Member Info for HarChris

Interesting. So close to pulling the trigger on CLSK but not sure what's holding me back (greed probably).

It's because they all went hell for leather and bought thousands of machines at top dollar / electricity costs went through the roof. Eventually there will be big winners in this space and losers, if you pick the winners successfully you'll make far bigger returns than you possibly could from investing in BTC directly.

High risk high reward. For the more risk averse but BTC.

My chagrin was directed at the wrong person, sorry Magnum.

FFS Magnum, I'm bored of repeating myself.

Arbk finished at 9.6p, its currently 8.2p pre market and hence the UK price is currently moving towards Arbk, not vice versa.

Catching up with that US price...

Hmm i'm not so sure, needs to drop 30% in the states to align here and the nasdaq is set to open higher.

Arbk pre trading has jumped to 8.3p now

Arbk still trading at 8.1p pre market with nasdaq opening in 90 mins.

'Lol chaebol loves arb really he will never leave this bb'

I'm another fairly hooked despite investing very rarely in Arb over the past year. Perhaps we'll see an Argo appreciation bulletin board set up if they do eventually fall by the wayside!

'Arbk Down 17% already pre market you might be able to buy at 4p/5p this afternoon'

Sure but you do realise it closed at 9.6p? Even with the pre market fall it's still at 8.1p.

Didn't you hear? Despite involving himself in some of the riskiest plays in the stock market poorinvestor never loses money, has an almost unblemished record apart from, of course, Argo. But besides Argo he never loses money, ever. Fullproof strategy, 100% success rate, a legend amongst men.

You're totally imagining things Smiler. I wasn't doom or gloom previously, I constantly spoke about the binary bet for those willing to take the risk at 11p whilst you ridiculed 'panic sellers' and talked of '20p incoming' non stop and 'shorters watch out!'

Come rain or shine some of us are consistent. I think thing's have got that much riskier here but they do now have the funds to see them through the next 3 or 4 months at least. Will bitcoin recover in that time, will they find an alternative funding source? Touch and go on that.

You couldn't make it up Smiler, you really couldn't. Weeks of non stop ramping, telling anyone who questioned you to shut up and then yesterday you finally cut your huge losses and now you're here to save everyone.

Genuinely hilarious.

I think you're wrong Calamari but it's not unambiguous.

First Rns:
In addition, the Company has signed an agreement to sell to a third party 3,400 new in box Bitmain S19J Pro machines, representing ~340 PH/s of total hashrate capacity, for cash proceeds of £6.0 million ($6.8 million). Argo will host these machines for the third party at Helios pursuant to a hosting services agreement that includes a profit sharing arrangement.

After accounting for this sale, the Company expects to achieve a total hashrate capacity of 2.9 EH/s by the end of October 2022.

Second Rns: The Company has also taken steps to further maximize liquidity and preserve cash. The Company sold 3,843 new-in-box Bitmain S19J Pro machines, representing ~384 PH/s of total hashrate capacity, for cash proceeds of ~£4.8 million ($5.6 million). These machines are the last batch of the original Bitmain order scheduled for installation in October 2022. As a result, the Company's total hashrate capacity remains at 2.5 EH/s.

Notice the difference in expected hashrate capacity? After the first sale 2.9EH/s and then 2.5EH/s after close to 0.4 extra EH/s sold.

I don't necessarily disagree Chae - need bitcoin to start perking up and then there'll be interest, otherwise finding adequate funding is unlikely.

They aren't going to raise $27m at a share price as low as that, the dilution is too heavy, at most they'll raise half and cross their fingers re bitcoin.

The better risk/reward is taking a punt now in the hope that bitcoin starts rallying (there is hope of a relief rally following tomorrow's Fed decision) and the whole picture suddenly looks a million times better. Only a small trade for me and realistic that I might lose the lot.

I took a few too. Won't be holding long but sure this has another rally or two in it before the next RNS lands.

Brad Pitt in True Romance, lovely call.

You've got to realise that the second bit of news today, the selling of another 3834 machines for just $1450 a unit is bona fide proof that Argo is in deep shi*. Earlier this month they sold 3400 for $2000 a machine so you can see how little bargaining power they have left, they are trying desperately to stay solvent.

A buyer needs to have serious capital for it to be worth investing. At say 8p a share thy would need to cough up $45m to buy Argo and then plough another $2m a month just to keep them afloat and probably a further $15m to restart expansion once again.

If they did that they would almost certainly keep Argo alive and very likely make a very good return in the long run but who's got deep enough pockets to take that sort of risk?

I'll help you out.

Dec 31, 2021 - $15m
Mar 31, 2022 - $12.7m
Jun 30, 2022 - $7m

No Sept 30 cash figure given however the reason for the falling cash figure previously was the heavy capex to get Kiln 3 up and running (now sunk) and sales falling below production (and hence growing inventory with costs sunk).

The recent quarter saw sales outpace production for the first quarter in some time and production at Vanchem finally ramping up. Sadly no cash figure was given but with all the details included in the quarterly report it's possible to hazard a pretty good guess and mine would be cash flat over the month, so $7m still.

Now one might get concerned at the downward trend but we should note that this year sees production ramped up from ~3700mtV to a runrate of 5000-5400mtV, the electrolyte plant will be almost complete and we are also building the vametco minigrid.

With expansion plans on hold until we're in a financially stronger position and with V rising and the Rand continuing to weaken we will now see the cash figure rise in the following quarters. I think we'll finish the year close to where we started (~$14m) and see much bigger rises next year as long as the above continues in our favour.

'Wow, looks like a 2m buy reported late that pulled the SP up from 6.5p to buy to 7.50p.'

Afraid not, these are simply late reported trades that occurred at some point during trading. Impossible to say for sure whether buys or sells but the big ones are much more likely to be sells than buys given today's news (be honest, is it more likely that someone dumped 2,000,000 shares earlier or bought 2,000,000 earlier?)

HH what a lovely thing to say. I shan't return the compliment as I see no reason to get personal.