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Jam tomorrow...again?
"Following extensive servicing and repairs on the main machinery and wash plant at the Rukwa site, and the purchase of two additional trucks, final works are expected to be completed shortly, with production recommencing sufficient to achieve up to 4000 tonnes by the end of October 2022. The targeted production and sales increase to 6,000 tonnes per month of washed coal is expected to take place after the rainy season ends in March/April 2023."
And if you take the currency gain out, our H1 operational loss as a company increased to over £820k.
Sorry, that's a truly shocking update.
Well, I do want to try and tempt fate....there's been next to no volume again this week so I suspect there's going to be nothing ground breaking in the post period highlights.
One can but hope - my fingers have been crossed for so long they have fused together.
GLA
esquimo - Friday is included.
But in theory if anything exciting was happening on the ground we wouldn't need to wait for a RNS to see a share price movement as the market would get a sniff....that, the usual radio silence and the slow publication of (unaudited) interim results, doesn't in my view suggest things are hugely positive.
But we'll see over the next day or so, I suspect. GLA
I'm no royalist but I found our Queen one of the most inspirational people I have ever come across. I've just read Justin Trudeau's words and they are so poignant - she was "thoughtful, wise, curious, helpful, funny and so much more."
On a more Edenville focused level, let's see what September brings. We can speculate 'til the cows come home - just need those RNSs over the next 3 weeks. GLA
But nobody will buy it if we dont wash it. Quite fundamental to the process, although I do wonder why the "at gate" price is so low though.
Bullish - "They said they are hoping for 4k tonnes by mid sept" - I've been here too long to even register words like hoping, expecting, targeting, possible etc etc. Our PR team are geniuses in their own right using those sorts of words.
9th October 2017...in a little over 6weeks we'll have been at the washed coal piece for exactly 5years. And in January 2018 we should have been at "at least 10,000t". There's nothing like a bit of expectation in life, eh?
Well, Brahma will have been onboard almost a month at the end of next week.
Thoughts on RNS w/c 5th September anyone?
Bullish - it's showing on London Stock Exchange's website
Any holders tracking Clean Invest Africa?
https://www.cleaninvestafrica.com/
They're doing some interesting stuff, notably the recycling of coal fines into coal pellets (CoalTech Group - http://www.coaltechenergy.com/)- Noel Lyons and Paul Ryan link our two companies
Sausage - closed period?
Director buys in any volume and by more than one of them are always green flags. A token purchase by a new CEO isn't something I would get terribly excited about, especially £2k from someone who lives in probably the most expensive place in the world!
But my biggest concern is our money
In 2021 we made a loss of £1.45m, or £120k per month.
We had cash of £1.2m left at the end of 2021.
We're approaching eight months into 2022.
We'll run out...in 2 months perhaps, worst case? Depends what our interims confirm as to the burn rate when they are released in September.
And even if we start to make a gross profit at Rukwa, how do we cover the £70k a month of administrative expenses in the P&L?
Unless we have one mighty turn around in our fortunes, the capital raise question is a matter of when, not if.
Another week in the life of an Edenville share holder....
Good weekend all.
Bullish - s52 and s53 of the CJA are reasonably clear to me - insider dealing can only be proved to be an offence where an individual gains from that knowledge. Anyway, we're getting onto points of law.
Fundamentally Noel's purchase bears no indication on whether we do or don't need a placing. Our cash burn and cash reserves are far more of a pointer. I haven't checked our Articles but most new CEOs tend to have an agreement in place as part of their appointment to buy stock. That may simply be included in Noel's employment contract, but we'll never know.
The minor saving grace is the BoD has said we will be cashflow positive in two months, but we have had that said numerous times before too.
The BoD just needs to deliver - not sure how many times we have all said that over the last five years.....
c2k of investment from someone who is a CEO and lives in Monaco...? There's commitment for you. Let's hope there is more buying on the horizon. And I can't remember how many shares Nick has bought - he's been here well over two years now.
Bullish - it would only be insider trading if he knew there was a placing coming at a higher price and therefore he was materially benefitting from his purchase. But if there was definitely no placing coming and he felt we were at the bottom, surely he would pile in?
And where's our "strategic investment" cash gone, because there ain't much left of that £2.5m we raised? As you said back in January and I agree with, I'm more interested in our diversification, but I fear we have blown most of that cash on keeping our loss making mine running.
Lots to do here BoD - lots
Stampee - take some time to read through the RNSs and perhaps the Rule 26 bit of Edenville's website for some quick info.
We consolidated 1000:1 in Jan 21. There have been at few other consolidations in the past too.
As a coal miner, since October 2017, we have never turned a profit and have spent over £5m in the process of getting pretty much nowhere.
My comment earlier about the announcement this morning feeling like the RNS of 8 June 2020 wasn't tongue in cheek by the way.
There has been potential here for many, many years. Its just never come to fruition. GLA
"so many aim companies promise but never achieve" - yep and we've been trying since October 2017....
The only reason we have no debt is we have continually raised money via placings to plug annual losses of well over a million pounds (£1.4m average over the last two years). That has done nothing but decimate PI shareholder value. Most LTHs who haven't traded this over the years are probably 95% plus down.
The economics really don't sound great from this morning's RNS.
We may become operationally cashflow positive (that's losing the £685k of costs of sales in 2021), but we still need to cover the company admin costs which were £875k last year before we make a net profit as a company. That comes straight out of any gross profit from our mining sales.
We also know we cannot get full output during the long rainy season, so if we want an average of say 6,000t over the year we need to be doing far more than that in the dry season.
There's still a lot to do here and the market agrees - and the more I read the RNS the more I feel we have just gone full circle back to the announcement of 8th June 2020.....so we've lost another 26months.....
Martek and their sister company ILTL were meant to be proper outfits, if we believed the hype......
The seed is sown though - the BoD have said we will be cashflow positive in two months.
Interestingly that will be after our interim results are published so we won't actually get an official update until the next annuals, in June 2023, unless the BoD choose to share any success with us as shareholders. That, of course, relies upon the new BoD's communication via RNS being well above the levels of what we are used to.
It still comes across a bit of the jam tomorrow, but with a revised BoD in place it is really just a waiting game....again.
Let's see if you're right Bullish and one or two Directors stick their hands in their pockets. That is always a very strong sign to the market.
I've been here far too many times before to get excited, and the market seems to be of a similar sentiment at the moment.
GLA
Well, not that we've tried this twice before....perhaps third time lucky?
It's been a reasonably interesting last two weeks whilst I've been off grid.
The market is clearly disappointed.
The new BoD set up needs time, but exploring old routes that haven't worked previously is never going to impress the market.
Time to wait? Again?
Anyone going? I'm away the first week and a half of August. I doubt they'll do a live feed (they haven't previously)
I think you could vote via Signal Shares last year?
Alastair certainly spent plenty of time over there - not sure if you were here when he did that excellent marketing video on his phone.....November last year - it's on our Twitter feed