Member Info for No1plasterer

I found a break down of costs in the fundraise RNS for December as follows

The proposed Fundraise will support the targeted single hole exploration drilling programme, with the budget currently based on current estimated timeline and costs for the drilling rig, logistics, civils and drilling services, subject to final contracts, and limited cost escalation. The breakdown of the use of proceeds includes:

· Drilling rig: £2.07m

· Drilling services: £0.75m

· Civils: £0.36m

· Formation evaluation: £2.05m

· Drilling ancillaries: £0.35m

· Tax: £0.88m

· Additional working capital: £0.99m

The above use of proceeds includes an additional £0.45m of the Company's existing cash balance being utilised for the drilling campaign. The successful completion of the proposed Fundraise would provide the Company with sufficient working capital to at least 30 June 2023 based on the Phase II drilling campaign commencing in Q1 2023.

There has been a lot of ground work done clearing a 2.4 km track and a cellar built by tmr ltd apparently . I dont know what the cost of that was either. If they have chewed through 13 million pound since December by buying a rig and clearing a 2.4km tack and building a cellar, paying wages and contracting a drill team Id be surprised.

Why wouldn't they drill in the same location as last time to save money ?

I cant find anywhere that states how much the payed for the rig ????

I think they have approximately 13 million pound sterling in the bank.

Do they need more ?

what for ????

They raises 9.9 million in December in addition to what they already had why would they need more ?

I cant see them raising any more funds, I cant see a reason for it.

I hope not anyway.

Nothing much to see onsite. it was like a construction site before they put the footings in but with a lot of plant about and i only saw one person there. it was a Saturday lunch time though

The SP decline is solely due to the fact everything is lined up apart from the rig still. 90% complete

Part are due to arrive on-site on time though. That’s the risk. Everything else is set apart from the rig. That’s all it is in my opinion

Makes sense to me.

Iv taken advantage of this and loaded up. If there is a delay later on because the parts haven’t arrived then it’s bad news for holders but itll bounce back

550,000 deep now after today’s accumulation

Might dip a bit more who knows but I definitely think we will be back at this level again and higher

Robsauders99

They OWN the rig, even if the are not successful on this attempt it wont be as bad as your thinking

I am balls deep

please dont let me down Lorna

I know you read this BB

Watching closely for a nice big pull back

I sold 150000 of these at 10.8p

annoying

Ther'e reputation isn't great at the moment anyway. DM flat out lied on several occasions

Hopefully Lorna is different

it doesn't always work like that. sometimes they dont sell directly into the market, they sell to others that just take the shares on there books.

tht theory "for every seller there must be a buyer" is ******

Yeh true

past performance hasn't been great but i think she will get it right. im invested here

When the rig is complete im guessing, Its 90% complete and they haven't got all the parts yet.

thatll be the next rise in 2-3 weeks

· Awaiting the remaining long-lead items for delivery, which are currently on schedule

This might have something to do with it perhaps

Cant believe im 4% down already !!! pricks

Pull back

Im actually in western Australia at the moment, Im going to go to site tomorrow to se how things are looking.

Ill keep you posted if i see any golden nuggets etc

And if they are standing around doing nothing ill crack the whip a bit