Member Info for JerseyCrew

Not wanting to teach anyone to suck eggs here but just be careful over the next few trading sessions here.

Good opportunity to average down if you are a LTH and prepared to wait but knowing there will almost be certainly future placings to come - but hopefully with the benefit of tangible positive news!

In the short term there will be a sizeable influx of traders looking to make 5/10% so if it moves towards 0.6 be prepared for another sell off. That is just the game.

If it could be proven that there was forward selling by the same individuals participating in the placing then that would be insider trading. I suspect any wrong doing would have been careful in covering their tracks though.

For me this has totally tainted this exciting project. The expression a leopard doesn't change it's spots, should be remembered for the future here. Is this a PREM2 in the making?

I don't recall any placing at this level of discount before but I'm sure there must be examples out there.

Could any of these have been forward sold I wonder?

The Moss - maybe its me but I do struggle to understand some of the content of your posts - and I am genuinely trying.

Can you rephrase your 1st sentence please?

Trading - I am assuming you are referring to the stock been still in suspension and not gold production.

We all want to know who is lined up to provide the finance and on what terms....

A dividend is some way down the line - I am guessing at least 2 /3 years. But lots of stocks can appreciate in value without paying a dividend in the short term. Reinvestment, expansion and exploration to increase the JORC resource, to establish solid foundations on which to further build upon has to be the priority before a dividend but that should translate into an appreciating SP / growing market capitalisation.

One step at a time of course and all eyes return to the awaited audit!

Hey Bobat - you posted as I was typing - thought I had entered some post apocalyptic world - nice to see others here.

At least the MM's aren't dropping the SP by silly amounts at the moment - must be a reason behind that surely.

Oops sorry!

This must be the quietest... potentially multi bagging, near term gold producing, wealth making, news generating company chat board on LSE!

Sorry for the disturbance........

TheMoss - I have tried to fully understand your point and have reread a few times - maybe I am being a little slow this morning - would you mind rephrasing?

TheMoss - I am not expecting a rights issue but if there is one I will consider the business case against the offer price and make a decision based on the information to hand. It’s how I make my investment decisions rather than prejudging.

Time will tell whether you are right or I am wrong Gunster . If I’m wrong I will offer my sincere apologies for my positive outlook.

Https://bluebirdmv.com/wp-content/uploads/2023/05/BMV-Presentaion-09.05.23.pdf

anyone new to BMV should read this along with recent RNS releases. Hopefully a refreshed 2024 version will be made available when we have Kochang JV in the bag.

Should prove interesting hopefully. Aidan mentioned several meetings lined up last week and a possible Kochang JV discussion being on the agenda. After a couple of tweets at the start of the week it's all gone quiet. That could mean a multitude of things of course including the fact he has just been too busy! Time will tell!

Have a great weekend.

Legalwolf

Fully understand your point and sentiment.

We have an expression in our household - read the room - we use it with the kids in terms of trying to understand situations without words being spoken.

So trying to 'read the room' with the situation with GCAT and the auditors.....

A poster shared Robbies frustration with PKF on here publicly - I can only imagine that was not intended for general public consumption but I think it gave a true reflection of the frustration that he is currently feeling. In the absence of an update I can only assume that nothing has changed and PKF have still not committed to a date. I can only imagine what Robbie is feeling if this is holding up the company moving forward. I would also imagine that the letter might have been drawn to the attention of the auditor - can you imagine how that would have gone down with PKF from a reputational perspective? So a possible explanation to your question about the lack of an update is that there is no update and to issue an RNS to effectively say PKF are still not committing to date will most definitely be noticed by them and I can only imagine the haste in which the GCAT audit finds itself moving to the bottom of the pile again.

It is easy for us suggesting this or the other from the sidelines but we really need to be standing in Robbie's shoes to understand the big pitcure and maybe he is just biting his tongue at the moment. I had wondered myself whether they should engage in any kind of legal action against PKF to move things along - I decided that would be counter productive - expensive, time consuming and achieve what? More and more delays probably.

One thing I am sure about - Robbie is 100% aware of the investor frustration - it must mirror his own.

Well what a day of reflection and remembrance yesterday.

Living in Jersey I am surrounded by reminders of the Island's occupation with the many remaining fortifications. We have our own public holiday every year on May 9th - Liberation Day - a hugely important date in the Island's calendar.

What a stark reminder also of the ongoing war in the Ukraine - when world leaders sit together in the sunshine and 3,000 KM away Ukranian troops are sitting in trenches.

Puts everything into context. It continues to be a mad world.

Sorry for going off piste.

Have a good day.

A thought occurs after reflecting on Barrabands post. What if the delay is because of internal oversight and reviews of the work done by the Kenyan office by whoever has overall audit responsibilities at a group / consolidated level?

From experience people can spend as much time covering their backside as actually delivering these days. Depends on the internal culture of the audit firm. Some of these organisations are ruthless in their treatment of staff.

Pure speculation on my part.

Barraband - welcome context - thank you.

Legalwolf - 100% agree that the current situation defies logic and normal acceptable practices. I can only suggest that no one prejudges why and wait for the outcome. Let’s face it what alternative do we have other than wait.

The default here at the moment appears to be that something is being hidden. I personally believe that PKF are simply not resourced sufficiently.

I have suggested that anyone with City contacts make their own enquiries on PKF. Interesting that no one has posted anything contrary to what I am hearing in that they have taken in too much work.

TheMoss

Again a few observations following your post.

You have have said a lender isn't normally a massive risk taker - agreed - what we need is a person or entity who understands the business, the financial requirements of achieving the strategic expansion plans and the ability of the BoD to deliver its the funds in hand. Their level of risk will be reflected in the return on the investment - if interest is applied then the margin reflects the risk.

In terms of security - that could be harder given everyone knows that the mining license can not be assigned under Kenyan law and for anyone who knows anything about finance, a naked director guarantee is totally worthless. So whilst security is normally the lenders last resort I doubt very much that any is available. Everyone knows this to be the case.

In terms of the last accounts - it was made clear in the accounts that the business was loss making and was likely to be loss making in the subsequent 12 months and that additional capital would be required. Robbie has attracted additional capital during that time and the lights are still on and the mine still producing. Things are and always were going to be tight until the strategic finance was sorted - absolutely no news here.

Comparisons to Sirius? I have no knowledge abut them so can't comment.

As for you final comment about shareholders taking profit whilst others take all the risk? I am not sure what your point here is. I can't imagine a dividend being paid before a big investor is clear or well on their way to being clear via an established production / positive cashflow.

So when you break down your post TheMoss, there is nothing new there to put off an informed investor who will of course have done their own due diligence, including I suspect being made an insider and gaining access to ongoing dialogue between the auditors and the company for full transparency.

So your conclusion of it's not going to happen to my mind is full of holes and not reflective of the real world of finance at these levels. This is not a high street bank scenario looking to assess a lending proposition.

My personal view of the slippage in the SP is probably true of the majority of exploration companies - the realities of exploration timelines normally exceed the patience of the average holder.

Thanks for the compliment Char - I will think about it.

ATB

The Moss

A few observations on your post if I may:

- you say we are not talking about a massive audit - that doesn't really mean anything with respect. The complexity, multi jurisdictional, multi currency, multi company structure and specialist reports requested on assessing the mining plan, makes this a significant piece of work.

- the whole issue of this being a going concern - the very fact that the company continues to operate, produce gold and pay the bills without the benefit of the additional funds that we know are required for expansion plans, speaks volumes. We are nearly due the next audit let alone this finalisation of this one. It is very difficult to understand how an audit company would create an argument that it is not a going concern given that it is continuing to trade and produce gold and knowing that the audit when produced, will allow funding to proceed and greatly strengthen the companies ability to move forward. The auditors will I am sure produce a qualifying statement along the lines of the need to raise capital - but we have known that from day 1.

- audit fee - do you really think that PKF have done all this work for nothing so far? Not a chance - they will require at the very least interim payments.

- in terms of being potentially sued - as I mentioned I am fully expecting the audit to be heavily caveated in terms of future capital requirements. Anyone or any entity providing funds will have fully done their due dilligence and be going into the transaction with their eyes open. There will be absolutely no come back on the auditors if the company subsequently fails. If that was the possibility there simply would be no audit firms out there willing to undertake this activity.

Finally in my view a rights issue is very likely a non starter at this point given the sentiment that probably exits with the majority of existing holders at the moment. It would be an expensive and possibly futile exercise. What we need here is a hard nose commercial backer who fully understands the history of what has transpired over the last 18 months and of course also fully understands the mining plan and how funds can and will be used to achieve the strategic goals.

Given all the distraction of the audit delay and suspension, investors have probably forgotten the underlying drivers behind this business case which have only improved whilst being in suspension as a result in the increased POG.