Member Info for LOTM-13

Drill Baby Drill

LOTM

FillToSpill,

https://x.com/WishboneGoldPlc/status/1959496344319496523/photo/1

This is hole 2 23/07, the rig can't move from that set-up to drill in the required direction, nor can the rod feeder. Now note the angle of the earth mound to it, its at 90 degrees to it & headed straight for the end of the feeder.

https://x.com/WishboneGoldPlc/status/1963198787834216751/photo/3

This is hole 1 from 03/09 note the pile of earth runs parallel to the feeder & drill rig you can also see the main road etc, now tie all of that in with the rig movement post from 09/09 ie away from hole 1 back to the hole 2 location.

LOTM

FillToSpill,

Yes the holes are fairly close together, but there are clear differences in the pictures we have seen, they deepened hole 1 for sure.

LOTM

Cebo-456,

Look at the numbering of the trays close to the camera, 2nd top row, reads 326.56, the one to the right 331.20, the top left one then reads 340.2 (a difference of 9M) the same difference occurs as you look down, to account for that there has to be 2 additional stacks of cores out of sight to the left of the camera.

FillToSpill, they have already deepened hole 1, what do you think the posters the other day were telling you !

https://x.com/Upsiderebal/status/1965301976520163560?t=cfEZlYDSw9GF489M673c4A&s=08

LOTM

Right what can we all see from the pictures ?

1) They are intending to be there for quite some time & possibly with an expanded operation.

2) They have deliberately covered the top of the core boxes nearest the camera

3) Going by the numbers on the boxes we are only seeing 2 of the 4 piles that they are building up - The highest visible depth reading is 344M

4) There are 9 filled trays on the table at over 4M per tray which will give you a minimum additional depth of 36M which then takes us to 380M

5) Looks like the guy is marking the cores in some way

6) We know from before that cores were stacked next to the drill rig & then taken away late in the day, so these will likely only be the cores from yesterday & earlier.

7) 1st key depth is around 550M so we are a maximum of 170M away from that point & more likely under 150M away.

8) Looks like they are on drilling on double shifts now, so at 40M a day that would be 4 more days of drilling, in other words by the time the LSE opens on Monday morning they should have entered the 1st zone of interest & the Breccia Pipe is likely to be encountered about 1 day later!

LOTM

Why did the directors buy on the open market ahead of the placing at far higher prices ?

And if the company needed money why did they not participate in the placing itself to give the company more money? buying on the open market didn't help the company.

Bizarre to say the least, this lot simply can't be trusted end of story.

uNkwn, I hope you got yourself some APTA after I mentioned them & you were away to research ?

LOTM

LOTM

Cebo-456,

I'm sorry but you're not just going to find another "Red Setter" just like that to think so is just nonsense, most of the tenements they have around Telfer are very small indeed. You could go a lifetime without finding anything remotely like the Red Setter prospect.

Think about the fabled geologist that found Haverion, he thought there was another one - the location of which he took to his grave - so will never be proved one way or another. So he was lucky to possibly find 2 in his lifetime !

Says it all - stay real - please

LOTM

I wasn't around before 18th August, so thanks for the heads-up on AIM TRADER4YOU

There are a lot of outside contractors involved in the work at Red Setter, so the likelyhood of a leak of some kind has to be much higher than usual I'd say.

I guess workers will be going into Telfer for supplies etc ...........

GLA

LOTM

Your right Hepran, I had left then I was looking at the state HE1 has got itself in & out of curiosity (that killed the cat) I thought I would have a look at AMG just to see what was under the bonnet!

And why with all this buying going on by everyone & only a reported 14,780,451 shares in issue why it wasn't rising higher, then I found out why!

Here's a clue from the annual accounts as at 31st Dec 2024

Convertible loan notes £1,635,170

I'll say no more & leave you all to, calculators etc to hand

GLA

LOTM

I do hope you've all been doing your due diligence on AMG ?

Dotted all the i's & crossed all the t's ?

In many cases I guess that's not the case, just trading the trade so to speak, well if you're intending holding AMG for more than a few hours I suggest you get digging into the research & sadly you may not like what you find hiding there!

LOTM

Aug 21st - Hole 1 had reached a depth of 777M by this date.

Aug 23rd - Hole 2 had started drilling - initial job to drill to approximately 150M & set surface casing, (This task could possibly take a week to do) after that was expected to drill ahead to possibly 1000M+ with the intension of being 50-75M South-West of hole 1 at a depth of 550M, targeting to hit the centre of the Breccia Pipe rather than the outer halo of it as hole 1 is reported to have done.

3rd Sept - Pictures show a drill rig over hole 1 with "Core Drilling" as the title & core boxes on the ground.

8th Sept - More Pictures - dated 7th Sept- of the same seen but no new filled core boxed on the ground at that time.

9th Sept - 2nd source says that the drill rig is now at a new location close by - ie back at the 2nd hole location & possibly starting to drill ahead with it.

Given the above & other snippets from X & Linkedin, I think the data/facts are showing that they have still only be working single shifts thus far.

If we allow 1 week for doing the hole 2 surface casing at 100M that would have that task finished by or on 30th August & then rig moved back to hole 1 within a few hours, that would mean deepening hole 1 occurred from 31st August to 6th Sept = 7 days possibly more. 7 days at 20M a day would add 140M onto the 777M put it at around 917M.

LOTM

Anyway, well done to those that got in early or held before today's news broke, you've done very well out of it.

I'll leave you all to it.

I'm sure they'll be plenty more figures banded about on top of the ones some people have already posted, about it going to X price etc that are just not realistic, but that's for you to make your own minds up about & decide what to do.

The devils in the detail.

GLA

LOTM

Hepran,

Here is an example of what I'm talking about in something I am invested in but its not a mining company.

Napster or Infinite Reality as it used to be called is a private USA company, it took over a UK private equity company called Landvault in which both MFAI & SURE Ventures had shareholdings at an implied valuation of $5.5B (multiples of what Landvault had been worth previously its valuation in that was $450M) by Jan 2025 Napster raised $3 Billion in cash at a valuation of $12.5 Billion & by May 2025 it said its valuation was now $15.5Billion & a new figure of $18 billion has been mentioned.

However SURE Ventures has the valuation of its Napster holding on its books at a 20% discount to the $12.5Billion valuation figure & won't increase it, because it can't trade the shares!!

Only when Napster finally floats on the stock market will they have a true idea as to its worth.

LOTM

Hepran,

They are a private company looking to float, they obviously want to float for a reason.

As a private company they only have an "implied valuation" unless you can freely traded there shares somewhere ie a non official market.

Whoever has done the calculations & on whatever basis they have used to do that calc with has rightly or wrongly come to a figure of £1 Billion.

You have to ask yourself this, if the company was listed today would the Stock Market value it at that same £1 Billion figure ?

I could list multiple examples of companies whose Stock Market valuations in market cap terms are way below the value of there actual assets ie they are priced at a significant discount to the sum of the parts.

I find the NPV8 figure compared to the implied valuation underwhelming to say the least.

LOTM

No problem Ak247,

Well if you've had you money in this for a little time or got in before the rise well done you!!

However I'd be very wary of what's been said in that RNS.

If the other company is actually worth £1 Billion (& that is a big if given the NPV8 of the asset it owns compared to this implied value of £1 Billion) then with AMG shareholders to own 3% of the new company, in theory AMG would be worth £30M on that basis in look through valuation. but there is a lot more information needed before you can say that for sure, you don't know how much debt this company has, how much in the way of funding it is going to need etc etc & that NPV8 figure is not high in % terms to the company's supposed value. Ideally you'd be wanting to that NPV8 figure being at least 2 if not 2.5/3 times the company's supposed valuation.

LOTM

Ak247,

I'll come across to that BB & see if I can answer your questions for you.

LOTM

Hi Ak247,

What is it you want to know about a Reverse Takeover etc?

It can't proceed without shareholder approval so you will get to vote on whatever proposal is put in front of you.

LOTM

Sorry I missed the SURE Q2 update yesterday :(

No uplift in any of the valuations & no talk of any imminent exits, so basically going nowhere fast & there still trying to get an idea as to the true value of the Napster holding.

As for MFAI, anyone expecting an NAV uplift is going to be solely disappointed as that won't be happening & neither will any near term exits.

GLA

LOTM

A total cowboy outfit, absolutely disgraceful behaviour, with warrants on top at 0.1p.

Long term shareholders obliterated.

Thankfully I sold out a few weeks ago & went to WSBN instead so got lucky in that regard. Others won't have been so fortunate.

Really sad for the LTH's here

LOTM

Sadly so much nonsense is written here,

For volume you need to half the daily figures printed because each share needs to go from seller to MM & then from MM to buyer in another transaction.

I wrote this earlier today (adjusted for a couple of spelling & grammar mistakes)

"sadly the share price is only going one way due to the £10M death spiral financing.

The next conversion notice is coming, possibly Friday I'd say & the price it will take place at is getting lower by the day meaning much more dilution to come for existing shareholders.

The current roughly 10 day prices used in the calculation (furthermost 1st as that's the order they'll drop out in is) day 10 in August 26th which will drop out of the list at close of play tonight & be replaced at the front of the queue by today's closing price, so 0.5p 0.5p 0.47p 0.44p 0.419p 0.44p 0.425p0.414p 0.3875p 0.336p is roughly the current list which would still need adjusted slightly for VWAP on the day rather than the closing prices.

But on those prices which total 4.3315 when divided by 10 = 0.43315p would be the base number to then take 92.5% of & then deduct a further 20% discount = 0.32053p would be the current conversion price. Ouch

Now if the 3 insto's wait until say close of business today then issue a conversion notice, with lets say the closing VWAP for the day being 0.325p then the calc changes to 4.1565 (due to the loss of the first 0.5p figure & replacing it with 0.325p) which is then an average of 0.41565p deduct the other same % as before & your new conversion price is 0.30758p. an even bigger Ouch.

But why would they want to convert tomorrow when they know the next 0.5p figure is going to drop from the list & be replaced most likely by something around 0.33p meaning another substantial drop in the figure to a starting point of around 3.9865 or 0.39865p giving a conversion price of just 0.2950p

The day after that the 0.47p figure will be replaced by a much lower one & your very close to a conversion price of just 0.28p.

So no-one will be in any hurry to buy shares.

A total disaster from a long term shareholder perspective but the BOD don't care they get their nice juicy salaries to take home each week."

Today's close & average price was lower than the 0.325p I used so that will pull the overall figure down very slightly, but it won't make the 3 insto's convert any more of the CLN into shares, everything is in their favour for now. So I don't think you'll see a conversion notice until possibly Friday - or depending on tomorrows trading data early next week. As there is no incentive for anyone to buy HE1 shares right now knowing the next conversion is coming fairly soon & at a horribly dilutive price.

LOTM