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They have painted themselves into a corner. We need money and the sp is so low that we are staring down the barrel of massive dilution to raise any useful amount. We need the truth about LCCM, not the spin. They appear to have bought a pup. The due diligence was obviously flawed. Sell it and Redmoor and restart with a project that could actually bring in money or go back to exploration and speculation at a new site. The simple outside observation is that LCCM will never return the money we have already invested and will have to invest to achieve commercial viability. We have either been lied to, misled or just suffered the fate of total management incompetence. Redmoor was always a deal that should have raised flags when a person can sell an asset to himself, between his own companies. On the one hand saying it is not worth keeping and on the other saying it is worth buying. I am amazed that this was not highlighted further.
If there is value in LCCM then sell it and if there is not, then mothball it. We cannot afford to do anything else with it IMO. A face to face AGM/EGM needs some robust questions. I may not have been scammed, but I certainly feel like I have.
Too much BS no information. SSDD. So only the "major shareholders" count. Those who possibly spent tens of thousand at 10x the sp getting vastly smaller holdings and those losing tens and hundreds of thousands of pounds due to collapse don't count because they are not "major share holders".
Enough. It is time for a company audit. We need to expose the reality to all shareholders and culpability must be taken.
For optimisms sake, let us hypothesize that we get the PEPR approval some time this year. We all know that a PEPR is pointless without funding, as if it weren't we would already be producing Oxide with the PEPR that took 18 months to get. Do we then get the CLN option which will hit us for circa 50% dilution and the chance to drag ourselves back to our current SP on production? Can we then start production or will the next "can" require kicking down the road for 3 years. This has been allowed by us to go on for far too long.
As Q1 closes, let us recap the communications that shareholders have received from the BoD this quarter. 1x Q4 compulsory update. Nothing else at all. They must be so busy that they don't have time to communicate with shareholders. Perhaps their other businesses are keeping them busy.
Do you mean the "shovel ready" mine, with permission to produce from the oxide, which currently is not? The Mine that should already be running and producing as we waited 18 months for the permission we are now not utilising?