TBTT Getting money out of Zimbabwe is a nightmare so if we sell PP we will see this problems. Instead of selling PP I will advocate for giving up Eureka that is sucking up the only cash flow that the company has and try to pact with our partners to get dividends every 3 or 6 months, this way PP profits will be redirected to the company. Obviously we still will have the same problem getting the money out that ifwe sell completely PP.
Anyway Eureka is waiting for 30 millions funding in a country that there is no cash, it could take a while.
I am curious if Bergen is going to give us the second tranche. I believe it won't. It will be a vote of confidence that the company is not going bust though.
I believe Bergen will hold T2 but it won't matter because VAST will have the headroom to make directly the placement, if they find somebody willing to buy.
Still holding. Nothing new today: massive dilution coming, possibility of going bust, AP is a liar and he is the one that has put us in this situation.
IMO all resolutions will pass, Offtake will arrive and company will survive. Baita is the key, longer six months ever.
Make it or Break it for me, we will see.
Nobody knows what the sp is going to do. Securing a deal with another offtaker will help to rerate, same as getting rid of Bergen and paying off Mercuria T1. I expect quite a lot of volatility also after the general meeting.
I am not expecting going back to 0.6p in a week, I believe that good news will have to come and a sound financial plan put in place.
Yes maybe there is not a lot there, we don't know, but at the moment is cheaper start working than stop everything and spent another 6 months to 1 year to get a JORC, probably we will spend more just in the maintenance of the mine during this time than getting it to production, on top of the maintenance you need to add all other expenses that get a JORC will generate.
So IMO the path is clear: Get Baita in Production, when it starts to create revenue some of this should be reinvested in explore new galleries and probably we will get the JORC to know in what are we sitting on. I just believe is common sense.
I honestly was expecting a RNS explaining the actual financial situation of the company stressing that they will hold all expenses in other projects as much as possible and focussing in the development of Baita and minimising the damage of Manaila, not possible to close down as offtake agreement is in place. I would like to know how much money is still needed to get Baita and how much of this money we have, not a lot I suppose. Blueberry drilling was good results but maybe that is one of the projects that we should hold, drilling, JORC, etc. we are expending money that we don’t have, the reaction of the sp was down not what people want to hear now.
Basically a RNS with a good explanation of where we are, where are we going and what we need to get there in Financial terms. Probably is too much to ask.
Bergen now have the opportunity to withdraw the second tranche $1.5m, if they do VAST will need more cash but hopefully another offtake will be in place soon. If Bergen want to proceed with the second tranche is that they don’t see VAST financial situation as a complete disaster.
The only good thing if we don't get them is that the sp will not drop. Neves have add any value to the sp.
Still I believe that VAST will get some deal with the diamonds. We will see. Maybe it won't be necessary the headroom for the diamonds.
Good RNS today, nothing unexpected though but I prefer a RNS that another interview. If AP is to be believed there was plenty of offtakers when he chose Mercuria, probably some of them got already a lot of DD done, we should hear something in few weeks, maybe sooner is as suspected they already knew that Mercuria T2 was not coming. I wouldn’t be surprised if there are also 2 tranches, holding some cash till Baita is running. Lets see what we get and with who.
Zimbabwe is a mess, always has been a risky country and that has been reflected always in VAST NAV valuations with a good discount in PP. The diamonds is a very different history that if come into play will change everything and it won’t need years to materialise.
I have to say in defence of AP that I remember Craig talking that Manaila will cover its expenses and Baita expenses. Also AP did ask directly to Craig about the six months to reopen Baita which Craig confirmed. I suppose tat the BoD has been also involve in the Bergen deal. Despite all I still believe that AP communications towards shareholders are not of any serious CEO.
It seems that some people think that AP has no responsibility at all of where we are, let me disagree. AP is the CEO of the company and he has been taking decisions for a year now so yes he is responsible for the good things (all the assets that he brought) but the bad things too (all the debt/dilution that he brought) which basically is what has put us in this situation that we are now.
Taking as many assets as you can is only a good idea when you have the cash, I hope that he is going to be more careful from now on.
I am sure that VAST has responsibility of the Mercuria T2 problem, as pointed out for some here Manaila didn’t deliver what was expected, oh bad luck or bad weather or whatever!. He should have been conservative during negotiations with Mercuria on what Manaila could deliver, can you imagine AP being conservative? Probably he was over optimistic as always. Manaila was in production for years so he should have known better. He is the one that did chose Mercuria of about ten offtakers.
Bergen is a disaster, don’t know why he didn’t do a placing. Bergen is going to hold us just above the conversion sp till they get rid of all the shares. Is that Bergens fault? No is not, AP and BoD. I would say that was misleading at least that they spoke of Bergen as an Institutional Investor in the RNS, people that didn’t know about Bergen before woud have thought that AP was delivering as he commented that he wanted II on board.
I don’t see this situation as a dead end, just as a big dilution at an awful price.
Interesting posts today.
IMO if AP wanted us to know why Mercuria T2 was not VAST problem he would have put this in the RNS. I don’t think is anything wrong with Baita but if AP treats Mercuria with the same “car salesman” attitude that treat shareholders maybe Mercuria has found out something that didn’t like, maybe it will take longer than six months, or ... who knows?
Dodge good posts today, many good assets in VAST and news to come, this is why I hold. That is probably also the problem here AP has been asking for money for too many different assets as he always said that were nearly for free, even if you get them for free you need to invest money in DD, maintenance, dewatering, etc. and need investment to take them to production. Lack of cash is the danger here and credibility of AP could harm next placings as people will think twice.
Dazbrad I agrre with your point of conflict of interest and not an alignment with shareholders as he said, that AP has a % in some projects is not good for shareholders, you never can be sure if is taking decisions in shareholders benefit or in his own. He should change that % for company shares.
It has been long now that I don’t pay too much attention to what AP says in the interviews, I listen them but all that I can hear is “BLA BLA BLA BLA BLA ... soon ... BLA BLA BLA ... for the benefit of shareholders ... BLA BLA BLA ... shortly ... BLA BLA BLA .... not at this price ... BLA BLA BLA ....”
I still believe that the assets are very good and at some point Baita will start to generate good profits, I still believe that we will see lower prices at some point as dilution becomes a reality during next weeks or months. Good news could arrive so probably we are going to see high volatility too. Still holding for the long term despite the mistrust.