Member Info for Legalwolf

I don't think it's the only plausible explanation, but its maybe increasingly becoming the most likely of plausible explanations? There are other explanations, such as long lead items/spud not being confirmed, larger sellers not done, MM manipulation, etc.

Another explanation might be that most people were only buying or holding shares so that they could ride the euphoria of the drill and then de-risk, rather than because they truly believe that there will be a discovery i.e. most holders are/were traders more than long term investors who believe in Tai. Because this de-risking strategy now looks like it might not be possible or is less certain, or that the de-risking opportunity has already passed, then maybe the same buying interest is not there to hold into and for results?

Because He1 have already said they will be raising at some point, and the share price is not creating any FOMO in the meantime, maybe the market is thinking 'why not wait for results, or wait for the opportunistic raise post results', and then buy into an actual discovery, rather than taking the risk of there being one? Especially as the share price is not creating any pressure or incentive to take the risk? All imo and dyor

Skippysb - if there has or is to be a raise, and we don't know that for sure, then that must mean it has been forward sold. Any shares that placees took at 5p are still well in profit. But none of us know anything for sure.

I think it's because there has been no update on the DFC grant for some time, no mention of it even. It should have been sorted by now?

I simply don't agree that people have worried the price down, and I wish people would stop making such stuff up. This whole thing started with MASSIVE sells at 9p to 10p. That consolidation at 9p to 10, which we nearly ALL of us thought was bullish, ended up breaking to the downside. That breakdown was NOT caused by posts on here, because this bb was mostly in positive and "share price going to 20p" mode at that stage.

We are at these levels because of that massive and unanticipated selling, which continued in the 8s and 7s, and has triggered the worrying, not the other way round. All imo and dyor

KR - the BB is disintegrating today for sure. All lost at sea without a clue as to how.

The fact is there is very little interest in ORCP and some days have no trades at all. Time is running out to return some value here, because the money will be running out? Does anyone know if they have already paid for the DFS, or will monies be owed on completion?

If Naheed isn't able to deliver some significant value soon, how is she going to even get an equity raise away? What upside is she going to provide to the placing investors when liquidity is almost non existent?

I often think what was the point of taking on these massive projects, if in the meantime you end up trashing the value in the share price to near oblivion. Surely, you factor in the company's resources and what timescales it can actually endure for returning value points, and take on projects accordingly? It doesn't seem like ORCP has done that here at all, and at no stage has Naheed provided or indicated timelines for getting to value inflection points? To me, it looks very open ended, almost like ORCP thinks its okay for it to take as long as it takes? I don't see how that is acceptable or an investment proposition?

Also, what has happened to the Director buys that Naheed had said would resume. How long has it been now since they stopped the purchase scheme. And do they not see value at these all time lows? All imo and dyor

I think the 'long lead items' is the least likely of the various explanations on here. This downtrend started around 8 August, when surely there was no reason for the market to be concerned about long lead items. Furthermore, the company have consistently said that long lead items are on schedule for Sept spud. Furthermore still, at worse, long lead items might cause a delay to spud of a few weeks, and I don't think a minor delay would cause such a major sell off? Therefore, I doubt its anything to do with long lead items. All imo and dyor

IG - fair enough and understood. But it still raises the question of why Stalker would want to sell now - if it is him? He will know inside out what the potential is here and the company's plans (short term and longer term). If he is selling down now (?), it has to mean that he thinks now is the most opportune time for him, which then begs the question of why he thinks 7p is opportune selling price? It would also suggest that he has stepped down in order to bail out and de-risk? All imo

IG - the problem with suggesting that its directors or ex directors selling warrants/shares now now, is that it would also mean that they are not confident of discovery and share price growth? Also, are current directors allowed to buy/sell at this moment in time?

I've missed out on WSBN a few times now, based on not liking the CEO and DL. Not making the same mistake again. I can't see it doing back to back drilling campaigns and not spiking from here, because it has pretty much had a spike on all past drilling campaigns?

Let's see what tomorrow brings and where this closes the week. There's a gap to be closed on the way to 3p.

I actually think the BB discussion today has been one of the better days on here. People are putting forward both sides of the argument. It's just a shame that one side has to be labelled all the time when it it is doing no more than offering reasons for the low share price.

What is really incredible is to see a few of the posters on here who are labelling others negatively in this way, hardly get a single thing right themselves about the share price, and yet they still have no humility or introspection, and continue to attack anything and anyone that dares to counter their fixed and rigid share price is going to the moon narrative (or delusion depending on your pov). All imo

Just look at the raise by GBP today. A mere £250k at a 37% discount with warrants thrown in as well. That's the current market conditions for you. Therefore, whatever the situation with the preliminary DFS, the bigger question/imperative here, surely, has to be securing external financing for ORCP. Otherwise, you don't want to be raising in these conditions imo.

@Zan - "...what would need to happen to make it so?"

That's simple: RM delivers the funding. This has been my consistent position since the start of the year. Not investible otherwise.

Binary outcome from here, which all depends on RM's credibility over this financing and how close it really is. The all time low is being retested, suggesting to me that the majority of the market isn't convinced. I'd say if this financing isn't closed within the next 4-6 weeks, then Watcher's gloomy forecast could turn out to be correct. This is an investment based/into RM, as much as it is an invest into Kilimapesa and the other fundamentals. Now he simply has to deliver within the aforementioned timescale. All imo and dyor

Looking really good here, especially so early into this back to back drilling announcement.

I'm perfectly happy to accept that they will raise AFTER drill as a matter of strategy and growth - "opportunistic". But I'm NOT, at present, happy to base this on it being the legal position and needing an EGM. For me to accept that, would need confirmation from someone with knowledge of Articles/Memo and BVI law etc and what powers the Directors have in light of that. All imo and dyor

TL2482 - it's a very complex area and the company is BVI registered. So the rights of shareholders and the powers of the Directors are governed by BVI legislation, and there a key differences with UK registered companies. Also, I don't believe they have a minimum authorised share capital (hence why no Prospectus requirements?). Much depends on what companies specifically put into their Articles and Memo, rather than being default statutory rights. And then, whether Directors have the power to amend Articles/Memo, or have to put it to a vote.

I believe He1 have voluntarily adopted pre-emption provisions, which is good. I don't know know about the powers of the Directors to amend/change anything. Not an expert in this area at all, hence why I previously asked about it, so all imo and dyor.

Thanks Wyn and Skippy - from your responses, it seems like you both believe that they will worry about the future funding situation after this drill/results. They will certainly struggle if it's a duster to persuade the market to fund them as they don't have any other viable or drill ready targets, and Tai is the highest probability one. But if they have taken that chance, then they have taken that chance.

Thanks for the responses (SW, Swamp, Bebeto and Zan). Let's wait for this funding RNS then.