Member Info for Legalwolf

An contrast it with ours:

"The Company has previously issued a number of deadlines to SOFORI but continues to have concerns about the lack of operational and contractual progress required under the terms of the non-binding Letter of Intent ("LoI") and, pursuant to legal advice received by the Company, have issued SOFORI with a rectification notice."

So they knew ages ago that things were going badly, to the point that they got lawyers involved. This now explains the radio silence and lack of comms. Promised to keep shareholders updated and did the very opposite. No transparency, will go silent on us when it suits and have to question how trustworthy an outfit this is. That's been one area of consistency at least!

Still, this is the AIM casino and we should not expect any better. All imo

I think the Sofori option is dead, and they are just going through the motions. Who would want to go into a big drill with such an outfit anyway? Assuming He1 are not life styling this, they are probably looking at providers who can mobilise for a Q3 spud, and if they can't find one at this late stage, they will then consider the Marriot Rig, but knowing that they will have to drill after NHE, and possibly not until Q1 2024. That might work because NHE can then take the Rig back for their appraisal drilling?

Why the heck are they issuing a rectification notice 3 months after a LOI. It doesn't make sense at all. Especially as they keep claiming to have other Rig options for Q3 drilling. It just doesn't add up. Have they just been outdone by NHE, and rather than concede that, they are still trying to win a race to spud, but now well behind and unlikely to achieve that?

Which Rig is now going to mobilise in sufficient time for an August spud, and even the Sofori Rig isn't going to unless its contracted asap?

Beggars belief really. She told us 3 months ago that she had a number of alternative options, yet here we are still trying to secure a contract with a Rig provider that has no commitments at all, yet is proving to be totally unreliable already. NHE management have seen enough, walked away and managed to secure an alternative Rig. So why haven't we?

No explanation as to why we didn't just use the Drillmec Rig, and I can only surmise that its because NHE stole a march on us and we would have to drill after them. But when this Sofori one falls through, as seems highly likely, we are going to end up drilling after them anyway by the time we source an alternative provider?

“At this point” He1 have elected not to go with this Marriott Rig. That must mean we also have an alternative Rig option lined up, unless we are sticking with Sofori? As the collaboration is off, we will surely get an update tomorrow morning or first thing on Monday?

Mental - in the nicest way possible - time to give these laments, especially about the BOD and their wages, a bit of a well earned break. We've heard it all before, several times over now. It serves no useful purpose to keep on going over the same ground again - a bit like ECR looking for gold in Victoria. They have moved on, so should we.

The current basic position here is well known, and we should base our current expectations around it. We know that AJ has been on the ground in QLD working on both Lolworth and Hurricane. Therefore, the newsflow we can expect in the coming weeks will be around his Lolworth sampling results, and update on his drilling programme preps for Hurricane, which he has already indicated won't start until September. There might or might not be bonus announcements re sale of second Rig and/or property as well from AH, but lets not put any hope on those.

Every chance of a rise going into this newsflow from these levels, and then of course it will all depend on the results?

We all simply have to decide whether we want to be in or around ECR during this period, and if so, let it all play out and see if they can reverse their fortunes and end this bad run of drilling results. AJ is certainly well overdue a good drilling programme! All imo

Swan - you make some interesting points. I am not talking the company down - it's a cracking project and the long term prospects here look very good. I am simply responding to the discussion about the share price performance and speculating that it might be to do with fears of dilution. I listened to the recent investor webinars and don't recall MR saying that all of the DFS costs would be non dilutive. In fact, he didn't really say how Bres would finance its 50% share of the DFS costs, only that Bres would not need to raise all the money in one go, as the DFS would be paid out incrementally. As for headroom, at the recent AGM, did they not pass a resolution allowing them to issue 50 million shares, and if the headroom will soon reset, then does not the risk of dilution remain? Having said that, if it is MR's firm intention to pay for the DFS by going down a non dilutive path, then imo it would be good for him to say so to the market, as I think that re-assurance would help the share price. All imo

That is entirely possible Drillbit, and I have also wondered the same. Have He1 been approached by a potential JV partner pre-drilling, which might have complicated matters? Or maybe some of the contractors have agreed to take payment in shares. It does seem that NHE have also joined in the radio silence, because they have not issued any comms or tweets in the last 3 weeks or so, which is very unlike them. So whatever the underlying reason, it would appear to be something that affects both companies?

Or maybe we are overthinking this and He1 decided post AGM that they were simply not going to issue any comms until they could actually be sure that they had secured Q3 drilling, in case those comms were then used against them if they later failed. Having embarked on this strategy, they might not have realised how long it would take, but stuck with it now. For example, if they issued any kind of positive tweet during these contract negotiations, including of any site preparations, we would all inevitably leap on it as a sure sign of Q3 drilling RNS incoming - exactly what they would want to avoid before the contract was inked? Can you imagine what the reaction would be if they suddenly put out a tweet. All imo

Once again we return to the same point, which is that this is NOT a good market for juniors, and we don't have strong sentiment. The newsflow they are releasing right now would be better received in a bull market. Jam tomorrow works well with a bull market. But in a more difficult market, investors become extremely cautious and weary, and won't part with their cash easily. Just look at your own portfolio to see how many company's your are really backing right now and which are delivering upside for you? Probably count this on one hand.

Not much POW can do right now but to tough it out, like all the other juniors, until a bull market or discovery arrives to pick it up from the floor. At the moment, I rather fear that 0.7p might go from support to resistance. And if so, it will need something significant to happen to prevent POW heading lower still. All imo and dyor

As in I believe that the BOD are trying to work with the majors here, and whilst it might be painfully slow and difficult, it's probably the right strategy to adopt at the moment. If they get nowhere in trying to get a compromise, then they will have no choice but to take a more confrontational path. Who knows, it could be OMI selling its 49% share to another party, to get itself out of a corner here?

It's not an easy situation for OMI and there aren't any really easy and attractive options open to it. Yes, it could enter into a protracted and costly legal battle to enforce the JV. That would sink the share price towards sub 1p, because it would signal the end of any exploration at Anza or other projects, and signal the drain of OMI's precious and limited resources. OMI would also then struggle to raise more funds, without offering hefty discounts, because which investors would want to fund a legal battle? OMI's best and only chance really is to work in co-operation with the majors, and hope they are not lions who have cornered their prey and are looking to go in for the kill, whether quick or slow. And I believe that's what they are doing?

I think the lack of ANY form of comms is the biggest factor, more so than the lack of Rig update in itself (bad though that is also), or the time that is taking to announce a Rig contract. I'm willing to believe that there are various reasons why the Rig contract isn't ready, but what I cannot reconcile or fathom is why the company has just gone complete blackout/radio silence in the last two months, and at the very moment in time you would expect it to be out there banging the drum for the Rukwa project?

Something must be afoot here. All imo

Mercedes - according to the recent financials, Bres only had around £131k in "cash and cash equivalents" at the end of March. Therefore, I suspect the recent raise was very much working capital and to pay for costs outside of the DFS. By the time they get this DFC grant, and then the first payment under that grant, I doubt Bres will have very much left from the £600k that they have raised? And even if they do, they can't spend it all on the first instalment of the DFS, as they still need money for working capital and other expenditure going forward.

Therefore, there is every chance of a sizeable raise coming up here. Against that possibility or likelihood in the background, I can't see the share price going on a SUSTAINED rise, or anywhere near 8p-10p. More likely to get a spike on DFC, followed by a realisation of a potentially large placing incoming, which is likely to result in a sell off back down to these levels. That's sort of how its been here so far, and in these market conditions and how AIM works, that's how it might play out again. But fascinating nonetheless. All imo and dyor

The lack of comms is not down to anyone being out of their depth. It's a deliberate decision they have taken, for whatever reason. If they are genuinely working towards a Rig contract for Q3 drilling and it is very close, then you can understand why they wouldn't want to give us an interim update, followed by the actual update only weeks later. It might genuinely have needed all this time because of all of the various aspects to work through.

Equally, they might well be really struggling to secure a Rig for Q3, but all is not yet lost for them. If so, I can understand why they would want to give it until the 'final whistle is blown' before conceding defeat over Q3 in a RNS. Especially with the history here. Alternatively, and because this market is rigged, they might well be tacitly or inadvertently helping a shakeout, before positive news lands?

Alternatively still, this 'delay' and 'blackout' might not have anything to do with the Rig. Maybe they are struggling to get the relevant clearances from the authorities etc for the drilling - I mean, do we know if NHE have all that stuff in place?

The point of the above is simply to illustrate that there a number of possibilities here, and its anyone's best guess as to what's going to ultimately happen here now. We know NHE have another event coming up on 20 July, which might offer some hope of an RNS before then, but if not, we can wait to see what NHE say at that event. Remember, on 27 July they have their EGM to vote through Tranche 2. As KeithOz suggested a few weeks back, do they in fact need to wait until then in order to sign the Rig contract? Even if they do, and the Rig RNS follows immediately afterwards, then Q3 drilling is very much on for both companies. All imo and dyor

AIM is a mess, but I wonder whether this is more to do with the fact that Bres will need to raise cash, to pay for its 50% share of the DFS (assuming it gets the other 50% from the DFC). This means Bres will need to find the other £3.5 million, albeit not in one go but in instalments. At the moment, the most likely manner of it doing so is to come to the market? It's a sizeable amount that needs to be raised for this DFS, and in today's market conditions for raising capital, how much of a discount will it require? Until Bres confirms the DFC grant AND how it will raise the remaining £3.5 million, I think the jury is very much out on whether Bres is arriving at an inflection point up, as opposed to a prolonged period of dilution, to see it through the DFS stage. And that's why I suspect that there's no herd arriving here just yet? All imo and dyor

I still retain my suspicion that this is an orchestrated shakeout (and if so, a possible precursor to a big move up). Yes, the price has dropped, but have any of you tried buying? I have and can't get any at these lower levels. What does that tell us? All imo

Noble's share price is still holding its own, considering their recent and forthcoming placing at 0.18p. Maybe the MM in Australia, keep within not only the letter, but also the spirit of the rules, compared to ours :-)

If her email address can be shared, maybe the rest of us can email her as well, so she gets a sense of the growing frustrations at her lack of comms with us?

When you say emailed LB, do you mean the company through its info email, or LB directly?

What do you mean according to BG - what exactly has he said and when for you to say that? And If Anza is not "too far away", then why not say so in today's update, or in any other update? It doesn't make sense to me why BG would not tell the market that Anza solution is close? All imo