Member Info for leehardcastle

No news, but thank you Les for the hard work and timely updates, let’s hope sense prevails soon

The Major shareholders are taking huge interest, and have accused the company of an unsustainable debt position, now that’s 100% utter tosh at these Gold prices, we struggled at $1300 gold prices, but when gold is running at 50% higher now ($1945 this morning) it’s transformational, we are completely sustainable now, even with the rip off levels of interest, I’m looking forward to our next production figures, we may not be trading, but we are in the best cash position ever, I have no doubt, MTL know it, so let’s get on with making money, sort out the repayment terms, and in-suspend the trading, the major shareholder have much more to benefit from a higher share price than anyone else, we would be rocketing if we was trading today

Amazing!!!!

About 7 years mine life remains, Gold nudging $1900, imagine where our share price would be now if we had just simply refinanced as we should have, 3p to 5p would be my estimate, we have a huge rebound ahead when sense prevails

Let’s hope so, the “we are not viable with current debts” excuse is getting weaker every time Gold ticks up another $100, 20k ounces now generates $36 million, and even with high running costs at $1300 which will reduce, we still clear $10 million every quarter, 3 years and the debts are cleared at that rate, all we need is a payment plan set at a fair interest rate for gods sake, it’s that simple,

when we get trading again, I can’t imagine how fast this will blow past 2p, If the major shareholders want to increase the value of their investment, it’s that easy.

Well we may not be trading but we still currently own our little slice of MTL and it’s taking advantage of these Gold prices, looking forward to the next quarterly results, Covid effects should have been much reduced as the gold price has exploded.
Keeping positive as usual, hope all here can do the same.

Great info as usual, big thank you from me, have a great weekend

To think gold has hit the dizzy highs of $1750, it’s crazy to think how much that has transformed the companies income and yet we see no benefit, because greed and lack of morals from 1 or 2 parties has thrown a huge spanner in the works, the pressure applied by Les and his associates is a life saver for the 33% of MTL shareholders thrown into darkness, if the major shareholders want the whole share holding, just buy it, pay a sensible figure that reflects just a fraction of this companies true value, or agree to some financial terms and let this journey resume, we can all come out on top.

A big thanks to Les and his work, sterling stuff

Fantastic update, A huge thank you from myself for all the work going on in the back ground, great information, well done Leslie.

Gold nudging $1750, new highs why we are paralysed, will help with the lower outputs whilst the BIOX gets going again, we need to keep $5 million spare cash quarters going, it’s unbelievable a solution or offer hasn’t been proposed, we can’t fix the Finance issue if we don’t know what the problem is, all we here is we are not financially viable with current debt levels, yet gold climbs higher and higher, that excuse becomes weaker and weaker

What really caught me out, was it looked like the banks were the sticking point, and yet I would happily take them back, they only had one agenda, to recover the loan with interest, the major shareholders looked like our Knights in white armour, like minded investors akin to ourselves, but it looks like one or two parties want more than repayments, they want the company lock stock and barrel, that’s so annoying, it shows just how much potential MTL has, as they want more equity, dragging it out is a win win, they carry on charging extortionate interest rates on part of the loan, of which they turn the interest into equity with a D4E, and yet still will be owed more than they ever loaned.
The interest rate on the banks loan was around 7 to 8% and yet we have no idea what rate is being charged now, why don’t we? You don’t move an overdraft to another loan company without knowing those basics numbers, the legal stuff involved sets out those details and puts them in writing, the loan amount and it’s terms, yet we are not privy as investors, we should be.
We simply sit and wait to see what they propose.

That’s a good point, we are using a different/new refinery, so perhaps payment for the sold gold is pending, if that’s the case it would have been nice to clarify that in the RNS, as $10.6 million usable cash is a huge step forward for us, and shows we can start to reduce debts.

The $5.2 million profit from Q1 was actually by far the best earnings we have made in 1 quarter, which is impressive considering the effects Covid has had on the second half of the period, with all the issues continuing into Q2, we may actually pull of the same numbers as the reduced production will also have reduced costs and the gold price has climbed higher to compensate the lower gold output, it’s certainly possible, I still can’t work out why the $5.4 million in the bank at the end of 2019 hasn’t been added to the $5.2 million generated in Q1, as mentioned we should actually have $10.6 million In the bank, although we can’t access it all, is that because the most recent interest on the loans has been paid, or has not yet been paid but is allocated to pay it? Or, have previous bank accounts been frozen, only new cash generations are accessible? I’m just throwing out a few thoughts, if anyone has any ideas, please share them.
Let’s hope a proposal it offered to us ASAP, it’s crazy how this is dragging along, D4E as mentioned seems a certain proposal element, it’s been hinted at twice now, but if it gets an agreement it might be a pain worth taking, thoughts again on that anyone.
Keep safe and well everyone.

Thanks for the link H5O, some good and bad in the report, Q1 results were good considering Covid, $27 million in sales, but Q2 won’t be so good, Covid effecting most things, the power issues really **** me off, our back up generators shouldn’t fail, let’s hope the head maintenance staff can get back to the site soon.
D4E still on the cards, but our approval is required, so we are still in the loop, no Senior debt discount mentioned, what ever the major shareholders paid they are not passing on any reduction if there was any.
Sit and wait for some agreement to be voted on, fingers crossed.

1.03.million ounce (2011) and 0.6 million ounce (2020)
Excuse the mistake, tonne was wishful thinking ;-)

Well I was pleased to see an update, it shows we are still being considered with the facts relating to the mine, the new reserve figures look about right to me, back in 2011 they said the mine had reserves of 1.03 million tonne of gold which they said would provide a mine life of 10 years at 100k ounce, looking at the 2020 numbers and (4 years of production has commenced) we have 0.6 million tonne of gold which would provide 6 years of mine life, we already know we can produce 80k ounces a year so we have a good idea on future earnings from those numbers.
Q1 numbers next, lets hope the Pandemic hasn’t effected us too much.
Then I hoping the major shareholders find the sense and human decency to let us continue on our journey, it was shareholder money that got this project to its feet, and attempts to discard them at this point will be nothing short of greed, what goes around comes around, they may live to regret immoral decisions, I really believe in that.

$1725

$1658 gold and $25 barrel oil is a very nice combo, when we resume trading, these numbers will matter a lot, Q1 results should be excellent.