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I said a few months ago that the CresWick results would take on crucial importance for ECR. Given the current context and climate, its perhaps no exaggeration to say that they could be the most important set of results released by ECR for some time. So far (and this could change), the share price has not fallen to a level that good results from CresWick won't be able to fix. But if the results are not good, then you do have to fear, because even though ECR still have decent looking projects (and CresWick itself would still count as a decent project), ECR's cash position would surely mean a raise at very prohibitive levels.
That's why I think they need to be very smart with their strategy over the CresWick results. No point releasing anything until they have some decent holes to report. And if they don't, well they best hope they have some positive news from elsewhere, which they can bury the bad results with?
Also, the company owns its own Rig, meaning its drilling campaigns are cheaper than would otherwise be the case. So does that mean that with £600k, they might still be able to afford another drilling campaign (or two) before needing more cash?

I need to read it in more detail but what leaps out is that once again, the CLNs are literally lifelines for GCAT. They had £80k at the end of June 2022, and were bailed out by CLNs taken in June/July 2022. Then they only had £2k at the end of December 2022, requiring another recent bailout by ORCA of £1 million. Bottom line appears to be that at present, GCAT is a huge loss making company that is being kept afloat not by its gold production and sales, but by emergency CLNs taken when it runs out of cash? It remains precarious until they get non dilutive financing in and/or significantly increase their gold production and reduce costs in the process. BOD salaries might be a good place to start! All imo

ID78 - the other BIG investment factor here is the Prospectus. Will these newly issued shares end up in sticky hands or selling hands? If the latter, it will leave GCAT with a very large selling overhang to clear, which will limit share price growth.
The evidence of this was seen in 2022, where there was a lot of selling overhang, mostly from GPLAT, which kept the share price down even when the newsflow was positive. Will the soon to be issued Prospectus leave an even bigger selling overhang in 2023? We will find out soon enough? All imo

Good discussion folks and particularly the posts of ID78, Itsyou and Zan_TM, which between them sum up the reasons why a lot of investors won't invest here at all, or until the gold production and sales are confirmed in the quarterlies. Trek summed it up very concisely when he posted on here recently that: "I don't know what to believe here anymore" or something like that. And that's the sentiment of a great many, and damage done by RM/GCAT in 2022. It will take some time to fix it, and will need some concrete results now. All imo

Kutzz - you'll be surprised at what people will buy on AIM during a bull market. Even this turd will attract a crowd.

Kutzz - I don't think the wait will be that long. If POG continues to rise then at some point in the coming months, sentiment will return to the junior explorers Besides, if they don't have cash coming in from elsewhere, then what choice do they have? Another raise at these levels would be a killer. And it still wouldn't give them enough money to get a drill campaign going, so what would be the point of it - but pay salaries? Therefore, its better to see if a bull market develops for gold which catches the juniors as well, leaving the possibility of a raise at higher levels? Or maybe this is wishful thinking on my part.
Otherwise, a lot is now hinging on this JV. But there was no hint of it in the last RNS. No mention of discussions even!

Interestingly, it broke out of similar patterns in the first week of April in both 2021 and 2022. We can speculate as to whether those breakouts were down to ISA renewals or not. Of course, it doesn't mean the same thing will happen this time round, but to the extent that previous breakouts were down to ISA money, then I can't help but note the similarities and the fact that its ISA renewals again next week.
April would be an ideal time to announce the Rig contract!

A lot of companies do factor in the ISA allowance period when it comes to releasing good news. So if ECR do have anything positive to say, then the next fortnight/month represents a good time.
I'll be happy just to have the second Rig on the ground. ECR need results, so its a question of whether they are more likely to achieve that drilling two projects, or with putting both drills into the CresWick basket?

If they don't have serious JV interest, then I think ORR have no choice but to wait it out here, in the hope that a bull market in gold will find its way to ORR at some stage - rising tide lifts all boats. They should have enough money to survive until then.
I've been harsh on ORR myself, but do think they have been unlucky and its not all down to incompetence. In the last 2 years, there has been some decent newsflow, it's just unfortunate that its been released into very tough market conditions across the junior sector.
A LOT of juniors are finding themselves in a downward dilution spiral right now.

Depends how you look at it really. In truth, this will be our third hole at Tai, will it not? And in terms of discovery potential, would you rather be returning to a target that has already given you some de-risking results, or drilling single holes into two fresh targets? All imo

I don't think ECR can really afford to release any poor holes right now. I think most of us are agreed on that. Therefore, this is one of those rare situations where personally, I'm not sure I would want ECR to adopt an approach of releasing results on receipt. I'm happy to wait for them to release them when as/when they have something decent to report? I think that would be the better strategy, even if it prolongs the waiting.
What do others think?

Must have been a worked order and reported late? I can't see how they would have got those prices for those amounts, whether buy or sell?

I think its important to take today's 'update' with the previous one in interview on 13 March, where LB said: "We're moving closer to contract execution and I'm confident that we will be able to announce something very soon..."
Therefore, today's update saying they are in active contract negotiations aligns with what was said on 13 March. And if you think about it, they can't be moving closer to contract execution if they are not in contract negotiation in the first place!
We also need to remember that He1 might not be in a position to decide and conclude an option until NHE has sorted out its own position. All imo and DYOR

I would agree with that Suggins. It sounds like the hold up has been with GCAT rather than the FCA. But getting the Prospectus then lets everyone know what the score is really in terms of who has what shares, and whether all liabilities have been sorted through issuing of shares. We can then move on/forward.
JC - that's my bad, I had forgotten about the RNS as I was too focussed on making the point about interviews v RNS!

I think only the CresWick results can turn the situation around here in the short term. It is possible that the rising POG might help with selling Danglay, but I'm not banking on any sale happening soon. ECR need to produce some results worthy of attention (and hence buying), otherwise it will trade at sub 0.5p and have to raise at those levels as well.
As I said after the BM results, these next results at CresWick take on crucial importance, and if poor, the damage to the share price will be long lasting. Equally, if the results are very good, then definitely upside from here.
So let's see which way things go!!!

That could be another reason why He1 are exploring a Rig share option. If they decide to drill more than one hole, they might want time to evaluation in between the two holes. And so releasing the Rig but having it nearby makes perfect sense, should they wish to drill again? It might be too late in the day now, but I do wonder if He1 will end up having missed a trick with this Rig share option, by not drilling more than a single hole. It will be a lot more expensive and time consuming to come back with a second Rig.

They must be REALLY confident about Tai, which is the only logical rationale that I can see for the current strategy?

The Prospectus is also important because it forms part of restructuring existing debts/liabilities, such as with Mill End. It also dispels any concerns that have been raised about GCAT being in bother with the FCA. Given the events of the last few months, you can't expect people to just ignore all of what has happened, just because you've chosen to do so or have a different analysis/risk appetite. Yes, at some point, people do need to move on IF the company is showing concrete signs of recovery. But if some have lost trust in what RM says, and want to see any such recovery confirmed by RNS, then its with very good reason! Once bitten, twice shy and all that. In fact, you might ask whether the discovery of the recent high grade area was worthy of a RNS - and if so, why it wasn't RNSd?
Everyone has their own pf needs and risk appetite. It doesn't mean they have any agenda as such beyond that, esp if they point out risks, or question a particular narrative that is being discussed on here. All imo and GLA

I agree. I don't think all our eggs are in the NHE basket, and its just a cost saving option. But by going for Q3 spud, He1 have given themselves enough time to 'wait' for NHE to sort out its farm out, and thereby save costs. If it saves a million or two, then maybe worth waiting for. But what we don't want is a situation where we wait on NHE, and then don't end up with the collaboration, and lose the first mover advantage in the process i.e. we get played by NHE. I'm sure LB/He1 won't let that happen, as they seem determined to drill first! And drilling first means we end up having to pay more for the privilege, then its a price worth paying as far as I am concerned!

I agree we don't need to keep going on about it though, but can't see how folk move on from it when its the single biggest factor holding things back here. Even the BOD have acknowledged that. Now let's hope THEY can do something to release ORR from this "dilution doom loop".

"For me the Board has done what was necessary despite the criticism of the dilution doom loop posters (point taken can we move on please?)."
I'm afraid that's a rather unrealistic expectation. You see, until ORR's financial situation itself moves on, i.e. ORR secures a JV (or just does the next placing), I don't see how we can move on. It will always be the elephant in the room, and it will always be the explanation/reason given for when people bemoan the lack of share price performance on here, despite the move up in POG. All imo