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As suspected more cash is needed. I suspect there will be yet another equity raise, alongside third party investment for equity.
As usual, the BoD needs a shakedown, cannot believe people still believe the stories being told. I doubt LCCM will be producing in 22 either.
Expect an RNS in next few days as once again Gorsuch pulls JP's pants down.
Why would SML want to stall the authorisation?
Honestly I am expecting another cash call.
Anyone who believes that LCCM is going to be anything more than a total failure is doing this on hope and not the facts since the "successful" test years ago.
Still here with my bags as a reminder of how never to believe anything from these jokers of a BoD. I doubt I will ever reach my exit at 1p, thankfully I don't need the money.
Its worth more to me constantly reminding me of what a colossal management **** up looks like in reality.
I cannot believe these ****wits haven't been forced to resign. Thought PW might have motioned a move to remove AB, but its clear he is as much of ****wit as the rest of them, learning under their tutelage. An intern could manage this company better at a tenth of their salaries.
For any newcomers to SML if you see a bargain here, it comes with a severe wealth warning. These bumbling clowns have delivered nothing but lies, smoke and mirrors for 3 years. It is a pure gamble and the odds are not in your favour.
Re the Npv calculation that's after capex...
Nothing has changed correct Lupi. I find it amazing that self serving ****s like Bitcoinbuyer have anyones respect!! They come on here larger than life extolling the values of SML all the while dumping on the market.
The entire time they have spent baiting more people in with overly grand statements, whilst ignoring the people who know this company inside out. Then as final grand exit makes a post on here (all in capitals mind) with one purpose of getting the attention they desperately need, calling themselves a long term holder (delusional...),letting you all know they've taken their profits and ran, wishing you all the best, bashing the company down and heading off to find more victims. Disgusting behaviour and should steer well clear of "investors" like that. Maybe JP was his hero.
There are no words, another rampmeister exits and lets everyone know after the event.
Who has told you that?
The SML BoD?
Do not trust anything that comes from any one of them.
Any buyer worth their salt would steer clear after the first round of due diligence.
Which is totally irrelevant for SML. People were harping on about how good the copper price is for us last year as well...really helped SML to reach new lows. It makes no use to us if we cant get it out of the ground which clearly 2 years on, we cant. LCCM is a failure and the head of this zombie company must go.
I actually despise the lot of them. Absolutely full of ****.l, I'd rather they stay off the paid for propaganda sites and actually do the one thing that will enhance shareholder value, resign.
To be honest, I've cashed out today. I see no reason for hedging in a dollar inflationary environment under Biden. Ill be back in at 200-225.
Bah Humbug, sorry I mean Merry Christmas all.
I'd be quite happy for MUST to buy SML for 1.5p. Rob Peter to pay Paul, or rather rob Peter to pay Alan.
Someone taking opportunity to dump into volume. This is going to be a long hard slog on the way up.
And the conspiracy minded here might a really think the board put a stop to all dev on lccm precisely because of this reason. They knew it wasn't worth progressing until such a time when the commodity stars aligned. At this rate copper will be 4$ before the end of the year.
There is no way in 9 years his EV dream is going to be a reality, well not for me. I for one will drive good old fashioned analog cars until I die. The electric requirement in cars has nothing to do with running an engine, its there to run all the electrical components used for collecting data, which dont run on oil.
PW should be running this company end of story, been saying this for years, he is the only one that has his integrity and intellect still intact. He buys more frequently on the open market and is supporting the company with his own money on almost every raise. He communicates calmly and clearly. I'm not at all surprised they wheel him out on the bad news. I'm sure once there is a sniff of positive news the old guard will be back.
The biggest positive change in sentiment would be an RNS saying Peter Wale has taken over the leadership of SML. Even better, add taking a token salary of £1 until LCCM is operational. That would get investors looking seriously at what SML has to offer that is for sure. If he believes its just a question of when LCCM is operational and not if... then no problem with that Peter, put your balls on the line and deliver it.
On the other hand, I've heard it all too many times before. If they hit their warrant target with the existing management in tack I will be gone in a flash and will not look back.
https://www.lse.co.uk/rns/SML/leigh-creek-production-and-resource-update-73um4ko1rj89sac.html
Who remembers this back in the heady days of 1.7-2p. This was the beginning of the cover story for leigh creek:
· First tonne of copper production in a cement product (approximately 70% Cu) completed at the Mountain of Light processing plant.
· Reactivation of existing heap leach pads with the completion of turning over of the pad material, irrigation with diluted sulphuric acid, and successful activation of the copper sulphate solution with iron through the twin Kennecott cones.
"The feasibility study for the commencement of full-scale production from Paltridge North and Rosmann East, and submissions associated with government approvals for mining these areas, are well advanced and scheduled to be completed in Q3 2019."
" The irrigation of the heap leach pads commenced on 8th April 2019 with initial copper cement production occurring on the same day."
From this point on nothing has been done, except to push paper around. A monumental failure and they are still pushing it. It didn't work when they bought it and it doesn't work 2 years after.
Now it needs more cash and multiple JV partners are interested. Except they aren't interested just yet... no we need an Aussie listing now, yes that will help polish the turd the company bought; for a knock down sale price I might add, which naturally they pumped up the value when they realised how much of a "bargain" it was.
Dont forget guys it was top of JP's list for years, I mean until the next thing came along, like 50% of nothing, you know his mate AB with the nudge and a wink. Meanwhile in the background, this American woman kept sending text messages about some deal they had, promising JP that there is a pot of gold at the end of the rainbow, he decided to let the shareholders know, that the pot was just over the hill; he was so sure of it.
Time passed and JP was stood up by this American women, he was about to call it quits when AB popped round and said "we had a deal remember", JP being the good honest man he is, went to his bosses; you know, us shareholders ...."I've seen the pot of gold myself, its there, its just a bit of a stretch right now, I'm tired and I've got this other sweet deal for us. Give me some money so I can make a really good deal, you will thank me later, besides I'm the dealmaker its my specialist area, I know what Im doing".
Later it transpired that LC was a failure, the American woman was a fraud, Hanns Camp never happened and AB is sitting pretty starting up another company and cant seem to recollect what Strategic Minerals was all about, he just gets shares every so often without paying for them. Peter Wale tries to stay out of all the drama and always has his wallet to hand, what a good guy it but when you hang around bull **** you are gonna attract flies, good guys turn bad.
Who in their right mind is going to lend money to a company that runs cap in hand to shareholders to pay the bills? THe company cant even pay its staff.