Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Druid - welcome back - a wee bit grudging but a positive response nonetheless to this transformational news!
CEG are trousering $12.5 million on completion which will ease their immediate financial stress and hopefully enable them to spend judiciously, some, on Trinidad to improve viability there. Their main focus will, obviously, be Uruguay.
As for future cash needs, if the development proceeds to a drill CEG will need to finance circa $20 million some of which may come from the $12.5 million but I don’t believe raising that through issuing more shares will be a problem and may not be dilutive depending on market appetite.
Existing shareholders will have plenty of opportunities to unload along the road, just like the previous drill, individual risk appetite will be paramount.
There will be all sorts of twists and turns leading up to the drill, if it proceeds. There are many other Majors ploughing their own furrows in Uruguay waters and if Shell or Apache hit the mother lode before CEG you might be needing that spacesuit to grasp CEG shares which have gone into orbit LOL!
SP performance since the announcement has been a tad underwhelming but CEG, as you know, has plenty of stale bulls and some of the disgruntled may have taken their opportunity to exit this week closing the book on a poor experience.
I do believe the Chevron deal is magnificent for CEG and I’d speculate it’s so good because Chevron were not, perhaps, the only Major interested. Etyan was, arguably, rather fortunate to get pole position on the Uruguay grid but he worked for his luck and it’s paid off big time with the $12.5 million and I commend him for it.
Once again I wish all shareholders good luck with this investment!
Druid
Posted in: CEG
Posts: 468
Price: 0.0475
No Opinion
RE: I'M IN26 Sep 2023 13:53
In4, I agree there are iffy little bitsies of unpleasant acreage to sell, as we have, and no doubt will again, also without any benefit accruing to shareholders I suspect.
But what I was referring to was the strong contention you rampers have that a major will farm in to our Uruguay block. This is where we have nothing to sell. No data. No leads, No plays, and certainly no prospects....and crucially NO discovery which is the usual ENTRY FEE into that major farm-in discussion (barring a huge discovery on trend next door which I accept is a possibility however remote, but there is nothing to hitch your horse to for quite some time if ever). I maintain, that you have more chance of going to the moon without a spacesuit, than we have of getting a major to get into bed with a spurious minnow of horribly ancestry and catastrophic track record with no discovery....I think the majors have plenty of good prospective acreage available, and they can wait us out to acquire the Uruguay block (if they really want it) , and pick it up when we fall apart inevitably. Or they could acquire it differently. Either way, shareholders, which is what this board is about, will get nothing but a rogering again.
I am sorry, I have seen this ball bounced before by this same team, and again I do not think a major will adopt us.....I cannot think of a single example where a blue chip company gets into bed with a grubby little failed lifestyle partner who has nothing to sell. Why would they?
JohnBriggs
Posted in: CEG
Posts: 1,051
Price: 0.1075
No Opinion
RE: Deadlines23 Feb 2024 10:37
Hahahaha, ah Luthee you really are the ultimate apologist. You fail to recognise that if a CEO comes out with a deadline such as fam out by Christmas and then that changes to oh now another 12 weeks, by end of Q1 2024 it makes them look naive and incompetent when these deadlines aren't met. All the while tie company is running on fumes.
Why on earth would anyone want to give their money to a company with no credibility and run by amateurs and most importantly who on earth would want to partner with them. The industry and market never forgets those who mislead and default.
12bn - when Uruguay frenzy occurred following the Orange Basin linkage news you suggested it was without merit because BP were once there and left before the linkage news ( D’oh! ) - now we’ve heard that BP wanted back in but failed with a bid - do you think they might now be favourites for the CEG pole position acreage?
Druid - it’s only a paper loss for long term shareholders who believe the deal will ultimately materialise!
As I’ve said before not imo a share for widows and orphans who may have been used to a Post Office Account ( I’m thinking about replacing the Provider in the last bit ! ) .