Firering Strategic Minerals: From explorer to producer. Watch the video here.
Is the tax hearing linked to the vat credit due to the company, im not so sure it is. The tax credits will be for historic transactions whereas the court hearing will hopefully be setting a new regime but i dont think it will be retrospective, or at least i haven't read anything that claims this. Have i missed something when reading up on this?
I just found it strange that when noting our financial situation the bod have always included the tax credits, and for the first time its not included which leads me to believe its been received. If im correct it means our cash burn is higher than i initially thought
Neil777, the board have previously told us that they are trying to sell the concentrate, they have also noted that no more work is being undertaken at both MT and WK and it is ready for mining by potential new owners. Its clear that these are the asset they are trying to sell, what assets are being discussed currently is open to interpretation but there's no doubt that each of these three are up for sale
From what i've been reading recently any AIM company that goes into admin there really isnt much of a stewards enquiry as you call it, the pi's get shafted and the directors move onto pastures new without too many problems
Im with Layla on that, i think its down to two potential buyers but for what is still unclear. Are the two buyers looking to buy the concentrate, WK or MT or a combination of all three. Nobody knows, and i do understand that there are NDA's in place which are probably stopping the board telling us more than they currently are
Layla, the fact the VAT refund wasn't mentioned in the RNS whereas they have been mentioned in every other update of late makes me think they have been received, and funds utilised for whatever the board are spending money on.
What individual investors with lots of skin in the game are you referring to other than those employed by the Company, and how does that make things easier. Are you suggesting that these large investors will stump up money to either lend EUA or buy placing shares? The Sinosteel facility is still available according to the last update, no reason to believe that has changed so that is an option, but with CS openly telling us at the AGM he was looking forward to retirement I dont think they want to mine, also why would they have spent so much time in trying to sell if they were going to mine.
I think the large drop in share price is more about investors losing faith and the general sentiment regarding the directors ability to achieve a sale of any asset, plus obvious concerns over cash flow
Saint, perhaps you could also explain how we're going to cut spending in order to lower our current cash burn then because as a company that's not doing anything other than trying to sell its assets, its very difficult to decrease expenditure. The end of Q1 2024 is roughly 17 weeks from 30 Nov, so we need to effectively cut expenditure by slightly more than half to reach that target.
My take from that RNS was that there was an air of finality about it, im not expecting another update from them in 2023 i thinks thats it for communication from the board for this year. Its clear from the figures provided that we desperately need to sell the concentrate or one of our other assets. Whoever we are in negotiations with will know they have us bent over now and whatever return some were expecting is never going to happen. No-one achieves fair value for an asset when you're a distressed seller which we undoubtedly are at this stage.
The cash burn for the period 30 June - 30 Nov was £1.423m which is just under 22 weeks. We're going through just under £65k a week on current burn so we have roughly 8 weeks of cash from 30 November unless we sell the concentrate. For a company that's not mining or producing, and simply trying to sell its assets this is very concerning.
I agree with you, hence me stating that lenoman wont be the only troll that tries to berate posters for poor spelling or grammar. I haven't noticed Mr Wolfe do it so far, and you previously mentioned that dick BFL who i think got banned a while back, he / she was also in my green bin so a lot of their posts will have escaped me.
There's plenty of childish name calling on both side of the proverbial fence, this board would surely be much better if people just blocked or ignored posters that trigger them. Some posters offer decent information or thoughts at times which is great, but at the same time go down the abusive route towards those sitting on the other side of fence. I believe this board would be much better if the petty name calling etc stopped although some might disagree and prefer it to be as divisive and antagonistic as it is. I dunno, im pretty new to financial bulletin boards like this so maybe they're all like this and i just haven't realised it yet.
Absolutely not makeabundle although i blocked her not too long after joining as it was obvious what her game was so haven't read any of her most recent posts but I get the jist of them from those responding to her. I wont be unblocking her anytime soon
Lenoman, i have no bandwagon unlike yourself it appears. Calling out spelling mistakes is such a childish thing to do, the poster could be dyslexic or have some other condition, it could be a simple typo or it could be down to a lack of intelligence but you think as an adult that its something to be used to berate someone.