Member Info for goingunderground

MAJ "Worth noting for anyone who likes the market mechanics side of things; a short was closed out on IG yesterday/today."

Can you provide some supporting evidence ?

MAJ "The Q4 struggles look to be a historic event with the improved operational performance already commenced in 2022"
This is an opinion with no basis of fact. What operational performance improvement

They're all coming out of the woodwork .

Getting desperate L200. New posters arrive and don't understand what they have bought into. Ramp. Sounds like pump and dumpers ;-) Trolls !

How does it go again. "Marched up to the top of the hill....."

Geng "Production is not in decline, they had a reduction"
So a reduction is not a decline ?
The placing was a cash call "The challenges encountered in Q4 2021 led to unexpected pressure on cash flow " They ran out of cash and needed a bail out. Under what terms was the bail out provided ?

Dont be getting giddy

2phevs. Hows it going at Darkmatter ? I hope you haven't come here to try and recoup your losses. Be cautious M8

2phevs. You were here for a month last time. Same behaviour, multi posts, cut and pastes from websites, ramp, ramp, ramp.
How long will you stay this time ?

2phevs - "BTW it could be another of wres's customers buying shares to secure supply offtake agreements like icd have done could be Wolfram"
SPOILERALERT - Tungsten production is in decline at LP. The company was bailed out by ICD when it ran out of money. It cannot and has never supported itself

2Phevs. Its not YOU thats comical. It the suggestion that I am a shorter.
You're getting giddy

Geng "Come on then GUG - if now is too early - what value do you think is not too early?"

Oh Geng...... Sub 1p might invest £100. That makes me a potential investor. If it fails before then, I'll consider myself to have had a lucky escape

2phevs "start to appear after seeing their short positions losing money"
Comical.

Its just a shame you didn't get out earlier last time. Still at least you accepted I was right. ( and I was ) Probably come back in too early though ;-)

Welcome back 2phevs. You are working hard today.
Some people never learn.

Ok Safetyman, if it pleases you, I'm delighted.
Keep shuffling the deckchairs while the band plays on

Troajan. BOD is Board of Directors.. To be clear the BOD, (according to the website)
"The Board of Directors comprises four members; one Executive Director and three Non-Executive Directors. Chairman, Michael Masterman (Executive Director), has a wealth of minerals exploration and development experience. David Garland, Non-Executive Director, has a wealth of experience in both the minerals industry and in law. James Argalas, Non-Executive Director has extensive experience in the financial and investment sectors. Non-Executive Director, Ismael Cabanillas Verde has over 20 years experience in various sectors. The structure of the Board ensures that no one individual or Group dominates the decision-making process"

Only Masterman is associated with Fortescue previously Anaconda. No one else.
Whats your critique of the performance of Masterman ? From where I am, its not great, is it ?
90% dilution in 10 months and a 70% reduction in the share price in the same 10 month timescale.

Safetyman "So the indication of a wink, taken as a smiley face is a misrepresentation of fact? Really?
In an earlier post you referred to the CVs’ of the BOD in a derisory manner, which in my view did not reflect the CVs as described in the link that you provided. I would say your portrayal was a misrepresentation of the content of the information in that link."

You just carry on making up your own facts. A wink is not a smiley face. You keep making your own narrative up.

I note that you make no comment about the misrepresentation made by Troajan. Only 1 of the BOD has been involved with Fortesque and yes he was bean counter, an accepted term for an accountant. Masterman has been called much worse by posters on this board.
"Masterman: Bean Counter at Fortesque
Garland (NED): Lawyer
Argalas (NED): Financier "

I see nothing particuarly derisory.

I see a biased drama trying to be created by a disenchanted LTH. I mean you've every right to be disenchanted, 80%+ down on an investment is not great, but trying getting disenchanted with the company, it will get you just as far. Just saying

Safetyman, once again you are making up your own facts.
"GUG, does the fact that there is a lot of interest to pay make you happy? I note your happy face at the end of your sentence in your 09:27 post.
“Yes US$8m is a lot of interest, but it continues to climb. ;-)”

Note firstly that it is not a "smiley face" it is a wink.
The purpose of the wink is that my response was to your your comment when you implied I was taking a lot of interest in the Q4 Production RNS. (Different kind of interest) Feel free to twist things as you like.

Pecten "maybe that's why gug posts?"
" maybe BlackRock take care of him for increasing the PIK shares?"

Masterman has skills in this, not me. Drop him an email and ask him why

Safetyman "What a lot of interest."

Yes US$8m is a lot of interest, but it continues to climb. ;-)

It was stated as 58.7m EUROs at the end of June Thats US$66.5m
Unclear whether that included any unpaid interest to date but lets assume it did.
12% interest (without any penaltys and facilitation charges) is US$8m which is roughly US$670k per month
End of Jan the minimum Blackrock debt is ($66.5m + $4.7m) $71.2m

Just a side calculation. We know they are not paying cash for any interest to Blackrock, If they were making Interest only payments every quarter
That would be US$2m per quarter.
Concentrate Production this year = 520t (130t per quarter average)
Interest alone would account for US$15,300 PER TON (US$2m/130t)
Now add on OPEX and you see why this is doomed as things stand IMO

Will it be this week before we see the official Q4 Production update.
We know from the last RNS that they indicated production of 105t combined (Tin and Tungsten)
I am interested to see how much ROM was processed and what the recovery rate/grades were.

I do hope they don't keep everyone hanging on.

Troajan. "two are ex rio tinto and fortescue metals"

I followed the link "https://wresources.com/about-us/the-team/"
The BOD is:
Masterman: Bean Counter at Fortesque
Garland (NED): Lawyer
Argalas (NED): Financier

So who are the 2 that you refer too ?

Troajan - "and the bod hold 15/20% of the comp
crux hold over 4%
icd alloys 10%
a spaniard.....about 5%
https://wresources.com/investors/shareholder-information/"
I followed your link. Its not been updated since Nov 15th placing so does not show the recent ICD transaction. Updating the numbers to reflect the recent placing. Total Shares are now 146,947,146
Masterman 19,019,292 (12.9%)
ICD 12,970,455 (8.8%)
Crux 5,600,000 (3.8%)
"Spanish Investor (SIC)" 2099999 (1.4%) - They paid 36p might not be around now.
Best to stick to facts , not fabrication bud

Share performance
https://www.google.com/finance/quote/WRES:LON?window=MAX

Troajan -"£2.5 mill in the last 18 months"

So this is mainly a list of dilutionary placings/cash calls not buys. All to fund the company where the revenues are insufficent to keep the business solvent.
It would also be worthwhile highlighting that also in the same 18 month period they have gone through £3m from Atlas, An additional US$7m loan from Blackrock and have had US$10m of interest rolled into debt (with warrants too)
And still the coffers are empty
"Sounds like" they've wasted a whole ton of money. Well no "sounds like" about it. They very clearly have

Just for balance Traoajan