Member Info for HarChris

Just think... all we need to see later this week (/maybe next) in the Q2 financials is that guidance is reiterated and we know therefore that the company is producing 2000+ ounces of gold per week right now at a ~$1350/oz margin. Incredible.

To be fair Marc you only have to scroll down a few posts to see Fara’s rather bullish post setting a target price of 8-10p with V at just $40/kgV and much much higher if $50/kgV.

This is a balanced bb now.

Yes I think so although the main investment companies are participating - Hargreaves Lansdowne, AJ Bell, Interactive Investor - see this link: https://www.bookbuild.live/deals/N7N5KQ/authorised-intermediaries

This is for existing shareholders only.

Well can’t add anything amongst so many posts but hey, what a day!

Fair chance we'll get the Q2 financial results next week and (hopefully) a reiteration of guidance which unequivocally tells us just how much cash THX is throwing off right now.

It ain't staying at this lowly mcap forever.

I’m with you somewhat CS, reduced too but certainly not going to sell the majority with ncyt back with the spotlight on them - hope it works out for me and your remaining £12k!

Quite obviously the company is in better shape than it was pre Covid by a million miles - it was close to insolvency in 2019.

I think you'll be offered your 70p exit tomorrow CS.

Reading the latest Largo Q2 update it's palpable how desperate they are for these new rebar standards to have a fairly instant affect on vanadium prices otherwise it's a question of which domino falls next.

From June 30th 2023 to June 30th 2024 Largo went from $1m net debt to $49m net debt. And prices are lower now than they were on average across that period... such an unsustainable V price for all listed non Chinese producers.

WBAFC, next time could you call the pump and dump before the pump? That way we can make money off your knowledge rather than moaning to begin with and then calling it a pump and dump after it rises.

And we’re not just talking CLN debt, we’re talking build up in payables, staff on the ground in Madagascar (and the bad will that’ll be growing) and ever increasing amounts owed to the senior management who are essentially working without pay.

That’s a very decent post John but I do think it paints the rosier side rather than the neutral balanced side.

Simply comparing production vis a vis competitors isn’t particularly useful at this time because TGRs problems are manifold. One major problem is that they have been producing for many years now and are struggling to make much progress, if any. That is likely to be seen as a bigger negative to the market than say for a competitor that has followed the ‘normal’ path, has a DFS in place but hasn’t quite got the funding over the line yet - in other words Shishir has failed execution-wise already on certain fronts in a way competitors haven’t yet. And trust isn’t there are results vs forecasts over that time are so so far apart.

And secondly, debt. TGR has debt that is maturing in December and then later next year that dwarfs the current cash position. This means they are going to financiers / the market essentially asking for a bail out first, for funds simply to stay in operation and avoid administration and only then will further funds go towards the strategic plan. Again - competitors that you speak of don’t hold any debt and so have no default risk.

What is mad is that young Alastair’s (daddy’s) loan kept TGR ticking over from March onwards and the wider market was none the wiser.

I had been told by a few investor’s of him being a posh boy from a very wealthy family - this proves that’s true.

About to break through 14p - that must mean it was good news after all!

Do you mean is it conceivable that TGR default on these director loans giving control to the directors who are owed money?

Fara that's a good post but it does require V to not only rise, it requires it to really stick it out above $45/kgV for the debt repayments to be successfully met into the future and eventually paid down. And as soon as poss.

In the meantime the problem is that V has drifted even lower in recent weeks deteriorating the balance sheet further and forcing the board to be somewhat careful with the Vametco maintenance and expansion plans. Once we eventually get the full year results next year we'll see Vanchem sold, Mokopane gone + a placing yet no change in debt or even possibly increased debt.

Craig has done a stellar job in my opinion and has had the toughest of jobs to keep BMN in business and in a position where there is still the distinct possibility of some meaningful returns but they are going to need a heck of a lot of luck in the process.

The major problem of liquidity roars its ugly head again and again though.

The recent news of the £230k director loan I thought would offer some breathing space but more likely a cash crunch came in March when the £130k was coughed up by Alastair and then again recently to get the CLN coupon payment over the line.

So in truth TGR are probably back to having £100k or less in the bank whilst still loss making. $14000 from the Mad government won't make a dent so a significant further chunk from the government will be needed imminently or some debt deal or they will be back to downing tools once again.

And there's the first CLN maturing in December that requires a £910k payout.

A turnaround from here is a huge ask.

Completely agree. We’re also in the news-rich zone with drilling results expected across the projects over the next handful of months + Douta PFS + q2 financials in a week or so.

Hard to imagine this won’t start catching attention soon.

Haha I'm sure we'll be getting our 'profits soar' article very soon.

https://www.proactiveinvestors.co.uk/companies/news/1053953/thor-appoints-bpo-canada-as-auditor-1053953.html

Even in a bull run Argo won't be generating enough cash to justify the valuation at which Armistice bought in at, we'd need to see an enormous rally in BTC that far exceeds difficulty to make the current mcap reasonable.

As a standalone business there is nothing here but yeah a bull run + a crazy illogical share price rally + a big raise off the back of that means that there is still some faint possibility of some sort of recovery here.

The mining space is absolutely crying out for the weak to be put down though.