The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
After catching up on the last few days posts, doesn't look like I have missed much but what a complete waste of time - any discussion appears to completely drowned out by nonsense posts. (Although I did chuckle about the one about the Cod fisherman on machinery on Disko island).
Anyway good luck to all genuine long term holders, it's been a painful ride, and hope Jay comes good at some point.
In fairness, this pretty much confirms what a lot of people on here already suspected especially related to the drilling method.
However, the damage is already done to investors trust and just because they have reinstated prior resource estimates doesn't mean that everything will suddenly be alright.
Jays BoD priorities are out of whack with reality!
I can literally hear it now, "guys, should we crack on with a Kobold / Disko RNS, nah let's get our share options sorted before we lift a finger to do something"
The share price is so cheap, the company the managements only "reward" should be to buy shares at these prices and back the company!
The Pink Market — named for the color of paper it once published share prices on — is where investors trade stocks over the counter rather than on a major exchange like the NYSE. Most of these are so-called "penny stocks," selling for less than five bucks per share. Some really do only cost a cent.
While certain retail investors love the rollercoaster experience, trading in pink sheets is considered highly speculative (because many of the companies are in bad financial shape) and dangerous (because, as the SEC has warned, the off-exchange market is rife with fraud and manipulation).
Looks like we need some Wolf of Wallstreet treatment on Jay...
Ashton: "Would the addition of a major miner be regarded as "NEW ENERGY"?"
I don't think it's a major miner at this point because of where they are... They just had a major clear out of the old guard (and dead wood) who were drawing pay cheques and not actually doing anything to advance the company. Bringing in people in key positions aligned to the new one asset direction would be more likely IMO but the again - who knows - as we don't really have any elaboration of the strategy and still no sign of an Eric interview.
True none of us know what is going on here which adds to the drama of this board.
To your point on drilling 2024, we have the Eric comment and we also have the RMc comment from the LinkedIn post around looking at drilling options at Disko - that's what makes me think we are drilling this year. If we don't drill and get an adequate strategy with actual milestones - whatever is left of my miniscule amount of faith in management will disappear and this one is in the bottom drawer.
And therein lies the difference between the two options. "Funds could support" - realistically Disko wouldn't be fully permitted for atleast 8/9 years - I don't have the figures to hand but between drilling to prove up the resource, PEA, PFS, FS, Permitting etc etc it would cost mid to late 10s of millions -> Any stake Jay retained would be diluted and diluted over and over. I'm addition, while you put down your preferences for management -> we could very well end up with an analogue of current Jay management.
Re: My option is more akin to a Turquoise Hill type option. A major, i.e. Anglo, takes out Kobold and a chunk of our slice (no further dilution and no additional financial commitment / obligations for Jay). Plus to your point: the major would then be answerable to actual shareholders and would be seasoned at taking projects forward.
True but then again I don't think mgt actually in our best interests plus once "Nikkeli Plc" is IPO am sure there will be the typical cap raises that will dilute out holding down unless we maintain (we probably wouldn't have the cash to maintain).
A listing of Nikkeli Greenland A/S in my opinion is a huge huge stretch - unless the maiden drill program at Disko yields something off the ritcher scale. However, we are not there yet on confirmation of a drill program, I still believe it will happen this year - but the should get on with it.
Back to the huge stretch listing of Nikkeli Greenland A/S. Jay management have stated they are a single asset company and are disposing if other assets - so Jay would only have 49% of Nikkeli (Disko) and no other assets and then would list Nikkeli - Jay shareholders would get even more completely shafted than we are at present - holding shares of Jay with zero assets and a diluted shareholding (due to listing) in Nikkeli (Disko).
Best scenario, from my perspective which is also a stretch but probably better for shareholders, maiden drill program in 2024 and potential program in 2025, assuming assays are good (grade and tonnage) - Nikkeli (Disko) asset valuation is substantially increased - Jay dispose of a proportion of their holding i.e. 24% (leaving them with 25% and agreement of no ongoing financial commitment) and Kobold do something similar or just exit completely.
This means Jay retain interest and exposure in Disko with no financial obligations, have enough capital to develop an asset within whatever is left of the retained portfolio.
Lol...Jeez LWHL - it's pretty safe to say none of us are satisfied but no point selling.
Fair point on cash runaway, but based on last cap raise and sacking a tonne of people - safe to say we have about 9-12mths runway.
Have a good Easter.
LWHL: re: sale of assets RMc stated himself in the interview that he did not expect a quick process and would likely take many months to complete. Expectation of any news re: sales is likely from June onwards not before.
Ashton: All fair points, I largely was aware of already, however while they can announce whenever suits them but still have to give 1 months notice to the Greenland BMP - I think it would be a big mistake taking a risk on leaving exploration drilling late as they run the risk re: bad / lack of day light limiting operations. The expression make hay when the sun shines springs to mind.
Greenland BMP Link Below:
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://govmin.gl/wp-content/uploads/2019/09/Rules_for_Fieldwork_and_Reporting_regarding_Mineral_Resources.pdf&ved=2ahUKEwid5M_A35eFAxVRQUEAHQ6fAWYQFnoECBQQAQ&usg=AOvVaw2Dk3ImEa6TLqaesuMtlxu9
Daily Satellite Imager - Sea Ice Conditions:
https://zoom.earth/maps/satellite-hd/#view=69.67391,-53.41699,8.06z/date=2024-03-25,pm
The below is from June 2022. Granted costs have increased but as a rough guide excl. increased tonnage etc. In a normal market Kodals SP (market cap) should converge towards the 277m GBP (350m USD) which is ~3 times our current market cap the closer we get to production. Sit tight people its coming!
"The company described Bougoni as a “robust” development project, with key metrics including a 7% discounted net present value (NPV7) of $760m, compared to $293m in the original feasibility study.
Life-of-mine revenue was set to exceed $2.145bn, based on an average sell price of $1,060 per tonne on a free-on-board basis."