Member Info for jonny_five

I'm no chartist but that chart looks pretty good doesn't it?

A few relatively chunky buys today. Maybe overly optimistic to think something positive is happening perhaps but we live in hope

Well I doubt anyone would disagree MF has been very good at that. Even taking away the current issues with the mining licences, since they were originally granted 6 months ago we have had no tangible evidence of any progression since.

Yes legal, you've made pretty much the same point over and over again over several long posts. I know you have sold out but there's no need to jeep hammering those stillinvested over the head repeating your same point. We get it.

So you moan about cashburn but then moan yet again when they cut costs.... Okey doke

"Geological Survey and Mines Bureau (GSMB) Chairman Senarath Hewage yesterday denied allegations that he was involved in mining sand by obtaining a license to a company owned by him while being the head of the institution which is involved in granting licences for such mining. "

The GSMB chairman was removed mainly due to what looks like an interest in a sand mining company that the GSMB subsequently granted a licence to. It therefore isn't THAT surprising that they might want to look into any other sand mining companies that have recently been granted licences. I might be naive in that thinking but it does seem to have some logic.

That gives me some crumbs of comfort anyway. Also the cash balance is a lot better than I was expecting.

My concern isn't so much that it won't be sorted out - Im pretty confident it will - its the spooking of any potential future investors and financiers that is a concern.

I know expenditure varies month to month but that worked out at an average of £100k a month. So a very rough estimate would be £600 to £700k left

There was a podcast MF did in June where he said they had 1.1M and low cash burn. I commented on it at the time.

Plus MFs talking all the time about how offtakers are desperate to secure supply and the constant reference in RNSs to "concluding" of offtake and finance agreements/negotiations

Agreed Paul but let's not forget we have been led to believe the negotiations were ongoing for months before the IMLs were granted and its been a further 2 plus months since so I don't think it's unreasonable to expect we should be nearly over the line.

Where does the 76% come from? The declared SH over 3% adds up to nowhere near that.

Thanks Justone, don't suppose they were able to be a bit more specific re timelines?

That's a GM. The AGM is today

The drilling planned for H2 this year is already fully funded. It was set out in an RNS

Oh look its daltp back with his regular placing alert. Saying the same thing for the last 6 months now. Tell me dalt, do you even know the most recent cash balance and current cash burn to quantify your statement. Or even hazard a guess? Thought not.

Most people seemed concerned that the licensing process had ground to an indefinite halt. It hasn't. This RNS I would say was in response to people's concerns. It allys alot of that and therefore serves its purpose. You aren't going to get any more info about offtake until its a signed deal. That's not unusual. All in all I think it's a good update given the geopolitical environment that has been causing most concern.

Agreed. Maubr not the best way to go about it but can only be good news.