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It states in the PEPR pages 32 & 34 that we have an exploration licence EL6278 Moolooloo, which is not quite true, well in fact it’s a lie. SML actually let that licence expire in July 2020 instead of just renewing it, then 12 weeks later in October started the process of applying for it all over again, smacks of incompetence.
The DEM has already sent an offer to SML, the new application 2020/171 will be granted for a six year term, but a payment of $218,224 is required first.
Needless to say SML have not accepted the offer as yet
Well put Lupi, I would very much like to be positive about SML, but unfortunately I am too much of a realist for that.
We could all suddenly become very positive, that would bring in new investors and then we could get out with nice profits, but that would make us dishonest, plus it would make it feel like a ponzi scheme.
(Ponzi scheme) A form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
"a classic Ponzi scheme built on treachery and lies"
Ring any bells??
For anybody who is interested in what we have to adhere to, the first six pages contain all the relevant conditions, the other 1182 pages are probably not worth reading.
https://energymining.sa.gov.au/minerals/mining/approved_peprs
Prop, I don’t think the deposit money will be the main problem; I think they are going to struggle fulfilling the other conditions, over the years, the mountain of light has had various water and waste problems, they are never easy to rectify in the middle of the outback.
If by some slim chance this useless BOD can achieve all this, then there must be a god, so I may have to give up being an atheist :-))
Lupidog,
" AUD $10m to fund production at Paltridge North, exploration work and pre-listing costs". No mention of "An environmental security deposit".
So as it stands, we can't really expect to get any funding until the PEPR is complete and finalised, but we can't get the PEPR until somebody lends us at least 4 mil AUD, I think the "exploration work and pre-listing costs" were just smoke and mirrors.
By their own admission, both Peters and Broome have been having regular talks with the DEM, I cannot believe that nobody ever mentioned the AUD $3.7M. I wonder if they actually did know about it, hence we have hired someone to help raise $10M.
The last PEPR for mountain of light was started by Pheonix in 2015, it was still in process when SML bought LCCM, when it was granted in July 2018 it also had an attached condition.
6.1 Page 3.
https://sarigbasis.pir.sa.gov.au/WebtopEw/ws/samref/sarig1/image/DDD/PEPRA2810434.pdf
Basically they had to revise the “Plans for post completion of surface water management structures” which obviously they didn’t do because it now appears on the new PEPR, they have known about this problem for nearly four years, so why wasn’t it sorted out.
We have all been playing the SML roulette game for the past two years, whenever the BOD have promised shareholders something good is about to happen, have you bet on a positive outcome and possibly bought more, or bet on it being a negative outcome and hence sat tight until something positive turns up. Unfortunately those who backed the positive outcome, have yet to see any return on their bets, but think just maybe!! Next time the wheel spins we will be lucky.
I think you will find that the BOD are the reason it looks discounted.
It's OK having tons of flour, but if you haven't got anybody who is capable of making bread with it, then it's not worth much.
"I could not careless if others do not believe in the board..... Proof is in the pudding"
And we certainly have plenty of puddings on the board.
Evolution is a wonderful thing, they used to use leaches to draw blood, now they use them to draw vast salaries as directors.
It’s all positive now but why is that?
Is it because JP, who has only ever had a fleeting relationship with the truth, tells us so again.
This is the guy that seems to have been on furlough, since long before Covid ever turned up.
This RNS is no different to the fantasy JP has been giving us for years; again it’s just full of words like
Intention, should, subject to, expectation, likely, anticipating.
So far nothing has changed it’s just all words, no concrete substance to it whatsoever.
Why haven’t I sold up and moved on, because I’m just waiting for 0.55 then out the door, probably not unlike a good few more investors.
DVH, this is my post from Oct 2019, do we know if it is the same sort of arrangement JP has now?
""Ironically JP only took $7,000 salary in 2018, most of his remuneration in 2018 came from charging SML consultancy fees of $206,000, a bonus of $133,000 and share based payments of $120,000, so if he gave up his salary it wouldn't do us much good.""
It's basically saying we have no financing in place of any kind, so they have employed another company to find some, also if the DEM like what we have told them they might grant the PEPR in July. It just reads like a list of excuses, plus adding more people to the payroll, what has JP been doing for the past 2 years??
Lupi,
According to RNS 1st Sept 2020, Draft submission was delayed because they wanted to make it into a full application.
RNS 10th Sept 2020 states they have submitted a full PEPR.
"Their response was "Strategic Minerals have provided updated documents/reports in response to the government’s request for further information. These documents are in draft format and are currently being revised by the government for adequacy, with the formal MPEPER 2020/032 submission to follow".
Required information requests are classed as formal submissions, I took this as meaning because SML had only given them a few documents at the end of March, that, until they received all the documents, it was a draft not a formal submission of the required further info, SARIG was actually updated immediately they received all the missing documents on the 9th April.
I have a gut feeling the PEPR will be granted tomorrow or early next week, if not then they will probably miss their flexible target.
Hi gorsuch,
You have a new private message from *******.
Kind regards,
London South East
To the well regarded poster who sent me a private message, unfortunately I don't have the premium service so can't access your message.