Member Info for mattwales

don't get me wrong they have started to turn round what was and still is a pigs ear from last management its gonna take time.

of �1.14m with �233k due in trade sales �482k due to go out to trade debtors on those accounts = �891k cash losing around �200k a month, placing early may anyone

other outside factors South Africa mining policy changes in the pipeline and nickel flying

why couldn't they issue one saying we have no reason to know why the share price has fallen 80% they are complete muppets.

IMHO i think its got further to fall its obvious that needing �45m capex to try and remain competitive shows that they're struggling. The cut in dividend from 5p to 2p will put off enough potential investors till the share price is paying around 4% dividend.

dividend cut from 5p to 2p per year, extra jobs needed to increase service reliability and a �31m investment in new systems next year ouch

royoboy, I hope you and others on here are good and looking forward to Christmas. The Cobalt deal to me smacks of insiders. How do we know Madini/Iain Macpherson don't own the DRC licence and Sula has paid them £100000 plus the finders fee to Iain Macpherson of £55000 so more than covered what they paid for the asset. Sula mines the asset Madini associates hold 30% free carry to mine and although we don't have proof I bet that's exactly what's happened here.

what's concerning is there have not been any RNSs about the monthly payments and the amount of shares issued so we don't even know how many shares are now in issue here....that's another AIM rule breach

cherry, the company cannot issue shares below the par value which is 0.1 here they will have to consolidate and as such get shareholder approval for that to happen. I wonder what they do with the monthly payment from riverfort since the company cannot issue shares below 0.10 they must be in breach of AIM rules? I cant see them raising any funds at all until they go to drill, unless they JV the drilling out as no directors are being paid.

there was a time when his holding was actually worth something, even if he dumped the shares in one go it's not going to have that much effect. The political repercussions as he is local chief could be dire but again because SL need investment I think it'll be somewhat muted. Next up joint venture with Madini associates to drill the rest of the asset in exchange for X amount of stake.

don't get me wrong they could be trialling this with many different companies pre contract like most companies offer. Its just with 8 weeks till end of year results and no contract wins so far indicating the loss will be similar to last 6 months.

we wont know till march what end of year figures are but I bet they raise cash by the results, the DPD sale just extended the ask for money by a couple of months at most. if there were any significant revenue generating contracts they'd have issued an RNS.

still ultra high risk �48k revenues vs �2.2m loss recorded in the location service division in the 6 months accounts ended 30/6 and no contract RNSs makes it unlikely revenues have changed.

cherryburn and everyone else, in terms of finance to get a full JORC and PEA against the whole of the asset what are your approximations costs?

yes cherryburn, equity drilling owned by mike warren but galactic tide owned by mike warren and iain macpherson as main shareholders. Ongeza Mining who arranged earlier placings issuing shares to themselves owned by iain macpherson so I assume iain macpherson has more input than Roger. Its been conflicts of interest all along so why stop now. http://www.madiniminerals.com/team.html

i'm expecting iainmacphersonsmum ltd joint ventures and takes at least half the Ferensola project in exchange for drilling the rest of the asset free to Sula as no one else would touch it without a JORC and/or a PEA. I also believe this is why Madini have brought in their geologist to ascertain risk to this potential Madini JV. I expect them to pick up any one of the dozens of mining licences taken off other companies in SL at the same time to placate shareholders.

mannnan, I presume it will also be the new investors at intervals each month to try to knock the SP down. No idea how much they dumping per month but it should be around �23k a month (at current SP levels) or so depending on what their strategy actually is. With the spread so wide i'm not sure how they can be making any money here now at all.

davie46, Sula built roads because the site is a dirt track in the middle of nowhere and they needed to put in a road system to get to the camp. They extended the road system last year to get huge trucks onto their site to drill. They built water facilities they needed onsite as there was no water to the camp. The only thing Sula have paid for which isn't used by Sula is a school which probably cost a pittance to build. As they develop what is a huge field out in the middle of nowhere they will probably need to get access to that part of the camp to drill by extending the road system further.

If they didn't have a community service responsibility it's very doubtful they'd still have their mining exploration licence in Sierra Leone a lot of companies have had theirs licences removed for a lack of CSR and lack of any activity.

is that FD014 hole in the first batch of results was a great hole that wasn't matched by every single hole after it which indicates that there is a great possibility of gold at depth Sula just haven't been able to hit it. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=SULA&ArticleCode=c8becesc&ArticleHeadline=Ferensola_Gold__Batch_1_Assay_Results