Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
"It just takes too long and in my opinion that is not a good sign."
Couldn't disagree more. The longer an M&A transaction is, the more complex and massive it is. If there were any material negative change, then it would have been RNS'd by now. FWIW, my guess is that the thing that is actually holding us up is the Nyud licence transfer, or something related to that transaction (perhaps further licence applications, changes, extensions, additional due diligence, or something linked to the switch to pioneer licensing).
It could also be something linked to the hydrogen arm of EUA: perhaps the war means we're now looking at a full company sale, or a series of discrete transactions that have to occur simultaneously, which inevitably implies greater complexity to line them up for immediate execution. Or perhaps the buyer - or one of them - wants the war to come closer to an end before they execute their end. Or even it could be that EUA are gaining necessary pre-approvals from the various state committees that are ruling on asset sales during the war while western sanctions are in place. For all we know, the bidding war could even still be going on inside the inner circle.
Either way, there are plenty of reasonable and positive explanations for the hold up, and the fact that we're seemingly in a holding pattern implies that we're simply waiting for something that will catalyse the whole process and see everything fall into place. Once that happens, the wheels will turn rapidly IMO.
Quite Ste. I also take quite a lot of reassurance that, whenever the FUD-spreaders arrive, alongside the various green coffined oddballs, it is usually a signal that some sort of news is in-bound in the near future.
"Plenty on here, massively invested, who had full belief in the BOD early doors who are now questioning their investment."
I'm not. I have full confidence in the board to execute. Because I'm not an idiot and can understand what RNSs mean.
Over 600K. Ridden the tiger up and then back down again. Not remotely worried about what looks like a fairly hefty paper loss. I've said all along I'll hold all the while Dmitry does, and that hasn't changed.
The way I interpreted it was pretty simple: the AUDIT process is delayed (most likely because site visits are difficult under sanctions). They've issued this now to demonstrate to PIs that they are listening, but to not be surprised when they announce the AGM on Thursday that it isn't accompanied by the annual report. The AGM will still take place by the end of June, and they expect to be able to issue the report within that timeframe (i.e. between now and late June).
That's the position "at present" anyway. Who knows? Maybe by Thursday things will have changed and there will be some material news to present that supersedes everything...
Lots of chunky trades going through. Must be MMs trying to clear the stock backlog from last week. But someone is on the end of those quarter and half-million buys. What do they know now that they didn't last week and the week before?
Well, the AGM is to review the 2021 annual report, so in a sense we should be anticipating the whole focus being on what happened last year. However, the very fact that they have left it until the last minute makes me wonder whether actually we're going to get a juicy nugget of some kind. If it was just to be a bland RNS with a dated report, then arguably they would have done it already...
Evidently a lot of the increased shorts opened over the past few weeks around 8p or so were betting on there being a glut of stock at the end of today and that is precisely what has happened, allowing them to close out in the auction. Seems a crazily high risk to take for a 15% gain and potentially jubbering losses IMO, but there you go. I reckon it helps to explain the influx of drongos we've seen on this board and Twitter the past few weeks as well, who have all suddenly gone quiet. Surely the only way is up now, aided by the cranking up of newsflow from the company.
"so no one is concerned about these large trades after hours?"
No, it's the mid-cap indices unwinding and shorts closing on the other side.
I remember when we were going into the MSCI mid-cap there were huge buy orders on the other side at the end of the day that never got executed: 50p and beyond.
"What’s with 35m at 6p?"
Probably Blackrock mid-cap selling it to Blackrock's shorting arm to close out!
Could be both: rebalancing mixed with shorts closing mixed with pre-bank holiday FOMO.
Looks like we’ve just ticked up properly to 9.25p. This could be where the shorters really start to take fright… could be a very fruity final couple of hours today.
Did I just fleetingly see 9.5p.....?
The green coffins and FUD-spreaders are conspicuous by their absence today, aren't they?
Yes, if I was at the vinegar strokes of a massive and hugely complex multi-billion M&A deal with multiple international buyers of subsidiaries in a country at war and subject to sanctions all under NDAs, I would be busting a gut to do as many public interviews as possible. Can't think what their excuse for not doing them is.
Seems to be some big sells going through too, but price holding quite stable. I wonder if it's as simple as the MSCI index unwinding, transferring those shares to the small cap indices and some shorters using the liquidity to close off.
Feels a long time since we used that word, but looks like a 3m buy has just gone through at 8.9475 unless it's a loch ness monster
"It’s black or red-nobody really knows"
No it isn't. Black or red is a 50/50 gamble. If you've done your research and have an appropriate sense of risk, then there's no way whatsoever that EUA can be weighted as likely to fail as it is to succeed. Yes, the share price is down from the highs, but only because of uncertainty induced by the war (which the board have reiterated does not affect their plans).
In my view, the chances of it all going to pot are less than 5%. Literally the only bad thing that could happen is expropriation, which is unlikely for all the reasons discussed here previously (Russian investors don’t want it; it runs counter to the state’s interests; Eurasia has built strong links to the very highest reaches of Russian government; it would destroy junior exploration in the country, with massive knock-on effects for decades).
Even if there is to be no sale (I fail to see why any serious firm or consortium would spend millions and two years doing due diligence if they weren’t serious about buying) we’ll simply activate Sinosteel and move to production ourselves. We’re not that far away from being able to do this anyway, which should concentrate the minds of buyers. Plus, EUA is a massively bigger and more advanced company than it was even a year ago.
So, with all of that in mind, I consider that we have a 95% chance of success (whatever the current share price disconnect). If so, then the roulette wheel has 19 blacks for every red.
"Its a standard resolution to have the ability to raise additional funds. Do not read into it any further"
I'll read whatever I like into it, thanks very much. I know it's a standard resolution: my point was that, without more concrete news, some investors might well not be in favour of it. Moreover, were it not to appear as a resolution, that would actually tell us rather a lot in my view.