Member Info for earningacrust

Have to concur with you blacksheep
I think JP has been found out on this particular matter, ie failure to adequately plan financials , as can be seen it is a bit of dogs dinner as there was really no plan in place at the time of announcing the Redmoor acquisition other than hoping the $4m was coming in from a customer that was already behind in paying.

I think we need to distinguish investors from shareholders, most of us are shareholders not investors and we sit at the bottom and JP will say and do what's necessary to keep shareholders on side, as he said a few years ago along the lines of "give them a few drinks and they are happy" stuck in my mind that as it says alot about him.

yes its here lol

Hi Fira , nice to hear, all good here thanks, I've passed through MM but never spent any time there , lovely pies ! I was spending time in the garden weeds etc a constant battle

I hope something good happens this week in answer to Stockdale

and are you ready for the week ahead ?

RNS dated 18th March "Whilst the Company has sufficient cash resources to fund the acquisition of NAE's interest in Redmoor, it is exploring non-dilutive funding alternatives with a select group of potential investors, at both a holding company and project level. Taking full control of Redmoor provides a significant benefit to the Company as it allows it to, solely, set the timing of project developments and, hence, the potential need for cash flow."

From RNS 8th April "Commenting, John Peters, Managing Director, Strategic Minerals, said:
"Recent meetings with wholesale mining investment funds have highlighted the level of interest that the Redmoor
Tin/Tungsten project has engendered."

From RNS 13th May Highlights:- " Binding contracts now signed with an agreed settlement date of 30 May 2019.

From RNS 24th May " Potential receipt of US $4,065,000 within two weeks"

From RNS 29th May " to defer the initial payment date for the acquisition of NAE's 50% shareholding in Cornwall Resources Limited ("CRL") from 30 May 2019 to 27 June 2019. The deferral is to allow for the expected receipt of the funds from Cobre's major client, referred to in the Company's announcement on 24 May 2019"

RNS 10th June "wishes to inform the market that the payments of just over US$4 million, to be made by the major client at Cobre by 7 June 2019, referred to in the Company's announcement of 24 May 2019, have not, as yet, been received. The client has been keeping the Company informed of procedural delays to its funding lines and continues to indicate that payment is imminent. "

RNS 25 June"The proceeds of the Placing will be used primarily to facilitate the closing of the purchase of the balance of shares in Cornwall Resources Limited ("CRL") as well as to provide working capital for the Leigh Creek Copper Mine project. "

27th June "The settlement arrangements for the acquisition of the remaining 50% of Cornwall Resources Limited, holder of the Redmoor Tin and Tungsten project, have been renegotiated in light of changes to the Company's expected cash flows and we look forward to closing shortly."

We should have an RNS today saying that the cash has been paid for stage 1

Here is my angle/issue with all of this Warning Notice : For those that do not like negative/debating posts then please do not read on. I do feel a need to vent my annoyance at this action by JP and this BB is afterall about openness and balanced debate for good and bad... At Dec there was $1.8m unrestricted cash in the coffers so say around £1.4m, has this now been exhausted? No notice given prior to the AGM that equity raise was on the cards. Hardly an expression of openness , you can keep tight lipped of course but don't then continually brag about openness to shareholders on TV, it is disingenuous By saying you are open to all areas of raising cash inc. a raise your are not divulging anything at all. The AGM was last week why not RNS before the AGM and leave it 3 days before the cash is required, $4m does not just arrive in your bank account, unless you are blue chip, notice is given in advance, so they would have known with high% at the AGM chances are that cash would not arrive on time. 3. They are still confident of receiving $4m from client, if so why not use the unrestricted cash for temporary cover for 1st cash stage of NAE. If they don't receive the cash from Cobre client then look to market or loan or raise finance against future incomes at LCCM? They have had months to organise this. 4. JP says he did not want to dilute, but he still took part in the raise to keep his share % up (and reduce the average) , are these funds for directors purchases coming from personal wealth or via increase in salaries/divis/loans from the company? to be paid back before period end? 5. Why discount so heavily circa 17% to SP and keep the basis of the calculation a secret. A raise at 1.75p would probably have generated as much of an increase as they gained yesterday, if not more, and would have put a floor on the current SP, sure it would cost more but the next day gain would be the same if not greater. I know the raise in terms of the number of shares to current float is small but the manner in which it has been conducted does not sit right for me. I've still got a significant amount invested here and not sold any but I must be honest and say that yesterday was the first time I nearly did

a discount to 1.4p ! wow well done JP seems self interest took a priority here, can't say I'm happy , I'll take the stick if it comes flying at me today but he had the opportunity to stabilise the SP and instead took the option that suited those in the inner circle ie BODs and Manners to line their pockets. This is a cross in the box for me against JP in this instance.

https://www.mining-journal.com/research/news/1364769/nickel-sulphate-demand-to-exceed-900-000t-by-2029

Slurm, posting a negative thought that is well reasoned is fine and is productive and most welcome, i often find someone with an opposing view actually makes me have to think harder about whether I am right either partially or wholly. posting negative rubbish is counter productive, agreed. two weeks from the RNS detailing the issue is today so it is now late and the point is it was " within" two weeks, not splitting hairs but as you mention it. Again, not an issue , its about Redmoor not this client. GL

At the end of the day its about Redmoor, we didn't anticipate this extra cash and I honestly didnt think they would continue, so i can only be positively surprised. letters of intent are exactly that , an intention , things change. The company is probably receiving investment via funding rounds and that's why there is a hold up.

slurm, nothing to do with publicly negative but more to do with balance of thought, are we not permitted to post our thoughts or concerns ? Just because i mentioned it doesn't mean i am negative or that i am selling or indeed that you need to tell me to sell , i've been here for some years and will remain long after most hhere have decided to cash in....believe me... Business and life is ups and downs and anyone who doesn't think about the effects of a down is surely being naive in their approach . It will be what it will be but surely if i promised you some money within two weeks and it gets to the last day and I have still not paid you would begin to wonder if you were actually getting paid. Remember the client has missed payments, this is a funding issue , they are obviously short on cash. Either way Redmoor will be purchased

fingers crossed then trout

if they are leaving it until the final day to pay that speaks volumes to me

To be,or not to be, that is the question . What do we reckon, failed to make payment, payment received, informed of delay in making payment and extension granted , are there any other possibilities? :)

I agree with you gorsuch Though if they stated 2 weeks and they didn't pay then they would be in breach of the original agreement and perhaps this time extension, JP and bod no doubt have a back up plan As is normally the case if they don't pay we will be probably drop lower than we were before this payment was announced in the first place. If they do pay I think we will see a rise of some description for the very same reasoning you state .ie you won't invest until the cash is received

coming week according to RNS .. hold tight .. GLA

i'll leave it at that for today GLA

agreed Prop

$ we report in $ yes in $ but I think this will improve considerably as it often does