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I sold out... held on the drop much longer than I would normally because I thought it was just the general market malaise but when the last RNS dropped I got out in the 30's. Luckily I traded some in Jan so the loss wasn't as bad as it could have been. Wouldn't rule out buying back in but there are questions that need to be answered before I would commit any more funds to this. I am not in any rush.
-31/3 March there were 107.6m shares in issue
-112.7m now
-Sprott held 8.74m (8.12%) on 31/3
-Cannacord 9.99m (9.29%)
-Arconas 5.56m (5.17%)
-5m warrants exercised since then
-last holdings RNS 14/10/21 Huddlestone drops below 3%
If Sprott exercised all of those warrants he would now hold 3.7m circa 3.2% so no need...yet...for a declaration but getting close if it's him?
'· Given the challenging weather conditions, the Company intends to convert all its primary internal and connecting road network, c. 50 kms, to metalled concrete or black top roads, studies for which have been initiated.
· An area grader and bull dozers have been added to the fleet of mining and earthmoving equipment to enhance and maintain the road network.'
this one is a leaky ship .....
'Construction of the Sahamamy 18,000 tpa plant has continued but completion has been delayed by three months due to the difficult weather conditions and commissioning is now scheduled to start at the end of September 2022.'
I like these paras:
The Board also notes the significant degree to which future expenditure is uncommitted. Whilst the Board is pursuing maximum progress at Junior Lake, in a downside scenario the Board has significant scope to control costs and its cash management flexibility has been demonstrated over a number of years.
The Board is closely monitoring the cash position and took a strategic decision not to raise funds earlier this year due the likely inflow from the warrants and Lithoquest, whilst also considering the future plans following the appointment of Strand Hanson to carry out the Strategic Review. The Board wish to avoid a scenario whereby the Group has raised more liquid funds than needed, at the expense of shareholder dilution.
The Group will continue to consider all options to maximise shareholder value including reviewing the planned drilling programme and the Directors are confident of raising further equity should the need arise if, for example, the anticipated uptake from the exercise of warrants does not materialise.
Whilst the group has reported a comprehensive loss after tax for the year ended 31 December 2021 amounting to £4.0m, the Board is satisfied the Group will have sufficient cash to meet its requirements for a period of at least 12 months from the date of approval of these consolidated financial statements, however, the above conditions relating to future funding indicate the existence of a material uncertainty which may cast doubt about the Group's ability to continue as a going concern.