Member Info for HarChris

The difference now is that Helix is without doubt fully funded to reach production and to begin self funding growth. Without the opportunistic raise in June that wouldn’t have been the case and there would be justification for concern over a month or two delay.

It seems like it’s merely one poster reiterating their negativity whilst everyone else is chilled.

Banjo, you are without doubt one of of only a few that think Emma's communication has been good this year and to be honest it's hard to justify that opinion.

Management very clearly switched to a monthly operational update schedule to build confidence and momentum. This was the case in January, in February etc but as soon as production tailed off the updates vanished. No operational update, then a lazy tweet that didn't even convert from dore to troy ounces correctly and kept it vague so we didn't know what period it accounted for (seems it was just the second month and so a whole month wasn't even shared with us) and then recently they were forced to release the monthly pour figure in the AGM result because it got leaked at the AGM.

Communication has been awful but it's not communication that's really the issue, it's operations, and so it's a choice to withhold negative operational performance or be transparent, either way ends up with the same result eventually.

It would obviously be preferable to be informed as to the current continual low grade issues but in the absence of any info it's reasonable to assume that there's nothing overtly positive to share.

Argo died in 2022 when Peter promised shareholders 'no more dilution' and instead chose to fund Helios via debt financing. By May 2022 he'd racked up almost $150m debt, kitted Helios out with expensive machines as bitcoin price had previously been flying and then bitcoin sunk to $16k.

So Argo started 2022 with a 95p share price and a market cap of $600m and instead of leveraging that price (which was multitudes higher than what it was just 14 months before) they took on debt and by the end of the year Argo had all that debt and a share price 6p.

From that point on there was no way out of the debt spiral.

'SQM are a major company'

You can say that again: 'Sociedad Química y Minera de Chile S.A. (SQM) SQM reported total revenues for the six months ended June 30, 2025 of US$2079 million compared to total revenues of US$2378 million for the same period last year. Net income for the six months ended June 30, 2025 of US$226.0 million or US$0.79 per share. '

I don't think enough credit and attention has been given to this partnership. SQM are a $13B company, it's not some small cap wannabe explorer that lives or dies by the commodity backdrop. It can easily withstand a few years of lithium price weakness and continue to develop Lithium Ridge.

Whilst the tin expansion is the near term catalyst lithium is still likely to be a major part of this business in the years ahead.

I presume you mean Q1 aisc as Andrada's year runs from March to February and we're soon to receive the Q2 results.

It will be interesting to see just what production looks like in Q3 and then Q4 as the company, for now, aren't guiding anywhere near as high as your numbers but the guided figures look extremely conservative. ''The Jig Plant is designed for a nameplate capacity of 80 to 100 tonnes per hour, with a potential to process up to 40 000 tonnes of ore per month at a potential recovery rate of 70%. '' - if 70% if achieved and 50% is the high grade ore from Goantagab then there's no reason why we won't eventually see at least close to the figures you've stated here.

My conservative numbers are for yearly production of 2900t contain tin at a price of $34k/t and an aisc of $24k/t giving $29m net operating profit and something like $20m net profit after tax. 10p a share would give a 187m/$250m market cap as a bare minimum.

If recovery proves to be closer to that 70% I don't see why +3500t can't be achieved. And with the ever increasing tin demand and so few new mines to come online and such tight supply as it is there's every chance an average long term tin price ends up closer to $40k/t and an aisc even closer to $20k meaning a less conservative possibility is that we end up seeing operational profit close to $60m (3X the above), net profit $45m and with lithium coming into play as a further growth multiplier a market cap commanding something like £600m/$800m within the range you posted.

Certainly feels low risk now at 3p with at least a few multiples to be seen being highly conservative and many more than that if all plays out like we hope.

Sentiment is half the battle on AIM and can have many drivers. When it comes to ATM the biggest driver of sentiment is the tin price (lithium too if it were to fully recover). With how tight supply is all it takes is one shock, be it Bisie shutting down again in the DRC or to a major Chinese/Malaysian/Indonesian mine and tin would spike well beyond $40k/t.

If that were to happen alongside visibly increasing production seen in Q3 and beyond then the sky's the limit for where the share price could go.

Appreciate that balanced and educational post Boo.

Wow, another arm of Millennium coming straight in at 1.14%!

Now the eighth most shorted company on the FTSE.

Obviously no one knows which view is correct but I see your view almost akig to the sort of claims that are made when covid happened (covid is engineered to make big pharma rich! What? At the expense of the entire economy?!).

I just don't see why purposely running the company into the ground and ruining her reputation alongside would be preferable to turning Goldstone into a huge publicly listed company? Why she wouldn't do that if she could and execute 17m options as well as the bonuses the remuneration would inevitably give her + massive pay rises. For me it makes no sense to purposely fail a company and take it private when you have the ability to turn it into a roaring success.

Yes, it's been my own personal view that the shorts are most likely countered with some long positions too.

In other words you seem to think Emma and co (some small cabal but not Trew and not List) are hugely enriching themselves through skimming off gold for their own personal use whereas I put the situation down to sheer utter incompetence.

It was earlier on the year with I imagine the share price above a penny and with an immediate term target of 1000 ounces with gold well into the 3000s. Of course Emma would consider that undervaluing the company.

I continue to remain steadfast in my view that people like you confuse utter mismanagement and failure for fraud and malpractice.

We both agree Emma needs replacing though.

It was earlier on the year with I imagine the share price above a penny and with an immediate term target of 1000 ounces with gold well into the 3000s. Of course Emma would consider that undervaluing the company.

I continue to remain steadfast in my view that people like you confuse utter mismanagement and failure for fraud and malpractice.

I did yeah, sorry!

The cost to fix all Britain's pot holes and get them up to adequate standard is around £18m. I suspect the government support at Orom won't be quite as high as that.

Cash will have run out around June time which I imagine meant miners switched off but as is the case with Argo in 2025 management don't bother to report anything like this. Confirmation of that here: · 'Further to its 30 June 2025 announcement, the Company confirms that it did not make the scheduled interest payment on its outstanding bonds that was due on 31 July 2025 which is subject to a 30-day grace period ending on 30 August 2025.'

So what they have as of today are old machines worth what, $5m total if that? And now net debt of $39.8m. What's in it for the buyer?!

It really was inevitable. Argo has no ongoing operations currently and sitting on a mass of debt, how on earth is it worth anything?

Nice update, especially alongside Blencowe’s.

It is curious and even more so that it has barely shifted the share price.

Interims next week, let’s hope that spikes volume and forces some of the shorts to close.

Remember that Andrada is currently paying 9.63% royalty to Orion so let’s call that $3.2k on every $33k/t revenue. When the doubling of production occurs that royalty will fall to ~4% meaning almost $2k/t costs are reduced from the drop in royalty alone.

That already takes AISC from $30k to $28k, clearly there are going to be further cost savings from a doubling in scale so it’s hard to imagine if the production increase is achieved successfully that AISC isn’t $25k/t , max.