Member Info for Genghis15

Silverp

" I know that we don't all see things in the same way, but I've been around a while and I'm sure we've all had our HUR,GKP,SOU,SIRIUS, so I think a degree of scepticism goes a long way in protecting your capital"

Amen to that. There are inexact but still striking parellells in at least a couple of your examples, where CEOs/Bods presented certainty, conviction and competence at every turn. Whether thru hubris, singlemindedness,, delusion, or deception, they were plain wrong about either the resource or its commerciality.

The uncertainty here over processing will only be cleared up when either a pilot plant proves it or a major industry player comes in with a big commitment.

As WB put it, you don't have to swing at every ball.

I beg to differ, traindriver.

It is pertinent background. Personally I have judged the episode to be above board, but it nevertheless illustrates that directors can be convinced of their convictions, but the project can still fail.

"I used to, and continue to do so, come here to gain knowledge and better my understanding "

You won't do that if you only listen to positive posts. Sometimes -ve or conflicting views/info is more valuable than the consensus., however irritating or inconvenient it may be. The most dangerous possible BB is a church of the converted.

As soon as govts tinker with inflation mandates, bank independence loses cred., markets don't like it. If other CBs were doing it, fine. but they're not.

Croqman

My impression was that no new auditors had been appointed, if that's incorrect then sorry, of course so is my comment about suspension. I did quickly check RNS history but perhaps whatwhatkid can point me as the where the J&J appt was announced? If indeed they are already onsite there should be no issue getting the work done.

Nevertheless, given the chaotic functioning of the finance function, and bearing in mind the desperate cash shortage, whatwhatkid is correct that they are unlikely to feel able to sign off as going concern.

Thinly traded. Good news on FO should see a spike here given how few shares are on offer.

Tomtoday

Auditors normally only audit accounts after y/e, so you would expect they would be onsite at this moment audiring final accounts. as there has been no RNS announcing new auditors, it's fair to assume that's unlikely to be happening...so another missed deadline meaning suspension in August again may be on the cards.

As a former accountant I find myself watching thru my fingers as this unfolds. The disregard for standards, disclosure, and statutory requirements would make any professional weep. If they had a CFO, which they appear not to do, (another breach of regs) they would be in danger of being struck off for failing in their duties.

Quite bizarre, almost unbelievable carry on here, yet some still think there's a pot of gold at the end. Well, there may be, but it's buried under a ton of compostable matter which needs excavating first!

ShareSleuth

Interesting re lowball bids....tho i suspect many might welcome one...it would certainly wake up the SP and surely even a low bid would be close to 2x current.

Certainly v relaxed holding here, confident in SL. Just looking fwd to news on MLE, most of all.

HC

"I agree but why the rush?"

I guess bcos the current SP discount is unlikely to last. Mb a pretty short window for truly value enhancing buybacks. That said, SL won't want to crimp his options too much on self financing MLE and Douta. So I would welcome some limited opportunistic buybacks at this stage, to push up the SP in the ST, while adding to NAV per share LT.

The response only condemns the Bod further. Appointing NEDs on condition of bringing in funding hardly makes them independent, yet another indication of BoD's disregard for standards and s/holders.

News confidently predicted by end June.

Whilst one should always be cautious about director predictions, AW came as close as any I've seen to assure that it will be done by end Q2. Given how hot Cu is atm, and EST's existing partnerships with BHP and others, I'm v confident too that it will be done.

The next weeks could well see some buying here in advance of that. imho. I'm guessing...and it's only that, dyor, etc....that may well drive the SP north by end June. 5p would certainly not surprise me, mb more...Mcap would only be £11m at that SP.

"This bb is jam packed with people who's views won't shift now no matter what the news"

Credibility is hard to regain once lost. Appointing a respectable NED at this stage mb a step i the right direction, but it's a long road back. Next, we need a rspectable CFO to restore the finance function, a major raise to sore up the b/sheet, an audit of related party interests, another of co assets to see who owns what.

Then we need to know what's happening on the ground with production.

One small step in the right direction is a long, long way off sorting this co's problems, with cashflow, accounting, governance, etc all needing urgent clarity. So excuse me if I don't get too excited by a NED appointment., even if the market seemingly has.

I should add that the only creative accounting done here ppears to ba aimed at taking assets OUT of TGR to related party entities. which may explain why no banks will lend.....no assets to secure on. That leaves only...guess who? Shareholders. Again.

The red flags started fluttering a year ago now, but I don't think anyone envisaged things could be as bad as they now are.

Creative accounting massages the botton line, doesn't magic up any cash.

"I’ve still not seen a concrete plan on how they’re going to fix them" Quite.

This letter is close to unbelievable. Until now I could put things down to incompetence. Now it's clearly fraud, imho. The sgares need suspension and a criminal investigation, tho as it's AIM and a cross border inquiry would stretch resources i'll bet they get away with it.

When the auditors, NEDs, and brokers have all jumped ship, I fail to understand why anyone is still holding here. Yes, there are underlying assets, but it appears many of them are related party owned, so even if TGR got hold of them it would take years thru the courts.

Truly amazed by the level of crooked shenanigans here.

Ye Gods, TRR is a royalty co, not a corporate rescue house. TGR have good assets (potentially) but no one in their right mind would back the co under its current management.

Easyp makes a good point, tho. Tho not yet confirmed, it is most likely more titanite, of which quite enough is already proven. We already know it's a huge deposit, the reason sP isn't well N of here is doubts about proving the processing.

The cake keeps getting more icing, but it's not quite the cake we thought we were baking.

Thanks, Rivaldo. i only know Rockwood from ST articles in the IC, but they seem a smart outfit, v encouraging to see them pick up on CAPD.

Andurand is talking his book. For sure Cu is in a bull market, but $40,000? I doubt it, usual issues of substitution and other market effects make that unlikely except as a speculative ST spike.

Ye Gods, TRR is a royalty co, not a corporate rescue house. TGR have good assets (potentially) but no one in their right mind would back the co under its current management.