Member Info for PaulFG

@flawless totally agree re zero patience. Each time I see companies release drill results there's an almost immediate sell-off regardless how good they are.
People are trading anticipation more than anything else, short term.

@green: This Mcap is like a bad dream- never seen a valuation like this with a billion dollar JV partner have you?

Yup, look at OMI MCAP £18m, spectacular prospects and JV'd for years with the No.1 & 3 largest gold companies in the world.
Mkts have changed they want to see JORC resource not potential.

@Color if you listen to the first couple of minutes of the Zak Mir interview I think Frayne attempts to address it.

no idea on the motive for todays sales but I suspect it's someone that is nervous around SL and what might occur over the weekend (just because it's a weekend and two days not trading and they don't want to remain long). There's no depth on the bid so the tiniest volume pushes it down.

Fact is, at least temporarily, things are improving in SL - they took in petrol deliveries last night at the port and these will be distributed over the next two days so they've now enough fuel at least until mid June. World Bank have granted a $160m loan now received. IMF finalising their first round of talks and SL is starting to renegotiate it's debt with various countries. New government sworn in last night.
All very tentative but positive.

All that aside as many have said here we're waiting on GSMB not the Government.

@color
Saw this tweeted. interesting interview from SLankan economics prof basically saying he would invest his money in SL for the first time if the Government grasps the current opportunity. That includes attracting foreign investment not just in tourism to transform SL into an export led economy (or something like that)
https://www.youtube.com/watch?v=x5lH50U619k

I see CMET have finally retweet the Zak Mir interview from May 15th. Jolly good. Someone reading this BB

Stonking opportunity now for an unbelievable entry point/top-up given the Friday seller - cannot see this lasting too much longer.

Initial Euphoria of the discovery of such a mega resource has died down, now the reality:
> need to raise about $330m to bring to production, with inflation taking off you can probably add another 20% plus another 20% contingency for the DFS, so looking more like$550m by the end.
> Production best estimate, by the company, won't be earlier than 2026

So this will attract long term strategic investors but not the usual spikey retail PIs that previously drove this up to high 40s until construction starts - not to say there won't be fluctuations and opportunities to make profits before then...

For anyone interested in getting direct news, in English, from Sri Lanka this channel has a daily news program in English:

https://www.youtube.com/c/newsfirstsrilanka

No go convince all you FB friends, lol

From what I can there are still headlines (even within the last hours) coming out from that one day of violence on MAY 9th. If people just read the recurring headlines it seems like there's a never-ending period of violence and destruction whereas in fact buried in the articles are the facts that they are all referring to a couple of facts that occurred on one day a while ago. Not to belittle what happened but it's not ongoing.

For the rest yes it's in default, foreign currency reserves have run out, there are tankers offshore loaded with petroleum products which the government can't pay for and demurrage is going through the roof, but World bank has issued a loan, India is extending credit , IMF discussions are ongoing, a government (of sorts, and I'm not sure it'll last) has been formed under a new PM (who I'm not a great fan of either) but the country is attempting to move forward realising the next couple of months are going to be very difficult.

One day of violence doesn't mean the country is burning.

Yes it's painful - especially when the buys today are showing as sells it looks as though people are bailing when in fact they're topping up - psychological attacks!

But I go back to the fact that MF has travelled twice to SL in as many months to meet relevant authorities...to what end? And he's actually let us know this. I doubt it's to arrange the next set of drilling (that surely is up to the Technical Manager). So who is MF meeting - well obviously GSMB and for what?
Possibilities:
> Drill results
> Analysis of drill results
> Arrange H2 drill program
> IML
I don't think the first two warrant a trip to SL, I mean what CEO ever visits labs?
The third one will be left in the hands of Stockwell, otherwise why employ a technical manager?
So that only leaves the fourth option, IML. Of course if we had a bit more insight into this process we would understand what stages would require a face-to-face with the CEO by the GSMB but I would think this would be fairly close to the end of the process (pure conjecture on my part, but gut feeling is it's a final dot the i's cross the t's and perhaps 'signatures').

As I mentioned in a much earlier post the GSMB submitted a budgeted revenue of $200m for this year, getting this deal done with CMET and the subsequent drilling programs, analyses, not to mention future tax revenues will definitely provide GSMB officials a certain Kudos right now given the state of the country.

@Justone great price

Yeah me too. So close now after all this pain.

Maybe, with a bit of luck, MF will time it to coincide with the next major piece of news.

well hopefully this isn't TMS yet again promising an interview and not delivering it.

Agreed LW. Financing worries are all but gone with what MF has said, cannot imagine any higher priority for him to have travelled to SL twice in as many months as to help push the IML over the line. According to his Zak Mir interview the SL authorities are even more keen to conclude this given the countries situation.

Always darkest before the dawn...and any other appropriate cliches...

MF has clearly gone out of his comfort zone recently been on The Sunday Roast twice, on Zak Mir and most recently Proactive - I cannot see that he would have put in so much effort to raise the profile of CMET unless it was to build to something (I could be 200% wrong though).

Not worried about one-off trades could be for any reason - if this was a huge sale from one of the original PIs I'd be concerned but at the end of the day it's only a £6,750 trade so try not to read so much into it.

India have provide so much aid already but I don't think that'll play into it. But India is closer so freight would also be lower.

I was watching some of the SL Parliament last night and honestly someone stood up and tried to make the case that if the President doesn't step down the country is open to invasion - but you have to view all these are the high drama antics that play out in these countries - having lived in a couple of countries like this I don't pay much attention and maybe that's the reason behind MF's relaxed attitude when's he's asked about it. But I do wish TMS would get on and submit those questions to him and for him to provide as direct answers as he can.

@Stocktow - I hear you. But the way I see it is last night we closed 7@7,4p, we're currently 7.1@7.4p therefore to my simple brain we are slighty higher with the Bid being slightly more aggressive.

I also see the same thing on my platforms as you but it's just not correct unless there is no bid at 7.1p which is clearly not the case given the sells are all above that.
in the long run won't matter ...

but isn't the bid 0.1p better than yesterday? thought it closed bid at 7p? Strange it's showing down, has the offer decreased?