Member Info for HarChris

‘ In addition, Management have been carefully managing the Company's cash resources since the start of the year, including cutting fee payments by up to 50% for board and management, which are expected to remain in place into 2026.’

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When some of us recently said the board needed to take a pay cut we got laughed at by the usual trolls. ‘Yeah right’ , ‘pigs can fly’ etc

Today it’s announced that that there is a major trim in salaries to preserve cash and not a peep out of those individuals. Telling.

(I bet they reply to this saying that they shouldn’t be paid anything whatsoever!)

I wonder if it’s because it’s largely a consequence of such high gold prices and not their own operational performance? Something that is less certain (POG) than high consistent production numbers?

Hopefully they are waiting for a record gold pour alongside to really showcase the improved picture to the market.

You spend weeks going on about a definite discounted placing and now that's looking unlikely you immediately change your narrative to something else negative.

Tedious.

No one’s pretending it’s all that likely given the history but as I keep repeating they are now standing on their own two feet from about 275 troy ounces (gives $900k revs per month) so even getting close to the target, eventually, means massive profit.

Exactly. Avoiding a cash raise right now will make a much, much bigger difference long term. Here’s the news of Avanti’s very revent placing : https://www.thenewswire.com/press-releases/1BNMF17P2-avanti-gold-corporation-announces-a-private-placement-offering.html

I will now repeat what I was saying the other day:

Yes it's true that as things stand ARCM would be slightly short of the cash needed to make it to the end of Phase 1 before the much larger cash payment kicks in in late 2026. However there are still a number of ways a fundraise can be avoided.

Most likely - (i) hunker down and reduce costs until the much larger $8m payment to Unico is received in ~late 2026. It would merely take a slight reduction in costs/withholding of drilling/deferred salary payments to make it through to late 2026 as there's also arcm's share of $1m this November and $1m in Nov 2026, around the same time they should receive $8m.

(ii) Achieve a sale of the Botswana tenue adjacent to MMG, the area between Mawana Fold and Zone 9.

(iii) Possibly agree to Anglo releasing those end of Phase 1 funds early, as their own lack of cooperation re JV has played a large part in where we are today.

(iv) Reach a settlement with Avanti gold for $1.25m or $562k early payment.

!

That early payment would very much cover the short fall alongside 'carefully managing the company's cash resources since the start of the year'

Great news https://www.lse.co.uk/rns/ARCM/settlement-agreement-reached-l243k9n01aj0q0m.html

I presume you’re referring to Matt Gordon of Crux.

Of course it’s not totally irrelevant. The price and projected price of copper radically changes what is considered to be economical or not (we know there’s copper at our licences, we just don’t know how much and at what grade etc).

The higher it goes the more any discoveries would be worth and hence the reward vs risk profile improving and vice versa if copper price were to fall.

It’s not *as* relevant as it is for current/near term producers, obviously, but it’s still relevant to a lesser degree.

At the very minimum we get the half year report in a little over two months time, that will show an enormous change year on year as we’re looking at something close to $7m revs for H1 vs $2.6m in h1 2024.

We might not get a comprehensive update before then but it would be good to still get the monthly figures as we progress through h2… at this POG physical gold will be being stockpiled with anything from about 275 troy ounces per month and hence anything from 500 and above will be taking a chunk out of the debt.

Of course let’s hope it ends up, soon, around the 820 troy ounce target for a full blown recovery.

Certainly is.

Still way down the list of priorities for Thor but they are allocating money to the lithium once again and there’s every expectation that prices will recover over the coming three years, a timeline that would be very much in Thor’s favour.

It's held down due to Citadel's relentless shorting, perhaps helping another party to build a stake.

I’d go further and say it’s highly likely there’s a gold pour in July and probably in the next couple of weeks so if there’s no update by the start of August I’ll assume there’s been a poor pour, so to speak!

We are very much due an update though so I’d like to think we’ll get a comprehensive operational RNS anytime from now to start of Aug whether or not the pour is what we all hope for (which I’d call 550 troy ounces or above).

In the meantime no news means they are continuing to self fund operations.

With that £1.5 cash injection done and dusted I don’t think Higginson cares about losing the room currently if that’s what you want to call it. (I’d call it a wobble in trust that can be easily rectified).

HUD are now well funded to deliver even more significant growth and prove out the model and in doing so investors will be flooding back here later this year. No question.

I also really like the new set up with Ashley CEO and Martin exec chairman, there was too much on Martin’s shoulders previously is what it seemed like to me.

We all have an agenda, those of us invested want the share price to rise and Wyn currently wants it to fall to get a lower entry back in and probably more important to him to laud over us for calling it correctly.

The difference is Wyn claims he doesn’t care what direction the share price goes, either way makes no difference, Avacta is of so little significance in his life, posting on here is merely a fun little hobby that takes a few minutes here and there.

The honest ones amongst us at least admit we care… I certainly want Avacta to succeed and for the share price to rise!

As part of the restructuring the bondholders are having $40m converted into stock - that’s 1.5B shares at 2p a share, trebling the total shares in issue. And that’s just for starters.

It’s hard to see how PIs make any money here.

‘ Wasn't he part of the LFT team with AVCT? How did that work out?’

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This constant line of attack is so pathetic. Producing a LFT at lightning speed in response to a once in a generation pandemic has no similarities to the current situation.

Nobody is going to hold Richard responsible for commercialisation here, that’s not his job. But if you’re talking about financing they had no problem attracting investment at a far higher price.

It is so evident that you’re starting to wonder if selling at 30p was a good idea… you must be close to buying back in.

Even more consequential is having someone appointed to directly deal with the CLN in the best way possible. Christina did not want to engage with it, her priorities were elsewhere and on the longer term solvency of the business but now we have someone focused on it. And that can mean simply raising small amounts as we go to sticky holders if necessary , freeing up the share price to accelerate before any larger funding round.

Richard’s appointment is a game changer for the short term outlook.

‘As I have said before I don't mind if they raise £50m @ 25p so there is enough to fund up until initial 6103 data release.’

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Let’s be honest, the management was more than capable of achieving such a thing themselves and at a higher price previously. They chose not to raise six months ago and wait for 1b data in hand. Hughes was now been brought in so that such a hefty dilution can be avoided, so whilst you might be fine with the above the rest of us (& Richard himself) would consider it a fail.

‘So they are still mining Bitcoin ???’

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Yes, as far as anyone knows, although only a fraction of the amount that they used to. They have had to scale back due to lack of funds and I imagine they’re close to ‘machines becoming knackered’ territory.

LongInvestor, thanks for your reply to my other query.