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Fantasy - I think you’re twisting AP’s words a bit on PP which to be honest isn’t really necessary when there are a list of genuine things to be annoyed about. He’s never said PP was a bad asset or mine just that the commercial and ownership structure for Vast on that asset was crap. Big difference
Very interesting
Hahaha TBTT. You do make me laugh. Still lingering, still trying.
TBTT - I thought you were completely ‘done’ with Vast?
Sorry, that wasn’t meant as a personal shot at you btw. Or anyone for that matter. I’m in the same learning boat. Can be a steep and brutal curve
If people want to bet their house on an AIM junior mining stock operating in Romania and Zimbabwe...
FTB - IMO how high the stakes of the game are is equally down to the investor, not the Company
AP and the Board have made mistakes. Don’t think anyone is so foolish to not admit that. My top 3 list below for what it’s worth of recent good and bad decisions by AP and the Board Let’s start with the BAD - not sufficiently de-risking the cash flow (poor governance and risk mgmt) a number of negative impacts as a result including... - the Bergen deal (wtf were you thinking, just raise equity. Bonkers and stupid) - over promising on timelines (for the millionth time, just stupid) And now the GOOD - persevering and successfully negotiating the BP association license (will be highly lucrative longterm for the Company) - hiring a new CFO (thank god!!) - JV partnership with Red Mercury/ Chiadzwa Community Development Trust who have been awarded the right to mine the Heritage Concession. Full commercials due shortly (if this is pulled off, which looks increasingly likely IMO then I think conversations will be very different on this BB) Other items can I’m sure be added to either the list in time but for now there is high degree of uncertainty around them e.g. Blueberry and Zagra, mystery equity raise use of funds (probs diamonds IMO) Anywaaaaaaay. You miss 100% of the shots you don’t take.
TBTT - that post just screams like a gloat about your new investment whilst telling everyone they’re holding a turd. I’ve lost count how many times you’re ‘done’ with Vast yet you keep coming back. It’s getting sooooooo boring.
Why do you still hold Fantasy?
*to realise the value of its assets
I’m not sure what your point is.... That Vast still needs to secure financing to trails the value of its assets? Or that diamonds still have a bit of way to go? No shit Sherlock.
You don’t half flip your outlook on this share every fortnight Dodge. I think you’d struggle to find anyone on here who actually thinks Vast have now ‘made it’.
Sandy: might be the funniest thing I’ve read on here. Well played Daz
To stop further dilution and uncertainty from Bergen CLN asap.
TBTT - equity cure clauses are varied as are obligations on both lender and borrower in default scenarios. For example it is not uncommon to be required to agree to an adjuster repayment profile. Wouldn’t exactly be out of tune here either considering they accelerated from the original. Also lenders do not like enforcing security, they generally just want their money back with interest. I’ve remained quiet on here for a while as haven’t had too much positive to say during the Bergen clusterf@“k. But appointment of new CFO (so needed) and getting rid of Bergen are at least positive steps towards a recovery in sp and delivering the value of the Company’s assets. You’ve been pretty vocal in your criticism of Vast for someone who is no longer invested and who has claimed on multiple occasions to be done here and subsequently backtracked on certain conditions. Sandy’s circling vulture metaphor comes to mind...
Teacup - acquisition/development agreements are separate from long term performance based management/ director incentive schemes. Sounds like you’re ultimately not happy with either one or both of them. Out of interest what would you propose as an alternative? Not that this is really of any concern to you unless you have authority to act on behalf of your brother or have personally bought any shares.
Teacup - In addition to Castaways post, I can certainly see logic in not commisioning a JORC resource report whilst in negotiations essentially with the Rom Gov to get a mine off them for as cheap as possible. The current resource is of the explored pipes to date if I’m not mistaken. Not the unexplored as in the expanded area (upper galleries) and unexplored pipes within the original site. And lastly, which is self admittedly the crux of the issue for you, I’ve yet to hear a compelling reason why Rom mgmt (inc AP), give up/convert their stake in this project at this stage.
I’ve been posting less here as investor sentiment detoriated and scaremongering increased side by side. The Company’s financial positioning is not like FRR’s. I strongly recommend anyone to read Vast’s interim report in full. I’m not happy with Bergen (awful deal), current lack of transparency on a number of items (e.g £1m raise, prioritisation ect), and how shareholders have been treated. That’s a given. Cash has been tight for a while now of course but the funding gap to getting BP online may have already been covered by BT1. The Company previously outlined $1.5m requirement to get the mine up and running post license issue. The additional £800k has been stated for a faster ramp up to FULL production at a higher run rate of 13k tpm. Obviously this is key for the BoD to confirm via official channels. The above would completely transform Rom financials and if BP is anything like the mine the Company have outlined (even half as good) then Rom Ops will be profitable in H2 as will the Group IMO. Vast’s cash burn has been devex and Manaila related. Both are controllable IMO
Ian - eloquently put