Member Info for Happyhaddock

Bbb - true as I know the are some very long term holders here. However ask yourself has more happened in the last 12months than the last 12 years - either in terms of SGZ or the wider macro-economic situation?

Things might not be going the way we would want at the moment, but you can't say nothing has happened.

well a year ago we all had confidence in the amount and grade of gold in the ground, we all had confidence that the finances were in place to build the necessary processing plant, and all believed in the projected profits the mine would generate.

Well the geology can't have changed though many people's confidence in what we have been told about it has.

The processing plant has been built (albeit delayed which incurs extra costs) and we are told it is now functioning.

If the gold is there and the plant is now built and does work and the price of gold looks more likely to increase than decrease then theoretically that is a stronger a reason to invest than this time last year, all the more so given the lower share price.

It all comes down to trust and timescale... Almost certainly if you were going to sell out you will have done so by now. Those of us still here obviously still trust in the project and have faith that the new management will sort out the mess sufficiently quickly to justify leaving your money in the company.

I was happy to give SGZ until 2025 to see where it would get to... I'm not investing any more even at this low price but I still sense that another two or three years down the line things will have sorted themselves out... Possibly I'd be better off taking the loss and trying to time when to come back later, but history shows those that make the biggest profits out of speculative projects are the ones who stick with them and are willing to ride the inevitable big drops.

I built my portfolio around the notion that in such speculative sectors I'd have more losers than winners, but that the winners can be very very big.... Time will tell if this ends up being one of those losers.

aprogerson - but did poor old Spike get his wish to be buried in a washing machine to confuse future generations of archaeologists?

It's good to see GWMO take note of some of the chaos and complaints elsewhere in the sector and clearly state that although drill samples are out for analysis timings of when these will come back from the lab are out of their control.

How many private investors takes notice of this statement is of course also out of their control, yet we all know that 4-6 weeks might be "normal" but in the current climate there are some labs backed up by more than 4months with evidence delays are getting longer rather than being reduced.

for somebody that really doesn't look like a typical collar and tie or anonymous grey suit type of CEO I felt Phil Day gave a very politician like interview.

That is he appeared to talk around all the right stuff, somehow left you feeling more positive until you started thinking about the fact that he really didn't tell you anything definite. In fact I'd go so far as to say pretty much anything "gleaned" from that interview was down to inferring far more than was implied by non specific spin.

It is curious to note how the number of buyers is seemingly far exceeding the number of sellers today, yet whilst all these buys are for modest amounts that could be just "topping up on the dip", for all the fact there are far few people selling most of these seem "big" sells as if some folk have reached their limit and just sold out entirely and taken the loss.

Either way what was a long term play may just have became a much longer term play.

It does look as if there has been what is known to most as a "management c**k-up"

... hence new management who can perhaps be more open about it without discrediting their own reputation....

Anyway chin up lads... in another twenty years we'll look back on this and laugh! - You never know, by then we may even be making profits?

Samson - there is some truth to that, the longer the silence went on the more we all knew that some bad news had to come out at some point...

This seems like Mr Day starting a new job, taking the time to figure of what a mess he has to correct and then coming clean and drawing a fresh line in the sand.

I do think from now on in news will be more positive and we will move forward, just a shame we will be moving forward from so far behind where we were told we were a few months ago.

So on the plus side, as has been said elsewhere "you can't undiscover gold" and as any other junior explorer would tell you the real challenge is in raising the finance to build an operational mine...

so, in theory at least, we've already done all the hard work!

Do you think it may be quicker to wait for the next ice age and glaciation to churn up the rock around Cononish and bring the gold out the ground for us?

anyone brave enough to see a significant price drop as a buying opportunity?

I suspect this may be a very long slow crawl back up to £1 again.

I think that you can always claim to be doing OK when your biggest regrets are the ones that you didn't invest in rather than those you did. Nobody ever went broke being cautious and sitting on the sidelines waiting for a better opportunity.

My biggest "mistake", or at least one I always look back on, was around the early 90's; I was a board game geek and loved the products of a certain local company that was winning awards across Europe for a strategy game based upon building rail networks in Victorian England.

Accountants got hold of the company, started designing games where the player who spent most on extras and expansion packs would win , changed to basing their games on fantasy subjects and started aggressively marketing (brain washing?) young kids to buy their products. The games went right downhill but I could see that long term profits would go right up. They then recklessly decided to float on the London stock exchange.

The IPO was at £5/share and soon flopped to a tiny fraction of that as investors couldn't see the appeal of goblins (or how to value them) ... I couldn't bring myself to invest because of what they had done to the games I loved, but I could see that as those brain washed kids grew up to be adults they'd just keep spending wages rather than just pocket money... Today the company is a multi billion dollar global Empire whose share price is well in excess of £100 and goes by the name of Games Workshop....

I saw it coming and could have owned a decent chunk of that company from the beginning if it weren't for a degree of pride.

Anyway we all have regrets but I think (hope?) UFO won't be one of them if I simply sit tight and don't worry about short term activity (inactivity?)

@PaulFG - I suppose, for all the fact I am a retail investor with modest funds to play with I tend to think more like an institutional investor in terms of timescale, risk/reward assessment and blotting out short term noise.

It is true that good PR can make a big difference to the SP in the short term by boosting PI sentiment, but most private investors are, as you say, fickle, they need an endless stream of good PR to keep them entertained and interested. To hold value and grow a company needs good fundamentals and a steady flow of real news to keep improving those fundamentals, otherwise it just becomes a Ponzi scheme of selling ever more good sentiment until things collapse.

To be a good CEO of a minerals exploration company you need to understand geology and you need you understand how to raise finance, both of these things he seems capable of... however a trait he has in common with a CEO of another minerals explorer I'm invested in is that he is not a natural in front of a camera or an audience.

A company can spend money on folk with such skills, or pay for training - but at this early stage in the game I'm happy to put up with things as they are rather than have him take time out and spend cash on such trivialities.

napthman1 - typo or witty social commentary?

@slimboy - "you have to guess who is talking s#*t and who is genuine"

I'm always surprised at the emphasis others place on posts on boards like this, I think the secret, it it is any secret, is not to worry about anything folk here post but act only on the basis of your own opinions and facts you can verify for yourself.

Most of what is written here, including this very post, serve no purpose in terms of helping others value a company and decide it if is or isn't a good investment. Other people's agendas only become relevant if you pander to to them.

well I didn't expect that (at least not for a couple of months) - not that I'm complaining and here hoping it sticks.

@saitn-tropez thanks for the info.

I first saw the potential in WSBN when it was sub 2p last summer. I dithered, procrastinated and ended up putting my cash elsewhere (can't complain as I did 3000% in my first 4months but has since settled back to a more reasonable x10 bagger but could so easily run up again so I'm not selling).

Anyway as I'm sure folk here know WSBN also had quite the run up and I don't like buying on a strong run up as it is too easy to get spiked as it pulls back. The market has some what settled since then and I sense WSBN may have found it's new level from which it wants to build again... I'm just trying to decide at what price I'm willing to buy in...

sub 10p would be a no-brainer but probably won't happen leaving me watching from the side lines again. I suppose in the long run paying 1p extra per share isn't likely to make a massive difference but nobody likes to invest only to see things have a little further to go down first.

perhaps reading earlier posts may have helped answer my question - several mention £3.6m - is this the case?

Hi folks, WSBN has been on the periphery of my radar for some while and slowly moving more central as a possible investment.

Does anybody know the current cash position/balance of the company? They clearly have some great land and ambitious plans to drill it heavily... I was just wondering how this drilling was going to be paid for?

@ mentalmax - my sentiments exactly - there are no guarantees but we do have the funds to keep rolling the dice many times over.