Member Info for Pecten11

I'm assuming your in depth research didn't tell you about the debt to Mercuria ?

And even if they manage to pay off Atlas, via a third party, what form do you think that will take? Wonga?

EarlofAim, people have been posting that all the way down from 10p after consolidation

They could also defacto go bust if they cant refinance again, as they owe between 3 and 4 times the current mcap

Molybdenum - the new diamond distraction......

Baita was historically a molybdenum (“Mo”) focused mine and produced between 1-3 tonnes per month of a 40% Mo concentrate. In order to capitalise on the strong market fundamentals for molybdenum, which is currently priced at USD$46,000 per tonne, the Company is on track to start exploiting the molybdenum contained within ore by reinstating the original Mo flotation circuit. This is still expected to be completed in Q2 2022 and will add an additional revenue stream for the mine.

So, even if they get this up and running
1-3 tonnes per month - so call that 2,
$46,000 per tonne at 40% concentrate- so call that $14,400 gross
So maybe around $29k per month extra revenue before costs - the increase in energy costs since the start of the year will be higher than that. Better to have it than not, but just like the diamonds, is another smokescreen to distract from the inability to deliver production numbers

Assuming he follows the TR1 disclosure rules, will be interesting to see if he sold any of his holding prior to this raise. Plenty of time to notify before the admission of shares on the 20th.
If Fatty Cornish makes sure the rules are followed, then we will know whether he's been an active participant (part of a potential concert party) or he has been frozen out of the warrants.

Who wants to take a bet on if the disclosure rules are correctly followed ?

And appearing on Live at the Apollo.....

Yeah, I know, wasnt going to go there - 'they're are still upto no good - had a post deleted yesterday for comparing their reasons for posting to politicians starting answers with 'I've been really clear about our position.......'
If they were clear, they wouldn't be asked again and again for an honest, transparent answer

From 31st Jan RNS

'Underground development remains a key focus for the Company and in addition to the second ramp access, ramp access for the third Sub-Level (‘Sub-Level 3’) has commenced and is planned for completion mid-Q1 2022. Further development will be fast tracked with the arrival of two Mantis CMR4 Jumbo drilling rigs expected on site in Q1 2022. The productivity and efficiency increases expected from utilising these rigs are twofold, firstly, the drilling and support labour can be decreased by up to 50% and secondly, the length of the drilled hole increases from approximately 1.20 metres to up to 2.10 metres, allowing for greater advance per blast.'

So at the end of Jan they expected the rigs by the end of March - now we know they are still not on site, and if they are now talking airfreight, means they havent even been shipped yet - why are the timelines so inaccurate?

Troaj, sadly 'but when?' Has been the key question with VAST for a while - yes logistics has been a worldwide challenge for the last couple of years but if the jumbo rig(s) were really the answer, they would have been onsite by now. After discovering friable ground last year, they've had to narrow/lower the development drives for safety's sake, thus reducing possible production, so yes, additional mining faces is a good idea, but it's all taking too long/costing too much cash

The Proactive article adds nothing new (unsurprisingly) but doesnt touch the amount of dilution that this raise implies

Troaj, as far as I'm aware , yes currently jackhammer and blasting - they do have mechanical means for moving the ire though - choo choo

Sandy, if operational profitability or the finance drawdown was imminent, wouldn't it have been logical to wait and announce that, then raise from a higher level??

And yes, I just used an erroneous 7 letter word in association with VaST

Troaj, no they havent got a jumbo onsite yet, slightly lost track, think at least 12 months late

Anyone got access to the new ShoreCap note? Havent had by copy of Viz delivered today......

Even if you ignore the dilution........

.USE OF SUBSCRIPTION FUNDS

The cash raised from the Subscription will be used to primarily acquire additional mechanised equipment to increase underground production at Baita, namely an Aramine miniLoader L130D with remote control capability (‘miniLoader’). The cash raised from the Subscription will also be used to fund logistics costs in relation to the miniLoader as well as increased transportation costs of the two Mantis CMR4 Jumbo drilling rigs to ensure delivery in April 2022 via airfreight.
- airfeight of heavy industrial kit?? You would think they gave money to burn - ah yes, shareholders money

The Company will also utilise these funds towards the cost of commissioning the second mill line at the process plant at Baita
- in other words, confirmation that production has still been modest at best, as they havent started the second line yet - and it says towards the cost, not that it covers all the cost

and for general purposes
- that's the standard kicker and in reality where the money will go

So, including all these warrants , the 'new and exisiting ' shareholders would own 40% dilution of the fully diluted float??

How convenient re earlier conversations about this being taken private?

FunkyG, as you're the trading expert, can you explain why the 15mill trade was a buy? As it was the highest pride of the day, but overall the SP is down?
More likely a delayed sell from yesterday or day before - does that seem a more likely explanation?

Onaplate, tbh I'd have to check back to the last accounts as cannot remember the stated size of outstanding debt to Mercuria

So I think they've converted around $850,000 in the last six months, so at rate it would take another 36 to 42 months......

Dont forget the outstanding debt to Mercuria, the capital of which is only being paid back via offtake deal (of which we have to specifics), it still accrues monthly interest I believe

Panda, dont quote me, but I think it's around $5.65 million

So roughly twice the current market cap - that's how bad the situation has become

Sandy, therein lies the rub - as far as I'm aware, the only asset with a carrying value on VASTs own books is Baita Plai and that would be based on an indicated and inferred JORC, with what would appear to be modest sales, where we still dont know for fact that the cost of production is less than that of sales.
So the sale price would be based on what - the used value of the new lifting and railway kit?

If they had managed to prove operational profit then a 'third party' with lower cost of finance could, in theory, be tempted if they can operate in country

Yeah but what's the point of holding an inheritance tax free investment, if the loss in value is far greater than the tax liability?