Member Info for G_G_G

Daisy, can you please provide details of the projects so we can see if they were at 'construction' phase. Most of the ones I'm familiar with are nowhere near as progressed as our project.

Woops sorry for the double post guys. Just to add, why would mgt continue to communicate that negotiations are progressing positively, and that we're in a strong position etc, if the project is about to fall over...?

There's a simple solution to the twitchiness that I've already suggested and hope Hanno and SF are about to execute. Directors need to convert warrants / options. This will provide confidence in the project going ahead. It will provide us with funding. It will boost the share price. All things investors will cheer about. If indeed they're confident in the project being commissioned it should be nothing for them to do this. We'd only need about $250k to take us to year end, and $500k to take us to FC (if we're not bought out before-hand), so peanuts in the grand scheme of things.

The main project is going ahead. We're just horribly delayed as is the way in Africa. If mgt convert options / warrants the natives will be less restless for another 1-2 months, me included. Simple solution. Let's hope they do it sooner rather than later. GLA

hxul, you speak of the project never going ahead - Please explain why EDM & Moz have allowed it to run for years along with our Chinese partner, one of the biggest companies in the world and an extension of the Chinese state? Why are we even negotiating a tariff and final project timetable? Why are they building (and tenders about to be awarded) a transmission line to Malawi? Why have we just completed additional studies to connect with this line? Why have CMEC submitted a tender for the transmission line? Why have CMEC continued with all the studies, agreed historical costs, early works program etc? Why are they still pushing ahead with finalizing and signing the EPC contracts?

As for the tariff, in case you haven't been able to put two and two together, they're not negotiating with us, they're negotiating with CMEC. You know the partner who will own most, if not all of the project. The partner that will have the EPC & O&M contracts. The partner most likely to develop the transmission line near our project.

By your own admission you're not invested so I have to ask, why are you spouting such drivel over here?

hxul, you speak of the project never going ahead - Please explain why EDM & Moz have allowed it to run for years along with our Chinese partner, one of the biggest companies in the world and an extension of the Chinese state? Why are we even negotiating a tariff and final project timetable? Why are they building (and tenders about to be awarded) a transmission line to Malawi? Why have we just completed additional studies to connect with this line? Why have CMEC submitted a tender for the transmission line? Why have CMEC continued with all the studies, agreed historical costs, early works program etc? Why are they still pushing ahead with finalizing and signing the EPC contracts?

As for the tariff, in case you haven't been able to put two and two together, they're not negotiating with us, they're negotiating with CMEC. You know the partner who will own most, if not all of the project. The partner that will have the EPC & O&M contracts. The partner most likely to develop the transmission line near our project.

By your own admission you're not invested so I have to ask, why are you spouting such drivel over here?

Hi Tony, problem with using broad metrics like value of metal in the ground is it doesn't take into account AISC. No point having a lot of metal in the ground if it's uneconomical to extract. Solg is an example of where the value of metal in the ground is monstrous across all their acreage, but so is the cost to get it out of the ground. The reason why I said initially the project looks really promising, but it's all about 'timing', is the amount of work, time and money that needs to be invested to prove up the various mineralized systems. They're very early stage and although there's a ton of money to be made getting in early on these plays when timed correctly (e.g. SOLG, GGP), they can often also pull back a long way with each round of funding. Thing is, it doesn't matter whether I think it's over-valued at any point in time, it's about what the market thinks. A lot of these plays get mega hyped, which results in massive disconnects with their peers given their life-stage e.g. 88e. This of course hasn't stopped people making a ****load on GGP, SOLG, 88e etc by having big b@lls and playing the market.

Fact is they haven't even started turning drills in order to prove up a lot of Doc's assertions. Historical assays help, but as I've said there's 10,000's metres that need to be drilled on each target to get to PFS and DFS. That's years away, even if they fast track an individual project. Agree it's a great company to make money up to 70c, but after this I wouldn't put in money until I see a lot more assays, and certainly post the next fund raise. There's lots of mining companies that have a trading history showing huge peaks (early exploration) followed by sharp and steady declines over the following 5-10 years (proving up / fund raising). I missed the boat anyway so don't really have a choice in the matter if I was to invest. I wish everyone else the best of luck in this company, but given what I know for sure, there's not enough to justify the share price (imo).

Completely agree we're in the final furlong Benjan. A simple funding solution and / or EPC contracts and we're back in the 5's. Tariff and we're at 10p, perhaps more given it unlocks so many things. C'mon Hanno, get the funding sorted at least.

I'd prefer we get funding issues out of the way with option / warrant conversion as our next news. This will lift the share price to higher than the conversion price almost instantly. It shows confidence in the main project. And gives us much needed cash. In an ideal world this would be closely followed by tariff, and EPC contracts being signed. And shortly afterwards historical costs being updated in light of tariff approval. All of this gets us to +10p with option / warrant conversions giving us a much higher springboard. Funding is in our control, so no reason for Hanno to drag his feet on this as per his track record. He's known for a while it's required so hopefully already has a plan drawn up. I honestly don't want to hear about the solar side of things until this is sorted. Every time Hanno updates the market on the solar project the share price drops further from our near record lows. He should take direction from the market and sort out the things holding us back. Funding is first and foremost. Tariff / EPC next. After this he can rns solar every day if he likes. But main project needs to come first now. GLA

Chris, we don't need him to buy. Buying won't solve our funding issue, which is the only major red flag in the rns. We need SF and directors to convert warrants / options to shares so we have necessary funds to take us to year-end. About £250k should do it. Alternatively they can provide a bridging loan, but not on the f@cked up terms they did for the solar project. I'd rather they do a raise at 3p for 10-15m shares than go down that route. That would give us enough cash for circa 6 months from September on current burn rate.

Overall a very respectable amount of work was completed, especially when considering the impact of Covid. The main project looks and sounds solid. I'm glad they have outlined all the work completed in the past year and framed it in a way that says to EDM / Moz it's far too late to back out now. Everything that has been asked of them has been completed on time. I also noted they have referenced the work done by CMEC in the tariff proposal and negotiations, both in the interview and rns. A nice supporting statement to say it's 'us and CMEC' currently in negotiations. And another reference to 'optimal ownership structure' for both projects. I'm hoping this refers more to CMEC final % ownership of the main project, than divvyign up both projects at the expense of nccl PIs. We have largely funded this little foray into solar. Whether it has been through capital raises or Hanno's salary that he's taking in shares (diluting our shareholding). If they're going to do this they need to ensure that nccl PIs are adequately compensated with shares in the new Ncondezi green company. Shareholders won't forgive them otherwise. Hopefully not something to worry about once the tariff is signed, and we're sitting at +10p negotiating to sell more / all of our coal resource and project to CMEC (China).

All very positive except for the funding concern. If they can simply and elegantly solve this with director option / warrant conversions then we can sit very comfortably waiting on EDM & Moz tariff approval. AIMHO GLA

Nope I missed EMO Tony. I felt it was already valued correctly for its development stage when 70-75c range so didn't feel there was any money to be made. Called that one wrong. Def wouldn't put money in it now - value thing again :)

So Oldabutnotwisa :) Just kidding Olda. I know the feeling, as you've probably seen my frustration on this board. Having said this I think the ultimate question one needs to ask is whether the main project is going ahead. I don't mind if I have to wait another 2 months, providing the tariff gets signed, which will unlock everything including an early sale. I'll obviously be apoplectic if it doesn't given all the work that has been done and 'positive discussions' that have taken place.

As mentioned I would like to see Hanno and SF do everything in their power to calm investor nerves while we await the tariff. There's two key issues stopping PIs investing in the company. The first is whether the tariff is going to be signed, and the main project sanctioned. The second is funding concerns given the lengthy wait for the tariff agreement. Hanno so far has given us a few +ve updates, which I personally found reassuring and appreciate. However the share price hasn't budged due to these two key issues. If directors were to cash-in some options / warrants this would answer both concerns of PIs. It would show confidence in the project being sanctioned. And it would provide much needed cash whilst we await tariff approval. The directors have done it before at much higher prices so I see little reason not to do it again if they're confident in a successful outcome. It will also mean when the tariff lands our sp is more likely to be around 5-6p and break double digits, rather than bouncing off the magical 10p barrier from a lower level. Those of us who have been around long enough know 10p is a hard nut to crack. A higher mcap means far greater ability to raise money for solar or the main project, and settle existing debt. It's in everyone's interest so I'm hoping after the black-out period SF and Hanno look into this and make it happen. AIMHO GLA

Just bought another 100k & 125k @ 3.05. Seems rude not to. Either you believe in Hanno and SF, or not. I'm already starting to feel very twitchy... GLA

until the end of June accounts. Let's see if Hanno can give shareholders something to cheer about. This of course doesn't include the solar project, which has decreased the share price with every rns. Signed EPC contracts, and/or conversion of director options / warrants at a higher price, alongside some more positive words on the main project will keep the natives (inc me) from getting restless. Hanno, if you're reading this the last two things are absolutely in your power to deliver. GLA

CF, if you look at every interview and rns that has been provided by the company since the transmission studies were completed it would be hard to say the company hasn't been very +ve in their belief the tariff will be agreed, and the project will go ahead. Each rns continues to communicate that everything has been submitted, questions answered and negotiations are positive, and we're now awaiting feedback from Moz / EDM. The March & May project updates outline everything that has been completed and additional work being done by both nccl and our partner in tandem with the tariff. They've also received approval from Moz / EDM on further studies wrt transmission costs, which says to me EDM and Moz are going to commission the project. As I've said before it would be a political and diplomatic 'own goal' of the highest order for them to back out after all these years and work completed. Given the Moz / Malawi transmission line also relies on energy from Tete and we're the only provider in the area I'm struggling to see how the project won't get the green light. The fact the leading tender is CMEC also points in the right direction. The question as always in Africa is when will we hear something...?

In the meantime I'd like to see signed EPC contract and some director warrants / options being executed. This last point will add a couple of pennies to the share price almost immediately. It says the project is fully expected to be commissioned, and simply delayed. Plus it will provide cash to allay funding concerns. If SF and Hanno believe it's going to happen then why not cash in now rather than later. As I've said before it will also provide a higher springboard for the share price when the tariff is finally agreed. This is fully in their control.

Comments from the last interview alone:
- 'We continue to make positive progress with the main project'
- 'The discussions on the tariff with EDM and Government as well as our strategic partner remain positive'
- 'It's fair to say it's a fairly sensitive time for the project, and we are having to move things forward very carefully and diligently, but we will provide an update at the right time'.
- 'Important to say the main project is still progressing well, and we look forward to providing an update in the future as soon as it's the right time'.

Fresh, I think you'll find we are making more money than we can spend drilling at the moment, so don't really need to go down the debt route. They could drill 15 sites tomorrow with cash on hand, and by the time they've drilled and hooked up these wells (6 months) they'd have enough to drill another 15 and so on. But after 12 months you start to see the fcf coming from the initial wells, so you very quickly get to a place where you can drill 20, 25 wells from fcf being generated (post divi) without the need to take on debt. I agree they need to get on with drilling, but it takes time to isolate the best wells, get permits etc in place and get the whole thing moving. Having said this I hope they're looking to really start motoring with a drilling campaign in Clearwater and Simonette. Proving up the production values of these areas will make a huge difference to our share price, and will also mean we're harder to t/o, which I think is a very real possibility at the moment. Only good news from now though.

Well done to Graham and Majid on more interviews and PR. Its a pain in the @ss for them to do, but it will boost shareholder confidence and the mcap (ergo our ability to raise cash), plus make us bigger to swallow. This last point is important, as we are no doubt at a valuation where we become a very tasty prey for a mid-tier producer who wants exploration upside. It's rare that you get the good production, significant diversified exploration upside in safe jurisdictions, and little to zero debt. A higher share price makes the target on our back a little harder to hit. Divi should help take us to double digits in the coming weeks. More production and the f/o needed in the near term to get us to 15p, which is where we become that little bit harder to swallow. AIMHO GLA

Agreed maestro. I lost a lot of money on i3e in that debacle and it was hard for me to trust them up until the last couple of months. There will be many more investors who cut their losses and find it difficult to return. Fact is we'll soon be producing 10kboepd, paying a crazy dividend off ridiculous fcf / NOI multiples, have huge exploration / production upside in multiple areas, and absolutely negligible debt. Lots of adjectives in this sentence, but the fact is they're all accurate, especially when you compare each measure to UK and Canadian peers. At some point in the next 4 weeks PIs will tilt towards us, and when this starts it will snowball quite quickly.

To be clear I'm saying it would be an ideal time to deliver some +ve news hxul. I'm not ramping a hypothetical news date that could deliver f'all. Not my style :)

Maybe CF, I'm being somewhat conservative (realistic) with my timings, unlike Hanno :) It matters not if we get a signed tariff in the next few weeks. This is the starting gun as I agree that I don't think we'll make it to FC given the company appears, on the surface, to be positioning for an earlier exit. Interview at 6.03 - 'We continue to review the optimal ownership structure for the coal power project and our renewable energy business...'. This statement alongside the positive statements about the main project progressing well are keeping me here.

We really do need some +ve news though, and I don't mean any more solar ****. This diverts the attention of new investors from the main project, confuses existing investors, and doesn't provide greater confidence the main project is going ahead unencumbered. They first of all need to put to bed new investor concerns regarding a capital raise. This is easily done with directors (SF) cashing in options. This will also provide greater confidence for new and existing investors the main project is going ahead. If SF or Hanno were to cash in his lower value options, or buy in the open market following the closed period we'd be back to 5-6p in a flash. Signed EPC contracts alongside some early works being conducted by our partner and we won't need the tariff to get us to 8p. These are things we don't need EDM and Moz government to approve. This gives us a springboard to attack 10p+ when the tariff lands. If they still need funds at this point then do a modest raise, which will minimize dilution and make holders stick it out to the ultimate sale of the project. There's some very simple, relatively inexpensive, and above all shareholder friendly ways to boost the sp and longer-term value of the company that I'd like to see from mgt. AIMHO GLA

We have half yearly results in the next week or so. Perfect time for Hanno to deliver the signed EPC contract. Following the 'blackout' period (if it applies) it would be the perfect time for SF to cash in some warrants so we can get rid of the negativity / disbelief toward the main project going ahead, plus allay any concerns of cash issues and the need to do a raise. Fwiw I don't see a raise happening at this level when the directors have so many warrants on offer, many of which are at quite low strike prices. It would send a terrible message to the market as well - We're going to give ourselves and friends ultra cheap shares where only we can buy them, rather than pay slightly more with the warrants we have attained from other capital raises. It would also be a change in historical behavior where directors were cashing in warrants and options as high as 10p to keep the lights on. If everything points to the main project having a +ve outcome it would only require a small amount of funding to take us the next 3 or so months to when the tariff has been signed. I'd be more than happy for them to raise another £500k-£1m at 8-10p so we're funded to partial / full takeover of the project that I'd expect to happen in the following 6-12 months.

Either of these 2 things happening will be a very +ve signal. The tariff of course is the most positive sign we can hope for. The warrants are absolutely in our (SF) control. The EPC contracts partly in our control. The tariff is currently out of our control, but one would hope our partners are helping us to apply the maximum amount of pressure to get it done. AIMHO GLA

I wonder if that's the last of the cheap shares on offer. A few more 500k buys and we may even get near 4p. Crazy to think we were flirting with 6p less than 6 months ago. We'd just completed a healthy capital raise at 4.5p, had approval of historical costs, the transmission studies had been submitted, and we were awaiting formal feedback on the tariff expected no later than mid-February. Anyway, either the whole thing has been a gigantic waste of everyone's time and money for years, or the tariff is relatively close to being delivered. In the meantime it would be nice to get the well overdue EPC contracts. Only 8 trading days before they have to provide the end-June results. Perhaps next week... GLA