestic tungsten in the US and its place on the critical minerals list.) It is our belief that tungsten companies will eventually do what antimony companies did - dramatically head north. I expect GMET to get taken over for between US$300-500m, but that is purely a gut feeling, and I imagine it will happen within some months of the PFS for both Pilot and Tempiute. My partner communicates occasionally with OF and has an extremely high opinion of his level of professionalism and commercial awareness.

But as we all know, on aim there ain't no such thing as a sure thing. (But I think GMET is probably about as close as it gets.)

Good luck to you, Paul, it is always a pleasure to interact with other investors and shareholders, of all range of views, so long as we all keep it respectful and polite.

I don't agree with you about the warrants not having an effect on the share price - no matter what people say, I am sure that some people will be selling, just to reduce risk a little or deploy funds elsewhere to more balance in their portfolios (and that's absolutely no criticism of those people, just makes sense.) It probably is true however that the ACAM people who bought warrants from POW are likely not selling, since they seem keen to get as large a position as possible in GMET, and as we are large holders (by our limited definition) I agree with their greedy desire for as much GMET as possible.

I also don't agree that OF is more interested in geo issues than commercial (that's not exactly how you said it, but how I understood it) I think he is very aware of the commercial realities and I wouldn't say he has put a foot wrong so far. (I do agree that JVing Garfield would not be great, but nowt in life is perfect.) If you want to see what a disaster looks like with a commercially unaware geo CEO you only have to look at FCM where Marc Sale has completely destroyed shareholder value since listing, GMET is in a totally different league, and the contrast between two geo CEOs couldn't be clearer.

How sad that Jarvis are shutting up shop.

Can anyone recommend other execution only brokers?

Paul Welch showed his true colours when he announced that there would be no further discounted raises, and then did a discounted raise - and tried to BS his way out of it by saying some rubbish to the effect that it wasn't a discounted placing because word of the raise leaked out and the market price dropped to the price of the placing!!! Talk about a snake with questionable integrity, that is some of the most brazen behaviour I've ever witnessed on aim, hardly a market known for its integrity.

S740, I suspect that you are probably correct about the need for Sale to have yes men around him. The reality is that any worthwhile board would've stepped in long before this 79th disaster imo and ousted Marc Sale for his total failure to manage FCM adequately - it's that failure which got them into the mess they hoped 79th were going to rescue them from. For Johnniecomelately to be spouting off about Marc Sale being an experienced capital markets executive, or whatever nonsense he wrote, well... all you need to do is look at the complete failure of FCM's share price under his "leadership", he's been a complete disaster and the market knows it, hence the market cap is listed at c.10% of its listing valueation.

Perhaps it is time for the hapless Marc Sale to resign, and if he is too addicted to his two incomes from FCM, then any BOD with half a spine will sack him. What a complete fiasco this whole 79th Group rubbish has turned out to be - I recall an interview at the time with the StockBox people where he was proudly boasting how impressed the 79th Group were with the FCM management! Hahaha, more like laughing at them (as one does with a bunch of clowns.)

"Well at least Sean will be getting his annual jolly to Florida again"

Yes he does seem rather good at clawing benefits, freebies and options for himself, while the share price goes in one direction only under his very disappointing leadership.

They are not a "tad too high" they are significantly too high. NVS have delivered total shareholder value destruction through his disgraceful mismanagement of Arc's assets on the balance sheet and the need to significantly dilute at all time lows. NVS needs sacking and then Arc will fly. Get somebody competent in as chair/CEo with some integrity who isn't just another pig at the trough.

The problem with POW is the current poor leadership. There's a total lack of communication with investors and a failure to generate any excitement or explain behind the scenes progress. Total silence re UEE vehicle and what that will be used for. Total silence re FDR listing during a period of wild gold price rises. Total silence re GSAe which was trumpeted as promising revenue for financing the business in the future. No announcement of the use for the millions raised by selling half of the Guardian Metals shares at a big discount, why? If the money wasn't needed to invest in other projects which could earn more in the medium term than just holding the Guardian shares, why sell them? Such poor leadership here at POW now, it's so sad to see such great potential underexploited by poor leadership.

I think there's no problem with the lack of market awareness of the company. The problem is that the leadership here is just so poor. The only real value drivers at the moment were brought in by the previous management - the Athabasca Uranium and Guardian Metals. Wade has sold off too much of the GMET at too low of a price now, but POW still has some limited exposure to the upside.

Completely agree, Brian. FCM is one of the most mismanaged companies on the LSE in my view. Some of the worst, least commercially-competent leadership I've ever seen in the markets. Any competent board would've sacked Marc Sale he lurches from one disaster to the next.

Excellent to see GMET ending slightly blue on yet another horrible day. Speaks volumes to the faith the market has in the excellent management team here. Hopefully a US monster will come along and gobble this up, and Oliver Friesen can then go and rescue POW from the catastrophe which is Sean Wade.