Member Info for GreenWolf

SP7 - where have they said they have stopped spending money on Rukwa? That's pretty fundamental to our business and would need a respective RNS. It certainly wasn't mentioned in the Interims and it's not mentioned on the website.

Website - "Shuka Minerals is embarking on an exciting journey of discovery and development in Tanzania, Zambia, South Africa, and other African countries rich in copper, lead, and zinc deposits. Our projects are carefully chosen based on extensive geological surveys and thorough feasibility studies, ensuring that we target high-potential areas that align with our sustainable mining principles." And the only named project is......Rukwa.

That's guff in my view - it's talk, a vision. Where's the hard evidence? Nowhere. We've had years of jam tomorrow and empty promises - it's no different, at the moment.

And in the interims "The strategic investment received from Gathoni Muchai Investments and Q Global Commodities has ensured that the Company has been able to fund its ongoing working capital needs and corporate and mining development activities, and importantly fund costs associated with the evaluation of potential complementary advanced mining and mine development projects across Africa with the support and active involvement of these two new major shareholders."

It's all hot air at the moment and has been for nearly 9months - it's simply not good enough, notably given our history on comms here.

The fundamental problem, of course, is the longer we carry on as we are the more that so called investment money disappears into sustaining Rukwa. And we've seen that happen before too.

It needs proper news on what we're actually up to which can be done without naming potential acquisitions or compromising commercial confidentiality, not posts on X or other social media sites.

Sp7 - your post from 23 Feb - how are we not wasting any money on Rukwa?

The interims suggest we're spending c£120k per month (£740k loss) on operations. We raised £1.47m in June 2023 - how much of that is left to actually invest.....

A new vision was trumpeted last year - where exactly are we - as far as I can see, it's still all talk....

I've been here a very long time, along with a few other hardcore gamblers, sorry investors and seen a lot of the "new dawn" stuff several times over. If you believed the hype in October 2017, I'd have been a multi-millionaire by now, easily.

And why does anything that is on QGCs website have a direct bearing on Shuka? It's not on our website? There is nothing really on our website except Rukwa. And I dread to think exactly how many millions that has lost us over the years.

We need more tangible news, quickly.

Dare I say it, time simply isn't on our side.

Am I right in thinking our last Rukwa operational update was with the Interims last September?

Why would we have priority Bullish?

A little knowledge is a dangerous thing....

PL6098 was previously relinquished in August 2018.

Having been here a long time like you Pi, it's turning into ground hog day, again.

"Potential new and strategically complimentary projects in Africa." - quoted from the interims - approaching five months ago.

We raised c£1.5m in June last year - at £120k per month burn rate (from our interims), well over half of that has potentially evaporated into thin air, or helium...........

And every day with no news on our future direction and acquisitions, we're throwing money down the drain at Rukwa.

It is slowly turning into groundhog day.....

I dont actually disagree with the sentiment on here around the future, but it is all sentiment at the moment.

Our reputation as a company viewed by the market has been catastrophically damaged by under performance (despite some high profile people such as Nick von Schirnding coming on board), continued failure but also the May 2021 debacle where we raised £2.5m for strategic diversity and investment.....and did nothing.

The gift to change that sentiment lies wholly with our new BoD.

But with £120k+ going down the drain each month, they need to get that strategy and investment RNS out......

"It's different from the old Edenville, imo"

But that is the key point - we aren't demonstrating to the market we're different, or to investors such as me who know this company in quite some detail. It's just words at the moment.

Our only real asset is still a mine that has continually lost money for over 6years and as a company we are losing between £120k and £140k every single month of the year. That is indisputable fact because it's in our accounts.

We've had contract mining in place, what three times and that didnt work and we've had six years of tinkering with operations amid the slightly small fact that our business model needs to work on 6 to 7 month of the year only, due to the potential weather impact.

We lauded a new era in May 2021 with £2.5m of strategic investment....which we proceeded to use for nothing more than keeping the mine going for a further 2 years. We've now lauded another new era and £1.5m of strategic investment, hugely positive interviews and potentially game changing words, more people who have been successful elsewhere etc - but what do you really think the market currently thinks? We've seen this somewhere before......and look how it turned out then.

Only the BoD can change this and they need to do it quickly, otherwise we will be another 6months down the line and three quarters of that investment will have gone.

Time is not on our side Page - it really isn't. It's pretty much £30k down the drain every single week as we stand. Positive news is needed.

Yes, but so is the news that our mine will breakeven, although we've been hearing that for over 5years.

The market clearly doesn't feel there is anything ground breaking expected, at least not yet.

The history is there Page and until our BoD get to grips with how they are going to change the market sentiment for our company, we'll sit in the same rut of a drifting share price, bit of news, spike, drift etc.

But a great RNS could change all that......

Page - I've said it several times - I'm not actually that interested in what any of our BoD say in interviews. There was a great fanfare when we announced Nick coming on board, but nothing ever changed in reality.

We need a comprehensive RNS and some demonstrable outcomes. The market doesn't work on talk.

Pi - because we're lacking positive news.

Changing the name does not change the market sentiment. We have a lot of history and long term holders like you and I understand the reasons for that slow drop back in share price. We were well over 14p on 1 September.

We're now into the long rainy season and as far as Rukwa goes the market isn't going to get excited there. We have also had no tangible operational update really for months. There was a throwaway paragraph in the interims rehashing previous bad news on wet stockpiles, maintenance of plant etc.

With regards to strategic updates, yes, it takes time, but we lauded the change in strategic direction back in May 2021 and....it went nowhere with us using c£2.5m in money planned for strategic diversification shoring up Rukwa. And have we really seen anything via RNS since 1 June on the £1.5m raise and where that's going?

We're now 5months down the line since that fundraise announcement, which means we've probably burnt through well over £600k....we lost £740k in the six months to the end of June.

It will drift with a few spikes here and there until we know the real direction of us as a company. Rukwa needs to go. It burns cash and we have spent huge amounts of money since start of washed coal production in October 2017. Over 6 years now of wasting money and diluting shareholders on a mine that clearly doesnt work commercially in it's current format.

Come on BoD - where are we going with our company?

it was announced to the market on 1 june and in the annual results that *****on was joining imminently. why does it need another rns?

It's talk until we get a RNS as you cant share market sensitive information in interviews.

Unfortunately the continued failings of the past haunt us in relation to how the market views the company and changing our name needs to be the first step of something very different. Fingers crossed. GLA

It's just talk though, Page.

We need tangible updates on our strategy going forward.# and, dare I say it, something positive about Rukwa ahead of the rainy season, which is pretty much upon us.

Our share price is drifting down.

The costs of sales in the interims suggests there has been a fair period of the six months where there were probably no or few personnel on site and potentially less hired plant. Plant and salary costs of our mining staff cant just go from £450k to £150k in relative six month periods.

If we have, as I suspect, actually mined less then it makes sense that a fair proportion of those sales are from stockpiles.

It's also telling that there were a few press releases yesterday about the reduced half year losses and increased revenues......nice PR spin....not that I'm a sceptic, eh?

As Pi states, it is difficult to be exact as there are no specific details. It's all interpretation from the figures.

We are looking oversold technically, but I suspect the market just sees this RNS as more of the same old Edenville. It's not good.

It's that magic diversification RNS we need that also states we're ditching the loss making mine, although we've been waiting since 5th May 2021 for it. GLA

I hope you're right BB, but already this is starting to smack of the jam tomorrow we've been fed for the last six years.

We've already backed ourselves into a corner with respect to how the market views us and given we're heading into the rainy season in four to five weeks' time, I can't personally see much progress on the operational side over the coming months.

It needs transformational news about diversification and other opportunities outside of Rukwa. Wasn't that the new dawn promised on 1 June?

Yep, same old. No news = bad news.

Thankfully I made a bit of money on the rise from 5p to 14p (no doubt our new investors did too.......), but I suspect the noise around "a new dawn" has caught some more mug punters on a spike. It is already looking like rinse and repeat.

The interesting figures in the Interims for me are the revenue and cost of sales. The costs are only £150k so far in six months. That suggests that they are either employing labour at about a third of the cost they have previously, or we have had long periods of having no workers on site at all......

And this

"The strategic investment received from Gathoni Muchai Investments and Q Global Commodities has ensured that the Company has been able to fund its ongoing working capital needs,,,,,"

So, yet again, we are utilising some of our strategic investment for supporting a loss making mine.

That's a really poor update this morning.

We're dropping because there is no news. Our BoD need to change the old Edenville market sentiment.

I'm not really doubting it given it's probably just a process hold up.

But what's your source SP7?