Member Info for GreenWolf

The P&L suggests we burn c£100k a month. We can potentially pay Lind in shares, only by mutual agreement though.
Our first Lind payment isn't due until the end of next month.
Given our cash burn rate, the handover is pretty fundamental.

Unch.

"The only thing not reported to the best of my knowledge is the reason for the delay in the proposed handover to the new contractor"

But that handover is pretty fundamental to us as a business.

No idea aerial, but I suspect it was posted about you?

aerial - where did I say you brought the subject up?
I just asked you to leave it alone.
You can't properly "talk" about mental health issues across a public internet board anyway.

"We know his contempt for poster on this board by his comments a few weeks ago" - lol
You must have the skin of a rhinoceros aerial

I wish you would leave the mental health thing alone.

aerial - but where are the TR1s for a number of our major shareholders?
I suspect they have their holdings in nominee accounts such as Intertrader, Spreadex and Barclays
That tells its own story in my view - those shares will probably be getting traded in the background
I firmly believe IIs in AIM shares don't punt money or carry over exposed risk - they happily trade on the peaks and troughs. How many times has this share seen a peak post placing...?

As far as handover delay goes, the recent RNS was very sparse in its content and, agreeing with SoS, it didn't specifically say why. We can read whatever we want into that.

My concern is it is costing us money every single day this doesn't happen.

aerial - I've no doubt the handover is just a delay, but that delay is costing us £100k a month. That's coming straight out of our reserves from the Placing. The issue appears to be something more than just delays to permit processing - why haven't they told us clearly what the problem is?

That somewhat veiled approach doesn't promote confidence in us with the market - for balance we were at the equivalent of 50p in late August / early September (I think we peaked at 55p equivalent?) on anticipation of handover.

With regards to a CPP, it's easy to continue to have "discussions" - there is no current plan for a plant. We've been in discussions with the Government / Tanesco ever since we failed in our RFQ in February 2019.

We all agree on here about the criticality of the handover - they need to deliver it. It's already six months overdue.

There was flooding in the region in January so I suspect the annual rainy season might not have been too kind to us.
Proper clarity from the BoD would be nice - I agree that six months to deal with permit issues is just not cutting it

aerial - I agree with the principles in your post, but everyone is allowed an opinion. That's what these boards are for.

The last sentence of your post is interesting.....from my experience genuine mistakes are only easily rectified if those making those mistakes accept that they are wrong.

Bullish - but it is material news, hence the RNS.

Talks are ongoing - great - but where's the action? What's the delay now?

They should have handed over on 1 September...six months ago. That's potentially cost us over half a million pounds.

Bullish - they should have handed over in September....it's been delayed at least twice already. Oh, and again today.

Whilst we continue outside of handover, we're losing over £100k per month in operating losses.

How is it not "bad news"?

And?

Esquimo - but look how long the handover has been progressing. I can't recall all the excuses - permits, elections....what is it now?

Delayed handover from September, then October, then November, no handover in February, no specific date mentioned in our latest RNS. It's not really how you inspire the market, whatever we discuss on here.

We were at the equivalent of 50p back at the end of August when we confirmed the final SMA sign off, so I suspect the handover isn't as yet priced in, which should give a nice uplift when it does finally happen. Remember we placed at the equivalent of half of that - 25p.

The East Africa / Tanzanian Govt bits are just talk - good as they sound and they are a positive - but the market has had plenty of silver lining in the clouds comments from our BoD before. It's a nice way to temper the disappointment of the first bit of the RNS.

We just need to start delivering on these continued promises.

"Facts are facts" - I'll remember that. It's a good phrase.

Calypso - that's just a 600 bagger to break even then?
I wouldn't worry.
Plenty on here, including me, with far more at stake, although I am continuing to trade down on my exposure. I just need another year of lows and spikes like the last two and I might be sitting pretty.
If I recall correctly we were at the equivalent of £1.50 as we headed into 2019, which is only just over two years ago.
As aerial quite rightly states, we're some 60% plus up on the bid since December. Traders' dream.

Looks like ZumbaChumba's account has gone
Perhaps you were nearer the mark than you think Pi.....?

Kelladee - welcome to AIM, the lifestyle market for BoDs.
Like I've said, they just need to deliver their promises, then we'll properly rerate and everyone invested will be happy, even me.

aerial - you know it's not lying, as does everyone else, but how many times can you get it wrong?
How many RNSs have we had, even since starting washed coal production, where there has been excuse after excuse for not meeting targets?
This is exactly why our share price is where it is - a litany of excuses and the market therefore distrusts us as a company.
You can't keep not delivering.

RNS 9th Oct 2017 - The wash plant is now processing material to fulfil requests for coal that have already been made. Management expects production levels to increase over the coming months and are currently targeting production of at least 10,000 tonnes per month by January 2018.

I'm sure many believed that statement, but it didn't happen. That's well over 3 years ago.

And there lies our problem - whatever we discuss on here and however much we may disagree, it's all about what the market thinks and that is reflected in the share price. False starts and empty promises destroy that market trust.

I believe we have potential here, but we've been talking about potential for over ten years. The market is exhausted by non-delivery and all the excuses in the world about the difficulties of mining in Africa wear thin in the end. And then there's another excuse, and another. Every delay costs the company money - what was our burn rate in the last P&L - c£80k a month? That's why we have to continue to raise money via placings.

The BoD just needs to deliver - simple.