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OCP had a representative on the committee that was ‘unable’ to approve the ESIA, if I recall correctly.

Their business model is also to take a share in the company they go onto provide corporate finance services for, so there’s a double conflict there: working for EML and themselves.

Not independent research. If it’s true great! Thinking about the very wise comments recently about year end, I wonder what the purpose is. One valid purpose could be to anchor investors or prime expectations on value ahead of a fund raise; to drum up and to get new investors excited. Joining two dots that might not go together there but just a thought.

A pre-arranged fund raise to land immediately after an ESIA grant would also be good timing for EML, so could be wise preparation for that also.

4. One to add is the OCP project getting its ESIA. OCP is running the project through its subsidiary JESA and I don’t know whether we’ll see the same transparency at each stage as with EML, being listed.

To avoid doubt though, idg69, I’m on the same page in terms of substance. Excel can’t predict an approval and that’s the only thing that will make a material change here one way or another.

I suppose this is the difference between day trading and fundamentals.

The charts may not be purporting to predict the fundamentals like the ESIA but the ebb and flow of the daily tide of day trading, which of course in very little volume is highly susceptible to suggestion and decoupled from the long term position.

£64k buy across two trades back to back, so perhaps one person buying in.

Presumably that’s saying the BFS will take circa six months after the ESIA, for which allow up to six months.

I think that’s roughly what Graham said before in an RNS too (at least that they’d pause the BFS pending the ESIA) - might be mis-remembering?

For the ESIA? Is that the CFO mining conference interview Matador?

Maybe we could get on Dragon’s Den.

Peter Jones could open doors and earn back his share for only 75% of the business. Ha ha : )

RNS of 6 Jul 2023 here too:

“Following a recent evaluation meeting, the Commission Régionale Unifiée d'Investissement ("CRUI"), the regional investment authority, was unable to approve the application, and consequently the Company has exercised its right to refer approval to the Ministerial Committee, which is chaired by the Head of Government and includes several Government ministers.”

Link: https://www.lse.co.uk/rns/EML/q2-update-0hygvaqv11mh42c.html

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I think its argy bargy weekend.

Tank, thanks for raising; its better people do and you seem to have some seconders.

It’s important not be be too cantankerous. You went further by making a personal attack, so if its okay I will respond.

With apologies if I’ve misunderstood anything:

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You doubt very much that I hold

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I invested here in 2018 or before. I hold the same or more than anyone posting numbers. I’m about 4-5p on average – was below 4p but bought a few around 9p, which was a mistake; everyone knows to sell on news but it’s harder to judge when you LTH.

You’ve been watching a ‘while’ and I see an LSE ‘lurker’ since 2010, so you must know that you could have clicked on my name to see https:/www.lse.co.uk/profiles/ideas past posts.

Five years would be a long time for me to be posting on a share I don’t own, so I’ll move on.

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My current negative view of EML is ‘dangerous’

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Thank you for challenging my approach. You’re the first I’ve heard say its ‘dangerous’ to be wary of AIM.

I wondered, ‘am I too conservative’? I asked Google what proportion of investors make money on AIM.

Here are two FT blurbs:

- ”Over its first two decades, investors lost money in 72 per cent of all Aim-listed companies, according to a study in 2015 by professors at London Business…”

- “analysing data on the 2,877 companies which have listed on Aim, they calculate that in more than 30 per cent of cases, shareholders lost at least 95 per cent…”

I was quite surprised by the odds.

I don’t now think its hugely ‘dangerous’ to express worries about an AIM company, especially for new investors who are easily be taken in by talk of ‘multibags’.

That’s as an LTH and it depends on your outlook: I agree it would be ‘inconvenient’ for rampers, day traders and ‘annoying’ if grumpy.

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I try to mask my agenda

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I am frustrated and worried about the company’s position, which I think is precarious.

EML has ongoing costs, no income and I don’t think it’s being transparent being fully open about the Government; my reasons are that there is no (recent) trace of the forum EML is asking us to wait for and Moroccan legislation contains a process that’s overdue.

I don’t know if you find it hard to read social situations, but I’ve said this already and I intended to say it straight up. I didn’t anticipate that many would be confused.

What’s my ‘agenda’? I wish we had time to plan an ‘agenda’ for a chat board! Okay, it would be to a) share information with new people that come on from twitter rampers and say it’s ‘about to blow’ (or similar), because I think it’s unkind and irresponsible not to make that available, and b) to hope to god that someone else crawling the web can find the good news that I haven’t been able to and show me and give assurance that we aren’t

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I use a ‘few links and references’ [to mask those ‘real’ intentions]

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I have also never heard someone complain that another person has shared ‘information’ to explain their claims.

I did hear a great quote that know nothing else about, “Those who believe without reason, cannot be convinced by reason’ (James Randi, aparently). Is that you tank?! Is there too much ‘reason’?

My question is, where is your intellectual curiosity tank? Where is the debate? Where were your ‘links’ to say in 2019:

“This is a world class resource at bargain basement prices. Really struggling to see why there’s so little interest here. You could easily put a case for this valuation being close to 200m, and certainty above 100m. Current value of 25m seems way to cheap… Exciting few months ahead…” (2019 at 3.55p)

EML wasn’t just offered by the Board, they sold it *very* hard. Construction to start in 2021, no less. Many drunk the ‘koolaid’ – even you!

Yes, it does frustrate me that Graham left even the Daily Mail Midas column thinking the ESIA was imminent that quarter. I think the board has gone beyond marketing and overstated at times.

I wouldn’t personally buy now, but as an LTH I’m in. If you’re a daytrader you don’t need to be reading here and can look after yourself, so hopefully no ‘danger’ of learning new things, as you put it.

I share ‘links and references’ so that others can do their own research and disagree. I want people to say, “no you’ve missed something”, and to say “here’s other information showing things are okay”.

But tank, you are in a different group. You’ve said you want less ‘information’. Suppressing debate is, to me, far more ‘dangerous’, because it allows those who wish to mislead and make money off others.

I find it very … ‘dangerous’ that you would supress debate. You haven’t really said what you’re about and perhaps that would add context.

I do want to add one apology. I thought Aghmir was a reincarnation of ‘Makes’, who previously ramped and held the Lloyd Philps twitter account. Sorry Aghmir and thank you for sharing the other day.

Thank you for calling me to out, tank; it’s important to the board in order. I will reflect on that with humility because it’s annoying if someone’s voice share exceeds the quality of their posts.

I don’t apologise for inconvenient truths, but you’ve also prompted me to ask if I’m being too grumpy where I feel exasperated with EML.

I don’t want to nitpick on that being 2021 but I was tracking them for a while and I haven’t seen those reported for ages and it’s inconceivable that there have been no other appeals for a few years, so this should be fairly easy to find and regular because if the 30 day decision requirement, if it was still running.

I do agree that it was the right forum but it’s no longer being run and so appears folded into something else.

If it did hear appeals then

a) we would only be there because we were refused;

b) the decision would by law have to have come in 30 days.

EML should be taking us by RNS if this is in default as it may be under a duty of due diligence to appeal to the courts to intervene. I could only assume this is absent because they’re scared and have no confidence in the outcome or that it will help.

This is exactly my point, Beyond the sea.

This commission was set up to reform the CRIs to make them a one stop stop that could approve everything investment related to speed up investment in the country.

If you look in English, it describes the law that contains the right to approval or an appeal decision within 30 days.

https://www-maroc-ma.translate.goog/fr/actualites/le-chef-du-gouvernement-preside-une-reunion-de-la-commission-interministerielle-de?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

The CRUI reform program has been completed to my understanding and this commission is disbanded. The only remaining functioning forum is the National Investment Commission and that doesn’t fit the appeal criteria, so doesn’t seem right to me either.

ESIA sits with either CRUI or Appeal decision in 30 days of last July.

To finish my post below, if investors could refer to ministers at will, the ministers would be overwhelmed with self-important investors and the process would breakdown.

I don’t see how this would be credible and, if it was, where are the meetings? I’m not aware of any past our present.

The only Commission Ministerielle de Pilotage I can see on Google is described by EML or in country as a special committee to review the CRI process and put a one stop shop in place.

Very hard (for me) to see a new bespoke Commission Ministerielle de Pilotage (i.e. strategic ministerial project team) being created just for EML.

Each are two different authorities but there’s no sign of a Commission Ministerielle de Pilotagein operation and the Government overhauled the investment system under one umbrella last September, so it’s anyone’s guess.

ESIA approval comes under the authority of the local CRI, which stands for something like Regional Investment Commission, UNLESS an approval is refused and then the applicant can appeal and an appeal decision must be given within 30 days.

EML has told us only that the CRI - the one stop shop established to accelerate sign off - was ‘unable’ to award and that the business exercised its ‘right’ to refer to a higher ministerial committee.

Two camps on this board either think,

A) the application was refused (sorry but were ‘unable‘ to offer you [a place at University / the job / a mortgage]); or

B) that the stop shop (set up to be self sufficient) lacked the competence to award the ESIA (notwithstanding this is one of its responsibilities).

I am in the former camp and I think the clue is that EML exercised its ‘right’ to refer. Such a ‘right’ only appears after refusal, or the Investor could avoid the one stop shop at will and forum shop.

If they buy out at +50% then that’s 4.125p a share and half the board is still sunk; isn’t too attractive!

Yes, I fully agree you’re not responsible.

Thank you for sharing it!

Share price begin to dive around 20 mins after Aghmir‘s post - not to say he’s responsible as it is also a Friday : )