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What did I warn you about?...sh*t results being confidently sold as good results
they really have no shame, how can they keep a straight face when they type these RNSS
These are NOT good results, I repeat, they are NOT good results. they arent eveb 'promising'. Ask any mining geologist and they will say the same.
According to ECR, almost every assay they have done in the last 4 years have been 'good' or 'promising' but why are they nowhere close to a resource?
Watch out everyone!
So same old same old
I saw ECR near the top of risers the other day and almost spat out my coffee
Is DocHolliday someone with business/mining experience? I follow him on X but I didnt realise he was actually part of ECR now. The whole things seems comical, even for AIM standards.
Remember, what you are looking for is DEPTH. NOt shallow mediocre grades. ECR have never had much luck on this. If it flops, I dont see where else they can ramp to keep their salaries paid.
GLA
I saw ECR on 18% up so thought id drop in and see what it was.
Glad they are continuing to dispose of the things CB had no right in buying. Madness for such a smallcap to have its own drills and to buy so much property.
Still not convinced this company will EVER come up with a commercially-viable resource- likelihood is they'll come up with a small resource after rounds and rounds of dilution that will make the SP worthless.
Also re-affirms, just how out of order CB was to proclaim about resources and takeovers 2-3 years ago- they were nowhere close back then, not even close in 2024.
Its still the same story- imagine this was a company where the CEO was claiming that they had potential buyers 3 years ago. 3 years later- millions of £s raised and SP diluted. It is still chasing shadows, still the same posts- 'rerate due', 'this is going to blow' etc
Few Qs
1) How close are ECR to a mineral resource anywhere?
2) How much money do they need to reach a mineral resource? How much will that dilute the SP?
3) Are they still employing the 82+ year old NED who lives in the Channel Islands? ( who was actually a friend of the CB) If they are, it shows how 'serious' the company is.
ECR is a classic example of the AIM miners who oversold and overpromised during the 2020 mineral bull market.
I recall another company I had stocks in, Alien Metals, glad I got rid of them.
However when they got bad results from their Mexico concessions, they just shut the whole thing down and focused elsewhere. This was the mistake of ECR, they kept on 'digging a hole' (excuse the pun) when it was clear that anyone with common sense that the assays they were producing were rubbish. Perhaps the difference was, Alien Metals had other resource which they could focus on. Whereas with ECR, they felt they had to keep on going to keep the company- and more importantly- their salaries- going.
"Post period end the results from Victoria have been generally inconsistent, and while some great unexplored potential still exists at both Creswick and Bailieston (and Tambo), in the interests of finding the best possible value for money from the Company’s assets, the Board have decided to focus resource on our Queensland assets in the near term. "
I feel somewhat vindicated. There COULD be potential in Queensland but it was pretty clear that the previous assets that were ramped by CB were ****.
Remember I said that I ran the assays past a family friend who was a retired goldminer at a midcap and he said they were poor results? CB was trying to say we 'didnt understand that we are drilling diagonally and not vertically' and many people fell for it.
Also gives you an idea just what nonsense he was talking about about a 'potential takeover/bid'....but that ramp did allow him to raise 5 million and go on a real estate spree. Think about all that money burned, all those SP-diluting placings- and it all came to nothing. Queensland is a reset and from what i've seen- it may actually yield some potential and a resource. There was more chance of Elvis flying a UFO crashing into the Loch Ness monster than finding any commercial resource in Victoria and i remain amazed how many people could not see this. Anyone who asked questions was a 'deramper'.
Hopefully people have learned from taking things the CEO/BOD say at face value and will be more critical and sceptical of future news and future ramps- especially with this particular company's history of baseless ramping. Hopefully when more Queensland results come out, people who question and critique wont be dismissed as 'derampers'
Remember a CEO isnt your best friend, isnt your relative- you have no more reason to trust them as a random sitting next to you on the bus.
I didnt expect so many responses which is why I continued. I mean, its not like I broke a vow of marriage or something so relax. You should be more worried about those who run ECR keeping to their word. What happened to the potential buyers that CB claimed were buzzing around the company?
The SP is still in the boots. I think the SP was around 0.9 when I first posted in Jan. Now its ONE THIRD of this. Some people are still defending this lifestyle business.
ECR has not provided a SINGLE substantial assay result yet. If anyone believes what they have published (starting with 'we are pleased to announce....') then I have a seafront property in Switzerland to sell you.
Its like losing a football match 6-0 then coming on social media saying you had a great result. And they know most people here dont understand assays so will be easily swayed. Its all rather brazen.
Like I said, feel free to find anyone who has experience in mining, and they will tell you straight away that the assays are dog***t. Certainly not enough for a buyout like CB was claiming (before he raised a big wad of cash of this ramp and started a real estate spree).
I just saw the last RNS
These property disposals (when CB went on a spending spree with your money) actually represent the most significant RNS since the new CEO.-That is how bad things are.
To date, this company has not produced any materially significant RNS. It returns poor assays than issues an RNS saying the assays are great. It relies on the fact that many AIM miner investors dont look into things in detail. As I keep on saying- I challenge anyone to show any mining expert the assays that ECR have produced to date- and let us know what they think of them.
Its like an alternate reality when you look at the comments here- sometimes suspiciously so. Who are all these people who have swallowed the Kool Aid?
The RNSs issued by ECR reminds me of Donald Trump at his finest. When the sky is clear and blue he could tell you that its raining and cloudy and expect you to swallow it.
It is amusing that a company that a tiny AIM miner- which is nowhere near a JORC compliant resource, despite the millions of investors money used- had money to buy its own property and its own expensive drills. Every other AIM mining company I know- use drilling companies and dont pretend to be real estate companies. Makes you wonder if someone is benefiting from this.
Also...have they got rid of the 100 year old NED who lives in Jersey>- you know, the one who was given a job by his old friend- CB.
GLA
This is all rather laughable
Anyone willing to make a casual bet when ECR will have a mineral resource by?
This company has rinsed through an enormous amount of cash (after a large raise on the back of the ex CEO creating) a 'false market' by making unsubstantiated speculation regarding a takeover.
There is very precious little to show for it. All this time and money.
Its the audacity of the company to publish results as 'excellent' when they are literally a pile of ****
They clearly take you all for fools.
Is the 80 (now 82) year old amateur historian friend of the ex-CEO still on the BOD giving his 'expert advice'?
This is a comedy company that is taking you for a big ride.
I said I wouldnt reply to this but I couldnt resist.
I dont really believe in copying private emails or I would copy the exchange I had with ECR (almost certainly Craig Brown) in 21.
I see the last few RNSs were typical ECR- new drill, new drilling, mediocre (at best) assays etc.
The fact AH has not been to the Phillipines- shows there isnt much meat there. I was just in Phillipines and there is a lot of anti-mining sentiment among locals. Thats where you have to give Oz credit- they really have shown how to manage mining wealth for the good of the nation- high environmental standards and rigorous application procedure. So there is less objection than in a country where corruption is rife and there are less environmental safeguards.
Getting extra shares- instead of cash- for a project that may never see the light of day- is genius business. I loan you £1000 for my business that has no hope, instead of repaying it, I give you a 10% stake. Thats the way I see it. When ECR has its own needs of cash for drilling- it is a poor deal.
The last assays were as poor as what we have expected from ECR. Despite burning through a ****load of money- ECR continues to be nowhere near a mineral resource. Compare and contrast with what other companies have achieved during the same timeframe/cash flows. ECR was one of the richest AIM companies of its size after the large raise under CB who made unfounded claims about possible sell offs0 just to push the point- it would be ridiculous to talk of sell-offs/takeovers now in March 2023- there just arent the assays to support it..yet CB was making those claims almost 2 years prior (which ramped the price to 3>)..then he went on a property spree which has now been reversed.
I cant take such a company seriously- especially when they still have an 82 year old man ((and friend of Craig Brown) who lives in the Channel Islands and runs a local historical society- getting paid as a NED.
Long live the ECR circus and the lifestyles of the board of directors which your money supports.
I will only post this once, what you do with it is up to you. I've been meaning to post this for a while but I have moved to Oz from UK so had a lot to sort out.
In October 2021 I wrote to ECR raising concerns about the direction the company was going, the lack of any ‘substantial’ RNS and how the company had been ramped with baseless speculation of a takoever (among other things), the property spending spree etc. I also raised the issue of why an old 80 year old friend of the CEO had been hired as a NED when there was clearly nothing he would add to justify his salary. The responses were so touchy it had clearly been taking personally- I wont post the exact responses out of respect, but it was very unprofessional. I had no doubt who was responding to me.
Prior to the heated exchange, I had ran some of the assays past my brother’s godfather who was a senior geologist in AA. He said they were poor assays (despite us being told it is because they are drilling across and not down) and was surprised that the company were so bullish about the results.
ECR was once one of the most cash0rich mining companies on AIM after large raises on the back of unjustified takeover speculation (even though they were- and continue to be- nowhere near any sort of mineral resource). The money was burned through rapidly- even if some of it was retrieved by the selling off of property. Other juniors have used less money to prove up a resource- but this continues to elude the company.
I would encourage anyone to spend 5 or 6 years going through the history of ECR and you will see the same thing- nil material progression. In that timeframe- I guess at least £1.5 million been paid out in salaries to directors. For the private investors, it hasnt been such a fun game.
And before the rampers come, I challenge anyone to show these assays to any expert in the field and say if they disagree with what has been said already about the quality of results that come **trickling** in from ECR.
Like I said, I will only say this once. Im far too busy to respond with life in sunny Oz to argue with rampers and people who have got in over their heads so try and pump to recoup their losses.
But wish you all the best