Member Info for Metalhead25

The published spread on this share is ridiculous. Earlier confounded noted we were at full ask. Later, I did a dummy buy for £10k to see what the ask was and it was 1.335 (I was pleasantly surprised and took them). Now it’s back to 1.39 ask. But through all that the published bid/ask doesn’t move. Surely in this day and age we could be given more useful/accurate info

I think the key point is that we don’t need an RNS to tell us where they’re up to if still drilling, a tweet would do. The absence of an RNS means they don’t believe their information about current status is price sensitive. Therefore, they could release such information without an RNS. To put it another way, either they must do another RNS or (as seems to be the case) they could put out a tweet

Don’t particularly see why price should be down today, since yesterday evening’s breadcrumbs tend to suggest there’s no substantive problem

Two strong hints yesterday evening that they have been slowed down and are just still drilling (perhaps not even reached 525m yet). So, I agree with tk95, why are we having to interpret hints? Just say “We’ve been slowed down by technical difficulties but are managing them, we’re at 490m and still going” (or whatever the case may be). Surely that would be better than Ben RTing things that chime with his mindset at any given moment (which PIs then try to interpret), the company posting an interview saying they’re still drilling but with no time reference, and Ben saying we all just have to wait

Also, BT has tweeted to someone: “Mark, there is no puzzle. We’ve all just got to wait” (he says, leaving us still puzzling over why we’ve still got wait…)

Legalwolf, I think a lot depends on the reason for the silence. If they’re just plugging away at a slow pace I think they should tell us. After all they told us (informally) at 410m so why not tell us at (eg) 500m after a couple weeks of very slow progress? I can’t see a difference. On the other hand, if there is some situation which is still developing/ongoing (eg peer review) they could reasonably take the view that there’s nothing they can reasonably announce until the developing situation has concluded.

It would be tempting to infer from the above that we must be in “developing situation” territory rather than “slow but steady progress” territory, EXCEPT that in December they went quiet with no explanation for ages and when they eventually surfaced it turned out we had essentially been in “slow but steady progress” territory

Livestock, honestly, having dropped below 0.6p just two weeks ago, I will absolutely take a little struggle with the 1p level at this point :-)

Anyway, with Hammersley and EH shaping up as they are, will we struggling with 1p in Feb 2023? Erm, no. So take a 12-24 month view and relax!

I don’t see what the justification would be for holding onto news of that type for more than a week. I think it must be something confidential

Surely it’s most likely to be either funding or JV or similar, since otherwise what is the justification for delaying reporting to the market? See AIM rule 11 and the guidance notes

Must be a question of degree, but presumably the more confident you are that it’s resolvable and not going to cause a long delay, the better the case for not reporting. So, as the delay goes on, I think mechanical issue becomes less likely as an explanation. This is why I think peer review. Or, also likely, a combination of things. I don’t think we have either had a serious drill failure or found a non-interesting explanation for the EM anomaly as either would surely have been reported by now

Haha, certainly not “my” shorts - I am, despite a certain amount of irritation at the board and a little bit of weariness, very much long Rambler.

I was just wondering about the background to those big trades. I thought my suggested explanation was one which would bode well for today in fact (flippers already sold on Friday)

I increasingly think external review is the likeliest explanation for the delay in which case the wait could go on a bit longer, bwtfdik

Is that about £600,000 of late reported sells from Friday afternoon?

Wonder if that’s short selling in anticipation of placing stock hitting the market today?

I take that tweet as indicating (if anything) that he thinks we’re all stressing out too much and that if we can’t take the suspense that says more about us and our positioning than it does about the company. So perhaps we are in for a further wait

Yep, no time for self-parodying off-topic rants - filter

Yes, and they know that very well (BT: “rocket ship to the moon”). Hence why I think they would quite likely ask an outside expert before announcing success. But that doesn’t mean that is the explanation - it could equally be something else!

Well, the obligation is (as I understand it) to disclose “precise” information which would be likely to affect the share price “as soon as possible”, unless one of the (narrow) exceptions applies. I am confident this company will follow the rules, and it seems fairly unlikely that one of the exceptions applies (not impossible; a negotiation with a major could possibly engage one of the exceptions). So I am minded to think that they do not have any information which they consider is precise. That in turn leads me to the view that (a) there may have been problems drilling (but not a complete failure of the drill as that would be “precise”) and they’re still going, alternatively (b) if they are through the target they are taking the view that visual inspection does not yield “precise” information without some other step being taken, eg getting an outside second opinion. As to (b), I could easily see this company wanting outside confirmation of massive sulphides before using those words. All speculation of course. But they won’t be done and just sitting on the info.

You guys need to adjust to the Corcel pace of life. Grab yourself a good novel and a couple of cold ones and just kick back :-)

Seriously, though, we have been making progress, even if slowly. As long as the peakers do close, I don’t mind the delay

I would prefer us to mine Hanc0ck alone, as:

- it’s not overly hard or expensive to set up
- it means we keep all the profit, whereas a JV partner will take the lion’s share and any sale will be at a big discount to realisable value
- it sets us up to mine Brockman ourselves as well

If we need a kicker to bring some extra cash in and push on our way, we could sell the Sirius Extension, keep the ridges, and work on Brockman while the ridges are being mined

Yes, they both seem to be buys