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So,what's going on at LCCM?
It’s a DUD and has been since day one.
Over the past 15 months JP has not blamed anybody else for this PEPR delay; unlike for the previous one we applied for, where he regularly blamed the Department for Energy and Mining every chance he got, therefore it’s highly likely that SML have told the DOE to delay its approval.
But if JP wants to put out a statement contradicting my opinion, by telling us the exact truth why it has not been approved, I will by all means apologise if I am wrong.
Possibly the major client stopped buying for a year, because allegedly Clovis Hooper (who runs SMG) and his daddy, sold nearly 37,000 tons of magnetite belonging to Brenda, to an SMG (SML) customer at a discounted $40 a ton, after which time Cobre sales have slumped.
I think the reason JP is saying we possibly can’t cope with another big customer, is purely because as it stands the gravy train can run for another 7 years, but if they were to sell a lot more, that would bring an end to their cushy lifestyle a lot sooner.
They have managed to take the company to such a low level, it appears we are now having to live by means of “pay day loans”
Not forgetting that allegedly Clovis Hooper (who runs SMG) and his dad, sold nearly 37,000 tons of magnetite belonging to Brenda, to an SMG customer at a discounted $40 a ton, since that time Cobre sales have slumped.
Plus, Clovis started selling Brenda's magnetite because she wouldn't pay his dads storage bills, which they started selling 5 weeks before JP actually put out an RNS, which stated that the major customer (Brenda) will pay up, or we will start legal proceedings. Did or didn't Clovis tell JP that Brenda had stopped collecting the magnetite, and paying for storage, that whole episode stinks.
Lupidog, Quote: ( I certainly feel like I have been misled to invest )
A lot of people were misled to invest, for instance, “our major customer (Brenda) is going to pay us 4 million dollars” was that meant to “Mislead or Deceive” because many people put money into SML on the back of that statement.
Also, if you kept paying somebody a lot of money to build you a house, although after a year all you see is a hole in the ground and a pile of rubble, but the builder says he and his men have been working very hard all year earning their wages, when obviously they haven’t, would that be deemed as taking money under false pretences.
I feel the onus is not on us to prove they haven’t been working for us, the onus is on them to show us some proof that they have actually been doing some work, in fact any work.
DVH the board should be bothered.
Basically they have been taking our money for years as wages under false pretences.
That is akin to defrauding all SML investors, which is something no one can be allowed to get away with. I’ve never let anyone get away with it and I’m not about to start now, it’s all down to principles, you cannot take something from someone and not expect to pay a price.
This week marks 10 months since we put our copy and paste PEPR application in.
I know John Peters lives in a different time zone to the majority of people on here, but usually that difference is measured in hours, not months like he seems to work too.
One principle I was always taught, is you can give away everything you have if you want, but!! you never ever let anyone get away with taking it, or stealing it from you, if you let people get away with it they will do it again and again.
The fact that we have people who don’t tell us the truth, with the single intention of lining their own pockets at our expense, I believe is covered by the above principle, I remind those people that, yes, you can take it all and run, but none of you can ever hide, modern technology should have taught you that.
A short clip from the 2022 half year results RNS, ( appears our last auditors were spot on )
As the Group is reliant on cash being generated from the Cobre asset in line with forecast, Management has performed reverse stress testing which shows that a 5% reduction in forecast sales would result in a cash deficit in June 2023, without management taking mitigating actions within their control. The Group does not currently have offtake agreements with customers, therefore there is uncertainty as to whether forecast sales will be met.
In the event that there is a reduction in forecast sales at Cobre or LCCM funding is not raised, these conditions indicate a material uncertainty which may cast significant doubt as to the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.
This is a clip from this 2023 half year results RNS.
The Company forecasts that in order to have sufficient funds to meet all operating costs until March 2025, the Group is reliant on cash being generated from the Cobre asset in line with forecast and a funding by way of debt/equity or a combination of both would be required in the last quarter of 2023.
These conditions indicate a material uncertainty which may cast significant doubt as to the Group's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.
The share price is already at deaths door, throw some debt into the mix and it is finished as a going concern.
I've just had a look at the SARIG site again, bearing in mind they only started work again 20 minutes ago, but the information has been taken down, it now reads ( Validation Pending ) again.
Whether they made a mistake earlier, or something has altered the assessment process I don't know.
On the SARIG website it is actually showing some movement.
When they first receive a PEPR application it states ( Details - Deem valid for assessment ) once they believe that they have received all the relevant information needed from the applicant (SML), only then can it be validated for assessment, it now has a validation completion date of 31/08/23.
Obviously it has taken 8 months for the DEM to get all the correct paperwork from SML, if as we were told, the paperwork was just a copy & paste operation, it would have been validated within a couple of weeks.
It now states ( Assessment is pending )
Although what SML are going to do with it when it arrives god knows, I'm hoping someone might!!! want to buy the whole company and actually use the PEPR.
I can never get to any AGM’s, because I’m too far away in the southern hemisphere, if someone on here is going could they do me a favour, I would like to ask the BOD a question.
My question is:
Who did Clovis and his dad sell 36,645 tons of Brenda’s magnetite too?
Was it one of SMG’s current big customers?
If so, what impact has it had on sales to that customer?
TIA
It's worth re-reading the RNS dated 29th June 2022, we have now had our last approved PEPR for over a year.
https://www.lse.co.uk/rns/SML/pepr-approved-23ld0s615z03i9a.html
Every word JP wrote in that RNS was just fuel for the gravy train, I don't think they actually want the second PEPR approving yet, if it was, then they would have no reasons left not to start work, the only time this new PEPR will arrive is when they want to sell LCCM.
I beg to differ, I can't think of anybody on this forum who would actually vote to keep AB on board, I would certainly vote to kick him out.
The major customer at Cobre has too much stock, hence they have stopped buying magnetite from us until they can run down their stockpile, could the reason be Clovis ?
That begs the question (which I have asked before) who did Clovis and his dad sell 36,645 tons of Brenda’s magnetite too; I can only think it must have been one of SMG’s big current customers, who else could they have found to buy such a vast amount. Plus they probably sold it all at a discount to get rid of it.