The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
All this pointless if management can’t fulfill the task of being able to produce. Amongst the numerous problems is trust, how many people on here, putting egos to one side, truly trust what comes out of MM’s mouth or RNS beyond what are supposed to be audited number….be honest to yourself…normally the management would be replaced by now but given MM’s holdings we can’t, Blackrock is rubbing its hands together with each placement as they get a 5% uplift. We may get ourselves out of this s*(t sand ( I call it that because it’s like quick sand but smells far worse) but can’t help but feel that there is no incentive for Blackrock to become more active in replacing the incompetent management.
All you say is well and good…if you are confident that the current managment is competent enough not to slip on every banana peel left in front of them…
I see no realistic news that can be released before mid April production that will make a damn difference here.
If MM had any PR or IR intelligence he would undertake to issue monthly production but he is to PR/IR what Trump or Boris are to integrity….
“ Of course there will be rain.”
So forecast of significant improvements may well be as false as so many other forecasts the chairman has made.
“ The dam does not prevent rain from falling. The dam collects the groung water and stops it from going where it mustn’t. ”
Stating the obvious doesn’t alter the fact that the dam has not stopped it from going where it mustn’t and begs the question as to why not
As for the discount they have gotten, will very much depend on how much and how long. Based on his negotiating skills to date when I fear this will sting for quite some time. At least with the warrant there was a degree of transparency has to how badly the true cost of finance would be.
“ however unseasonal heavy rain caused high water levels which halted production, resulting in the plant being closed for a total of three weeks.
Work is currently underway to reduce the high water levels at the mine and introduce a permanent solution to resolve this issue going forward. This work has started and after completion the team will be able to once again safely access the high-grade ore bodies.”
From latest RNS;
“ ‘Looking at the first quarter of 2022, the firm said it was expecting production to improve "significantly" as the open mine pit was drained of water, giving access to higher-grade ore bodies.’” Is this a different open mine pit as compared to last year?
Also what’s to say we don’t get more rain Q1 2022?
Thought the fortune we spent on the dams was supposed to provide a permanent solution or was it a different type of rain this time
They did it in order to get a discount….why else buy at 6p without a warrant…this will hit our bottom line for years to come….the problem with Wres is management unable to manage….how many more years are they going to blame the wrong type of rain…
Fine dining…we are in the soup kitchen….this is ridiculous and will MM show his face and talk to us…will he ever. Supply chain problems not fixed from q3, rain issue still not addressed, does anyone know if there was exceptional rain in December, bear in mind we have spent a shed load of money on a dam and a second one was supposed to be built. You know the off taker would have negotiated a discount in return for bailing our butts out which will depress our EBITDA for years to come. So no fine dining for us for many years to come…perhaps a KFC if we are lucky
The elephant in the room is that we recently had a 6p placement with a 12p warrant up to 24 months later. The offtaker didn’t just buy the shares at 6p, you can be damn sure they got a healthy discount on future off takes that does not need to be mentioned due to commercial confidentiality and all of a sudden our revenue will be impacted for an Unknown period….and given MM’s talents you can be damn sure we have been well and truly sc#£&ed
I agree, but when he refuses to appoint a CEO..insists on doing it remotely from Australia and takes on a couple more jobs what else can you expect…forget about not having his eye on the ball…he isn’t even playing the same game …
Your family must be so proud…
Point is missed..my issue isn’t with obtaining the licence…I want to know if they submitted the documents they said they would…when they said they would….
This is just the submission by us…it’s not them approving it…we can’t blame their bureaucracy for our inability to submit. And if what you say was the case you would think MM would know it and not make a false commitment….like providing update before year end…
Great they have dragged a customer in to buy 10% of the company and lest we forget…Blackrock gets an additional .5% of the company as a result…but let’s look at the underlying f#£& ups…
The second dam was supposed to fix things, in conjunction with the silo….yet neither appear to be completed on time (god help us if they have been and we are still in this mess).
Supply chain was identified as a problem in Q3 and still not fixed
If December was out, we only produced 105 tonnes in 2 months that rain wasn’t too bad….
Whichever way you slice and dice it was an abysmal quarter….other companies the chairman would at this stage have the decency to go forth and multiply and bring in someone who knows how to do the job properly.
RNS 21st October…
“ "In September, the Extremadura region of Spain, where the La Parrilla mine is located, experienced torrential rain fall for a period of time. Although the mine continued to work, production did slow due to the wet feed being fed into the plant. The team at La Parrilla is looking to introduce a silo to hold a minimum of one weeks' supply of dry stock which should negate the problems caused by similar flash flooding.
"Work at the mine has continued with new staff recruited and the introduction of a 24 / 7 operation seeing activities increase throughout the mine. In Q3 2021, work commenced on the second water dam which we expect will be completed in November 2021 and will serve to protect the mine from further water issues.”
Do we need a third dam:(
“· Construction of the second water dam underway with target completion in November 2021”
“Iberian Resources Portugal ("IRP") has now received the Régua mining licence, which was signed by the Directorate General for Energy and Geology ("DGEG") on Thursday 28 October 2021. This now clears the way for the environmental study to be submitted which is planned for Q4 2021. Approval of the environmental study will allow the release of the underground mining works authorisation, which is a key condition for the commencement of mining.” …knowing it highly unlikely that it was…
After yet another miserable year, finishing on a large share dump it appears our suffering is far from over. Now the sale could have been a desperate act of an investor left with no choice…a tragic scenario that but for the grace of God awaits us all. It maybe an act of someone who didn’t want to go into another year with this albatross around their neck, can’t blame them if they did it as there is no indication that the company has learnt any lessons…just take MM’s commitment to update us by year end, which did he gave in November. You have to believe that if that snake oil merchant had any positive news his ugly mug would have been plastered on Proactive….instead we have radio silence which on prior experience is them scrambling to rectify self inflicted wounds.
As for us remaining mugs, either we were rally smart and bought at 5p and we will be pleasantly surprised that Mr and Mrs **** up have not visited Wres in Q4, not me I hasten to add, or you are long suffering shareholders who will see our losses reduce a little.
Whichever way, I hope you are safe, over the last 5 weeks have gone from not knowing anyone close with Covid to knowing far too many, albeit milder and none in hospital thank god but it’s still scary and in the UK it’s the added fear that with so many Healtcare professionals coming down with it that the already severely stretched NHS maybe unable to support you if you become ill so pls take care, whether you are a ramper or a deramper.
At 4.50 showing as unknown ….. it must be a sell….
12 months ago, height of Covid….we were 12.75p new money…pls try to put positive spin on that….and am calling it….no update by end of calendar year, anyone care to guess who broke that pledge…for the sake of Wres, MM needs to step back and do his other daytime jobs and appoint a competent CEO to take us forward in 2022.
Fingers crossed, been feeling that the management of the company has been outsourced to Trotters independent traders (for all you Only fools and horses fans) ….we will hopefully be a little better informed in the next month….