Member Info for Lazarus2

*The Interview

Good morning Lochranzalad. I have just watched hi interview. He isn't a natural. The JV explanation was clear enough. My take on this was that it is very much ongoing. The difference appears to be value and the new licences applied for to be included. So I think that there is the licence to be resolved (one of which has been) before valuation agreement and ratification. All quite normal if CB is holding out for a better JV for shareholders. He clearly cannot say too much
CB also didn't rule out other projects and was quite measured with what came over I thought. I am not discouraged and will be adding at this level

Great info Stoney - cleared it up for me nicely.
Thank you for your diligence

It would be really good if we had a Sareum tweet "noting" the PM's comments!

I think it is a good move Paul. I've been in and out of oilies. Made some, lost some. Moved away completely from oil due to changes to other fuel sources.
I agree with the whole drilling risk. Even GGP at Hav: will, one day, hit the edge and get a duster. All in a days work.

A buying opportunity perhaps.....

Well it isn't done over a telephone or an email PaulFG. If negotiation isn't in progress then I accept that I would be wrong but whats your take on radio silence?

C’mon guys surely you have all heard of or are familiar with a NDA. CB is likely to be bound and gagged by a NDA whilst thrashing out any JV. Give it time for the commercial and contractual process to unwind. There is a reason for the silence IMO.
At this price it is an even stronger buy. No good trying to buy back after a JV is announced. You will have been royally shafted by your own actions.

CB1 - you are obviously thick skinned. But you are also a busted flush with no credibility here. You are so transparently poor it is mildly embarrassing.
You are to investing, what a handbrake is to a canoe.

Jezzoo- The market hasn’t spoken. It is still speaking. SP recovering. CB got his placing away at a good price. Warrants at 4.5p seem a way off but shows where the sp is likely to go IMO

Agreed jtb- again, look at ggp and see how many times sp was dropped after drill results only to recover and kick on.

Hi JS23 - In a nutshell yes. It takes big bucks to prepare for and to develop a mine. That being said GGP only currently own 30% of Havieron and I would expect a similar arrangement for ECR with any would be suitor. Interestingly, China have recently gone bullish on gold and are looking to expand their footprint.
A lot will depend on our drill results. Large miners are content to sit back and let small explorers like ECR fund exploration through utilisation of shareholders cash. They will move in when there is a higher chance of success. The longer they wait, the more expensive we may become.

Hope you won't be in your long box Bob. We are all shuffling along in the queue though. Sounds as if we may be of a similar age but I am happy to do this for my grandchildren. They may have it tougher than most going forwards with economy and jobs being hit hard.

For context ECR market cap is £20m - the potential is staggering if CB gets this right. GGP have almost 4.5 times as many shares issued as ECR. So if ECR eventually reach a value of £1.3bn then the sp would be approximately £1.71 (with apologies to the precise mathematicians). The caveat is that we have a long way to go with this and we will need a JV partner to mine. GGP are already there.

Forgot to add - GGP at peak had a market cap of around £1.3bn. This will be surpassed easily as and when the MRE is upgraded and yet more drilling of multiple targets is achieved. ECR have far fewer shares in circulation than GGP so the SP would be significantly higher than 38p if anywhere the market cap of £1bn is achieved. I would say that ECR are about 12-18 months behind GGP in terms of operational and commercial development. GGP are preparing to mine with Newcrest.

Hello JTB. Gervaise Heddle was the CEO and GGP were in talks with Newmont for a JV at Ernest Giles tenement. We were sitting pretty with cash in the Bank warrants pending and no further need to raise etc:
Newmont walked away with a "not at this moment" statement and was probably due to the cost of logistics and POG at the time. The sp dropped significantly which is when our wise poster (not me) observed that you cannot undiscover gold. The sp slowly recovered from a low of around 0.6p to around 1.2p and was shaken many times. It then rose to circa 2p but GH suddnely announced a placing and more warrants. Placing was around 2p with warrants at 4.5p. With hindsight, this allowed GGP to have freedom with its own decision making and also provided liquidity for the mms. GGP bought out a small explorer in the Patterson and hit Havieron. The price rose steadily through 6-7p. As drilling results were ratified and 10-12p became the normal range. It stuck there for a while and I believe warrants were continually exercised over a period ahead of further outstanding drill results. 16p was achieved and GGP came on to the radar of larger investors Institutions including trackers. It hit a high of around 38p before dropping to current levels.
Only a brief synopsis Jack but that is the general gist. GH was castigated for having over £4m in the bank and raising more. His credibility was hit (unfairly) after stating GGP was fully funded for the year and for the radio silence whilst the JV was being thrashed out with Newcrest. The rest is history and GGP is poised to hit the limelight yet again. I see the similarities with CB and ECR.
Apologies for any memory fog.

All pretty much as expected then. AGM agenda is already set so there was never going to be any “news”. Any news would have had to have been the subject of a RNS prior to the AGM. Onwards and sideways!

Hi Utah - it is only stressful waiting for Sareum to communicate. The rest of the UK is coping very well. Most, if not all, professional services are operating/functioning very well. Online meeting platforms, Docusign and email all contribute to being able to operate during lockdown. Accounts are also easily shared on line.
Potnak, It is like entering the last 2km of a marathon! you know you will make it but fatigue has set in. Mental strength will win the day.

I am not in the least bit concerned about the radio silence. I think it is all positive. I am also in GGP and ECR progress, actions and silence mirrors GGP before their stellar rise. As one very wise poster on there a few years ago reminded everyone once " You cannot undiscover gold" - how very true and applies to copper also.

Agreed Potnak. The interims as a stand alone would not change anything and would be a case of same old..same old. Lockdown doesn't alter the fact that this type of information exchange remains very easy. What they could be waiting for is the opportunity to be able to release a bullish forward looking statement as part of the interims.