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Indeed fk1, they saw 'a lot of value' at 3.5p, so why are they not buying at 1p?

Darientaylor, DKL don't own the crop, so it doesn't matter how much has been planted over the years. There is no "theft". Yes, the plants were bought from the DKL nursery, but there's no exclusivity that the FFB produced have to be sold to the DKL mill.

FFB's were down 9% in Q1, so it looks like a poor year of harvest to me and now end of high season. Look at the weather we've had in the UK recently and farmers complaining, if that's the same in Ivory Coast, or the opposite with rain or something, not the end of the world.

The CPO mill is/will still be profitable this year and it's that which has been keeping the business alive whilst the cashew facility was mothballed. Cashews are now somewhere close to breaking even or moving in to profitability.

HarChris, is this extra investment not related to increasing the cashew capacity from 10k to 15k? If so, I see this as nothing but positive. The RNS in April noted "...with additional capacity to be brought online in H2 2025 at minimal capex."

In terms of balance sheet, of course it's a mess. The cashew facility is 4 years late and added circa €10 million to the debt. That on its own is going to take 4 years to clear just to get back to where we should have been in 2021 - with around €20 million of debt, itself taking a further 8 years to be fully cleared at the current rate.

If you think this RNS is bad, then just wait for the next RNS on the way in a few weeks which is last years accounts. I predict that will show another loss similar to last year. Once that is out of the way, we should be moving towards break even.

As ever, more waiting, but I think there are more positives here than there have been for a number of years.

Also, Harchris, we need some of your positivity back! You haven't joined us "stale bulls", I hope?

I have reverted back to Weak Buy, for now.

Fk1, the consolidation was 10 to 1. I bought in originally around 1.25p (as was) which became 12.5p.

The SP went up fairly quickly to around 1.7p/1.8p (17p/18p now). Bizarrely, that was before either mill had been built.

If you remember, your next buy-in is still at 17p, unless your plans have changed over the last 8 years?

I've also been averaging down and holding because there's very little point selling at 1p, it's become a punt.

The graph shows us in 2021-2022 that a sharp uptick, even from these levels, is more than possible when positive news is forthcoming.

Something different here, a nice bit of commentary on DKL from around 24:40 onwards:

https://www.youtube.com/watch?v=-fFO5fnRiR8

They seem to focus a bit too much on Ivory Coast elections later this year as the reason for SP falling back, whereas we all know it's more-or-less totally thanks to the delays (and subsequent debt) for the cashew project together with a snowballing of investor confidence that is very hard to rebuild.

Fk1, the accounts deadline is 6 months after year end for AIM, so June 30th.

I think many of us are still holding out for the Cantor Fitzgerald, as was, target price of 28p!

This year, we also need the accounts to be released earlier than 5:28pm on the final trading day before the 6 months is up.

Something like that really knocks market confidence - the SP dropped 21% at the end of June 2024, simply because of that.

Evening fk1, you are correct again when it comes to DKL.

Our market cap of £6 million is a better gauge of how much this has been oversold.

I think I'm correct in stating that you need 3 tonnes of RCN's to create one tonne of finished product. So, 10,000 tonnes of the raw product = 3,333 tonnes of peeled cashews for sale.

That's before we even see the 'gravy' of 15,000 tonnes capacity with no additional capex required when the third shift comes on stream later this year. DYOR.

Evening Fk1, yes I mean it's 3-4 years late after we were promised full production would commence in 2022, but when you compare yesterdays RNS to that of January, it was certainly a very positive improvement - as it looked like yet another lost year.

The EBIDTA word has drawn much focus, but we were apparently making money at €3200 a tonne, so if we can't make money at €5800 there is something seriously wrong, even for DKL. Moving to the extra shift pattern within months, also positive. Remember, the 'mothballed' cashew facility has cost us around €10 million (circa €200k a month) over the last 4 years.

Hopefully, they will now steady the ship, stop any further vanity projects, get the debt paid down and then move forward.

We don't need another factory being built/extended at the present time until the two we already have are making money and not crippling us.

Debt should have peaked in 2024 around -€31 million, falling to -€28 million in 2025E and -€26 million in 2026E. (DYOR)

The Zeus piece today on Research Tree (free to read after signup) is also very positive on today's news from DKL.

The market is slow to respond, but this is significantly derisked if this continues.

"Notably, March 2025 marked a record 451 tonnes of RCN processed. We remain on track to meet our 2025 processing target of 6,000-7,000 tonnes, with additional capacity to be brought online in H2 2025 at minimal capex."

If I am reading the above correctly, then that is a 'Wow' moment for DKL.

The initial RCN processing capacity was to be 10,000 tonnes and that means we'll be at around 2/3rds of that in 2025, with the much vaunted increase to 15,000 tonnes to come on board with the extra shift pattern in H2 this year.

After all the delays of the past 3-4 years, and the necessary criticism, the board should rightly be congratulated wholeheartedly if the above comes to fruition.

* sorry, that should have read "an unusual suggestion when it comes to DKL" [buying stock off the open market]

...as an example, I know this was after the announcement, but:

31/3 2,000,000

1/4 2,250,000

Today 1,800,000

Evening Rugs, I definitely haven't sold any.

Are we sure these haven't just been hoovered up off the market? I know that's an usual suggestion when it comes to DKL, but remember the last few weeks it was impossible to get a quote even for small amounts?

Since the Armstrong announcement, I can now get a live quote fairly easily for circa £10k worth.

Hi Rugs, the most I can get a live sale quote for is £500 worth (around 43000 shares) at a price of £0.0115

They must be swimming DKL stock.

Afternoon HarChris, there is no sell off.

It's just the usual, namely:

Investors sick of waiting for a return.

Bought in at 1.4p/1.5p+ and cutting their losses.

Sick of jam tomorrow RNS's.

The list goes on.

Dbentley and Fk1 debated with you at length about this but, in the nicest possible way, you didn't want to listen.

The very fact you mention that "quarterly cashew update" is ironic in itself, as we were promised monthly cashew updates. Yes, there was a caveat on that, when the factory is at full production, but therein lies our problem, we're not at full production and are not going to be for quite some time. That's why there's no move to monthly reporting for another year.

We've been here many times before over the last decade, more so in the last half-decade.

Sort out the cashew mess and the SP improves to (at least) 4p-5p. Until then, we're all sitting on significant losses.

"And not a single trade so far on the back of this - there is no faith in the company sadly."

Fenlli, the market can read between the lines.

Take this as an example:

"...and we remain committed to reporting quarterly production and sales data throughout 2025"

We were told that once the cashew facility was up to speed, they would move to monthly reporting - the same as the CPO facility. That sentence right there suggests that we have another year, at least, before we get anywhere near current capacity.

That then, would be five years later than advertised.

That's before we even think about moving to the 15k capacity (by adding an extra shift pattern) and let's not even talk about increasing the cashew facility to 30k!

HarChris, it's quite straightforward really.

Get the Cashew facility up and running - there's nothing more to it that that.

Then, the SP moves back up towards 5-6p - like it did in 2021/22 when, like now, we were told that production had commenced.

Debt will then fall at a reasonable pace, even more so when we move to the much discussed extra shift.

The BOD have already promised us no more dilution is required. Believe that if you will, but that's what was said and it's documented further back on this board.

There is a restricted supply of FFB's of course, but unfortunately I have to be the harbinger of doom again and say - partly our fault. 'Our' as in DKL.

The local smallholders buy their subsidised plants from the DKL nursery, but then they can sell the resulting FFB's to whichever mill they choose. There is no exclusivity arrangement, as far as I can tell.

Surely, if you buy plants at normal price, then you can sell to whoever, but if you're getting a discounted rate then why was that never linked to ensuring the resulting FFB came to the DKL mill?

The amount of FFB's has hardly changed now for years, despite another DKL brainwave - fertiliser. This was lauded as the next great thing to get production up. Give the locals fertiliser to increase the crop, I think this time it was linked to exclusively returning FFB's to the DKL mill, but it doesn't appear to have had much effect.

As it happens, a poor November/December crop is no bad thing as we have seen in the past when we get a 'bad' low season, it often means a better high season. Fingers crossed.

Slift, to understand what is going on here, you need to look back at 10+ years of history.

This thread documents it all if you have time, but to give you the highlights, the SP has been hammered mainly because of broken promises.

In the early days, they were under promising and over delivering, but since circa 2017 it's always been one step forwards and two steps back. Silly mistakes - not having any redundancy for a broken boiler (there are now two apparently), accounting errors in RNS's, I think it was last year the accounts were only released hours before a LSE deadline that would have led to shares being suspended, the much talked about dilution, a sense that good news gets rushed out and bad news is delayed for a few days, CPO facility still running at less than half capacity - a capacity mysteriously changed on paper for no reason, the "world’s most advanced Cashew nut processing plant" (their words, still on website) running 3-4 years late and further delays coming to light this week with no stock, vanity projects like renewable energy/rubber/Norpalm Ghana, hardly any director buying even when they themselves "see a lot of value at these prices" - the list is endless.

We used to get monthly 'puff pieces' and podcasts detailing progress, all gone. Social media presence virtually non existent.

The BOD know about all these issues, but continue to put their fingers in their ears and sing "la la la".

Until we get sustained positive news flow over a very long period of time, unfortunately the SP is going nowhere.

You've seen another example this week with an underwhelming RNS. Anybody who bought in recently at 1.5p is now sitting on a 16% loss, so they're not going to hang around for long, are they?

Others will say this is deramping from stale bulls, I would suggest it is speaking the truth.

HarChris, nothing to do with picking fights.

You focussed on dilution and, when taken in isolation, we're in agreement that today's figure is a drop in the ocean. Over the last 10 years though, it collectively is not a drop in the ocean. 700,000 shares today, 200-300 million over the past decade.