Member Info for Montmuzard

What’s gone wrong? Nothing. Aside from a war depressing sentiment and the share price, I remain bullish.

I have an even simpler metric for working out how close we are to the endgame: shorts closing. We've gone from roughly 30m over a sustained period of time (at a higher share price) to nearly 60m and, at these low prices, have progressively seen them diminish further and further. The smart money is all going long. Any PIs that have panicked and sold out in the past few months have simply gifted their shares impatiently to big boys with infinite patience.

Nice try, but Eurasia has zero debt, enough cash to get through to this time next year without needing to raise and is sitting on assets worth $184bn. Sorry if pointing out facts means whoever controls your strings doesn’t give you your 10p today.

You’re free to take it as a compliment. But it wasn’t. It was the opposite.

Philosophers distinguish between freedom to, and freedom from. Free speech means freedom *to* speak; it doesn’t mean freedom from being told what you’re saying is nonsense/deceitful/part of an agenda etc.

Absolutely, and it was just four months later that the biggest pandemic since the 1920s exploded, drastically restricting movement around the world for the next 18 months.

Four years and no sale ... yet. We know that the bidders who completed due diligence are still at the table and the sale process is ongoing, so it's patently untrue to say "no sale". The only facts that matter are in the RNSs, not your deluded ramblings.

Agreed. He also didn't sell any at the top (not that he could have) or in the 30s once the FSP ended which suggest that the numbers we're dealing with are many multiples of the current share price. Moreover, the fact the board are openly talking of liquidity events and assets sales with no disclaimers on them suggests the deals are as good as done.

Quite Monkey. I keep saying this: instead of listening to agenda-driven botflies (that's a word we haven't seen enough round here recently) people should just read the last three years' RNSs one after the other. It's all there in black and white, and it's the only information that matters.

There's no reason to suspect that at all. There was never - especially early on - any guarantee that a transaction would occur. It's often the case that, when M&A deals are going on, the board needs to find ways to insulate itself from that ongoing process so that it doesn't come to dominate their activity and distract from everything else. Their job is to set overall direction and focus on progressing the operational side of things. The very fact they clearly have progressed this substantially over the past two years implies that it was absolutely the right decision for Dmitry to step down and focus solely on M&A work (of which there has clearly been plenty to do). Remember, Dmitry is a banker, not a miner or an engineer: he is not the man doing license applications and negotiating mining plans or JORCs. Imagine if they hadn't done, and none of that operational work had occurred, and then the M&A deals had fallen through: the company would be at least two years behind schedule, rather than being the position of credibly saying to buyers "we can literally start mining in a matter of months now".

The drongos seem to be getting desperate now.

It's all there in B&W on the Eurasia website: Dmitry is M&A officer, Artem is a NED. These are *different roles* with different responsibilities and reporting requirements, so there's no conflict implied in having both of them on board at the same time whatever the FUD-spreaders who are trying relieve the nervous of their shares will tell you. The former has clearly been negotiating the sale of the PGM assets for many months; the latter has been brought in to speed things up, perhaps on the hydrogen side given his expertise (and the implication in the recent RNS that all of the company's Russian assets, plural, were going). Wouldn't surprise me if he has also been brought in to review, in an overarching sense, the lined-up deals, to make sure everything is above-board and serves the company's interests. Either that, or he's been put in place by the buyer. Whatever, it doesn't really matter.

Oh, and if you think that a lack of mention of Eurasia on Dmitry's online profiles - most of which haven't been updated for years - means anything you're a nutter. Nobody in my industry, unless they're actively looking for work, bothers updating things like Linkedin. As if someone buried in negotiating a massive M&A deal from which they stand to earn hundreds of millions of dollars will be thinking "oh my, I really must ensure that the random website that carries my profile from that thing I spoke at in 2016 is fully up to date". Get real.

I see the drongos are back with their tongues pressed up against the windows again. Must mean news inbound: RNS after hours tonight IMO.

"The bod need to let us know the plan and timing and what they are working on and what’s coming when. War has let to even more silence and us guessing".

You don't need to guess. It's all laid out in the RNS's.

Bare minimum 50p. Can't see them all working for 20-odd years to earn less than where the last dilution was at. I'm still of the view that - for all the assets - an SP in the region of £1.50 is very plausible.

"I really hope you are right but I still think the BOD should communicate at least something!!"

They have. They've reiterated that it's business as usual and the asset sales are moving forward on multiple occasions.

"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...