Member Info for GreenWolf

Have I missed a RNS or have we had no update on Rukwa since mid Jan? I thought we were finalising two cement plant deals?

HarChris - Rukwa has limited residual vale. It has been loss making since we started washed coal production in Ocyober 2017. If we gave it away it would benefit us.

Bullish - if we gave it away it would bring a positive effect to our balance sheet....

SP7 - I wish I had your positivity, but that has been ground down by continual losses on Rukwa for the last 8years plus.

From the RNS we're going to invest $150k short term and then a further $1m to ramp up production. We should be investing nothing.

I dread to think what it has cost us so far since we acquired it but it has to be in the tens of millions as we spent over $5m acquiring 70% of the mining licence interests.....and its pretty much all been funded by shareholders.

Bullish - Rukwa needs offloading.

We have had numerous mining experts over the years who have failed to make the business model work. The extended wet season means you cant guarantee a consistent supply of coal, which is why the Coal to Power Plant model failed and we have had a number of failed contracts in the past for supply of washed coal. Richard cant change the weather!!

Now we have Kabwe over the line we need to ditch Rukwa. If it has any intrinsic commercial value then we should sell it, but it is continually loss making and will hamstring our investment for Kabwe, leading to more need for raising finances, probably through placings.

Rukwa makes no commercial sense and it hasnt since October 2017.

I thought Jason didnt do placings?

The bit that worries me more than anything is the continued talk around Rukwa and investment. I suspect that £1m will be wasted, yet again, on this millstone we have. Bin it. Concentrate on Kabwe.

H50 - never assume anything in relation to strategic investors talking about using their own cash. You're a seasoned investor like me who has been around AIM long enough to know that if ever a company goes bump, it's PIs who get left holding the baby. You don't become rich by exposing your personal wealth to risky AIM investments. I've learnt that the hard way.

sp7 - rukwa is not an asset. it hasnt been since we started washed coal production in october 2017 and whatever the bod are telling people, including yourself, it needs offloading, not more investment.

the business model doesnt work, notably given the complexities we have with the quite unpredictable and long rainy season, which is almost upon us. there is a fundamental reason why the rcpp failed for us - that was the making of edenville as we were. that dream never materialised. if it had i would be sipping another ****tail at my villa in the bahamas now. i was always heavily invested in the rcpp happening.

we need the bod to get kabwe over the line and dump the horrendous liability that rukwa has been, is and will be going forward. it is never going to work, 8 years of failure tells us that as investors.

gla for this week.

I expect a 7am RNS tomorrow but ultimately we just need that funding over the line this week. GLA

They're in GMI and AUO.

H50 - how do you definitely know that they have significant personal values invested? I cant recall a TR-1 form in either QVB;s or JB's names.

Well, not wholly unexpected. A positive decrease in operating loss, but our liabilities are now increasing which will put more pressure on funding both short term and when we get Kabwe over the line. They're not good numbers.

In terms of Rukwa, it's worrying when we get statements like this "Dewatering of the pits was completed post period and the repair of roads, bridges and equipment are well underway" - the rainy season ended in April and is back with us next month, so what exactly have we been up to over the intervening period? Very little, is what the RNS suggests. It does come across sometimes that either the BoD dont know the climate of the area, which cannot be true, or they arent wholly transparent with the market.

We're still talking about those fines....after another 3months.

The BoD needs to ditch Rukwa, quickly.

The delay in funding isnt wholly unexpected, but if Kabwe is the future transformational project for us, we need to get the first bit over the line. GLA

£3 is my bet. I've been here a very long time and been waiting for the takeover for several years now. GLA

Interesting how over the last week there was definitely selling into the rise going on....

You have to smile at AIM shares!

All that post on X does is reference back to the RNS of 4th September.

We need an update on GMI funding by 18th September now.

Rukwa is a liability, not an asset. It's lost us millions over the years and the business model simply doesnt work. Every month we are pumpimg money that we barely have into it.

If we disposed of it we would still have six months under AIM Rule 15 to get Kabwe over the line, which is more than enough if you believe the RNSs.

Another month passes and it's Interims next month. Why havent we offloaded Rukwa?

Teaye - not sure about fortune favours the brave......or maybe I have simply been here far, far too long....

GLA

Rukwa hasn't worked for nearly 8 years - they need to bin it and stop investing in something that is doing nothing but burning cash. Enough people have tried. The biggest problem is the wet season and our inability to produce reliable quantitates every month. This is why we cannot get ongoing orders, because we cannot guarantee the supply. Its exactly why we never could progress to the coal to power project and the Sinohydro MoU went nowhere.

c£2.5k in total revenue from coal sales in 2024.......without looking that must surely be our worst ever annual gross revenue output figure.

Kabwe might be a good long term investment, but I suspect it will take years before we see any return as shareholders. I'm nervous that AIM no longer prices in the potential of such things and all we will have in the interim is a liability of a coal mine.

Today's RNS is nothing more than a reiteration of 12th June with respect to the agreed price of shares and we have over 28million of them going to hit the market.

Hawaii - I wouldn't exactly say there was anything positive about those results, although probably more or less where I expected them. Clearly the market got wind of the figures last Friday.....

Operational costs (cost of sales) fell, but then our revenue from those operational costs dropped from c£200k to just c£2.5k - that is genuinely catastrophic.

Despite a fall in cost of sales we've still made a bigger gross loss of over £2million.

And if we are going to "refocus the Company for the future".....why are we investing £500k in H2 this year on a mine that has lost millions since we started washed coal production in October 2017?

The new BoD should have dumped Rukwa once we were free from Upendo. They still need to do it and get on with Kabwe without this millstone around our necks.

Hawaii - I listened to that too. The 12 June RNS seems to suggest it is in place, subject to milestones.

My understanding is the proposed financing of the $4.5 million is $1.5 million in cash (we've already paid $150k) and $3.0 million in new ordinary shares plus 2 million warrants.