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If the company believe there will be no difference to their trading or the future gold project then on a risk/reward I think it's worth a look, especially if there is more news flow soon.

I always looked at this company as being a fairly defensive stock, targeting industries that will continue growing whatever the macro conditions are. I think this has well overshot as well. I have managed to build up quite a good stake at these low prices but its hard to get any sizeable amount of shares without moving the share price. Roll on September and the interims.

I will be interested to see what TW says about this one. Looking at the IPO and initial interviews political risk was deemed to be quite low. Yet 4 mining permits for mines were revoked yesterday and the cat is well and truly among the pigeons. The risk is the environmental permit for the possible gold mine never materialises. Also that the trading business never ramps up with our supplier and future suppliers unable to meet the new criteria to continue mining. Not going to take a position here, I'm happy to be an interested bystander.

That's the problem its a complete gamble. There is no way to value this at present.

A nice rise and interesting bearcast. Fox doesn't seem to be a leaky ship in terms of news being released, but we will see if Monday brings an RNS. At least the huge changes in shares have been explained, it was all a bit puzzling :)

Fox have had a US supplier for several years already. I would be happy if they could find another one that has a a coast to coast scale. I'm going to keep on watching but I'm not coming in until I see an RNS saying the factory is complete, the staff are trained and we are processing the marble blocks. Also pictures of them doing it would be nice! If it's not economical for them to send blocks to Italy for processing to return them to the local market I don't see how its economical to provide most of the Eboracum order for slabs as we would still need to process them in Italy to ship them to Hounslow. Also what happened to the order from Banyan for block marble worth 1.5 million euro's over 18 months? It obviously didn't happen as the revenues haven't come in. Did it fizzle out like ZSC? I watched the latest video and Chris is talking about execution of orders. I want to see evidence they can actually do it. No doubt medium and long term they can pull this off, but I don't think Chris and his business partner have participated in the placings their share has been diluted. So short term its not hurting them as they know they can always tap up the market again if take up is still slower than expected. The factory was meant to have everything installed end q2 and we were told Eboracum would mostly be supplied now, so I still think Fox's plan is to try and process that order themselves. So the sensible thing is to wait for the factory to finish just incase there are more delays or another act of god. Regarding that outstanding convertible loan Spec it still hasn't been paid off, just extended on a rate of 8pc again. They do need to pay it off to start dividend payments, it was in the original AIM submission document. On the flip side there are plenty of wild cards. Any big order from middle east/india/US/china would see this take off, but first they need to sort this UK/EU side and deliver on the order book.

It's the revenue for this year that is the biggest concern. It doesn't bode well, you would expect they would have to do another placing to get this year's accounts signed off if they can't fulfil their order book. I don't think you can base this on any multiple of earnings, they were meant to be breakeven this year that was the target. Then at least you could value them on a multiple of future profits. Still on the watchist, will read the breakdown later. I see there was a 55k bad debt provision. I wonder who that was? Will 10p hold?

https://www.youtube.com/watch?v=4Zb8gjpSrPU good news yesterday with them diversifying into Greece. My feeling is the Eboracum order will be processed inhouse now purely to make it more economical. Most of the process is automated so not sure how much training is involved. I see a very good year next year once everything is bedded in. This year, still not sure about, there could still be some teething problems.

Just watched it. The bit on sales agreements and the q & a were the best. ZSC exclusivity dropped, no more money yet from Eboracum, but I'm sure they will before year end. So much hinges on getting the factory finished to process their own stone to supply the local market and existing orders.

Sold 75pc of my stake over the last month as a hedge purely because no news was forthcoming from China or further payments from Eboracum being announced. Last 25pc this morning purely on principle. TW was meant to have had it on good account no more placings and cashflow to be sufficient. With the China deal or 2 million from Eboracum a placing would not be needed to fund the factory, which tells me they have not generated the income yet. It's now on my watchlist. To be fair I still believe there is a good business case here, there are too many marble suppliers who quarry their own marble that have been in business for generations for this not to be a sustainable business. I just feel they haven't got there yet with the offtake agreements or distribution agreements. For instance royal Stone in America just doesn't have the nationwide distribution or coverage. We need to be affiliated with someone like MMGmarble who do. MGI in Italy advertise their white marbles but not ours, and I still can't see Illyric white or selene on Pisani's website yet. When they prove they can get sales in china/America/Singapore or middle east I'm going to be very interested again. Meanwhile I would rather have the money in something else. I sold 5k at 11p as well. The rest at 10.6p. Fingers crossed the factory equipment arrives this month, or sales come through and the RNS give the sp a rise for you, no doubt I will be back at some point.

News! Oh......

Looking forward to news as well, it suddenly went quiet again. Factory and further payments from Eboracum would be fine. I see Fox marble are only advertising 8 marbles on their website some such as the cream colour have been dropped.

as this is on my watchist. There's an interview by proactive investors and also a presentation video from the uk investor show on Mr Winnifrith's share website. They make interesting watching. This is something I plan to invest in later this year when there will be more newsflow.

Wecome back! It's an interesting time to get in. In 1 month the final bits of machinery for the factory get delivered and in 2 months it should all be operational. At that stage we shall see if we were right and this is a viable business with products in demand and an exciting future and big dividends or we are wrong and this is never going to generate cash. You haven't missed much to be honest!

The tweets stopped once they were ramping up after winter. They probably have better things to do. The distributor in north America, Royal Stone have updated their website to show illyric white being available. The investor show is in 2 weeks I would think news will be released before then so they can do an up to date presentation.

or next on sales? If not the final results will be released. I think a 4 million loss will be shown, half of that one offs to equip and connect the factory. Fox marble are attending the UK investor show at the end of April as well. I'm out of the country is anyone attending that?

the companies 9th commercially available marble has now been photographed and is on their website http://www.foxmarble.net/illirico-selene/ I think they are tapping into the game of thrones market, this one has "dragon's breath" swirling. Blimey.

https://www.youtube.com/watch?v=kWEQG5Jgy0Q Chris Gilbert being his usual reassuring self, with a short but informative update. Revenues already this quarter 1 million euros, Eboracum payment received, so we should expect the other 1.6million euros paid and deliveries completed to their Hounslow warehouse within the next few months. That makes my personal target of 3 million by q2 look easily achievable. A very good deal with the equipment supplier, I would think the 1/2 million block delivery to them will also have to be recorded as a sale. CG also explains why the factory is crucial to the Balkan market sales as well. I think the market missed a trick yesterday on a very good update. It puts to bed the nonsense about cash being an issue, there was 2.8 million in the bank on December 21st 2015 and we have already received another 1 million this year. The renegotiation on equipment costs was brilliant news. No news on offtake agreements like the Chinese ZSC offtake agreement. We know CG by his earlier interview wants this to be a blueprint for offtake agreements around the world where they have to purchase minimum amounts each year to guarantee exclusivity in their territories. http://www.foxmarble.net/press-coverage/2016/2/2/interview-with-mergermarket-fox-marble-seeks-jvs-and-strategic-partnerships-in-north-america-india-vietnam-and-gcc-countries My guess is more news will be coming soon on one of these coming good, or in the ZSC maybe not, but sounds like they are very busy for the next few months anyway. Also no news on refinancing the companies small debt with a long term loan, but again would expect news soon.

They had well over 2 million, nearer 3 I believe at the end of 2015. That's without the down payment from Eboracum which was another 400,000. I don't think the balance of circa 300,000 euros is going to sink the ship! There are no big ticket items left. The factory is now built and soon to be fully equipped. Right back to work let's see what happens!

We already knew the plant would be operational by the middle of the year. It means end q2, 30th June as previously stated. It's strange. what I took away from this is update is another half a million euros of marble sold in lieu of services.