Member Info for G_G_G

If they delivered some truly positive news. This has been dragging on for so long that most investors have probably forgotten about the fact the loan could have been called in. Sort out the funding issue Hanno. Then some news on our technology partner coupled with EPC & O&M contracts. Then a tariff update... and the list goes on. All things we've been waiting to hear about for some time. But surely the funding can be sorted given it doesn't rely on other parties. It's not like our dwindling funds is news to anyone. Most investors are no doubt sitting on the sidelines to see what happens here. No point investing if Hanno is going to give insiders shares at 2.5p and no opportunity for PIs to participate. I have no doubt PIs would stump up a few hundred thousand via Primarybid if he offered similar terms to the last raise. He'd get £25k from me to start with. He only needs £500k to take us through to end Q1, which would surely allow enough time for the other news items to land. Get it together Hanno.

Just following up on my previous post - can anyone confirm the oil classification our Canadian crude is sold under?

Can anyone confirm the oil classification our product is sold under?

Sooty, I'm pretty sure people were saying the same thing about EUA and GGP. Facts are ZIOP is sitting on the world's last major IO deposit without plans for development. It's pretty much perfect in every way and the value has been established. It simply needs China to make an offer, and we know they're working with ZIOP already. Given all your whining I'm almost wanting you to get your 12p to then see this rocket to £1+. We're all under-water here. Learn to deal with it.

Fair point fairdealer. I've been reluctant to get back into this company until I saw some production numbers. Even after seeing the numbers I still feel somewhat uneasy given the bod's track record of over-promising and grossly under-delivering. I'd hope the production numbers are all correct and above board. The rest I'm taking with a pinch of salt i.e. dividend, share buy-back etc. I look upon these statements as being similar to the 75% CoS they were claiming for the Liberator targets, which they missed twice. Providing they are breaking even in a low oil environment it's enough for me as the re-rate when oil inevitably goes back to $45+ next year will be quite something. We need to keep in mind there will be a vaccine announced in the next 8 weeks. And if they secure a decent f/o in the meantime the sp could take quite a leap. Happy to buy into weakness from here providing the production figures aren't bull****. I'm not expecting us to get to 6p on this news but feel we'll be bouncing in the 4.5-5p channel until we get something more concrete - I can see +50% on the back of a decent f/o so hopefully not too long to wait on that front. If lockdown gets really ugly and there's no news on a vaccine then we may dip below 4p on a severely depressed oil price, but I just don't see that happening for very long. Worst case 4p (for a little while) and best case 10p (by end Q1). AIMHO. GLA

Hi beardozer, I'd agree the price should be more than £1 but it depends on whether Elphick and co are willing to get out at a price far lower than the real value of the asset. Given value is ultimately what someone is willing to pay for something, then who knows what the final number may be... I think fair value would be in the £2-3 range but it depends on what the Chinese are willing to stump up. It would certainly be a huge f@ck you to Australia so maybe that would enter into their thinking as well. I also tend to agree with extrader that Glencore would probably take it off us at a discount to the ultimate selling price (having negotiated it with the Chinese before-hand). AIMHO. GLA

Hi Petch, I agree only based on Covid causing a 3+ month lockdown in most of the developed world. On the flip side is i3e securing a decent f/o, and throwing in a vaccine before year end. If this happens and O&G prices don't drop too much further in the meantime then I can see double digits early next year. A vaccine is all but guaranteed in Q1, so if the company can continue to stay buoyant between now and then it will re-rate very strongly on one or two pieces of +ve news. The f/o will give s +50% from this SP if done on reasonable terms.

If there's a pull-back below 4.5p then I'll be back for more.

I noted that too fairdealer. Not sure what sort of financial trickery pokery they're up to with that statement. Anyone care to explain...?

After waiting for today's news. These dodgy pr!cks better not do another job on PIs after the last time I was in here with all the inside trading and false claims. I had £120k in here for 650k shares and lost about £70k in the end (I thought that was a good result at the time and it turned out to be). Now I have 1m shares for £42.5k. Go figure.

Quite amazed we have stayed well below the placing price but illustrates the likely short term Covid impact on the sector. I'll pick up a few more if we dip below 4p given today's rns. Providing Nth America doesn't go into lockdown (risk with Biden win), then I can see us climbing to a healthy 6-8p range by Xmas - I think the 50% re-rate will occur on f/o news (providing it's on reasonable terms). If we don't go into a prolonged lockdown then I see double digits by end H1 next year Thankfully there'll still be reasonable demand for gas through winter so expect any major drops in oil to be compensated by decent gas prices. Thinking there's some IIs de-risking at the moment given the high volume selling into this very good news. GLA (we'll probably need it).

Hi beardozer, I don't think you should get your hopes up for a Russia / China bidding war, in fact I don't think you should get your hopes up over any 'real' bidding war. This will be either sold to a Chinese consortium or not at all. We've never heard anything other than 'China' from the AT's mouth, and I doubt we ever will unless there's another sham 'open offer' like at Simandou. Simandou was always going to the Chinese because they will build out all the infrastructure to take Guinea out of the dark ages (and because they no doubt bribed a lot of dodgy officials). It was always theirs, they just needed it to look like it was a competitive bid to avoid any more accusations of undue influence over impoverished and corrupt African nations. More importantly for them, they will have control over the infrastructure they're building, which means control over a huge amount of additional value in the ground in that part of the world. A deep water port also serves many purposes for them.

We are no different in the sense we are part of a much bigger game being played. If any other 'bidders' arrive they will have been instructed by China to do so in order to give the impression it was all above board. FMG have been in the pockets of China for years. As an Australian I often read how Twiggy Forrest is doing the bidding of China in Canberra. FMGs bid was never going to be successful, because it was never designed to be. We will be sold when China has lined up all its ducks. This means the land rights are secure (including land required for SEZ, slurry pipe, roads, rail etc), the SEZ is secure, port contract is secure, energy contract is secure... and the list goes on. Zanaga on its own pays for a lot of this. But then there's everything else in that part of the world that is opened up by the infrastructure that COIDIC will be responsible for building. The only way for ZIOP to hurry this along is for them to arrange an 'open offer' that RoC will support. To be honest it's in RoCs interest to do this but given the huge amount of leverage China has over them as their biggest creditor I'm not sure the d@dgy b@stards that run RoC would be willing to bite the hand that feeds them. Things are at least moving, but who knows how close we are to a sale. AIMHO.

Posts seem to come and go Chris.

Firststop does have a point though about Hanno's lack of skin in the game as I've said previously. SF joining the board is fantastic news as the biggest investor (PI no less) and the fact he can impart on Hanno a lot of wisdom on how to run a company. The main thing for them to get sorted in the immediate term is funding. Hopefully on a basis that doesn't dilute shareholders too much and involves some sort of offer to PIs on the same terms as other parties 'closer' to the business. Either that or the board should take up the entire capital raise on decent terms to show the market they are going to get the job done. We need £500k to get us to end Q1, which should be a point where warrants from the last raise can be forced to execute. It's chump change to many of the board members so they should either 1. take out a loan, 2. take up the entire raise (without giving away shares), or 3. make an offer to PIs for any raise. Simple way to get rid of the elephant in the room and move forward with confidence from a financial pov. Will be interesting to see if Hanno participates or gives PIs a chance to participate in any funding raise. He didn't last time, which is why I don't believe he has all investors interests at heart. Hopefully not too long to find out next steps on funding. Then of course there's the overdue news regarding EPC O&M contracts, tariff update, confirmation of technology partner, historical costs... take your pick on news items here. GLA

Well I sold a 3.5 million at an average of 7p a little while ago. Unfortunately I dropped about 1m in the 5's but made up for it in the high 7's and 8's. My average was a little over 3p so some good profit made here. It basically took my p/f back to evens overall, as one dodgy oily named i3e f@cked my portfolio. Thankfully here and ARS came through though. I'm looking to get back in here but to be honest I think this may have more to fall. It's pretty typical when a share has had a stratospheric rise that it will take a decent hit with profit taking when the second wave really hits. The market will feed itself as people look to sell high and accumulate low believing it will continue to drop like last time. Timing is of course everything, which for those that got out of the market on the first wave will attest as many have doubled / tripled their money simply through timing. Can't imagine it dropping lower than 5p, but do believe it will be back in the 5's come second lockdown in the next month. Hopefully I can sneak back in and re-join the HZM story closer to 5p as long term this is a great story. GLA

Woops post now appears to be showing (egg on angry face).

Incredible that my last post was pulled. It pointed out that Hanno hasn't dipped into his pocket for years, so I don't really buy the argument that he isn't financially able to do something at this point. Funny that he can invest our money in his brother's company though. I also pointed out that I invested for the project and share register, and not Hanno. And I'm still here because that share register of major holders now contains more than one board member (but not Hanno).

SP will be held here until there's some news on finances. SF will hopefully do Hanno's job for him on this point but we'll be here or below (given current market conditions) until funds are secured. Hopefully not through a capital raise as it will be in the 2's at this rate. If so same terms as last time and should be taken up by board members (including Hanno) or perhaps this time they can make the offer to PIs, which Hanno didn't do for the heavily discounted raise last time.

Hi Chris, so Hanno currently isn't in a position to put money into the company he runs. Fine if that is his current financial status, but the issue is he hasn't been willing to put money into his company for years. I remember a Proactive interview when he was caught off-guard when asked if he was going to be buying shares and he had a stunned look on his face as he fumbled out a garbled response. And guess what, he still didn't buy any shares. And yet he will put our money into left-field projects run by his brother.

As for news, yes we're always due news here. Funding is of course the big current issue (there's always funding issues here). If they're looking to get a placing away then common sense says they should have done it on the back of the SF news. They've now missed that opportunity and we're looking at a price in the 2's instead of 3p again. Keeping in mind the last placing price was a f'ing joke for long-term holders. And the fact Hanno didn't offer the joke price up to PIs shows how little regard he has for us. I'm hoping SF is going to give us a loan, but to be honest I'd be just as happy if they did another modest placing on the same terms as the last one (less than £650k raised), and the only people to buy shares are board members (inc SF). That would be a vote of confidence in the project and give us a solid base to work from. Given SF recently bought shares they're not in a restricted trading period, so what's the hold up...?

I have invested in the main project and due to the major shareholders on the register. I certainly haven't invested in Hanno. SF joining the board has been a welcome relief as he will be able to show Hanno how to run a company, and his interests are most certainly aligned with ours. Hanno on the other hand is just looking for a long-term CEO role with little to no risk attached. GLA

Following on from 'follow the money', surely if SF is buying post-directorship it means there's nothing stopping Hanno from doing the same? It has always p!ssed me off that Hanno isn't putting his money where his mouth is for this company. Happy to put shareholder money into his brother's company though. We should make SF ceo of the company given he seems to have the most 'skin in the game'.

Very funny veteran. It certainly feels like it when Trahar rolls out the same things in each 6 monthly interview. No point selling now though. I don't think we'll go back to the dark days of lockdown where the SP broke 4p. We appear to have found a pretty strong base at 5p so unless the world gets a lot uglier I think it's worth sitting and waiting. I'm keen to hear more about the re-costing of the main project. I think this is something worth doing and certainly worth promoting if they can get Stage 1 below $2bn, and delivered by a reputable 3rd party. If the IO price stays high then economics of the project would be incredibly attractive. Only issue is these things cost money. AT mentioned we have another £400k in the coffers, which means they've closed the first tranche @6p. If they can get the second tranche away for a similar price then I'd hope we're financed until the end of next year, including the new costing exercise. Sadly though I think there's a good chance we will hear the same thing from AT this time next year. I simply cannot understand why Glen haven't put up the for sale sign. Glassenberg is no mug, so there must be some reason why he's reluctant to do it. Maybe he hates Elphick. Who knows.

NKOTB, we can only hope. I was saying this months ago when they started selling the first tranche i.e. that some 'connected' parties would be able to buy a few % of the company without shifting the SP. Unfortunately the shares are obviously being dripped into the market at a glacial pace so would suggest there's no connected parties participating. The situation is quite ridiculous given the current and future IO market, combined with the worst Sino/Aus relations in recent history. I simply cannot get my head around the barriers that are stopping this project being sold.

I'd honestly love to know wtf the issue is with selling this project. I find it impossible to believe that Zioc wouldn't be sellers. Same goes for Glen. Are Glen being too greedy? Are China being too tight? Are there dodgy Congolese f@cks making life difficult because they're not getting their cut? Whatever the reasons this whole charade is getting tiring for everyone. Once upon a time the SP would be rising fast into an AGM. We're dropping. And have dropped with every idiotic piece of 'news' that Trahar has released over the past 2 years. It's time for Zioc to sell up and move on. Elphick and co need their heads examined if they cannot see this is what needs to happen. It has never been a better time to sell a project of this scale and if they don't jump at it now they run the risk of missing these perfect conditions.

Hi Pickedpeck, so assuming the market is efficient and nickel is priced at $16,000 per tonne, and we have $325m debt (assuming the remaining $120m is raised in some way), then we should have an Mcap of circa $320m, or about £250m. So about 2.4x our current Mcap. The question of course is how they raise the $120m. If purely printing more shares or giving up a % of the project then the upside may not be that great from now. It shows why we're anchored around the £100m mark while the market waits to hear on how the remaining $120m is to be found. If raised in a non-dilutive way, say we give up a % of Vermelho for the $120m, then we could easily double from here. But it really depends on the way(s) they find that last chunk of cash. We'll see soon enough I suppose.