Member Info for PaulFG

Great roundup, many thanks.
As you say the 100 baggers take years but so worth it and certainly not unheard of. I think the next couple of years will tell us if we have the stuff in our tenements to enable that occurrence. We're certainly on the right track.

Credit to DRJJ for this spot, he posted on twitter, from the facebook page of GSMB posted yesterday:
https://www.facebook.com/GSMBMEDIAUNIT

They are clearly all in working, and had a visit from the relevant minister yesterday. A statement on the page yesterday:
"Formation of a definite frame on value adding and rewards of mineral deposits in Sri Lanka
As a timely program to strengthen the country's economic and industrial development, the methods of adding value to minerals and opening opportunities for exporting minerals resources as a timely program To set up a certain frame Mr. Senarath Hewage Chairman and Director General Engineer of the PD to share their knowledge, expertise and experience in the field by scholars and professionals. D. Mr. Sajjan de Silva, Senior Director Geology Professor Sterin Fernando, Professor P. G. Mr. R. Dharmarathna (University of Moratuwa), Professor Athula Senarathne (Peradeniya University) Professor T. G. A. Mr. Pitawala (University of Peradeniya), Professor Nanda Balasuriya (Peradeniya University), Professor Ariyaratne Herath (Peradena University),
Doctor Concert Mantilaka (University of Peradeniya),
Dr. Aruna Manipura (University of Peradeniya), was held with the participation of officers and scholars in geology and mining sectors of the bureaucracy.
Considering it as the ultimate responsibility of strengthening the country's economy by opening up opportunities to bring foreign exchange to the country's country's economy, the export of the country's mineral resources more effectively in the future by sharing knowledge and experiences from the scholars and professionals engaged in the mineral sector. Completing the necessary activities in this meeting to form a specific frame. The bureaucracy officials as well as the scholars and professionals decided that they will be dedicated to them."

at 6p bid the mcap is more like 11.3m

yes it's a pretty irresistible price - down on next to no volume. Patient holders/buyers/topper-uppers will clean up.

If you don't receive a reply from a company assume you would have received the reply you didn't want to receive.
Unless as a rule the company never replies.

Agreed.

Largest shareholders - oh yes I see on slide 4, but BART no longer listed - as I said their holding prior to the placing was 3.19% which fell to 2.91% as a result of the placing. Which is why I'm hoping they are no longer listed.

LW - I cannot see where they've listed the largest shareholders shareholding - however BART Holdings is not new they have been there since the beginning but their % holding fell below the 3% threshold after the placing in Feb

Yes, It's great comfort to see that none of them have exited or reduced their holdings. Given that none of them took part in the Feb Placing (except MF by 10k shares) I think it's unlikely they will increase their holdings anytime soon so they have to attract new buying to get the SP moving north.

Yes LW it consolidates all the uptodate data in one place - which is nothing new for most of us on here, but useful if and when new investors are attracted to the investment. There is nothing new in the points you've laid out - great though they are, we already know 'em. That's fine.

What we require are new investors to move the price upwards. With that in mind I don't expect any TMS podcast until the next piece of new news... Looking at what is/potentially is coming up this year:

> Offtake
> Crystallisation of Finance
> IML
> Completion of Engineering design
> Commencement of CONSTRUCTION
> Second half of the drill results from LAST YEARS program
> Analysis of the mineral components from last year's drill program
> This year's drill program - which is looking to expand the resource by drilling at depth
> Possibility of drill results (though I doubt it) from drill program in H2 2022
>

So looks to be quite a newsworthy year all in all as you say.

I can see everyone is as excited as I am after going through the presentation, lol.

At least we have an updated state of play on the website for potential investors - that's the positive I take away from it (I know it's marginal) but nothing negative given we all know the situation.

Interesting that MF didn't list his Chairmanship of Cooper Metals in his bio - my only comment.

I watched the interview as an impartial observer - having sold out of ECR back when it was at the dizzy heights of 1.75p.

I thought the new CEO was pretty straight down the line and someone who would just say it like it was rather then worry about pumping things. My impression was also that he was looking at asset disposals including the properties given his cryptic comments around how he sees interest rates and corresponding property values going in Australia - no bad if he can accomplish some sort of sale and leaseback arrangement whilst booking a little profit too. I don't see any advantage to hanging on to the Philippines either.

But on the comments raised about being spread too thin, I definitely came away with this feeling also. I mean you don't see many majors with as many active projects let alone minnow explorers. I would not be surprised to see him, after trying to add value, relinquish some of these too, possibly through JVs or outright sales.

The 2-5 years comment is valid. I mean that's only par for the course in this segment of the sector. The problem is with ECR the 2-5 yrs horizon seems to have been a rolling time horizon for years.

I've been keeping an eye on ECR with a view to buying back in sometime. Sadly that time has not arrived, yet. Will keep an eye on asset sales, cash burn, and to see where this CEO wants to concentrate his exploration efforts.

"Capital Metals plc (AIM:CMET), a company developing the Eastern Minerals Project in Sri Lanka (the "Project"), one of the highest-grade mineral sands projects globally, is pleased to announce the results of an independent Development Study and Preliminary Economic Assessment (the "Study")."

I think that's as much and as close to a DFS as we're going to get from CMET: Development Study and Preliminary Economic Assessment.

@color the "imminent" comment was made about the DFS (done) MF has always said the IML is upto GSMB timelines. I cannot but imagine he has done as much as he can to facilitate this and now it's out of his hands.

From what I can see from other companies having gone through this process in many other jurisdictions this always takes longer than investors had expected (but doesn't everything) and usually lands without fanfare and signposts...it'll come, patience is required.

@color honestly mate I would try to chill if I were you. Getting third parties to hassle the GSMB is probably not going to help our cause at all, maybe even the opposite.

Either just check in each morning for the RNS or maybe, as LW suggested a couple of weeks ago, determine if this investment is the right one for you. SL is heavily bureaucratic and that probably ain't going to change much for a while.

"COLOMBO/LONDON, May 23 (Reuters) - Sri Lanka has hired heavyweight financial and legal advisers Lazard and Clifford Chance as it prepares for the difficult task of renegotiating its debts, a trio of sources told Reuters on Monday."
https://www.reuters.com/world/asia-pacific/exclusive-sri-lanka-picks-lazard-clifford-chance-advisers-overseas-debt-2022-05-23/

At least SL has finally done something right and got some professional help

I Imagine MF has a few things to occupy himself with now since the DFS, not least:
> Pushing GSMB towards IML;
> Agreeing final clauses in the offtake agreements; and
> in his own words in the last RNS: "This Study now paves the way for the Company to begin engineering and procurement work for a conservative, low-risk, staged development plan which targets low capex and an early revenue model."

He'll probably time TMS to coincide with the next news item, given they didn't manage to gain any PR from the DFS announcement.

I think news will pop when least expected, it generally has previously (at least for me)

Just stop watching the screen and check the RNS each morning.

I suspect the reason for MFs recent visit to SL was to walk the GSMB through the DFS. This is likely to be a much larger and more complex document than the summary published in the RNS.
Hopefully, this was the last requirement prior to granting the IML.

Interesting article here about how Aussie stock market is falling in love with REE companies:

https://stockhead.com.au/resources/why-are-asx-stocks-so-in-love-with-clay-rare-earths-projects-a-punters-guide/
"In 2019, Ionic Rare Earths (ASX:IXR), then a $10m market cap tiddler called Oro Verde, acquired a rare earths project with a difference.

This one was clay hosted (IAC); something new for ASX investors, but not the industry. China, which dominates global REE mining and processing, gets most of its supply from IAC deposits in Southern China and neighbouring Myanmar.

By 2021, IXR was still the only IAC stock on the ASX, but by this time it was worth well over $100m as its flagship project moved through the development process. Then, in mid 2021, Australian Rare Earths (ASX:AR3) hit the bourse as clay REE stock #2. Punters responded very positively and, since then, a small avalanche of explorers have entered the clay REE space."

Does that profile remind you of any particular company

Exactly Pondering, that's what we've all been saying. IML grant from GSMB not government.