Member Info for Genghis15

There were a no of news reports such as the one below quoting the 7 day period. It may not be in the RNS, but it doesn't mean it's inaccurate. Of course, "submitting its recommendations" is a long way from settling the matter, but clearly they were expected to do so at least a week ago."The minister of solid minerals development, Dele Alake, inaugurated the committee on Wednesday at the ministry’s headquarters in Abuja. The committee has seven days to conclude and submit its recommendations."

THX is "looking forward" to a resolution by end year. Let's hope so. But whatever recommendations it comes up with, the danger is that they will involve long drawn out horsetrading between politicians at both state and federal level. I have no experience or knowledgfe of NIgerian politics, but nowhere in the world do these things move fast.

Yes, the +ves here are many and compelling. The federal inquiry into the Osun state govt grab is still ongoing, well past the 7 days (?) we were told it woul;d take.

This creates doubt and uncertainty which I'm afraid can override all those +ves, unless and until investors are assured the state will not raid those profits

Guess this contributes to selling today.

https://www.investorschronicle.co.uk/content/8debab84-d811-5e06-be6a-731f0e5d6252

"Earlier this month, beleaguered infrastructure trust Digital 9 Infrastructure (DGI9), which is in the process of winding down, appointed InfraRed Capital Partners as its new manager, raising eyebrows among commentators. For the first three years, the manager will receive a fixed fee, which significantly drops after that period. James Carthew, head of investment company research at QuotedData, said that the fee structure implies that selling the assets could take that long.

Mick Gilligan, head of managed portfolios at Killik & Co, added that various factors could potentially lengthen the process, including a dramatic increase in interest rates, if the trust had to refinance some of the assets, or even political changes or uncertainty. Meanwhile, Stifel analysts argued that the fee appears high overall, and that the level at which the performance fee is set suggests a much lower valuation than the current net asset value (NAV) – which was only released last month and already came with a big writedown."

"Mind you Ghana is not Nigeria.", Lol, well pointed out, Lucky! Senior moment from me....I have an interest in Ghana too and must have suffered some momentary cross purposes confusion. So my comment is void, likely not news in Nigeria, nor of any interest to anyone....must pay more attention in future!

Of course. You know that, I know that, the oliticians know that. But does the average Ghanaian know that, any more than the average Brit knows anything about tin mining in cornwall? No.

Politicians sometimes make stupid gestures to ill informed opinion, that's what I was getting at. Hopefully, not, but the timing is unfortunate.

I know this is not relevant to THX, and we are the good guys, but I fear it will impact sentiment , expecially, in country, not great when there's a Federal inquiry under way.

https://www.bbc.co.uk/news/articles/cn9dn8xq92jo

Quite. Despite some issues I'm happy with management, and with production, MLE schedule, Douta progression, etc.

Imho Segun has done a great job bringing the project to fruition, managing production, and progressing other workflows. the SP is hugely undervalued on any analysis of fundamentals, even allowing for uncertainties around MLE, Douta finance/permitting, etc.

The only thing holding the SP back in the current PoG environment is Nigeria's reputation of institutionalised corruption, which has been magnified by the Osun state govt's seemingly unlawful tax demands. You can dismiss this as being all part of the game, etc, but (again imho) the SP is never going to reflect the cash generation here until there is clarity over when/how it will flow to shareholders, without a capricious state grabbing it.

For my own part I've taken the view that the cash generation is so at odds with the fundamentals, at a time when gold seems an important hedge against world instability (thinking more about Nov 5, not ME!) that it's worth holding a stake here, and that the potential risk/return is well worthwhile. I'm just not betting the farm on it!

Always jam tomorrow. Never delivers it.

I'll not "Stop being so negative" at all. These BBs need a shot of "negativity" (read;uncomfortable trths) from time to time to combat the relentless optimism of ovr emotional imvestors who get far too attached to stocks.

That said. yes, the BoD taking up their share is certainly positive,; not only shows they're convinced but aligns them with holders. There is of course massive potential here which is why I'm watching closely, but as with exploreres/early stage miners there are many traps along the way.

ISA_ I, agree. I have no concerns about ops performance, and only minor ones re mine life extension.

I do have some nervousness over a committee of politicians drooling over our accounts, no matter the legal, regulatory, constitutional, or political situation. The Osun state govt has set a hare running, and unless and until it is firmly stopped in its tracks many will be wary of nvesting.

Mcap with today's admissions is c. £4m.

The problem withthe previous mcap is that was achieved on the basis of that offer, as was AW's assertion of even higher values.

It now turns out the offer was not serious, or not enough to proceed without EST spending more time and money advancing the project. Once that's done we will be back to square on in many ways, with cash running short again and suitors running down our clock for the cheapest price, absent a bidding war. Ho hum, that's how the game works. It works, but timimg is everything, and for me that time is not now.

I stand corrected, Robdog.

But my main point was that the crucial financials won't be until end Nov.

This committee should report its findings this week, tho we don't know when they will be made public.

If governance works in Nigeria, our problems are over. But bear in mind this is 8 ppl casting a close eye over $100m + of profit., who knows if they find some other "imfraction" in order to cream some off in the name of the state. Let's see the outcome.

If the past is any guide. next week will see an Q3 ops update, which is a good guide. but for financials we will have to wait for end Nov.

" journalism isn’t exactly top notch in Nigeria "........mostly pretty shabby in UK, too! ))

I'm baffled as to how much free equity ppl think will be left in this co once the funders take their cut. Very little, I would guess. When you're desperate for finance, vultures take their pounds of flesh ; either in direct equity stakes or convos, warrants, etc. .

Still shouts avoid, avoid, avoid, to me ; tho i wish all trapped holders the best.

BorB

Yes, but....that was all true in April. My point is that the BoD has since displayed a certain naivety in balancing funding/monetisation and corporate issues to the best advantage of holders.

I'm afraid that when my money is at stake I have a low tolerance of dropped balls.

Yes, it all looks very good, as it did in April. The problem is the way the potential sale/ FO process was managed over the summer, leaving holders hanging in the wind, and the co likewise having to watch funds dwindle,the SP decline, and the drilling programme delayed.

It is hard to have too much cinfidence in mgt team when they allow that to happen, even tho they say it won't happen again. Next time the traps will be different.

The potential for multiples is certainly there, but virtualy every small miner can say that.

Not had a chance to listen yet, but from posts here my takeaway is that it's one to keep an eye on.

The deposit seems real, 3rd parties want it proved up b4 they will bid a price acceptable to the BoD. So, little ikely to happen for at least 6 months, I would guess. Watch and wait, the usual pattern is downward drift in these situations, but you never know.

For a first pass, you could look upthe Dec 23 RNS.