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Gotta say it all feels very dodgy how the sp is up here and seemingly supported by all these £5 trades. I wonder if it's being managed to help get away the quasi-placing away at a higher price...? Seems strange we haven't heard anything about the tranches being sold as well - Tranche 1 should have been finished months ago...

Agreed CF. Although we often disagree on how much we could be worth, when you spell out historical costs, both fees, and sale of some equity in the project (or the whole thing), then you're looking at quite a bit of money. The historical costs plus 2 x fees is $60m minimum. I'm not sure what 10% is worth but a very old broker report put it at $60m from memory. So giving up 20% of the project could raise in total $150-200m alongside costs and fees. I'm hoping they sell the whole thing. The payout would be enormous. I seem to remember Hanno saying that GridX is being spun off into a separate entity - Is this being done to allow for a total sale of the power plant project and coal resource...? Either way the various options will deliver multiples of current SP by the time we get to FC in H2. All getting very exciting.

Agreed trev. Very good place for EML to be in at the moment when it comes to raising capital. But the longer he leaves it to raise, the greater the potential for sp to retreat from these solid levels. It should always be considered a win if the next raise is done on better terms than the last one as it shows the money raised increased the value of the company. So if he can get a raise away at 5p it should be considered a success.

Good to see some respectable discussion on the board re finance. I thought I'd have the usual types screaming 'deramper' on the back of the finance statement. Again, not wanting to come across as de-ramping but best to look at many other resource stocks and how long it takes to raise circa $400-500m. It ain't easy as most HZM holders would attest. Although in different resource sectors, they do have many similarities, including incredible long term prospects and $1bn+ npv. But you have to get the financing first. From experience I'd say Q3 this year would be nothing short of a miracle. If they get it before H2 next year they will have done well. It will require more patience but the mcap will be a lot closer to £100m at that point in time so plenty of reward for the patience.

Following this stock intently for some time now. Certainly fantastic prospects and reminds me of HZM a little while back.

Westie, to answer your question, what's not to like is the reason I haven't jumped in here yet - No mention of current finances i.e. they need to raise at some point in the near future. I'd expect they can do this closer to 5p than 4p if the sp continues to trade around this level, but it will need to be done fairly soon. Maybe I'll miss the boat but hoping I can jump in here closer to that 5p level than where things currently sit. Post raise I do see blue-sky potential here as every other box for me has been ticked. Well done to anyone with an average in the 4's or better. GLA

Hopefully we can hold this level. Looks like we can expect the EPC & O&M agreements in the next week or two so that should provide some support and maybe another 5-10% gain. That leaves the tariff as the sole piece of news. I hope we don't go back to f@cking Africa time where Moz take 6 months to say they're missing a piece of paperwork. Once the tariff is agreed we're off and running. I expect the other agreements to fall into place fairly quickly afterwards and once that PPA is signed then we can expect a bid for all or some of the project. Hanno has all but said they won't be holding onto the 40%. I'm hoping they sell the whole thing, along with the significant thermal coal resource. God knows what value could be placed on project plus the coal. This where SP predictions of 40p+ become more of a reality. Question is whether many of us would have bailed by then...

Feeling confident we'll be in the 6-7p channel when we get the historical costs audit and have signed the binding EPC & O&M contracts. Only a matter of days for these announcements (apparently). Tariff approval and things get really exciting. GLA

Well historical cost recognition is meant to be this year according to Hanno so there's only tomorrow to deliver that news. The other news will also be welcome, I figure we're looking at another penny to our sp. But the tariff is the big de-risking event that will put a rocket under us. I really hope that Feb date isn't more of Hanno's wishful thinking and we're still waiting on approval this time next year. We'll see soon enough I suppose. GLA

Agree this doesn't have the looks of a P&D. There's been no rumor of Serenity on twitter, or this board, or the other board. It could of course be people jumping in when a decent buyer (3m+) has decided to start accumulating. A few posters here have already mentioned they jumped in on the way up so momentum could have taken us to this point. Value is still 6-7p in my books without news.

As for volume, it isn't that great. Look at the charts post dilution and we've had plenty of days of 25m+. When the f/o hits I reckon we'll have 35m+ over a couple of days. One needs to keep in mind there's 700m shares at the moment so 10-15m isn't all that much in the greater scheme of things. I for one am hoping this is inside trading again, but one that benefits patient PIs for once.

BBB? No idea who you're talking about Rayte...

Just picked up another 100k at 4.88p. I think we'll be well into the 5's and nearer the 6's on confirmation of historical costs. That tariff is going to be the big shift though. We'll be catapulted into double digits when that lands. Everything now in Moz court so hopefully it won't be too long on the approval given they've had everything for the best part of a year now. GLA

Hi Leem, Hasiba, yes you have gotten in here at just the right time. Anything under 5p and you've done well. I'm quite the cynic with our mgt as I've been burned here before in quite a big way before making it all back and a little more courtesy of HZM & ARS. I'm now back in here again (in a big way), so hopefully that tells you something about my confidence in this rising significantly from these very low levels. The only thing missing here is confirmation of fcf (and therefore dividend) and / or a f/o agreement for us to be sitting around 10p. Trust has been demolished in this company due to a number of big claims that weren't delivered by mgt. There's also been 3 instances of obvious inside trading that weren't addressed. As a consequence what mgt claim to have delivered with their recent acquisitions inc. fcf and high yield dividends, plus talk of an 'imminent f/o', has largely been ignored by the market until they see something actually delivered. If they can deliver both in the next 4 weeks then you'll double your money. Simple as that. AIMHO GLA

Thanks Chris, and thanks Alex. Agree this is looking v.promising at the moment. Funding risk is gone and we only have blue-sky ahead providing we start ticking off those milestones. I've always said the tariff is the big re-rate as it confirms Moz commitment. I'm surprised they're saying February approval but if they can deliver in that timeframe then we're off to the races in H1. CMEC have shown they're committed but it's Moz approvals that will change our fortunes. I expect 10-12p on tariff approval, providing of course all the other elements have been delivered. CMEC won't go for more of the project until they have a signed PPA, but then we're looking at circa 20p as we've got a lot of money coming our way at FC. We just need to start ticking off all those other things so we can get started on the tariff approval process.

I agree Hasiba but the market unfortunately doesn't. Once they start delivering on their claims, without any misses, then we'll be in double digits. The market doesn't trust the bod so until they prove they can be trusted we'll be sitting here in the 4.75-5.25p channel. Re-rates will be f/o and financials that deliver fcf (and dividend). The size of dividend doesn't matter as much as being able to prove you're throwing off cash in this environment. And of course it would be a massive trust builder. I've said before I'd prefer they don't make any acquisitions until they've got a handle on what they already have. Plus the amount of dilution to PIs in this company over the past year has been biblical.

Have to say I always get nervous when I see numerous 100k sells being dropped into the market. This company has more leaks than the titanic and I've been caught out before on the inside trading on this company. GLA NTH (nervous to hold).

Merry Xmas folks.

Chris, any chance of getting some answers to the questions in my last post?

One hell of a deal they pulled off there. Given the numbers involved we could have gone for that - the fact most of the monies are repayable as a loan over 3 years on certain oil prices is incredible.

Hi Chris, forgot to say thanks for the investor call summary. Certainly sounds positive. Just to double check a few things:
- Hanno said agreement on the historical costs is still expected this month, is this correct?
- Is the project fee mentioned separate to the developer's premium? If so this is an extra payment worth $10-15m so not a small piece of news and certainly worth an rns.
- Hanno mentioned they're expecting tariff approval in January, is this correct? I must admit this is far earlier than I expected so just wanted to make sure this was stated.
- Did he mention anything about the 3rd party Power Market Outlook study or the updated feasibility study?

HTH. ATB

Thanks Chris. Any chance you could provide a top-line summary of what was discussed and expected delivery of next key milestones?

I was just thinking that Hobie. Anyone have a recording of the investor call?

I really do hope we have turned a corner on promised news. There's a couple of things due this year. Hopefully they're delivered and we can start seeing our sp in the 6's. GLA

Not sure about getting to 25-30p anytime soon JAdam, but I'd certainly welcome it as I'd bag £1m on the upper end of that range. FWIW, I'm hoping poo plays nice at $45+ WTI over the next 6 months, we get that dividend payment as a consequence based on $10m+ fcf, plus we agree a f/o that covers 2+ free carry drills for 25%+ retained interest with drilling taking place in Q1. Providing poo plays nice everything else has either been promised or is achievable (without being overly optimistic). I'd expect us to be in 12-15p range pre-f/o drill results (providing above poo / dividend factors are in play or better). If we prove up 100m recoverable (and we have Minos High being drilled) then I can see us breaking 20p. But that relies on a few ducks lining up; poo being in our favour for dividend pay-out, f/o on decent terms, 100m+ recoverable in Serenity, and Minos High about to be drilled. Quite exciting so long as mgt and Mirabaud are proved correct in their claims. I may even buy a few more...