Member Info for GM402

Exactly Beast! I'll admit to having googled them this morning and tried to find a link to Cloudtag to substantiate her claims but have been unsuccessful so far.

im close to yellow jersey? how the **** have you come to that conclusion? why not explain why you think funds raised from the t-bills cant come to the uk, who said it had come to the uk in any case? could they have been purchased and remained in the uk?

answer those three question to see if tyou can redeem yourself, or at least give me a chance to understand your thought process on making such a statement

Can anyone recommend any decent webcasts / commentators i could start to follow to increase my knowledge of crypto in general. Im going to set up a twitter account later today so if theres any you could recommend on there it would be really helpful. I dont have Telegram either, is it worthwhile setting up a telegram account to follow people? Thanks

The update as at 30 June stated - "We have started to receive value-added tax refunds (VAT) against capital expenditure in previous years, which also contributes to our cash position". I think we have now received all the VAT refunds due to us hence there is no mention of them being included in our cash and near cash assets in todays RNS

The update also noted - "The Company's current cash assets at 30 June 2023 including cash held in bank accounts (£0.4 million) and US treasury notes (£1.54 million) totalled £1.94 million. The value of unsold concentrate within Inventories at 30 June 2023 was approximately £3.5 million. In addition, the Company expects to receive VAT refunds of circa £1.5 million.

The Company's cash reserves are held in USD and GBP accounts outside of Russia and therefore not directly or indirectly exposed to Rouble foreign exchange gains or losses against other major hard currencies." Its clear the T-Bills have been sold and funds used to meet whatever expenses we have had to meet. The increase of cash is simply that we haven't went through all the funds raised from T-Bills. As for Toffers ridiculous claims that the funds raised from sale of T-Bills couldn't come into the UK, thats just laughable. The T-Bills could have been purchased and held in the UK to start with. For someone who claims she's a lawyer, she really is quite thick at the best of times.

Lesson learned for me though, dont read this board on my phone unless im logged in as i've just read some of her nonsense regarding Yellow Jersey PR too.

NO ROYALTY PAID - still to be paid? its £187k from memory and more than 1/3rd of cash currently held

DRAG LINE PERFORMING VERY WELL AND IS CURRENTLY STOCK PILING ORE AFTER SOME MINOR GLITCHES EARLY ON - is this still the case or have all operations ceased?

MT FLANKS – MKT WORK ONGOING - still the case or not?BOD MUST PROTECT TRHE INTERESTS OF ALL SHAREHOLDERS - share price tells a different story

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

Richard, the RNS has literally just told us that its Hong Kong or Russian buyers

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

Didnt someone recently claim the Gowling case had been settled, which it clearly hasnt according to the RNS.

Thats your prerogative, im just working with information that has been given in number form as numbers rarely lie.

Lenbeary, what positives have you taken from todays RNS?

Some of the more vocal and dare i say it abusive posters are conspicuous by their absence this morning, they usually have so much to say

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.

Do we know if the royalty fee of circa £187k has been paid or is that still outstanding?

Im only working on the figures they have provided us with in the RNS, if my calculations are wrong then let me know.

Mizman, can you point out where it states this "Just a delay due to the pending tax decision. Sale will be done very soon after" as you claim because i cant see that anywhere at all.