Member Info for HarChris

That's 50% from current share price - you buying all you can for the lowball takeover then Travelcard?

Well with 24m shares, 36m restricted stock units/options plus warrants (I don’t have the number to hand!) NvS will benefit a lot more from running the company well and seeing significant share price appreciation than he will from just taking the full £310k salary.

‘I would suggest the position of the share price is directly associated with the perceived accuracy of the COMPANY statements’

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Are you adding the auditors to your list of corrupted entities because they’ve just signed off the accounts as a going concern?

If that’s the case try to reach out and engage with the board. I’ve done that myself recently stating in no uncertain terms that they absolutely owe it to shareholders to rein in their own expenses/remuneration all the while the share price is in the gutter to ensure there is no raise before the final JV payment hits the accounts.

Building a relationship is the best way to have any impact, I highly doubt NvS and co spend much time reading the lse bb.

Well that's why I always make it clear in my posts that all isn't rosey... I mean, how could it be with the share price at an all time low?!

Personally I was comforted by the full year results despite still some omissions around the exact state of current play and also comfirted by AIMSL adding on the open market but I will never be ignorant to the share price and that tells me that my view of how things stand isn't shared by too many others.

I still think we're one better gold pour away from a turnaround but it's hard not to be concerned with share price action like this.

The RNS was the 18th July last year because they decided to pay it in cash. If cash it can be absolutely any day they choose because there isn't any 10 day volume weighted average price to contend. This time around it will be the 21st July - it's always the 21st unless that's not a business day, then it's 22nd, or 23rd.

Arguably a placing is already being priced in so if you think it can be avoided there's even better value on offer here.

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.

And if they do raise make sure it's small, not too discounted and focus on bringing a cornerstone investor in.

No, on the narrative front it’s inconsistent, with one example I just highlighted.

I have been completely consistent since I first bought in a few months ago - I have always said that the margin for error here is large, so much so that they don’t need to hit their production target to be successful but if they do this will multibagging.

I continue with this same narrative and it’s highlighted in the fact that GRL are no longer cash burning through six months of 2025 despite only averaging 370 troy ounces per month, over 50% lower than their target.

So as I’ve always said there’s huge margin for error here. There still is but eventually that production figure needs to be closer to the target if a full blown turnaround is to happen. Clock is ticking now.

There are periods like we saw in 2023 and 2024 where one is rewarded for always thinking short term, for taking that sell-before-raise approach but in functioning markets it’s not that simple - as long as tangible material growth is being seen then holding long and strong through it all is often the best approach.

I think we’re at that point now with Avacta.

If everyone had your attitude ie to sell prior to any equity raise the stock market would cease to exist. It would be completely non-functional.

You repeatedly, sometimes in the same sentence, argue two opposing things. You’ll imply they are stealing and siphoning gold one minute and the next state that the targets are pie in the sky and unobtainable. Well actually if the former was true the latter would be possible as soon as they stopped stealing the gold, or whatever it is you claim they are doing.

At least stick to a consistent narrative… it’s the crazy contradictory toing and froing in regards to your accusations that has me giving it no time.

I’d advise you straighten out your narrative if you want Emma’s attention.

An RNS declaring the PFS has been doubled for SGC, perhaps. That would go down very well.

I have read every RNS from the beginning to end as part of my original research when I first bought in earlier this year. It doesn’t read well but I wasn’t investing in a company on the up, I chose one that was on its knees in terms of share price but with a reasonable chance of recovery. That I believe is still the case but it’s still very much in the balance as I freely admit

I took a look at advfn and find it amazing that you consider those rants as evidence. There’s a lot to be said about this management team but vanishing $60m worth of gold, for example, okay then…

I don’t blame Emma for ignoring such an obviously deranged character.

Jack that is the big question right now. There is no doubt that 2025 has seen a vast improvement from heavily cash burning to the opposite but until they put out a full and detailed operational update informing us of exactly where things stand there remains plenty (too many) of unknowns.

H2 needs to be highly profitable (say, 500 troy ounces average per month with POG this high) if a huge bite is going to be taken out of the debt, encouraging AIMSL to once again renegotiate / worst case be able to cover the last of it via a much lower number of shares issued (strong operational updates would get this above 1p to minimise any dilution).

But until we have that update showing production increasing, stating highly cash flow positive etc share price will remain in the gutter.

I've spent a lot of time over the last 24 hours going through as many permutations as possible and it's clear to me just how low all in costs are right now.

We can learn a lot from the way GRL made it through the start of the year with just $94k in the bank and gold a fair bit lower than today. At $3340/oz group profitability is achieved at just a fraction of potential output and so their margin for error is enormous, giving them time to get production right up to target.

I'm very much hoping that a detailed operational update is in the works alongside the next gold pour - one that declares GRL cash flow positive and paying down the debt will send this rocketing.

Soon. Hopefully. Fingers crossed.

‘While we are not in the business of creating a political chat forum, it would be unrealistic to say that we are not monitoring current events with huge interest. We have been hoping for some time that the US would react to the fact that around 45% of its annual refined copper consumption is imported. We are therefore very encouraged that the Trump Administration has decided to address this issue and take steps to increase domestic production of critical minerals, and copper in particular.

At the time of writing, our main basket of metals is trading at or close to historically high prices. As mentioned before, due to Covid and the Ukraine war's disruptions, we took the opportunity to redraft the Pre-Feasibility Study (''PFS'') for our Empire open-pit copper, gold and silver project in Idaho USA, streamlining it into a more compact and efficient process. The PFS that we published in September 2024 has been worth the wait, generating net (after repaying capex) pre-tax cashflow of $153 million over an 8-year mine life, using $4.45/lb copper, $2,325/oz gold and $27.25/oz silver. This compares with initial capital expenditure of $62.6 million, and also produces a 5% Net Present Value ('NPV') of $105 million and Internal Rate of Return ('IRR') of 46%. If we adjust the precious metal prices to current ($3,350/oz gold and $34.50/oz silver), the net pre-tax cashflow increases to $204 million, the NPV to $143 million and the IRR to 57%.

This is no mean achievement. The copper equivalent grade of 0.66% is higher than the global "in production" grade of 0.53% and significantly higher than the estimated 0.39% for mines under development. Relative costs are also competitive. Total cash costs at Empire, including royalties, are forecast at $2.44/lb. These compare favourably with Cerro Verde and Copper Mountain ($2.58), Morenci ($2.66), Bagdad ($2.73) and Olympic Dam ($2.88), to name a few (source: S & P Capital IQ, copper total cash cost 2024). Our place beckons amongst western copper producers.’

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A NPV of $143m with up-to-date gold and silver prices but just $4.45/lb for copper (it’s $5/lb today) - that’s 11 times the current mcap.

You were literally ‘warning’ us that Avacta could well go into administration next irrespective of the science as much as everyone called that nonsense. It was nonsense, that was never a possibility with Avacta even at such lows and a £130m mcap.

You’ve been more right recently purely because you are a permabear and as I always said you’ll be right until you’re very, very wrong. And we might just be on the verge of that now.

You can speculate all you want about the science but we can all see that it’s exactly the same but opposite speculation as you call anyone else out for that doesn’t have hard evidence to back up said hypothesis.

He spent so long telling everyone that the science didn’t matter til the financing side was sorted - in steps Richard Hughes and suddenly said poster is nonstop about how the science is the thing to worry about.

Agree it seems desperate.

With gold at this sky high level GRL will be comfortably profitable this year. But they also have a reasonable sized debt maturiting on Dec 31st. Whilst there's every reason to expect renegotiating we can't be certain of that so it's a material risk.

So the unknown is just how profitable this year is going to be... if gold remains as high as it is now + delivering on the incremental improvement in ounces produced as discussed in the full year results then the business is transformed, debt is eliminated, cash is flying in and expansion will quickly follow.

There's a middly outcome where gold falls back a bit and production remains roughly the same and GRL delivers a meaningful profit but not enough to clear the debt hence relying on third parties/other funding routes.

And there's the bad outcome where gold price falls right back and production actually decreases / gets disrupted.

First outcome sees 10X from here, second outcome should still see a healthy return (2p?) and third would be a disaster and possibly administration. That's small caps for you, they make a portfolio when they come good but you always run the risk of losing the lot.

Some were so sure that the heavily signposted need for financing was going to have the traders and short term thinkers rushing for the exit and back on the sidelines until it was sorted at a lower price - days like today will have them wondering what's going on... why are people buying??? That goes against the script!