The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Doesn’t read too brilliantly. At least they have still been doing something but it is literally like reading a transcript from an episode of Gold Rush.
They clearly just haven’t a scooby do what they are doing on a corporate or practical level!
Hoping AIMS are supportive - I would think for them, they are now in so deep they might as well see this through.
It's not cryptic at all. They have agreed to match whatever is in the completed restructuring with Orion. Given the Orion deal is yet to be officially finalised and put to shareholders, they can't confirm that final price.
Craig said on his last call that he didn’t see any reason why there would be any change to the original Orion terms. This deal will have been in discussions for a while, so my guess is the 6p we’ve already been told
Deacs you’re right yes cash balance £50k as of June which I was expecting to see some holdings sold or a raise, not sure how they plan to run until the option exercise in all honesty as that could be a little while longer.
Good to see the necessary steps there are progressing though.
Think that’s what makes me most uncomfortable, that he’s imminently happy to propose an ASX listing (which will give some cronies an entry point) based on a resource estimate that is 12-15 months out of date! Level playing field for UK PIs….I think not!
I Expected NCM to do the dirty…..SD will have known too so not sure why he wasn’t better prepared.
I guess the only saving grace on a Dec quarter updated MRE is we get the full drilling to date included….
It’s becoming ever more obvious NCM care less and less about assets that they think Newmont may not want IMO.
Good riddance to NCM, since they chose not to take the extra 5% they have really dragged their heels. Time for Havieron to get a partner on board who really want to progress this or GGP take full ownership.
How can you have such an outdated resource estimate and no DFS when first ore is due in circa 6 months!
Time for Shaun to show just how aligned he is to shareholders and get this self completed resource update out ASAP.
I don’t for one minute believe he was waiting like all us last night for an answer to the will they/won’t they provide one. Hoping it will have been started already and we will see it soon….just think of all the drilling done in the last 18months that need to be included!
Have to agree Skibba with regards to focusing on core activities. Craig must just think what the hell is going on here and want to clean up the spiders web Fortune created (albeit with good intentions).
This is just all too complex and an unwelcome distraction from the core business.
Back to basics, reset, and start from the bottom up is the new order….walk before you can run and I think Craig has recognised this!
TrevorBrooking the GBP USD rate has no impact on Bushveld. All their accounts are done in USD, all that matters is USDZAR as the cost base is mostly in ZAR.
Production figures so disappointing. Looks like Craig has found a lot of improvements he can make. July production of 158 shows the new additives are having the desired effect, shame they couldn’t get that sorted in April!
A lot of unplanned maintenance too annoyingly.
As has been said, hopefully high sales is bolstering the cash pile (whilst production costs remain low) and Craig can use that to put the business onto some form of performance plan to get to where it needs to!
Sadly expect a red day today, after being hopeful of good production figures 😢
It’s another classic from Emma. Another month passed, another anticipated timeline missed.
“Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023.“
These lot are complete and utter amateurs. I’m going to make every effort to attend this years AGM and make my feelings well known
Spot on HarChris - Garnet already had a 50% holding in Enerox which is what VRFB-H was going to buy from them in the original proposal back in April. Todays RNS means the 50% purchase won't be happening and they get an extra 10% for their option price of $3.25m so as you say that values Enerox (worst case) at $32.5m.
VRFB-H now owns 40% of Enerox and Bushveld Energy owns 50% of VRFB-H so that attributes a "worst case" balance sheet value of about $7m.
It's a terribly put together RNS as it lacks any clarity on what the financial impact really is, compounded by the fact this structure is just so complex and convoluted. Market has decided to wipe £10m off the mcap when in reality the ultimate cost of this to the balance sheet is 0. It's simply a failure to transfer ownership for cash.
Caveat of course BMN could have done with the cash!
Either way the market reaction is way overdone. Hopefully the Q2 production figures and margins will show just how silly the mcap is versus the revenues on the mining side....
The MUST RNS seems to suggest there will be some form of update in a week:
"Announcement by Bushveld Minerals Limited
Mustang Energy PLC (the "Company"), the special purpose acquisition company, notes the announcement today by Bushveld Minerals Limited; of which an excerpt is copied below.
The Company will update shareholders in the next 7 days on subsequent developments."
Some good posts on this thread and I agree new CEO came across honest and like a man who knew what to do with the business. Hopefully he can untangle some of the mess Bill and his cronies created!
You can't deny there are some solid assets here but I think there was certainly a huge element of mgnt incompetence baked into that and as a result, a view from the market that so much of what LND have would never come to fruition.
What I hope now, is that the new CEO can inject some funds into the business (via non core asset sales) to set a base line valuation on the company from the balance sheet alone and remove some of this speculation. This would then focus the market on a true value for BAM - which at the moment sits at ~$9/oz in the ground.
What did strike me is why would a man come "out of retirement" to take on this role? Surely he has no plans to sign himself up to a 20 year project....he must have some short term plans. I would also hope he has some solid connections.
Think the dizzy dreams of multi bags from previous levels are gone but I hope with a solid plan and some good mgnt (plus a strong gold price). There is hope of recouping something here from a hefty outlay!
likewise goldyblocks - if emma and co can be bothered to tell us when and where the agm will be i’m going to try get there myself too and give bill and co my thoughts in person. they can’t avoid you that way.
waimea - i’m just not convinced this lot are stupid. i think it’s the opposite and they think we’re stupid. with gold at $1900 a producer you would think would be doing whatever they can to get as much as they can.
the only thing i would say in their “defence” is heap leaching isn’t straight forward so there is a small chance they just overestimated their abilities in that dept and have royally ****ed it up….things like the audited accounts just make me very wary
You only have to look at the likes of NCCL (now solgenics) as to how easy it is for an AIM company to be a legal Ponzi esque scheme.
Interestingly there, shareholders (me being one) were shafted with raise after raise to get close to project ready stage. Then as part of those raises one of the BOD took up a significant stake. Enough so that when they cited AIM was too expensive and needed to delist to raise funds privately, they had the votes to pass it.
Shareholders had then been used to fund the donkey work to a project ready stage and the BOD took a huge holding on the cheap, then delisted to reap all the rewards for themselves.
It was all done deliberately. Could this be the case here that we’re just a vehicle for them to take all the spoils? Maybe, I hope not. Something really doesn’t add up here though and sadly I’m of the opinion I’ll struggle to see any of my cash back.
Phoenix - Whether you believe what the Co. say or not is a different thing but it has been communicated by the Co. that 2moz is where the resource needs to be to have interest in buying it. (Not sure why it took 2 strategic reviews to fathom that though)
Hopefully if gold stays $1900+ this is a nice asset for someone. Remember, a $12m mcap values 1.5moz of gold at $8/oz in the ground.....that's nuts!
Commoditytrader - The RNS suggests they will be published in July maybe August
"Accordingly, the Company is targeting the publication of the 2022 Annual Report and Accounts as soon as Moore Stephens completes its audit procedures, which is expected to occur during July 2023."
(Caveat I never believe a word GRL say anymore)
GoldyBlocks - I agree, something not quite right here......been very suspicious ever since the "Theft"
Haha you could be just about spot on there….
Or maybe they resigned because Emma wanted them to audit the accounts but she told them the numbers would be with them “shortly” then decided she couldn’t be ars ed to send any numbers,….just like she doesn’t want to give shareholders any information.