Member Info for HarChris

ECR are a gold company with zero debt that upgraded their management team at the right time, GRL conversely have seen their debt balloon and the terrible CEO wouldn’t relinquish grip here. The comparison is stark.

I have more posts here purely because I get into a back and forth with posters that specifically argue with me. No other reason.

Everyone else on here is able to discuss the company without getting personal, you are constantly abusive and personal and frankly a little obsessed with me so here's a fu** you and your waffle right back at you.

It is true what you said about Devonport Capital, they elected to take a big hit and just get out with something rather than cripple GRL.

The circumstances are a bit different now with gold at $4k and AIMSL having such control but what actually happens later this quarter is still anyone’s guess, despite each of us having our own opinions of what’s most likely.

No it’s true. Every single pour has been declared to the market this year except the two lowest pours. One of them could be worked out as GRL later gave the average YTD which showed the ~May pour to be much lower than previous pours and hence bucking the uptrend (which they obviously didn’t want to reveal). The other disappointing pour was withheld but Bill Trew revealed it at the AGM forcing the company to then declare it.

The pattern continued. The following pour (August 18th I think) was shared as it was an increase on the one they were forced to reveal post AGM and then ever since there’s been no update.

Are you honestly telling me, at such a critical point where a higher share price would give them much better funding optionality that you think there’s a decent chance they’ve kept positive operational news to themselves?! There’s zero logic to that.

LT & SuperDad, really appreciate the back and forth today on the financials. Quick question, do you have access to the Turner Pope broker note and if so is it useful and where you're getting some of your figures from? I'm deciding whether or not to resubscribe on Research Tree so as to get access to it...

You do realise every struggling company puts on a brave face no matter the circumstances. I've followed hundreds of AIM stocks over the past seven years or so and every one that went under claimed to be close to a turnaround or seeing operational improvement etc before suddenly announcing administration, without exception. I remember one where the CEO was still sticking to monthly Q&As and claimed they had a recovery plan just a week or so before announcing administration, only for shareholders to never see a penny of their money returned to them.

Every time Goldstone has withheld a gold pour this year it's been in the 200s (May and July). They've now withheld the mid-late September pour.

We both agree on the end result but differ in the reason why. You think Emma and the management are Machiavellian crooks siphoning off the gold for themselves whilst I just think she’s utterly useless.

I look back and I still think she’s was genuine in her forecasts. To me it’s clear from suddenly getting in front of the camera the mining conference, smallcappix etc) that she thought the 1000 ounce target was eminently achievable once they moved to pit 1. And that’s why if an offer was intimated in May she rejected because she saw it as undervaluing what was about to come whereas Trew just wanted out without all the execution risk.

Where the lies and subterfuge come in is the Turks willingness to be honest, up front and transparent as to the reasons for continually missing the targets, instead burying bad news and hoping to troubleshoot behind the scenes before coming back to the market with better news… better news that has never come.

And let's be honest, MT Gold is not exactly a big company, chances are they'll be unable to pull their weight and fund their half of the construction costs so I'm sure the full licence will be up for grabs. Possibly for a couple of million?

There must have been a gold pour since mid August and there’s no logical reason why they’d hold back good news at this critical juncture so it follows that the most recent pour wasn’t a positive.

Can’t say for sure what comes next but my word have they backed themselves into a corner. A minor miracle needed.

It’s a bit desperate to claim that the gold price doesn’t matter to ECR because they are an explorer - they are to begin producing very near term.

A history of talk over action is why the share price is where it is but the management team truly has been bolstered in recent months and the strategy has, like I said before, finally been refined and is coherent against the best gold backdrop one could ask for.

Past failures offering up a great entry here.

It's taken a good while but ECR now has a clear strategy and focus that makes coherent sense. There's a near term producing asset in Raglan/Blue Mountain which is capable of funding the high potential Lolworth asset, especially as all profits can be put back into the business (holding sizeable tax losses) and there's the zero risk zero contribution JV with Bold Gold for Creswick as a left field value adder.

There's been a hell of a lot of progress since Nick joined the company two years ago and gold price has risen 80% yet here we are with the share price down over the same period... I think that's soon to radically change.

Insider ownership here is about as perfect as it gets. You want directors to be heavily invested but you don't want them to own so much of the company that they could feasibly take it private for their own benefit.

The 27% insider ownership at IRON is the sweet spot.

Most traders are incredibly rigid with their thinking. Historically selling after an Avacta presentation that came with no commercial deal proved lucrative so your average trader will just repeat what worked before. But the totally different circumstances means no panic ensues this time around and the sell off fails to catch on and up we go again with the uptrend remaining in tact.

I’m sure it will keep happening to the end of the year with higher lows and higher highs at every juncture.

It’s clear from the price action over the past few weeks that the average punter was doubtful that this JV would progress as advertised so make no mistake today is a major derisking event.

I don’t think we’ll see the sell off that followed the signing of the Mining Operations Agreement.

Nowhere near enough credit is given to the new leadership for the pace they are going at. It was just four or five months ago when many on here were saying things like ‘P1a took over three years, absolutely no way p1b gets completed within a year’. ‘Take management’s timelines and double it’.

P1b for SGC started ~first week of March, with readout expected early December give or take a few weeks that’s just eight months. So impressive.

LT, it’s never worth the placing fees to raise so much a little amount hence if it really is as low as that and they are confident of meaningful cash flows early in 2026 then would be best to hunker down and do all they can to avoid such a small raise.

Ps will be doing a much bigger deep dive on IRON over the coming days and adding to my position and adding more meaningful commentary in here. Hope the ramping on here doesn’t drown out your much more informative posts!

LT I hear you and would take part in any equity raise to get them over the line but the cash prepayment does read like attempts are being made to avoid such an event. Any good idea of the cash position following the £900k raise just four months ago?

Anyway deal is too good to worry about a small dilutionary event in the near term.

I'm sure those on the sidelines want guarantees that Ironveld can make it through to the JV profitability without any raise. Although small (~$50k to Ironveld) it's a nice touch and shows the support they're receiving by their partner.

See a lot of JVs in the small cap sector but rarely any as good as this with production so near term.

I ask myself a question like this: 'after the £900k placing in June what realistically did shareholders hope for for the rest of the year?'

Personally I don't think they could have asked for as much as they've got. They've managed to enter into a JV where the opex risk and capex costs are nil and entirely serviced out to the partner... and yet aren't even giving up most of the project in return. Again it seems almost too good to be true but yesterday's news has got to make you think that this deal is happening with commercial production in the very near term. Excellent!

I don't care what any downbeaters say, what seemed like too good a deal to be true a few weeks ago now has a binding agreement and is procedding as planned. This deserves to be at least a multiple higher.