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I think people are playing it safe by saying rumours, reality is too many ‘sources’ know damn well the rig had performance issues beyond what they’ve made us officially aware of, Hense the impact it’s had on the desperation to raise again at 0.25p to try and salvage the situation.
If you think this is going smooth sailing for an early jan spud at itumbula you maybe need to open your eyes to what’s been going on since Tai C results!
Where is the pad and site updates pics?
Why did our board with all the inside info only stick in approx 2grand each… AT 0.25p!!!!
Why are the placees all actively selling back out at minimal raise to 0.25p?
Why isn’t the rig annnouced at fixed today at it was suggested it would have been via the agm?
You all saw these crooks body language at the agm. They told us several days before the rns needing of funds disaster that we was still fully funded.
They then bit back at a invester Q at the AGM along the lines of YOU DONT KNOW OUR RAISE OF FUNDS PLANS YET… giving hope? Yeh they dilluted us another 65-70%!
This board is for opinions and this is mine. Good luck to all involved heavily still.
Look at the wording used from the agm regarding jan spud. She’s left it open for a delay. My view is it’s all too tight. The rigs broken, the crews de mobilised and they’re still not funded! If you think this board are grafting over the festive period to get all this over the like for a prompt Jan restart I think you’ll be sadly let down.
Even if the full allocation of shares proposed at the agm is used around the 1p mark it’s not a huge amount of cash to keep the company active throughout 2024. The situation looks a real mess. Lorna has showed zero interest in maintaining the sp , hopefully now she’s realising as they hold hands out for more cash…. Hopefully
My personal view without going into all the details is she should step down to lead the geologist side again. It’s been an utter car crash since she’s been ceo from the one that chose to acquire this particular rig to the rns releases leaving more uncertainty than clarity.
They had to demobilise form tai before the rain season mid December or run risk of issues there. And parts wouldn’t have arrived needed for tai re start until it was too wet. Itumbula is higher land and no flood risk. Makes sense to start off again at itumbula
Thanks, maybe a little out but hopefully uku understand my view. Funds need to be raised, rig needs to be fixed, crew to be reassembled and mobilised to site, drill itumbula, mobilise to tai C again, drill tai C and demob back out of tai all before march? I think if she is planning to do a back to back drill targeting Jan-march window is too tight and back end of Q2 will be more logical in her eyes to maximise chances of some success.
I mentioned last month a concern I had about if he1 will genuinely be in a rush to recommence operations or are we been strung along after the rigs third failure.
I didnt believe Lorna was been honest in her guiding investors that drill could restart before Christmas, I don’t think this was ever on the cards. I also don’t think she’s been honest in a January re start.
Lorna previously suggested that it’s financially beneficial to drill two holes back to back and raised at 6p because of this. She can’t mobilise back into tai until after the Vuli rain season (April earliest)
My theory is the rig and its additional extras are to be stored at itumbula, the third party crew and its equipment will all be demobed leaving some locals securing the remaining equipment at Minimal costs until the rig is repaired and rain season draws to a close. They will then drill Itumbula and head straight back into tai with the newly assembled crew to again ‘save costs’ in Q2 and if we are lucky eyasi in Q3 should this mystery funding option come off.
It’s just a theory.. time will tell! GLA
Certainly feels like some forward selling in motion. I would say lower than 1.7p though, if they don’t have enough to complete itumbula they will be raising for completion of that, tai return and burn costs over 2024. North of 5mill IMO