Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
In the time of gradual falling of share price with no license from Togo, does the new country manager for Togo has mojo to get permit from Faure? If KRS is not getting license from Faure before the end of this year despite Nayega Foundation and appointing country manager, Russell should step down as CEO so that new one could mend the relationship with Faure. Having said that he has a skin in the game does not mean he should continue being toxic to the company.
with new one to mend the relationship with newly formed Togo government and Faure is the best option. No, doubt it may take longer to build the relationship but Russell still standing, we may not see the license coming in the next decade in this way.
That million pound raise will soon be finish to cover the cost of his travelling to and through Togo and USA and paying himself the salary where he will later put that same money into buying more shares. And us foolish will continue to say that directors bought more shares or paid from his own pocket to cover the cost which later will be converted into shares or repaid back from the raise through dilution.
Some of you the likes of Robin may be comfortable to wait as long as it may take after taking profit from spun off in calidus shares. But sooner I can convert my illiquid loss making shares to profitable one, the better it is to move forward.
Why don't they damn release that update? Of all the past excuses, there is another easy one this time for the board to show of them being unable to make production to their expectation i.e. 29 days of production halt from heavy rainfall. There is no need for more excuses to look for to put on that report.
We know there is 10% interest to Togo govt and 5% for Nayega Foundation. May be faure is indicating Russell that he wants some % in his personal account too which Russell is avoiding or not being able to understand on the reason for (deliberate??) delay on awarding license despite all requirement procedure followed by Keras. Just speculation.
If Togo Pres. Faure were looking at those hyper tweets from individual investors making high expectation of exploitation license coming, he must be giggling (African style) and saying only if I sign it which is not going to happen unless Russell hand over that £1 million (blinking that sparkling vulture eyes with dripping full of saliva mouth) recently raised to him (just for fun-no hurt feeling).
By the way, any information whether Russell and Graham are back from Togo? I am sure that government delegate which Russell met in his recent visit must have told him the reason behind the delay in Faure not granting the license if it is still not Covid-19 related. Is he not going to share with us? I hope he has been given assurance - imminent.
is more likely looking just for inauguration of Nayega Foundation only and still with no prospect of exploit license. Applauding to their initiative and determination to do best for the keras and economy in Togo. But once they leave Togo, we will soon see rns stating they are back now after having successful meeting with the delegation of ministry of mines.
Anyway, making the most of £1m raised by contributing some in Togo tourism industry whose president is not giving any ****te of it. May be Russell team was directly involved and only giving priority to former prime minister team before where resident faure was not happy and soon after new lady prime minister was appointed, pres. faure started side lining Keras and Russell - can only speculate. Hoping it is not true and once his citizen are jabbed with vaccine, he will sign that license.
No, point of asking as they are not willing to answer your question. Has been asking this sort of question for transparency (cash position, diamond production per month, sold and stock at hand) in the past conference call.
They would rather be interested in talking about futuristic planning and projection which will either be proven difficult to achieve or will be delayed by continuous excuses.
Unless massive increase in sales and continuous finding of big stone which is hard to come, I am sure we will not even see the share price rising any soon and my average is 72p. As being unable to continue averaging down, I have started to sell slowly whenever there is little bounce so as not to suffer massive losses.
Since Mike appointment in early Q2 2019, he has made funds raise of well over $5.6m to-date through placing.
Under his leadership, BRD has generated revenue of around $9.9m (not including 2021) and excluding recent placing of $1.5m, the money already spent should be $14m in less than two years time.
BRD still got CLN
I guess former director loan (35% int. rate) is still outstanding which was supposed to be fully paid from Feb 2020 placing
Half year report of 29 Sept. 2020 only said BRD has £2.1m cash. Q4 2020 production report shows , they sold diamonds in value near to $1.8m. Just adding these two amounts, it shows cash position of around £3.5m.
They said they have achieved $423 per carat for Jan and Feb 2021 tenders, then, I assume revenue for this two months alone should be well over £1m.
Where is this monies all gone making directors to raise further £1.5m? Also they did not mention the current cash position.
Absolutely gobsmacked by the inadequacy of the directors on every placing by doing on discounted price . They continuously barrage with depress old information on twitter. Instead, could have updated us with new crushing circuit on operation with few pictures. They could have also updated us of achieving average price of $423 per carat for the first two tenders. This could have definitely boosted the share price and didn't had to do placing at that desperate price of 40p.
Despite huge rising expenses, they are not ashamed of saying that plant installation company are willing to take 20% of project fees and performance related bonus in shares. There is no information on how much is the total project fees and why should BRD pay performance related bonus? Is fees not enough? And directors are saying it is showing confidence. This is like getting free shares despite getting fully paid.
Mike and his team need to come up with new information that will entice the market, not the same old updates such as in Bluerock twitter. Diamond market may be recovering but we really need BRD to recover, then only we can see the movement. They need to start flowing news such us monthly production update not quarterly (to show company is on track according to guidance), transparency on the cash position from both before and after sales (Sept 2020: £2.1m), commissioning of crushing circuit seems to have postpone further again and so does the rest of the plant installation. Can't see any of the good news to be imminent for making a difference in the share price performance. Seeing three large stones in the same month of December and expecting that we may hear from BRD of finding at least one big stone every month was very ambitious.
Say something Russell about Togo (not imminent though), Are we giving up on it! Get that damn issue directly raise to President Faure. Visited to Togo twice with such upbeat nearly three months before. We are half way through to Feb. now and nothing. I mean nothing at all. Not even a hint of what is happening with the application. Young Mining minister Mila does not seem to be champion for both people and mining business. Hope she is not there to be the acting puppet of Faure.
How do you react if the directors are planning to acquire new project from Togo itself with the believe that it will provide KRS with significant leverage in the process of obtaining license quickly for both new and Nayega project?
The directors has recently raised £1m though placing. So before they embark on new project, they should find out first about Togo delay with the intention - now or never. We should give pressure to directors to find out soon.
Otherwise, we will also be seen as stupid to keep funding for directors to keep hopping from one project to another.
If the granting of license is hold by the land issue with the residence of Nayega, then KRS has the obligation I think to settle through dialogue and required compensation.
If it is because of MM mining, then KRS should raise this issue with the Togo government and have a dialogue with MM mining to find the solution to proceed further. The directors cannot just rely on that Franco lawyers and hope they will sort it out. We all know the procedure of law and court where if it is proceed though court- I think we will not get it sorted even in next decade.
In both the above cases, KRS directors cannot ignore it thinking it is the country run by dictator and he will solve the problem in due course. This is not going to happen - no, chance by the look of how things are moving there.
The directors should not get scared of the government worrying that contacting them again might provoke and we may not get license at all. The amount of work that krs has done, time and money spent should be valued by both directors and Togo government. Hence, the directors should pressed on with Togo government to find the reason for delay and sort out the problems quickly for mining license. Directors not having a knowledge of delay despite believing that they have provided all the required documents is kind of looking stupid.
They are not being able to build the project properly that we already have and they are looking for potential introduction of new project through dilution after dilution. It is just the frustration not trying to deramp.
Like you said, time to put this on the bottom drawer cause Togo is still a far cry and Utah looks like it will take few more years to be fully fledged cash generative company.
the rns also clearly says that the fund raised will enable the directors to explore opportunities to grow the Company's current portfolio both through organic growth and by the potential introduction of NEW PROJECTS.
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Having said that those directors have the significant holding does not mean that they are allowed to run krs as their own family or private business. They should have responsibility for the shareholders too who has been putting money (not matter it is small or large) here giving a trust that there money will be utilized on the best interest of shareholders. The act of directors looks like when they find that they can do nothing, they are just hopping from one project to another.
"Money does not grow in tree".
They really need to press on with Togo government now and find out whether they are ready to grant license or not. Enough waiting is done.
It was kind of expected that placing will be coming again cause that previous placing of £550,000 would be gone quickly. But placing this time to bolster cash reserve is understandable. Though, for significant leverage to expand project portfolio targeting additional low-capex and near-term production projects- why can't the CEO just focus on the asset we already have and build that into revenue generation first and later profitable and embar on new project? With this statement of adding another project seems like we are not going to mine in Togo this year or may be not at all.
We all need to give him pressure to find out about Togo soon anyhow no matter it may provoke that Togo government and if it is confirmed that we are not going to mine this year or at all, then think about adding another project to create value. Otherwise, what's the point of all those hard work to date plus time and money gone to Togo.
Through David interview, it looks like BRD will be participating in the SA tender happening next week. I wonder how many carats of diamonds does company may have for that upcoming tender as the recent Q4 reports says that company made sells in December. I am guessing, they must have grossed little over $1m for it.
https://www.proactiveinvestors.co.uk/companies/news/938351/bluerock-diamonds-boost-production-and-get-set-for-new-plant-opening-in-q1-938351.html
If it is not sold on last Dec, they will also sell two recently found big diamond (14.8 and 8.7 carats) in that tender and can expect to get more revenue than selling it privately. The previous found 12.8 carats was sold for $76,000. Wish BRD will release the sales figures monthly from now onwards. It will greatly bring liquidity in the market that shareholders prefers for.
Does BRD has any rare high value diamonds such as red, pink, blue or green in any of the KV pipes? It would be awesome!!! Can that resource upgrade not show information on those rare diamonds if there is any?
Good news today from Diamond Creek. Atleast, KRS will start seeing revenue coming from the sales starting mid-January.
Likewise, processing plant is in transit at USA and will be arriving in Utah by end of Jan. Once, commissioning done which is plan to be completed by Q1, they will increase both the production capacity and flexibility to produce a variety of high grade, organic phosphate products, which will underpin the drive to grow market share whilst driving down costs.
Despite directors claiming reports of positive discussion with Togo government, getting license any soon to exploit manganese in Togo is hard to predict. KRS informing us on the reason for delay by finding out from Togo Mining Minister would be most welcomed. But understandably lots of stake on the table from directors too and I think they do not want to lost the effort that has been applied to-date for this license by provoking Togo unpredictable government. Still, CEO Russell can ask for guidance for clarification on the delay and update us for our assurance.
Manganese importance is growing in the commodities market and KRS being mentioned as a key player in global ultra-high purity manganese sulphate industry is good news. Also, development of communication happening in between Togo government and business sectors for the economic development of Togo might give us glimmer hope of obtaining license too in the coming days/weeks/months/years.
https://twitter.com/PrimatureTogo/status/1347451701104672769
What must be our subsidiary team, SGM in Togo be doing?