Member Info for Legalwolf

That's unlikely, seeing as it's Noble's announcement to make? And ASX is done for the weekend.

Is it right to announce a placing before carrying out, and with such specificity. How's that going to help sentiment and achieve a higher priced placing? I can understand if its the usual - 'we need to raise in 12 months' but this basically pre announces a placing in 2 months!!!

The cash position as of 31 December 2022 was only $2.206m (£1.8 million). Having raised $4.4 million (£3.5 million) in November, to add to what we had before, I must confess that I thought our cash position was FAR healthier than this?

"Material uncertainty related to going concern
We draw attention to note 2a) in the financial statements, which indicates that the group intends to raise additional
funding in quarter two of 2023. For the year ended 31 December 2022, the group incurred losses from operations of
$2.206m and has negative cash flow of $1.735m. At the reporting date, the group reported a cash and cash equivalent
of $2.265m which is insufficient to meet all of the operating costs and minimum spend requirement on the group’s
exploration licences for the period to 30 April 2024 (being twelve months from the date of signing the financial
statements). The directors are confident in their ability to raise the necessary funds in the timescales necessary and
expect to complete the fund raising during the second quarter of 2023."

AG - understood and that all makes perfect sense. I hope it works out favourably and in the way you are confident it will, not least because if it does, I could see myself investing here as well.
GH - if you want to understand my position better, then when it comes to AIM juniors, I approach them with extreme caution and scepticism. There are many lifestyle companies and CEOs, who lure you in with seductive projects that promise fantastical future upside, which then doesn't materialise. However, there are also a minority of genuine gems, which can offer decent returns. I've experienced 'the good, the bad and the ugly'. I know AG has as well, as some of them we have been in at the same time. So, I like to question everything with knowledgeable investors, which then helps me decide whether its a company worth investing in, or another one that's lacking in substance. After all, if the bulls on a BB can't make a strong enough case for investment, allay concerns or answer difficult questions, then who can?
With respect to ORCP, it looks to me like most investors are looking for that catalyst. I agree with that assessment, and so will invest if/when it arrives. I remain sceptical whether it will, or whether it will in time for the next fundraise, but I'm also alive to the possibility that it might well do. Hence, why I remain in and around ORCP. All imo

Let's be honest, SO MUCH has happened with GCAT in the last few months that only a group of trolls or P&D traders are likely to be in complete agreement with each other on all things GCAT right now?
For the rest of us, its inevitable that we will have points of agreement and disagreement, including what we think are relevant and irrelevant considerations. And its also inevitable that we will have our personal biases when it comes to appraising GCAT - confirmation bias being the main one, and yes, we all are liable to suffer from this from time to time, if not all the time (at least subconsciously)?
Provided we each and all air our views in a reasonable and amicable manner, with clear reasons and rationale, then it makes for a better quality discussion/debate and a more useful BB imo. This was a high quality BB for most of last year, for those reasons.

AG - " Next step, on a personal basis, wait for the DFS and initial results and assess the project from there. When funds are available, there's nothing alarming me, or will be stopping me from making further BUYS."
Based on what you have said previously, isn't it the case that within a reasonable timescale AFTER the DFS, you would expect to see tangible progress made in the areas previously discussed. Therefore, if you don't see that progress being made, or evidence that its on its way to being made, won't that stop you buying?

Here's how I am thinking/approaching it:
1) The deadline for bids has passed. Therefore, NHE will know if they have funding offers.
2) As part of the collaboration agreement, I would expect that there is a requirement for NHE to keep He1 in the loop. If He1 don't know what is going on with NHE's farmout, then that is pretty pathetic imo and more incompetence.
3) If there are no farmout bids, then I would consider that to be a material development that NHE and He1 would need to announce to the market. This is because the current operational plans and presentations of both companies are predicated on the farm out.
4) If we don't get a RNS/ASX announcement to say otherwise, then I would infer from this that the current operational plans are still intact and there has been no material change to it, including timescale. In other words, Noble's farmout plan is still very much in play, which can only be if they have received one or more bids.

Anyone disagree with the assumptions/inferences drawn above, and if so, why? All imo and DYOR

Some people also have no memory or are shameless. There have been investors like myself, Roger and others, who gave our opinions for why we thought the Molopo results were going to be bad. We took a lot of stick (Roger more than most tbh) on here from the POW/PJ bulls. Now that it turns out that we were right all along in our gloomy outlook, where are all those same lambasters now? If they have retreated to the safe confines of the Telegram (echo?) group of PJ acolytes, then no real loss. This BB has had proper, honest and hard debate, and has posters who don't shirk away from discussing the negatives, or burying them under a 'trust in PJ' narrative. I'm so glad the 'trust in PJ card' can no longer be played. All imo

I think I've made it clear that I AM interested in (re)investing, but waiting on things like the Prospectus etc. And I've given my reasons for why the Prospectus is important TO ME. If you don't like my posts, then just ignore or filter.

I can understand that sentiment PFG, given how things have turned out here. The jurisdiction was always a concern, but we each and all overlooked it, because of the very strong credentials of the project. Maybe SL is worse than most.
But, all is not lost here just yet - why do you think I am hanging around here still. IF they get the licences reinstated, then a share price recovery is very likely on the cards, and we all might feel differently at that point.
In the meantime, we just focus on other investments with whatever spare capital we have to invest at the moment. GLA

I'm not posting here as a Samaritan. I use BB to discuss potential issues, risks and concerns on companies that I am in and around. I like to discuss these with knowledgeable and credible fellow investors, to see how they are thinking and navigating these same issues, in the hope that it can then help me with my own thinking.
After all, what is the point of a BB, if its only to be used for cheerleading and echo chambering the bull case?

If you are going to invest here for the long term, as opposed to trading this share, then its very much in YOUR interests as well, that GCAT gains the confidence and trust of the wider market, especially after its chequered history here. Even if you don't have any such concerns yourselves. After all, your investments won't make as much money unless confidence and sentiment is restored. A LOT of LTH have walked away and not returned. You want very large buying to return here to drive the share price on a sustained rise, rather than more P&D type of action. I'm not saying restoring market wide trust won't happen here, hopefully it will. Things like the prospectus, funding agreements and new governance measures will all help achieve that. As Shanta shareholders might also be experiencing, some jurisdictions are approached with more caution than others by the wider market, rightly or wrongly. All imo and DYOR.
Anyway, I've made my position clear and nothing to be gained by labouring the same points. I just hope they hurry up and publish this Prospectus soon, so that I can begin to make a definitive assessment decision about whether or not to reinvest here. GLA

PFG - just read that bit of the RNS again. Strange that they used the word "dialogue" to refer to something that is ready to ink, but the rest of that section, together with the fact that its now one party rather than several that CMET are in dialogue with, would suggest that offtake/funding is indeed close. Problem is that CMET have bad form when it comes to timescales, so when they say "as expeditiously as possible", that could still mean "months" rather than "weeks" in their vocabulary.
It would be nice if amongst the doom and gloom over the suspended licences, MF could actually say something more about the offtake, as it gives shareholders something positive to cling onto. It's been way too long since we actually heard from him, even by his own bad standards when it comes to comms to retail shareholders. All imo

With some companies, like Newcrest for example, the independent verification doesn't matter as much, as they are major reputable companies, with checks and balances, and quality control measures. I'm afraid GCAT doesn't fall into that category for me, nowhere near and is more of a red flag company. It's reporting to date has often left a lot of questions and head scratching - which continues today. Until or unless it sorts out all these reporting and governance issues - which it says it is doing - and its reporting can be trusted in the future, then the lack of independent verification is a factor to keep in mind. Whether/what weight should be attached to this, if any, is and a matter for individual judgement.
So far, none of the potential funders have actually committed their funds. Not OCIM, nor Philoro, so we can't really take comfort from any due diligence they might or might not have carried out, until they actually commit their funds. We also don't know whether and how many parties might have walked away from funding talks because of the lack of independent verification/governance issues. All imo and DYOR

It all depends on this farmout now. The bidding process is now closed and so NHE and its advisers will need to select the winning bid (assuming they have bids to choose from). He1 will also now know whether a collaboration is still on or not i.e. whether bids have been received by Noble. All imo

Board of Investment of Sri Lanka (BOI) I think? Anyway whether it’s vacancies or foul play, let’s hope the threat of legal action exercises enough minds at GSMB for them to see sense and reinstate.

Is suspending the licences in the first place not classed as “sticking their necks out”? Whoever had the brass to suspend them (or order their suspension) could just reverse those decisions if they chose to. Not even CMET think it’s to do with personnel and posts being filled, otherwise they would not be threatening legal action, but waiting for those developments, and the GSMB would say so. Btw I thought it was some kind of Board/Committee that made the decision rather than just the GSMB. All imo

I have always maintained and previously posted that it is highly preferable for POW to make a discovery on one of its own projects rather than through one of its IPO projects. I’m yet to see success achieved by the IPO reflected in our share price (as opposed to our balance sheet). Therefore, projects such as Molopo were crucial to POW’s own success. And so
Tati takes on added importance now.

Fair enough GH. I understand that position and it is logical, other than I think ORCP will do very well to get the next fund raise away at only a 10% discount. But I guess it depends on the progress made by that stage. Let’s hope all this belief and conviction in Naveed/ORCP pays off in the long run.
I won’t be entering until I see the binding commitments that take these huge capex projects from merely aspirational/dreams to realities, but will continue to monitor progress until then. GLA