Member Info for Legalwolf

Anyone got any idea what the current cash position is and whether ORCP have they already paid Thyssenkrupp for the study? There were 4 months in between the previous placings (Feb and June) and the most recent one was only for £360k. Therefore, the next placing will be around the corner now, unless Naheed sorts out some financing from somewhere. Seems not even the Directors are buying anymore, even though the share price is at lows. All imo and dyor

I would have thought so. Get this voted through first and then hit the market with the rest by issuing the Prospectus.

I think ECR are doing a good enough job themselves of killing the share price! Drilling must be off unless they tweet otherwise, as they will know that’s how the market has reacted to the interview and if they don’t correct it then it must be true.

So much for financing being in its final stages?

Totally flawed logic and approach. The issue here is NOT how long it will take to get these projects off the ground, where I think most people would agree it will take 3 years. The issue is how much dilution do you want to swallow in the process, and why would anyone want to invest whilst the company is in the dilutive phase and on a major downtrend? I was making this same point when the share price was at 0.2 to 0.3.

The key issues will be different at different stages. Right now, I would argue that the key issue is that the company has NO financing for any of these projects, and has little financing for its own working capital. Until this situation doesn't change, it's hard to see the overall downtrend/situation reversing. Therefore, far from it being a no brainer to hold these shares, arguably it would be braindead to invest into this situation, and against this CEO's track record, which is probably why the wider market isn't doing so. It will likely remain so, until or unless the financing situation/risks aren't resolved. All imo and dyor

Porky - I agree with your earlier view. Anyone who still thinks He1/LB are batting for retail shareholders first is very misguided. I don't know how many slaps in the face they need in order to wake up and realise. I would argue that the approach here has always been to make sure the placees/insiders get looked after first, and at the expense of retail if/when needs be. That's why retail were wrongly told there was no Rig, when there was a Rig. That's why retail were wrongly told there were no plans to raise before spud, when there was a raise. That's why there was selling at 9p to 10p in likely anticipation or knowledge of a placing, when retail were all gunning for 20p in ignorance. That's probably why they are now drilling Itumbula and not an appraisal well, etc, etc.

IMHO, only if and once you realise this, and what/how the game is being played, then you have a better chance of assessing risk and reward, and making your buy and sell decisions, depending on whether you are in the stock for its fundamentals and/or technicals.

I've also learned that it's not worth the dog's abuse to post about these matters too much. You get attacked by the (paid) rampers, as well as underwater and anxious, but otherwise genuine holders. Therefore, going forward, and during what is a critical period for all retail holders, I will keep my thoughts about such matters more private. I am sure that will be music to a lot of ears! I will just focus on trying to make money in the background, based on what I think is happening, taking the occasional useful information that can be provided on this otherwise poor and toxic BB, to help me with my own decisions.

So to all genuine holders, good luck with the upcoming drills, have your wits about you, as it will be a nervy period as well, with lots of continuing nonsense on here. And if short term share price movements matter to you, then always be guided by the chart, rather than the BB explanation for them (which as the placing issue has demonstrated, will likely be wrong and potentially lead you further underwater). All imo, dyor and GLA.

It doesn't really matter what AG says, it rarely has mattered in the past. The share price is on a long downtrend and the ONLY news that has the chance of improving matters is either confirming that Hurricane drilling IS going ahead this year and/or an asset sale. Without either, then your left with an exploration company that can't explore and is running out of cash (hence why there is no drilling). That way lies further downside and oblivion imo. The only positive is that eventually they all will also stop getting paid... all imo

To be honest, I had a concern that the Hurricane drilling was in trouble, when we had the last RNS, and they referred to having a rock chip program commencing at Hurricane. It made me worry that September drilling was not going to happen if they hadn't even sorted out the rock chip. That's why my postings since were about the importance of confirming the Hurricane drilling. Moreover, the option on Hurricane has to be exercised by September?

I was going to sell on my hunch, but I thought AH would be cut from a different cloth to his predecessor, and was committed to Hurricane drilling this year.

If they are still doing all this pre-drilling work on Hurricane, I really can't see how they can put a drill programme in place and execute it before December. If they can and are planning to do that, they need to come out and say it.

The real worry for me is why they are allowing the share price to slide and not doing a raise? What exactly is the financial strategy from here? Low ball takeover or something? All imo

The thing is, why would they not be able to get a placing away? Surely, they could have discounted one to 0.25p, which would have been a significant discount from the 0.35p to 0.4p trading price of recent weeks, and raised in the £500k to £1 million range?

Is it because of the lack of volume in the share, meaning placees would not be confident of being able to flip those shares back.

I agree Dan. Hard to see how they have time now to plan access, delineate further targets, and then get the drilling done before December. It's clear the drop in the share price was because they have seemingly dropped their plans to drill Hurricane in 2023. Now, if they have caused a misunderstanding about this and are planning to drill this quarter, it's their job to come out and tell us, in clear and unambiguous terms. But I think they have kicked the can down the road personally, which is terrible, as its the only hope we had left for this period of ECR. All imo

TS - why would they do an interview and not talk up the only thing they have, and leave us wondering about it. Surely they would do what they have done in previous interviews which is mention the drilling. A few interviews ago AJ was saying they were already sorting out the access and a local drilling crew. Now they are saying something which suggests to me that they have no concrete plans. If they do have plans to drill still then what a spectacular own goal of an interview from all three of them.

TS - they didn’t confirm drilling was still going ahead. They spoke about wet season in December. AH didn’t even talk about Hurricane. He looked the most downbeat that I’ve ever seen him.

SnipVW - I change my tune all the time, it's called telling it as I see it. My hope was built on Hurricane drilling and nothing else. Now that they have shelved that plan, why would I not change my view.

On AIM, you have to be prepared to admit when you're wrong, and move on quickly to the next one!

TS - they removed the last bit of hope we had, which was the Hurricane drilling. Now its turned into a race against our cash position. So we simply have to place, or sell an asset, or get a JV, or there is nothing to support the share price, because there is no value in an explorer that can't afford to explore. It looks like they have thrown us under the bus by not opting to spend cash on Hurricane drilling, to keep themselves going for another 6 months, and they are probably hoping market conditions might support a raise next year, or they get an asset sale in that time. But if they sell an asset sale, I don't even trust them to use the money on drilling, as opposed to going into wages again. All imo and dyor

Smishman75 - I certainly don't like yours. Like I said, I check previous postings now, and one of yours was:

"And certain members of management have indicated an intention to participate in the Subscription up to an aggregate amount of approximately £37k (approximately US$47k)."

Were you having a laugh by suggesting this was skin going into the game during a £6 million placing?

How many are going to be convinced by you when you post stuff like that?

The worst thing is that by effectively admitting they can't afford to drill, it doesn't matter what these samples tell us now. Because it's all going nowhere if they can't drill. And just why have they purchased new projects at the expense of drilling existing and new projects. It just doesn't make sense.

They shouldn't have told us they would be drilling in September if they weren't. Blatantly moved the goalposts on us to keep themselves in wages instead for much longer it looks like. That's an all time low in conduct/approach as well as share price imo.

Maybe Luca was right, they tried to place and couldn't get it away? Because it makes no sense to just stop the drilling for what is a junior explorer. Sell the assets at heavy discounts then!

I had a feeling the Hurricane drilling was slipping away, and this does make it seem very unlikely if the rains are coming in December and they still haven't worked out targets and access. Also, I note that this time AS never asked about the cash position, nor did AH volunteer that current programmes are all fully funded. AH looked a bit subdued throughout most of that. Looks like they were just going through the motions - all three of them.

I hate to say it, but we really do need a placing here and fast. ECR clearly can't move forward properly on any of these promising sounding Queensland project, and therefore, look like they are having to drag out all this work with a shovel instead. It seems to me that what little money ECR do have, they are going to use to stretch out the wages for as long as possible. Without the drill turning, we suffer, and the longer this period goes, the more we suffer. Ridiculous that they haven't just placed already?

The curse of ECR strikes again. That was a very uninspiring and depressing listen, and it looks like the Hurricane drilling, the only thing we had to look forward to, isn't now going to take place, because they prefer to have AJ out there for a while longer with his shovel and shorts? Unbelievable that they went on about how difficult the market is and offered us no hope about how they might be different.

Were they actually thinking this was going to help?

Who does Roger Now Not So Jolly think caused the 40% drop in the first place? It was NOT posters on here, it was the following people:

"We have no plans to raise in the short term..."

"We will raise when opportunistic...."

Some of us knew what was (likely) coming the very moment these words were uttered. We know how it is on AIM and with He1 in particular (remember the: "we don't have a Rig...."). Roger, on the other hand, was too busy telling us how seasoned and experienced he was, and that these words by LB meant no placing would occur at these levels, and anyone suggesting otherwise was a "shyster" etc and he hoped they would lose money.

A dosage of humility and reality needed for this bully! All imo