Member Info for G_G_G

A few more trades big trades went through today. Well they used to be big. Now you can pick up 1m shares for £16.5k. Let's hope Hanno can provide some +ve news and clear answers to his long suffering investors on Tuesday.

Last word was 'answers'.

Great post extrader. I'll send some questions as well but you've covered some of the main ones from my side.

Quite a few posts removed on here this morning.

Extrader had a great post questioning the early works program, and what exactly has happened since the end of last year.

My last post was directed at the £550k capital raise and who invested that much in a company that's currently covered in so much stink. Reality is we know f'all about all key milestones because the bod have kept us in the dark all year. So for some investor(s) to stump up £550k when the bod aren't investing more than £50k in the raise to my mind would require a level of understanding of the project that makes the individual(s) confident they will get a return. So who are they? Could it be daddy and daddy's rich friends, our Chinese partners, some African bureaucrats...? I'd like Hanno to give s a straight answer to this question first and foremost. He should be able to say whether it's one or more investors. Whether they're private. Whether they're local or Chinese. Whether it's come out of Hanno's offshore trust fund. But I highly doubt we'll get even close to a straight answer on this one, in the same way as I doubt we'll get anything other than waffle and bull**** on why the tariff has been delayed by more than 7 months on Hanno's timelines. Same for the EPC contract. Same for the early works program. Not even sure he'll be able to give a straight answer on his little solar side-project. And why he was ok to provide a loan (punitive loan) for this side of the business alongside SF, but not a loan on the main project? Scary thing is the loan for the solar business basically means they'll take control of that entity if we're wound up. As I said, there's a lot of stink surrounding this company right now.

I'm genuinely interested in seeing how Hanno manages to explain this mess. And whether he can provide some satisfactory answers to people who have invested significant sums of money in this company based on the commitments he has made to the market over the last few years. I've personally invested in excess of £100k and so far have sold 50% for a 50% loss. And worse still, the investment sits in my wife's and my ISAs. But I'm one of the lucky ones. Many are faring far worse. So to provide no answers, or non-answers simply wont cut it anymore. He's had 8 months of doing this and look where we sit. He needs to put his big boy pants on and tell his investors why so many things haven't occurred and explain the recent 'lowest ever' fund raise. He takes a generous salary for someone without any of the necessary experience to be holding down such a position. So let's see how Hanno manages these current setbacks. I'd suggest he gets SF along if the project isn't dead as I don't believe Hanno has any credibility left based on how everything he says makes the sp retreat further. And the reality of our situation is if it wasn't for SF this company would have been wound up by now. So best to hear from him as well.

We're currently illiquid at 1.6p. Time for Hanno to provide some

Oh dear, there's a house to go with Hanno's love of cars. Very expensive lesson this company. Invest in the 'somebody', not the 'somebody's son'.

My main question to which I highly doubt Hanno will give a straight answer, is who took up the remaining £550k worth of shares? This company has got so much stink on it right now, and yet someone stumped up £550k and has another £600k worth of options on this raise. I'd like Hanno to give some details, such as how many parties make up the £550k, and ideally some names to go alongside the biggest investors. I'm not big on conspiracy theories and certainly don't want to arm CF with anything where his blind optimism can run wild, but it's quite strange to me that our bod have hardly put a penny into this raise, and yet they were able to find a buyer of £550k worth of shares. Now I cannot think that any investor would be willing to part with that much money on a punt, and certainly not on a punt where the bod themselves aren't investing. So whoever it is must have enough knowledge to believe that it's going to pay off. So who has handed over that amount of cash? Our Chinese partners? Some African bureaucrats? Daddy and daddy's mates? Would be fascinating to know the truth, but sadly I don't think we'll ever know the answer. One is embarrassing for Hanno, and the other is most probably illegal. And I'm sure the investor(s) will have the trust based in the Caymans or some other place where we'll never know who they are. Suggest everyone asks this question as I'd love to see if Hanno can provide an open, honest answer. More importantly if we do get a straight answer it could tell you all you need to know about whether to hold, or to cut and run.

extrader, I cannot even put into words what I'll be saying if a single penny goes into solar. I think Hanno will be hard pressed to justify his wage out of this raise, let alone bonuses, so anything going the way of solar is likely to be met with unbridled PI anger.

jdt, I wouldn't take any comfort in SF dropping in another £50k. He's invested millions in this company (and worth many tens of millions). One also needs to keep in mind our junior architect hasn't put a dime of his own hard earned money (said with maximum sarcasm intended) into the raise. Nor have any other members of the bod. So I'd imagine he's done so to stop the sp crashing below 1p given none of the bod have participated.

As for downside, I thought about selling 500k in the past week for 2.3p but thought Hanno was surely going to drop some actual news in the (delayed) update we recently received. Turns out I waited for a can kicking update on one milestone, which was a poorly executed, last minute, amateurish attempt at boosting the sp for our lowest ever raise. Hanno should hang his head in shame. To wait this long to end up doing a raise when he could have done a PR push months ago and got something away at 3p for half the number of shares that would have taken us to year-end. Anyway, we're priced to fail. If the EPC cannot be sorted in the next 5 weeks the company should be wound up. We're now illiquid at 1.6p.

Wow that pretty much sums up Hanno's abilities. He takes this long to recognize he needs to sort funding, and when he does he drops a placing at 1.5p a week before we're meant to run out of cash. Oh but he has agreed to take whatever bonus is due to him in shares. It's hardly being aligned with shareholders when you're an overpaid, incompetent ceo who is taking an undeserving bonus in shares. Have to say if there's a joke AIM ceo of the year award then Hanno is at the top of my list for 2021.

For reference, here's a reminder of what Hanno's company offers: HCL provides leadership on key corporate activities such as capital raising, reporting and press releases, investor relations strategy. Has anyone seen over half a million US dollars worth of this leadership value in the past 18 months?

Whatever confidence I had in Hanno delivering the EPC contract next month has all but disappeared. All we've had in the past 8 months on the main project is a nothing update that has a CMEC project manager providing some words around a 'target' EPC signature date this quarter. All so Hanno could get away a capital raise at the lowest level in the history of the company @ 1.5p FFS!!! He's given timelines that are beyond a joke coupled with treating PIs like mushrooms so hardly surprising the share price goes backwards when he gives a can kicking commitment on a milestone that's 8 months overdue and counting. And then has to raise at this level. Let's not even mention all the other +6 month overdue milestones. I suppose we should be happy that all the emails to mgt recently made him give us another can kicking update, otherwise who knows how much longer we'd need to wait for him to give us anything.

Utterly shambolic and I apologize to any investors that I've mentioned this company to on other boards. I know a couple of yo have come over here after my 'binary' tip. I take solace in the fact that I called it a binary play and spoke of the bull**** timings we've been given in the past. And at least it was in the high 2's, but still some have put money in here that is going to be stuck for potentially a while longer given Hanno's inability to scratch his ass and deliver anything. And that's my fault. So my sincere apologies to those impacted. Hopefully Hanno can actually deliver something for once and next month you can at least get your money back (maybe even more).

Big thing for me now is who took up the shares. The bod haven't participated except for a modest amount from SF. Hanno of course hasn't put his hand in his pocket. So who has stumped up the cash for all these ultra cheap shares in a company where no-one knows anything about what's happening? I can only imagine people with an idea of what's going on will have anticipated to the tune of £600k, so who are they? And are they connected in some way to our bod, or to our partners? Either way Hanno needs to start answering some f'ing questions rather than the usual vague horse**** he occasionally

Pretty much sums things up Maddog. I'm not even sure the 9 months overdue EPC contract will move the needle given how much trust has leeched from this company with milestones being so overdue, conveniently forgotten, and then there's the 6 months news blackout and atrocious IR. Ridiculous to think all they could provide was an EPC 'target' deadline of Q3 in the last update. I had to double check it said 2021 such is Hanno's track record of can kicking. The only respite for the sp will be warrants / options being cashed in for funds at a higher level, which will provide evidence of mgt confidence in the main project. The other is of course the tariff approval. Sadly though, the share price is at such record lows that we may only get to 6p rather than 10p on tariff approval unless they can fix the funding concern with warrants / options and get the bloody EPC contract signed before-hand. What a mess.

CF, the stark reality of our current situation is there has been hardly any recognition from partners or direct linkage made to external projects that are snaking their way through Moz bureaucracy. I don't know of any statement from EDM or Moz in recent years directly made about the project or the current tariff negotiation now over 6 months old - unless you can show me one? We only just now got a statement from a relatively junior CMEC representative acknowledging the project is alive. And if the external infrastructure is so clearly linked to us, why haven't the company been publicizing this? Keeping in mind one of the reasons Hanno is paid so well is his superior PR and IR skills. Bottom line is the Mcap is lower now than at any point in the company's history. We have a funding concern that has been a concern for some time. We are SUPPOSED to get the EPC sign off in the next 5 weeks, which is 9 months over-due. And even then I'll only believe it when I see it and won't be surprised if Hanno comes out on the 30th September to say 'sometime in Q4'. O&M has disappeared from updates. Early works program is almost as though they never released this news at the end of last year. Tariff we haven't heard a single thing from anyone other than 'negotiations are sensitive but progressing positively'. Reminder Hanno had it earmarked for approval in Q1. They couldn't even get the most recent 'nothing update' out in the time frame they gave to PIs who forced them to release something. The project mgt, PR & IR has been so appalling the sp is almost in the 1's. One cannot even get out because there's no liquidity. There's your reality.

So annoyed right now, which is made worse by the fact that I invested my money here knowing Hanno's history of bull**** timelines and promises. He needs to step up and do his bloody job, starting with telling us all how he intends to keep the lights on and paying himself a nice salary.

Woops there's my previous post now.

Guys, did you see my original response regarding Hanno's remuneration earlier or was it reported and removed? Nothing worth reporting and the only statements I made were how outrageous the entire remuneration package happens to be given the complete lack of progress on the main project. His $240k salary I can live with, even though it's over-inflated given what has actually been achieved the past couple of years. But the $120k bonus, can someone tell me why he should receive a bonus for achieving f'all and over-seeing nothing other than share price destruction the past couple of years? I can't tell what the $180k is for - can anyone explain?

Jesus. Pretty outrageous those numbers. The $240k salary is annoying given f'all of note has been achieved in the past couple of years, but I can live with it given it was just last year. The $120k bonus though... Bonus for achieving what exactly? I can't quite work out what the $180k entails, and absolutely cannot work out why he's being paid anything more than an over-inflated salary. But given the amount of money that appears to have gone his way in the past year, and the way he has presided over the mess we're now in, I'm even more resolute in my belief that he should be cashing in some of those options he doesn't deserve. Hard to be annoyed with SF, Haworth or Sachdeva given they haven't taken any payment since joining the bod. And let's face it, SF is probably the only reason why this company hasn't been wound up by now and Hanno has such a well remunerated job. It's largely his money (and ours) that has been funding this long running saga, and his average would be up there with some of the highest amongst PIs. Hanno needs to step up and show he's worth his salary (plus various bonuses). Truly shocking the way things have been managed to date and where we currently find ourselves.

Hi extrader, as usual couldn't agree more. Couple of things that may help with your questions / comments. The residual costs AFAIK are reliant on the tariff being agreed. I believe they've stated this in a previous rns, or at least alluded to it. And from what I understand, the PPA and PCA follow-on from the tariff, hence stage 2 of negotiations. So the tariff really is the big milestone. Obviously it would be great to get the EPC contract signed. But I find it hard to understand how we could agree an EPC contract if CMEC haven't done due diligence on our resource i.e. one of the key reasons for the early works budget.

But first things first, Hanno needs to fix the rather serious funding concern he has created by sleeping at the wheel the past few months. One could argue that he believed the EPC or tariff would be approved by now so doing a modest raise at 6-8p wouldn't be an issue. But surely he knows better than to rely on f@ck up African bureaucrats to be doing their jobs. Every PI that's ever been invested in an African project knows how long it takes to get things done. And given we've had a pandemic the past 18 months one would expect a ceo to have enough foresight to anticipate things could drag out. Rookie mgt.

As far as I'm concerned mgt need to cash in warrants and should have done it months ago. They've destroyed investor confidence with poor decisions making (or lack of decision making) and treated us like mushrooms. If they're confident the project will proceed there's no reason why they cannot cash in some low priced warrants to carry us through to EPC and tariff signing. They can then raise another £500-1m from 6-10p range and no-one will hold it against them, as for once they would have delivered some key milestones, and it would be prudent to do so given we really don't know how long the PPA PCA will take post tariff. A f@cking teenager armed with a little information could foresee wat's happened and contingency plan. Instead Hanno has been sleeping on it whilst trying to big-up his family solar project. He needs to earn his pay packet and get the main project sorted. On that point I'm unsure what he actually earns. My understanding is Hanno takes circa $120k salary and isn't anywhere near what some posters have mentioned. Can anyone shed further light on this? I've been somewhat annoyed that he's drawn a bonus over the years given he's achieved f@ck all since the JDA was signed, and it's taken an age to get anything done. I not only wouldn't get a bonus for such performance in any of the jobs I've had in mgt over the past 15 years, but likely wouldn't have a job if all I had to show for it was the equivalent of Hanno's achievements over the past couple of years. Harsh but that's how I see it on past and current form.

It will be incredibly disappointing if they do a placing at 2p. Hanno has known we're running low on cash for how many months now? We've seen our sp slowly deteriorate with every month that has gone by without any of the promised milestones having been completed, which has been exacerbated by the fact the market has known all along that cash is running out. And if they were to do a raise, who exactly is going to take it up? If it was offered to PIs who is going to buy given the complete lack of progress and comms all year? Only insiders really know whether this project is going ahead and I cannot see how they can participate in a bargain basement raise then turn around and say they couldn't cash in warrants. Certainly wouldn't be a good look. They need to cash in warrants. This can only be positive. But this is also something that mgt would know, and it hasn't been done. Why? Like everything with this company it's a mystery.

This company has been run about as well as Arsenal FC. Lots of potential. Lots of promises. Lots of jam tomorrow. No results and going backwards. Funding has always been in mgt control and they haven't even been able to get that completed in the past few months. And after today's update the sp drops further. Comical really. Get it together Hanno!

I've been thinking the same thing Kenirogas. Give 10% of the company to CMEC for a decent chunk of cash. It would signal all is well to everyone and almost certainly boost the sp quite a bit I'd imagine. No news on early works program as well. Just another important bit of information that we know nothing about. They really need to sort our funding.

Overall positive... kind of. First and most importantly it says the project isn't dead, which is supported by CMEC. This is the take-out from the rns. And for the first time in recent history we've heard something from a key partner. The rns also reiterated how the technology will meet the strictest emissions standards. This is important given China have been building the cheaper, dirtier plants around the world in recent years. They can point to the plant and say it's better than what international bodies are saying is best in class, and more importantly it's net positive for Moz from an emissions pov as it's far, far cleaner than biomass and diesel. Issue as some have pointed out is the funding concern. Why the f@ck this hasn't been sorted already really does my head in. Hanno has known about this being a problem for months. And they haven't been in a 'closed period' all this time, and to be honest I doubt they're in one now. If this was delivered with news that SF / mgt have cashed in some of their lower priced warrants then we'd be back in the 4's and maybe 5's depending on the value of the warrants and raise. It would also signal their confidence in the project going ahead. The market would see this as a v. positive statement of confidence. Alternatively if they executed a mgt backed loan we'd perhaps be higher, although a loan being on punitive terms similar to the solar project would potentially be an issue. Bottom line, if they think this news on its own after more than 8 months of waiting for the very same milestone is going to boost the sp so they can get away a raise, then they may as well give up and resign. It shows a massive level of ignorance to believe for a second this alone could send the sp even half a penny higher. If they want to raise cash without any risk of further damaging the sp they need to cash in warrants. Simple. And imo for all the f@cking about, broken promises, and complete lack of news over the past 6 months I'd say mgt owe it to PIs to do this rather than a loan on bull**** terms. I also noted there's still nothing on the tariff. It's been over 7 months since it was submitted. And it's better than the tariff Moz / EDM they approved years ago. How this requires over 7 months of negotiating I don't know, but like everyone here it would be good to know something.

So positive in the sense the project is still alive, but ultimately we've had no milestone ticked off, no funding or tariff update, and it's another 'jam tomorrow (within 6 weeks)' rns, which would make the EPC jam 9 months overdue. As we've been saying they need to tick off something. And hopefully not a punitive loan. A 2p raise would be better than this. I guess we're still going to have to wait for something.

CF, for a second there I thought that your immense optimism and confidence were wavering, then I got to your last sentence :) Imo it's a complete fantasy to think CMEC would make a bid when Moz haven't as yet shown any real commitment to the project. None whatsoever. The bod can't even finalise a tariff that is better than what was approved years ago. Remember how long it took to agree 'in principle' historical costs. And you seriously think that CMEC is ready to bid for the entire company...?

The tariff is the next key milestone and the bottom line is their 'we're in sensitive negotiations' horse**** has an expiry date, which was some time ago. They also cannot expect that excuse can be applied to everything, including those things that aren't linked to the tariff (as far as we know), such as EPC & O&M contracts, or the early works program. And I certainly don't believe it excuses over 7 months of absolutely nothing on the tariff milestone. They haven't even provided reasoning for all the milestones not being delivered. Or updated timelines. And then there's the funding concern, which has been negatively impacting the share price for the last 4 months. What excuse do they have for all these things? And now, after weeks of pressure from PIs over the missed timelines and complete lack of information on multiple fronts, they have told many of us to expect an update answering questions last week, then it became this week, and now it's next week... Who the f@ck knows with these guys. It could be next month or quarter given the reliability of our bod.

For a laugh I thought I'd resurface Hxul's recent post describing the offering of HCL (Hanno's company) 'HCL provides leadership on key corporate activities such as capital raising, reporting and press releases, investor relations strategy'. Hilarious until you realize we pay him for these services.

Next week then I suppose, unless we get a late Friday rns...

Sadly I think investor comms has now gone past amateurish and entered shameful territory. The stark reality is we've been fed unclear, vague rubbish all year regarding both projects. Key milestones on the main project are quarters over-due. The bod has given the market no clear reasons for delays, no updated timelines for the many over-due milestones, and very little reassurance in recent months it's still going ahead. The fact lth's are questioning whether the main project is dead and the bod are building a solar life raft should be a source of embarrassment for them and a clear message they need to give us something. I mean what do they expect if they're giving the market nothing on the main project whilst building a solar arm that carries vague financials on projects of which only one truly exists. I cannot tell anyone with confidence what we're doing with our new solar partners (or main project partners for that matter), or ownership structure of the proposed solar company merger, let alone its potential value for current nccl shareholders. Hanno and SF seem like nice enough blokes, but I cannot see how they think the lack of news and transparency is good enough. The main project feels about as likely to go ahead now as it did 5 years ago, which explains why investors have been dropping out recently and banking significant losses. And yet we've been led to believe we're on the cusp of transformational news for the past 6 months. Either we've been misled, or they need to tell us wtf is going on. SP is slowly bleeding out. The lowest mcap the company has ever seen. I've never believed in the whole 'Friday for bad news' rubbish but it would pretty much sum up the company to drop a bomb late tomorrow. They may as well do it now as most have probably written off their investment here anyway. Full transparency, I’ve sold 1m of my 3m holding in recent weeks. I almost pushed the button on another 500k yesterday at 2.3p. My fast dropping confidence is still just at a level for me not to bail completely mainly due to SF and his involvement / exposure to the company. Anyway, the update due last week, and then this week, looks as though it could be even more overdue. Typical really. Let’s hope this time it’s a bloody good one. They certainly have plenty to cover. GLA

Thanks DOPW, you're in a minority here :) Just to be clear I cannot tell you when the IIs are likely to take the wind out of our sails, but will let you know when I've made a trade believing they will. And to be doubly clear, I cannot see how we will drop below 10p again unless poo / gas craters. I do believe we'll be on an upward trajectory from now, it's just going to be a bumpy one, and the bumps are what I'm going to trade with a minority of my overall holding (no more than 25%). This is why I've been saying I cannot lose. And more to the point, neither can the IIs who will be causing the bumps. Anyway, time for another breather from the board so feel free to start a new thread as my moniker has appeared far too often over the past month. GLA

Jesus Tony do we need to go over it again. It was a great call on the deal. Undoubtedly. But not a great call on how they funded it. If it was we wouldn't be down here struggling to break above 11p. Partial or fully debt funded and we'd have a proportion of the value of the deal reflected in our mcap and the share price would be appreciably higher as less or no shares would have been printed. Instead the deal isn't reflected in our mcap and share price. This is why I'm pumping more money into the stock, because a significant disconnect exists between our current mcap versus true value. I don't believe the bod on debt. I refuse to accept their reasoning and I refuse to accept an enlarged company with a NOI of near $100m couldn't access $10, 15, 20m in debt from the same IIs that provided debt previously when they were an explorer. Complete b@llocks to me. I also believe there's a good chance they'll do this again. But for now, there's great upside in this stock over the short to mid term from current level. So that's why I'm throwing more money at it. Plus there's also a trading opportunity, hence why I'm accumulating now and will trade up to 1m shares when I think the IIs are likely to drop the hammer. I'm not someone who likes to trade, but on this occasion I see it being the order of the day. Not my preferred scenario, but that's what the bod have created and to be honest I think it will be fun to trade and know I cannot lose, just like the IIs. If you can't beat em, join em and all that.

Tony, you continue to assume I haven't contacted i3e. I have. I just don't accept their response. You either believe that debt funding in its various forms wasn't an option and available to them, or you don't. I don't believe them. You do. Simple as that.