Member Info for GreenWolf

SP7 - but this is the issue.

We dont actually know any of this because there are no comms from the BoD. It's all conjecture.

Are they looking to sell Rukwa? Where has that been said in official comms, as it is a pretty fundamental part of our business so would need a RNS. The paragraph on Rukwa from the Interims RNS suggested otherwise.

Why does it need the Directors to leave before we get a funding announcement? We know they're going, so why would that stop any announcement on funding for a company they wont be part of from 1 December. That doesnt make sense.

Start of a new beginning for Shuka? But we were promised that in the summer of last year.............

In reality the only thing we can be 100% sure of is we will run out of cash this month.

As a long term holder the biggest failing from our Bod has always been a lack of comms and history tends to suggest it isnt normally good news when we hear nothing.

Here's hoping. GLA

£3 would be a nice Xmas present. GLA

Sniffer - it's the rainy season until April......it's c6 months in Rukwa

https://www.tanzaniatourism.go.tz/post/FACT/17

We need some concrete news here on funding. There's been complete radio silence for two months now.

Hawaii - we've spent pretty much all our c£1.5m on running SKA as a going concern, which includes the quite exorbitant salaries included in the interim report. There's £150k gone into some advanced due diligence work which may or may not prove of value. We dont know yet on the Kabwe asset.

As things stand, we have one "asset" as SKA and I use that term loosely, which is Rukwa.

However you split it, we've made a loss as a company of c£1.5m, again, and pretty much all of our potential strategic investment has gone on operating SKA as a going concern.

Rukwa needs to go, I agree we need the BoD changes, but we will run out of cash very, very shortly and currently have no confirmed way forward.

We're also in the rainy season, so Rukwa becomes of even less value to us now for the next six months.

It's that news on funding that we so desperately need.

GLA

Who's Michael?

Sniffer - the rainy season in Rukwa is October to April / May. It doesnt rain all the time but we have had some significant rains over the years. There have been floods in that part of Tanzania in the past.

The complexity is the rainy season is simply an unknown. It may not impact production, or it may have a serious impacts. You cant forecast it's impact on your operational model or revenue stream.

The failure of our business model is not primarily due to the rain, but it means you need to be producing some serious amounts of coal for sale between April and October. We have also had instances where coal has been stored and become too wet to sell.

Ultimately we have never made a profit from Rukwa - ever - since we started washed coal production in October 2017. It cannot be part of the future of Shuka.

I get it completely, but until we dump Rukwa, we're hamstrung with the past fundamentals.

And c£100k down the drain each month......

That is exactly why news and speedy progress is of the essence.....and it hasn't been, yet again. Remember we raised c£1.5m in June 2023 for strategic investment....and we've pretty much blown the lot on maintaining operations at Rukwa.

You need to read the interims, annual accounts and understand the Consolidated income statement.

I dont want to sound condescending, but it's fairly fundamental to due diligence when investing in a company.

Ignore the noise of public message boards and so called "mates" on the next great thing.

We lost £1.68m last year as an ongoing mining business....

Chuggley - I have zero interest in Rukwa. They should have canned it as soon as we had the new direction under Shuka. It has been nothing but a millstone around investors' necks for years. It doesnt work as a business model and I have been saying that for many years, much to the annoyance of some on here.

But....you are not the only one saying it will not form part of the future. Plenty were saying that back in 2023 with the new dawn. It's still here and costing us lots of money....and nowhere has the BoD said it's not part of our business plan.

Again, it needs to be factual, not subjective.

....is none of us truly know what is going on, because there is yet another news blackout. Some of us will be bearish, some will remain bullish but we are all entitled to our own views, whether positive or negative.

There were years of poor comms when we were Edenville and it hasnt really changed as Shuka.

What we do know is

(1) we've now reached the rainy season in Rukwa.....

(2) we will run out of cash at the end of this month

(3) we dont as yet have any secured finances

(4) there has been no news on regulatory approvals or closing conditions for our acquisition

(5) its seven weeks since the interim RNS and last update

The Director bit is peripheral in my view.

We desperately need news.

GLA

GW

SP7 - but we havent acquired Kabwe? Not according to the RNS of 30th September.

Where have you heard differently?

PI - years of Edl / Ska experience in that comment - feels like groundhog day here again, for some reason....I share your pessimism at the moment and it all looks way, way too familiar.

We need a RNS on funding......

Do you hold here Sniffer?

Looking at those round trades over the last few days, it smells of a placing to me

Not sure about tripling earnings per share over the next few years, but we're solid at this level.

We need takeover rumours again....

GLA

TaP - are you an ex employee?

SP7 - yes, nice rise in the bid today - we need that to hold.

The critical next milestone is sorting the finances to ensure we have enough working capital. It's coming up to a month since the last RNS.

GLA

RNS.....?!

Is that your TR1 then SP7....?

Traders dream at the moment, just saying. Reminds me of the old Edl days.....