Member Info for G_G_G

You're right KIBO isn't an issue, but we do have plenty other real issues. Hanno needs to get the bloody finances sorted, then GE, then timings. I couldn't give a toss about historical costs or EPC & O&M contracts now. Get the finances sorted and the rest should take care of itself. Hanno has shown himself to be a Junior Johnny of a CEO. Time for him to put some big boy pants on and start delivering on things that actually matter to investors. What a f'ing mess!

Yeah I think you'll want to wait for the dust to settle on that one Sooty. With the amount of shares being printed RR will be in double digits for a very long time. And if we have another 6 month lockdown they'll need to be printing twice as many shares at an even lower price to keep the lights on. That capital raise won't last long. RR is even more exposed than oil companies.

I'll top up again if we head back down to 2.2p on the ask. Got a feeling we'll drop a bit further and then there'll be a mini flurry again. And then rinse, repeat until a deal is done. You'd think it can't be long now, but we've been saying that for some time now. I don't even want to get started on the delays to the FS.

I think you'll be complaining about the SP over there sooty if you go into RR before the dust settles :) That stock is going to double digits and I wouldn't be surprised if it ends up in the 60p range.

Hi Mitch, I've been saying this for ages. I've shared my feelings on the matter in the past, which is RoC has told Zanaga they can only sell to China. The main reasons - only China will develop all the necessary infrastructure (plus additional) to push them out of the dark ages, plus pay all the dodgy f@cks in government. Western companies will only develop infrastructure to service the mine. So the port will be smaller, power plant will be smaller, no SEZ with steel mill etc. They also cannot pay-off government officials in the same way as China does. It's the reason why we've only heard 'China' out of the mouths of AT and co. They've never spoke of FMG or Vale who also bid on Simandou. Why...? Keep in mind that RoC owe more money to China than anyone else. That's a lot of leverage right there as well.

So until China is ready to make a reasonable offer we won't be going anywhere. Hopefully we're not too far away from that now. It's why I keep telling myself they're only raising enough to keep the lights on for a short period of time. And why they're paying themselves in shares, and not participating in a raise or buying on the open market. Why risk such a huge deal. I only hope that if / when an offer is made they're immediately put into suspension and anyone who isn't in the company simply gets to look on from the sidelines wondering what could have been.

C'mon guys, take a look at our senior mgt team. It's one of the reasons why I'm invested, alongside the resource, and the fact we have Glencore as our big brother / protector. Senior mgt are first class for an AIM minnow. They're simpy waiting for their pay day, which they know will come at some point . We don't, hence the impatience and annoyance. Trust me I feel all of you. I've got 1m shares in this company and every 'non-statement' makes me want to explode.

We are sellers. Simple as that. Glencore could be a reason why we haven't been sold, but only if they're being made a derisory offer. I doubt they'd knock back even an average offer given their current predicament and need to pay down cash. Even if the project was sold for $2bn (my idea of an average offer) it would still be a sizeable chunk taken off Glencore's balance sheet. Glencore aren't idiots. They know IO has cycles and they know they have an asset that could easily net them $2bn if they play their cards right in this current environment. What I do know is they're probably the only reason there hasn't been a smash and grab done on this resource. Having said this, I imagine even the dodgy f@ckers of RoC are getting annoyed at the time it's taking to sell this asset. They need their cut too remember.

So to all holders here, I feel your pain. Even I'm regularly thinking of cutting my losses and selling down. But then I think of the resource value, current political environment, IO prices, it's shovel ready, and the steps made recently in opening talks with Chinese entities. All this makes me think we're a hell of a lot closer than when I first invested post enviro permit being awarded. So why sell now...?

We'll be in the middle of a second lockdown before you manage to pull your arm out. Hardly a time to be negotiating. Every day that goes by is more cash burn, which includes the new CFO hire. Get it done!

Sadly I think until Hanno sorts out the finance question we'll be range bound in the low 3's. Of course if he sorts a loan then we'll jump through that range quite quickly, especially if it involves directors. And if GE are confirmed as our technology partner still then we'll be back to where we started but with historical costs submitted and hopefully by then the market study. This has the potential to move upwards very quickly if he deals with the major issues well. But he needs to sort the finance problem first, and not via a bargain basement share issue. If he's raising at 3p (unlikely at this juncture) then we'll need another circa 15m shares to sort our finance issue. At 2.5p we're needing 20m, and so on. And then of course there's the attached warrants. Get it done Hanno!

Thanks Kinna, so you had about 500k of shares that you've been selling. I understand your frustration - I'm sitting on millions and although I'm not ready to dump this share, my confidence has certainly been rocked. I do think the project will go ahead, which is ultimately why I'm staying put. The concerns I have is dilution and timings. If Hanno arranges a loan for $500k then dilution will be minimized and the sp will respond +vely as funding is no longer an issue until Q2 2021. Easy fix if he has the sense to follow this route and arrange the loan sooner rather than later. Once done he can let us know the position of GE. If bad news we're funded long enough for an alternative partner to be sourced and the project moves ahead with a couple of months of slippage. If GE stays then we get the double bonus of finance and technology partner sorted. SP will be back in the 5's. Any other +ve news such as historical costs and market study submissions and we're back up in the 6's. Tariff approval and we're off to the races. We're down here because of GE and funding concerns. Both can be dealt with if he has the good sense to sort out the funding through a loan. And ideally a loan that has Haworth and him involved. If Hanno wants to play CEO he needs to start saying the right things and making the right decisions i.e. not at the expense of LT shareholders. Sort the funding and the rest will take care of itself over time. If he lets this drag on and is stupid enough to go down the capital raise route then shareholders will move on as they'll have very little confidence in him, which would be understandable.

Hi Kinna, out of interest how many shares did you dump the other day if you don't mind me asking? Again, sorry about your losses here. I know the feeling (on paper at least).

Chris, we've been saying 'lots of good things coming' for sometime now. I can honestly think of as many bad pieces of news as good pieces of news likely to land between now and the end of the year. And given Hanno cannot hit timelines that are in his control, I'm not necessarily counting on the good pieces of news coming to fruition in the next 3 months.

The end of the year means they have enough money for 3 months. That's it. So he needs to get the bloody finances sorted, and fast. Shareholder loan backed by mgt (Haworth and Hanno in particular) would be the best move to make. No dilution unless the sp goes to a certain level (higher than 3p). It would also signal they are v.confident the project is going ahead. I'm unsure as to why they wouldn't go down this route given it was used years ago when the power plant was more of a concept and had less potential than we've been led to believe it has now. A loan of $500k would take us to end Q1 when the project should be far more de-risked and the sp much higher. They can then raise again at 6p+ any additional funds needed. They may even be able to force the options on the last raise if they can deliver the tariff approval in January. That would give them all the cash they need until FC, without too much more dilution. A loan such as this would create a mini re-rate. Hell even I'd buy more shares if this happens.

On the other hand, if he's thinking of doing a capital raise then every week that goes without a finance update the sp will falter, and once we break 3p the next raise level will be somewhere in the 2's. That's a lot of shares for the minimum $500k needed if GE falls over, which is the big -ve news that will break support. You'd hope Hanno and Haworth are thinking this way, but I'm not sure this is the case given the decisions they've made in the past.

Shareholder loan is a simple solution that will get everything back on track. It will re-rate the SP and give them enough room to work through any issues such as GE pulling out and hit any delayed timings as a consequence. News such as historical costs approval etc are also more likely to have a greater +ve influence on the SP. I'm not a CEO, but it's pretty easy to see the right move to make.

Chris, we're at support, which is why we're bouncing. If Hanno delivers one more **** piece of news we'll break support and end up in the 2's. That's the sp that says no-one believes in him, or the project, or his brother's project for that matter. Hanno needs to get his act together.

I also don't believe we're in a closed period for him not to buy shares. He's been using that one for years. Even the Proactive interviewer asked him once if he was going to buy shares - It's plain and obvious to even set up interviewers that Hanno has no skin in the game. If for whatever reason he cannot buy shares, he should structure another loan and put his money where his mouth is.

As I've said the first order of business needs to be the funding issue. Hanno shouldn't have mentioned funding in the rns or interview and sorted it out in the background. He never mentioned shareholder money going to his brother's company so I'm at a loss as to why he would make an already nervous investor base even less positive. Quite an amateurish way of managing a situation where you need additional funds. If he's to fix his error he needs to convince major shareholders to open their wallets (yet again). Better still, he should ask Haworth to give us a loan, which can be cashed in later. And even better, maybe Hanno should pull his wallet out for once. The guys has f'all skin in the game, which really p!sses me off given the skin I have in his company. Then of course there's the GE issue that needs to be sorted one way or another. How the hell we've gone from a seemingly strong position to this is beyond me. I've invested in the project and it's potential, but the biggest issue I have is with Hanno - I simply don't think he's up to the job.

that prior to the GE bomb we were sitting at 4.5p and thinking about 6-7p in the next few weeks. Hard to put into words what I think about GE but pretty sure I'd be banned from the website if I tried. What a bunch of pr!cks.

If they know GE is going to pull out then Hanno needs to sort the finances before anything is released to the market. At least then we can deal with the inevitable extra delays, but be in a position to push the project forward and hopefully everything sorts itself out in a few months. If Hanno f@cks about then -ve GE news will crater the SP even further and we'll be raising at 2p. I still do not understand why he even mentioned the finances element in the first place. Hanno clearly lacks the judgement of a CEO.

Hi Kinna, sorry to read about your losses here. Did you sell your last shares today? If so, how many?

Well we're back at the bottom again. I bought most of my current holding at this level but that was just after covid smashed the market. We didn't even get to this level on the GE news. How very depressing. Good time to lower your average though.

To be honest I don't understand why they even mentioned finance in the rns and interview. It has only reminded people they need cash when Hanno could have just gotten on with delivering good news to boost the share price (and ultimately the raise price).

Hanno should speak to the Weatherheads, Fletcher, or better still Haworth. Even better, get a loan and don't dilute shareholders any more. Just get on with lifting those bloody anchors already.

Not sure I used the word 'commitment' enough in my last post :)

Good to see Hanno is thinking of shareholders by jumping on Proactive. Given circumstances I don't think he could have done a better job. Some good news. And some potential bad news. Project is progressing and highly unlikely to fall over. This is the most important good news. Historical cost etc are unimportant given current circumstances and it appears the market agrees. Main issues I see are threefold:
1. No confirmation one way or another of GE involvement. I won't go into detail as to why this is important, but suffice to say that if GE is confirmed as technology partner it's far better for us on every level. Hanno needs to tell us wtf is happening here.
2. Tariff approval will be next year according to the interview. They've stated in the RNS 'within 3 months of submission of the Market Outlook Study'. This means before the end of January. Hanno should have made this crystal clear in his interview given the importance of tariff approval i.e. no later than January, rather than saying 'next year'. To be honest I'd rather he lied and said this year and missed the deadline like every other to date. It would at least support the share price.
3. Finance. Hanno needs to deal with this elephant sooner rather than later. They need to raise enough to take us to end H1 2021, without too much further dilution. Best arrangement would be an extension of the shareholder loan.

The above are three decent sized anchors on our sp, and I don't see us moving much form the 3-4p range until they're lifted. One thing Hanno can control is finances. He needs to deal with this elephant because if GE pull out, then he'll be trying to raise at 2p next time round. It's not rocket science but Hanno has f@cked up in the past by not recognising what investors think e.g. his foray into solar with his brother. That money would have been enough to carry us through to next year, and his brother's company would still be doing f'all right now. Get us another $750k and a loan extension and start moving forward.

Winter is coming and it ain't going to be pretty if he's still mincing his words come December.

Thanks extrader. Always appreciate your anecdotes and opinion. I'm of the same opinion regarding bod taking this private. Either way they'd need to make it attractive enough for PIs not to start a riot (I'd be swinging a pick axe myself), which would still be at multiples of our SP at the moment.

What do you make of the 'news' regarding the approach by several Chinese entities interested in financing the project? It's funny, if this statement was made a few years ago the sp would have been in the 50's. We now sit here wondering whether it's complete bull****, or if genuine discussions are taking place. I want to believe that Chinese entities have been working closely with ZIOC and they're beginning to sharpen their pencils. And I'm telling myself the news delivered to EUA shareholders before their stratospheric rise wasn't all that dissimilar to what we're hearing now.

As for Moz, not sure how I feel about the news to be honest. There's some good, alongside a few red flags. By the market reaction today I'd say most feel the same way.

I also think Hanno needs to jump on Proactive and provide a positive spin on everything that has happened recently. Bottom line for me is the sp will be at risk until GE are confirmed as technology partners. After this it's just a matter of time as I don't see the project falling over, however it could be delayed by many months if GE throws a spanner in the works. What a bunch of incompetent, unreliable pr!cks btw. At the very least they should have clearly stated that all agreements / commitments in place are still going to be honoured. It would have made things a lot easier if they made this commitment alongside their bombshell. There would be little to zero negative judgement if they said they'd stand by their existing commitments.