Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Wbernard, "knowledgable posters took me apart" - LOL. I got Fat Controllered is what happened. Said miner has been detached from reality for many months and I'm not interested in discussing it any further as there is no point until the insanity pops.
Spencer (or should I say Paddy), I'm absolutely not trying to get back at JW, not in the slightest. That's water under the bridge - lesson learnt and I know clearly how he operates. I rate the guy as a source of info (with salt applied) and he's pretty funny, if irritating when he talks over his interviewees.
I made a decent profit out of POLX on the way up, and it's time to smell the coffee here - just simple market mechanics is all.
I see people that did not seize the chance to sell on the bell are desperately trying to shore this up. 10 months is a long time to wait, no doubt about it = major drift. There is unlikely to be any dial shifting news between now and then.
Plans change and I don't believe any commercialisation was funded. It's an expensive business. The POLX management realise the danger, in terms of share price, of doing not a lot for 10 months and so are taking this tack...watch out for the cap.
Covgaz, yes I had a run in with the Fat Controller - he didn't like me expounding a few home truths about his pet share, so he exercised his right of censorship as every good Controller does. Said pet share is on it's own trajectory though, and long detached from reality, quite extraordinary.
SOLG - two issues here:
1) funding for the regionals - a big wodge is needed.
2) Ecuadorian elections - it creates uncertainty until it is done and dusted.
And where are the assays for Porv hole 2, part 2?!
The acceptance was more than priced in, given that they had been through the pre-submission dialogue.
As noted below, what is blatantly omitted from that RNS is any mention of the fast track! Long wait until October now and the commercialisation that they are going to start in the meantime will need financing. The cap will be round soon enough.
Savvy holders pressed the sell button on the bell!
FX - he says they are drawing US dollar debt. It's now A$11-12m - up from A$10m just this morning! LOL.
Some carp about upsizing the placing to cover the ramp up model versus the actual. What is he on about? If it's opaque, then it's meant to be and he's basically trying to hide cost overruns and basic errors. This guy is coming back to the market without a doubt in Feb/March next year.
From the horses mouth "I don't intend on having to raise any more, in the near future". So, that's set then - "intend" is good enough for me. And Tony, would you mind defining "near future" while you're at it?
Final Enviro permit not to be completed until Mid March next year? Another uncertainty dragging on.
Going to have a listen now. I've got a huge jar of salt to hand.
Seems so. All of the rest of the placing (68%) money is being spent on mitigating overspend and F ups. Great advert Tony - well done.
Wos, "nothing has changed". That is simply untrue. Two very important things have changed:
1) Management have shown themselves to be untrustworthy.
2) Full finance is STILL not secured. The money is not yet in the bank for the first tranche (one would have to think that it will be but you just never know). More importantly, it is clear that the conditions for the second tranche have not yet been met... we all know what that meant last time. why should next time be any different? Tony has a preference for straight, "vanilla" equity as it's makes for an straightforward balance sheet and less debt - the cheek! He just loves milking mug shareholders. Mark my words, there's an odds on chance of another fundraise in Feb/March next year.
Earthling, what a ridiculous statement. What sort of proof do require? A signed statement of guilt? A copy of the transactions? MfU is a small time player and provided a copy of his transaction! I've no doubt he'd have joined the fray (he's the type) yesterday if he hadn't been busy at work...
Earthling, I'm suggesting that it is most definitely the fault of those so called "respected" posters who were ramping it to high heaven, and continued to do so on the day, all the while "sensibly taking profits". That's called being a CON ARTIST.
And by the way MfU - while you were "sensibly taking profits" (cashing out) some other poor soul took the other side of that trade you POS. So, have a good think before you continue gloating about it.
MfU, I went back on the BB yesterday because it was the much vaunted arrival of what we were waiting to see. I was given a torrent of abuse a couple of months prior, so I left it that I would wait and see what the actual MRE came out at. It came out very poor and I was vindicated. As you clearly concur, because you couldn't get out fast enough, lol ("sensibly took some profits"). As TBTT said yesterday, the GGP bubble has been pricked now and there is a long way to fall. Simple as that.
If you care to look you will see that Hydrogen (1st Dec) was spouting manure like this only 9 days ago:
"What have those 'in the know' been saying for months...? Bulk underground block cave is 100% game on - 20-30moz and another 15moz gold equivalent in the copper. Great news. Many thanks for sharing Paddy."
And MFU, Hydrogen and any others, would you mind sticking to SOLG on here. GGP no longer has any relevance, even as a comparator. Oh and MfU, please do go ahead and filter me. Not sure I've ever read anything interesting posted by you, so it won't be a loss!
We were deliberately mislead. This was planned all along. They did not add that condition at the last minute:
"The lending group has confirmed all conditions precedent to first drawdown under the SFA have been either satisfied or waived, save for the completion of an equity raise of at least A$30m"
A$15m - changes versus the BFS (translate - budget overrun), A$12m - Additional working capital (translate - budget overrun), A$10m exchange rate losses (translate - F d up the amounts kept in US dollars versus Aussie dollars. Sorry, but this is a contingency they should have had in hand. Currencies change in value. Earlier in the year the dollar strengthened - presumably SO4 benefited then? Swings and roundabouts).