Member Info for Legalwolf

Understood Wyn - and I've just seen today's late reported trades! A whopper in there for sure.

Wyn - the RNS was very specific that the problem only became apparent late yesterday. LB reinforced that at her interview today. Are you suggesting that this was all bs and we have (once again?) had insider trading and manipulation here? I wouldn't put it past them, but not sure as they have committed to specific timings in RNS about when the problem occured?

In terms of the context though, it needs someone with more expert knowledge of drilling and expected progress, to comment on whether only getting to 400m some 10 days into spud all adds up, or in some way suggests that problems must have occurred much earlier, which would then explain the selling starting much earlier. All imo and dyor

Brave or foolish, lucky or skill, I don't know, but well done nonetheless from me as well. About time some money is made on this by retail.

(Skippys - my last post was a joke btw. I've already said what my strategy/approach is and I am not going to deviate from it. Today's news and price action merely reinforced my view.)

"It is very pleasing to be able to report, despite ongoing difficult conditions in capital markets, that Power Metal continues to generate positive news flow across the portfolio. Tati has always been a very high priority project for us and I am delighted that we have been able to follow up the recent positive announcement with further progress.

After the successful confirmation of two significant gold anomalies, we wanted to expedite this ground follow up, and that is what we have done. Whilst it is always important to manage expectations, we are very optimistic that this follow up programme will further our geological understanding of the Project and lead us towards what we hope will be a significant economic discovery."

Is PJ still writing the RNS? All imo and dyor

The Earl has friends. Wait till Profit Jock and the like arrive.

Well done on the trade Dai. Can't go too wrong with banking profits. Trading seems to be the best way to go on AIM, rather than holding for prolonged periods, especially in this market.

Let's see what tomorrow's action is on the bell. To be honest, with the uncertainty over this Rig, i'd be amazed if price holds up for a whole two weeks. You just don't know anymore what's going to happen with this drill. This Rig and its background doesn't fill you with high confidence.

I think if she went, it would make a big difference to credibility and believability. The problem is, she is the only one that has ramped the projects. The rest of the BOD have been conspicuous by absence only. IF she's fronting a lifestyle operation, then they aren't going to put a stop to it? but if it's all genuine stuff, then why don't the rest of the BOD give her some support from time to time, by fronting up and doing some of the media. If we heard the same bullishness/details from other BOD members, I think it would give it all more credibility. All imo and dyor

I would see how it goes tomorrow, as its looking strong so far today. So long as there's none of them late reported antics either.

She usually does look stressed, especially when she's having to front up to bad news. Don't think she likes the cameras all that much. I'm now waiting for Cyber (and others) to pounce on me for day trading this - which I haven't btw! Sticking to my position of waiting for results, and after today's drama with this Rig, doubling down on it in fact.

Yes, managed to pick up £20k at 4.05p. Just offloaded half now. Waiting to see if price settles at this level or falls back.

Skippys - I would say it needs to hold around this level first There will be a LOT of traders coming in for a quick kill. On the chart, the current price is at the bottom of the previous low, from the last time He1 threw out a bad Rig RNS. Therefore, a key level of support or resistance? we are about to find out which. All imo and GLA

Oh dear, the Earl of Aim is here. When he/she appears, you start to miss Nobtrex.

Good posts Gogs - that's the kind of detail and knowledge that makes BB valuable at such times. Maybe we should have a whip round and fly you out there?

I'm all for a balanced view, but it needs to be realistic. IMO, there is no realistic prospect of them getting any financing before February on any of the projects. They haven't even revealed how much financing is needed, but we know its a colossal sum. We don't even know the costs of these studies, and who will be footing what part of the bill for them, which makes the whole 'when will the next cash call come' even trickier to assess. All imo and dyor

Skippys - to use your car analogy, of course I have. But if we are going to go down that road (pardon the expression), then I've also witnessed first hand the difficulties you an run into when you get, say a BMW mechanic, try to diagnose a problem on a Mercedes, and the need for further diagnosis and parts. In fact, this can happen even when its a BMW specialist working on a BMW engine. So yes, s happens, but it can continue to happen more than once, before the car engine is up and running again.

Here we are talking a Rig, with a far more demanding job than a car. A Rig that has been out of service/use for X number of years, which breaks down on its first job after its resurrection. Hardly a confidence inspiring and 'do not worry' kind of backdrop? We now have to add operational risk and uncertainty, to add to the geological risk that was already present in making a discovery.

When I said 'wait for results', I never thought to include 'wait for this Rig to complete the job in the first place' although I did wonder how it might perform and whether He1 had taken a risk here as well. I'm sure others had that thought at the back of their minds as well. Never expected it to materialise though. All imo and dyor

Can we assume that this Rig mechanic is a specialist for this specific Rig, rather than just a Rig mechanic per se?

Let's hope this Rig mechanic has accurately diagnosed the problem, and hence the part that is needed? What you don't want is for the part to be sourced and it doesn't fix the issue, leading to a different diagnosis and further parts being needed. Or is this not really a risk given the nature of the issue? I only ask because the Rig was supposed to have gone through a very thorough inspection and testing, and whether its disuse over the years makes it more vulnerable to such failures?

Has POW delivered on what it promised it would do at Tati this year? I will go back and check the RNS, but I'm sure previous RNS (under PJ and SW) had indicated a LOT more progress than this, including RC and diamond drilling. A whole year has seemingly been spent just doing soil sampling instead, and the follow up is more sampling, not the drilling that was mentioned previously?

Have the goalposts been moved (because of costs maybe?) or is this plan and progress the same as was communicated previously and what was expected? All imo and dyor

No BOD in their right minds, if financing was going well and really close, would allow the share price to just languish like this would they? They would surely correct the market's wrongful impression and doubts about the financing. The tweets just seem really hollow when all the market wants right now is to know whether/what is happening with this long promised and awaited financing.

The market is brutal and will not budge on tweets about gold production. It's risk averse and will want to see financing newsflow. The more that any news on financing is delayed, the more the market will eventually punish the delay in terms of the share price. All imo and dyor

Which comes first, dilution or financing?

If dilution, then further losses await, whether you are getting in for the first time, or averaging down (again).

Keeping it simple and keeping it real.