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Brenda goes to court June 20th.
And it looks like we will get approximately 160k
However, the Receiver has since resolved the disputed creditor claim of Southern Minerals Group. The Receiver has now confirmed the creditor claim of Southern Minerals Group in the amount of $160,000.00, which negotiated amount represents the claim amount that will be attributed to SMG for purposes of a future distribution process when the Receiver proposes a plan of distribution to the Court.
https://broadreachreceiver.com/uploads/1/3/2/9/132950887/2023-05-16_motion_of_receiver_for_approval_of_10th_interim_fee_application_271632253.1_.pdf
I’ve just read an article about hibernation, realised if you change the word bear for BOD, it is still very relevant.
During BOD hibernation, brain activity becomes undetectable, and most physiological functions slow down or stop altogether. However, BOD hibernators must undergo periodic arousals to catch some sleep and maintain their bodily functions. As super hibernators, BOD can go 100 days without periodic arousal.
Monday will be the five month anniversary of our “cut & paste” PEPR application.
This is a bit from the last half year results, even the auditors had doubts about Cobre keeping us afloat.
Interim Results - Half Year to 30 June 2022
RNS Number : 0631A
Strategic Minerals PLC
21 September 2022
AUDITOR NOTES FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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.
If further funds are required, the Directors have reasonable expectation based on the ability of the Company to raise funds in the past that the Group will have access to sufficient resources by way of debt or equity markets to meet all non-discretionary expenditure. Consequently, the consolidated financial statements have been prepared on a going concern basis.
If I’m not mistaken!! There is a reduction in the forecasted sales at Cobre, and also, LCCM funding has not been raised, so the auditors knew what was probably going to happen, but the directors convinced the auditors that they could get some more mugs to cough up money if needed.
I would have thought this bit rules out SML.
"Vision Blue’s investment strategy is to secure significant minority stakes in companies with well
defined, advanced and scalable assets, and committed management teams"
The link works for me on a desk top computer; it takes me to a sign up page for “Wikipenny”
But I’m not sure why exactly are we thinking of using it, as opposed to just discussing things on here, it can’t be to keep information away from the BOD, because even if they are only half as smart as we think, they will also have signed up to use it.
JP states:
“ The Board continue regular engagements with SML’s largest shareholders and value their continued support for our strategy “
1) That’s his way of saying don’t mess with us because you can’t win.
2) It probably comes as a big surprise to most investors that they actually have a “Strategy”
3) Can you actually class “Self preservation” as a strategy
4) Institutions hold 44.2%, General public hold 45.6%, so in essence we are the biggest shareholders.
Because their search criteria was " Leigh Creek Copper Mine" so it has picked up everything regardless of time scale, the last PEPR was approved on the 3 April, the site was then updated on the 5 April to show those details.
You can have my shares, but I have been averaging down over the past year, hence I have sold almost all my holding at as near breakeven as was possible, I only have around 500k left at 0.042p purely to keep one foot in the game, I’ve been here so long I want to see how it all ends.
Just a thought, but to have any changes implemented we have to win the relevant votes, individual insiders (Directors etc) hold 179,996,941 ( 8.9% ) of all shares, but if they can rely on the Manners family or RAB or any of the institutional investors, then we would need at least 300 million shares to stand any chance at all.
As Croutom has already stated, the BOD have no real accountability and they know it, they will just say what they think we what to hear, only if we have a volume of shares that worries the BOD will it work, otherwise the EGM will not achieve our aims.
RNS Number : 4002O
Strategic Minerals PLC
10 June 2022
Results for the Year Ended 31 December 2021
Statement by Alan Broome, Chair of Audit Committee.
Going forward into 2022 and beyond, the Committee and I will remain focused on ensuring that reward at the Company continues to be closely aligned with the delivery of long-term shareholder value.
Doesn’t it make you want to throw up?
Also, for all those who think the directors should halve their salaries, it would only save us approximately 75k per annum.
JP is the only full time employed director of SML, AB, PW and JH are employed on a part time basis.
Salaries. (From the last year end statement June 2022)
JP: 13k p.a
AB: 13k p.a
JH: 13k p.a
PW: 110k p.a
PW doesn’t charge any consulting fees to SML, hence he gets a much higher salary to compensate, the other three all charge consulting fees which makes up the vast amount of their income. So if they halve their salary PW would lose 55k p.a, whereas JP, AB and JH would only lose 6.5k p.a.
PW is part of the Remuneration Committee, so he is never going to vote to give up 55k.
Croutom,
The system doesn't work like that, they don't do them in any specific order, the assessment starts when they receive the PEPR application, there are various teams dealing with PEPR's not just one.
The information on SARIG is purely a platform by which the public can see what they are doing, information from all S.A. government mining / petroleum and geoscientific departments is updated onto SARIG daily, nothing is opened or taken from the SARIG platform, it's purely a window for us to see into their operations.
On SARIG you will see the received date of 29/12/2022, then an automatic set target date of 14 days i.e. 12/01/2023, when the Date completed box is filled, that same date will also appear in all three assessment boxes, they don't put a specific assessment start date in for us to see. Not sure where it says the DEM must complete the assessment within three month ?
It may well be that they have asked for further information, but our BOD don't think it's worth telling us about it.
“” have been told off by the BOD (directly) as pestering them could result in negative sentiment towards SML & our applications””
What a load of cr*p the BOD spout, take absolutely no notice of them, they just don’t want investors to find out they bend the truth, take for example.
To keep the PEPR application alive, the BOD were told that they must submit all further requested information to the DEM by March 31st 2021, then we get the following RNS on the 31st March, which gives the impression they have submitted everything that was required, but as usual Mr Peters manages to bend the truth to hide his own failings.
RNS Number : 1458U
Strategic Minerals PLC
31 March 2021
Commenting, John Peters, Managing Director of Strategic Minerals, said:
"The submission of the further information sought reflects the on-going dialogue that LCCM has maintained with the DEM and reflects the prudent policies the South Australian government follows in ensuring mining projects are environmentally robust.
My communication with an officer of the Mineral Tenements group at the DEM, one week later on the 7th April 2021
“”I understand that a number of documents have been lodged with more to follow.
The PEPR previously lodged remains under assessment””
SML is the reason our PEPR's take so long, not the DEM's fault as our BOD would have you believe.
Croutom.
These contact details may help your research, I’ve dealt with all these people over the years, they are very helpful and responsive, although keep in mind everything they do and say could!! be price sensitive, so you just have to be a bit clever how you phrase what you ask them, if you want snippets of information.
peter.waring@sa.gov.au Senior GIS/Technical Officer, Customer Services.
This guy was always very helpful.
trish.mcguire@sa.gov.au Customer Services Officer, Mineral Tenements Program.
When people don’t respond to a request, she is the woman that seems to make them.
The department that deals with PEPR’s is called the “Mineral Tenements group”
This is their direct number: +61 8 8463 3103
DEM.Tenements@sa.gov.au
peter.lane@sa.gov.au Principal Compliance Officer – Mining.
Not the most responsive guy, but all requests about our last PEPR ended with him.
Direct number is: +61 (08) 8429 0273
Mobile number was: +61 477307661
Croutom, since we were granted our PEPR in June 2022, there has only been 1 PEPR granted for a copper project, but that was only for a drilling project not for mining, the vast majority of all other granted PEPR’s were for Quarrying projects, which are far less toxic and ultimately lethal than copper extraction.
If what you say about 99% of this PEPR is already approved, then why wasn’t the outstanding 1% added to the PEPR we got last June ?, you make it sound so simple but it is far from it.
Unfortunately Sammy, SML has become a lifestyle company, the BOD use it like a holiday home, they turn up periodically but don’t do anything meaningful to it, just enjoy the benefits it gives them and their families. Whilst Cobre pays for the upkeep and running of their lifestyle, this is how it will stay, until Cobre finally runs out then they will just try sell what’s left.