The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
It’s a shame. But it’s par for the course here. UFO have been grossly mismanaged for the past 2 years and it’s reflected in the SP. Imho Only actual profitable production will turn this trend as so many want out after years of it. But funny enough it might just about be a good time to start buying or adding
Vorster comes across very accomplished to the point and a no nonsense kind of figure.
It was a good interview. I guess we are two years behind schedule but if we get there in the end it should be well worth the wait. (Hopefully).
@HH i get the sentiment, but Windfield surely would have zero interest in "handcuffing" UFO into punative or crippling payment structures. I dont doubt they have protected their interests, but at some level they need UFO to make a big success of Hanc0ck for Windfield to ever benefit from the deal. Destroying incentive to mine in the first place is clearly not in anyones interest at the outset, as lets be honest theres no value in it outside of a mine or a haul road for someone else. I am not sayng you are wrong as none of us really know..
For the record, yesterdays RNS contains a lot of information that we didnt know the day before, and for me does add some more clarity to the notion that Hanc0ck can be mined profitably and most importantly it can be up and running in a short time period with the right funding and a good management team on board..
Having been knocking around here for years there are always questions questions and more questions.. I dont like the Heritage breach.. i dont like the "nearly" a DFS but not quite.. but on the brightside the numbers generally stack up and are broadly inline with what everyone percived them to be..
I do also think over time the profitability will get much better as time goes by, as many have alluded in the past few days.
The key to all of this is the next appointment.. we have been waiting for 6 weeks.. this better be a good one
@yay. That made me laugh. You’re spot on. The journey here has been a tough one. I don’t see us mining until mid 25 at best unless a real mover and shaker is appointed ceo of IOCA. UFO have failed on every front for 2 years.
We had a breath of wind today.
In the doldrums we remain.
@Bfd.. after 4 years of optimism I am running on empty here as another self imposed deadline goes sailing into the distance.. I will remain invested here as its a matter of principle of not breaking my own process. but its only that that is keeping me from pushing the button.
Anyhow... lets see what happens in the next few months with a new team coming in.. I just want to see someone with a bit of life in them..
@Cj - yes your are indeed correct and thanks for pointing out that Troy wasnt in the company when I mentioned it.. its a fair comment.. the fact is I have lost all track of time in UFO comings and goings and it "feels" like its been 3 years when actually its a much shorter time frame.
The ramping / deramping doesnt mean anything to me.. but to give you an answer about just how p*ssed off with UFO management over the past 2 years i am its 100 out of 10..
I have until Septmber this year then its 5 years since I started my position here, and i currently reserve the right to think that Hanc0ck will likely fail based on the current levels of performance.. I dont see anyone stupid enough to lend UFO UFO money to get Hanc0ck off the ground.. Be honest and tell me you would be happy to lend this circus $20M+ to build and run a mine.. I wouldnt !! they dont ever hit their targets.. they would run out of money and be back with the beggin bowl.
Again .. more than happy to be wrong as I stand to make a packet if I am, but its feeling to me right now that the opportunity has passed us by..
Its an intersting thoery Chrisatbirdies.. of course we will never really know why Troy left IOCA.. but it did come as a bit of a suprise.. Troy was responsible for "shovel ready" quote.. so his timelines were what BBG used to update the market back then.
You could agrue that Troy was really to blame for all of the failed timelines that UFO have published since 2020.
I think there are perhaps 3 plausible scenarios here :
1. all is really still on track and Hanc0ck will be a success with the new team.
2. the company is just drifting and doesnt have the gumption to get anything going
3. most unlikely is some kind of buyout.. but its likely to be very low imo.
I think folks on here are fooling themselves about the 30 day thing. UFO operate at least double the time of anyone else and that’s being kind.
Who is even overseeing the work ? Is the work even getting done ? Who knows.
It’s an utter sh* t show.
This idea that we have started the road as well is highly unlikely.
@Max.. please dont ask daft questions you have clearly missed my point.. I will clarify it one more time.. but I fear you are far too deluded about UFO to see whats under your nose. This is not an attempt to "do down" the company for some sinister trading related reason.. this is my opinion after holding shares since buying in late 2019 / early 2020. the point of a forum is to have a two way conversation about the company and to be critical when its necessary. And for me at this point in time its necessary as I come towards my 5 year review time horizon. Should UFO turn this around and actually hit ther own published targets then I am happy to be wrong, I stand to benefit a huge windfall should this come to pass.
I am well aware that mining is difficult and challenging, it takes time to get agreements / permitting / drill results etc its extremely difficult. But My point is that over the past 2 years that its crystal clear to me that the company has been competely mismanaged and that in my opinion is the PRIMARY issue for missing the dates. We cannot keep blaming external issues all of the time.
Just to add without trying to be too political. The current uk government have been in power for 13 years and blame everyone else except themselves. It’s the boat people / EU / France / Labour /judges.
It’s just an analogy but the tories face a wipe out. I just hope this IOCA team are the real deal. Let’s stop blaming everyone else and look closer to home for the answers.
@CJ. This is where I cannot agree with the über bullishness anymore. We keep blaming everyone but ourselves for the current situation. It’s KNAc it’s the government it’s Covid. Etc etc.
These powers have nothing to do with having 3 CEOs in a year or drilling sites then mothballing them or buying headframes that are left to rust. Or blaming contractors when they don’t find metal under the ground where we said it was.
Max this is why I’m holding until 2025. I have not changed my mind on my personal timescales. But it’s bitterly disappointing that UFO have let us all down so badly especially over the past 18 months. My frustration is that after holding for 5 years that it’s starting to look very much like a massive mistake to have not bailed out in 2020 when some of my holding had x40.
I defended this company for years in the belief that its management could drive it forward.
I am staying around but I won’t keep defending them when clearly they are incompetent
@smiller. We often have similar views and I’ll agree with the Covid point. Clearly we had delays but to be fair Fenix still managed their way through it. I’m will to give a year to Covid / NTA. But two years is getting daft, clearly the project is just drifting along.
I seriously doubt we will get a bean out of the ground this year.
Happy to be wrong but I just can’t see how at the current rate of progress.
Max. Let’s not try to defend the indefensible.
The KNAC agreement is nothing to do with the DFS
I remain a holder here. Have not sold but it’s getting tougher to justify staying on board. UFO need to step it up big time.
All this buyout talk is rubbish.. UFO are virtually worthless.. the metal in the ground would go for pennies on the dollar as we have zero protection.. Hanc0ck is the only asset that would be worth more than $1M.. the market has this share priced correctly..
My question to UFO is where the is the DFS ? its been 5 months !!!
Fenix went from maiden drills to full production in ~ 2 years!! we are now 3 years from our Maiden drilling at Hanc0ck.. we still have nothing to show for it .. at this rate even if mining commenced at the end of 2024 then that would have taken double the time that Fenix took for a very comparible project.. it cannot be defended..
Sadly we are still waiting for the new management team. It’s now into weeks late.
Nothing other than another broken deadline for the company that excels in this area. Unfortunately the word pathetic is required to replace incompetence