Member Info for Phoebus

this is one seriously overvalued share.

As I said, from yesterday's RNS, 'Red Setter which we will be drilling later this year'. Feels like a major let down time wise as SP was starting to surge in anticipation. Could have been handled much better.

https://investegate.co.uk/wishbone-gold-plc--wsbn-/rns/annual-financial-report/202106301518077050D/

The market was clearly anticipating imminent Red Setter drilling and that's now been kicked into the long grass. Feels like we've been sold down the river a bit. Wonder if it has something to do with the sudden reversal lower in the gold price. Perhaps they are holding off until sentiment across the sector picks up a bit as currently it's in the gutter and WSBN has a relatively high market cap for an early stage gold explorer. GLA

It's OK Lonestag. Those warrant were already exercised in January.

https://investegate.co.uk/wishbone-gold-plc--wsbn-/rns/update-on-the-exercise-of-warrants-and-tvr/202101291706324385N/

I must apologize. Having looked at this a bit more carefully ECO does not currently have a 1.75% interest in these drills, but only a 1.12% interest with the option to increase it to 1.75% by paying an additional whopping $18.3M! This sure is one expensive deal. So as it stands ECO has a market cap 3.27 times bigger than WTE for only 0.83 times the exposure making ECO four times as expensive as WTE for the drills on a relative basis. If this is such an amazing deal for ECO then WTE should be on fire given its much stronger gearing, yet their SP is dead in a ditch despite rallying ahead of previous Guyana drills. Looks to me like ECO has paid a lot of money for an opportunity the market has already assessed to be very high risk.

Taking the net current asset position end 2020 and adjusting for 6 months OPEX, the renewable loan, the recent placement and the 6.4% stake in JHI, I estimate ECO's current net cash position is only around $3.1M or £2.2M, so if they do wish to increase their stake in JHI to 10% they will need Africa Oil and Charleston to exercise their warrants in full then raise an additional $10.6M to pay the shortfall for the extra 3.6% JHI stake and then have to raise even more funds to pay for Guyana drilling and to keep the lights on. My oh my. All this dilution for an opportunity which offers much less bang per buck than Orinduik means the upside per share for our main asset will be rather diminished. Why on earth didn't Gil just sit on his hands and wait for the main course? Not impressed.

I must apologize. Having looked at this a bit more carefully ECO does not currently have a 1.75% interest in these drills, but only a 1.12% interest with the option to increase it to 1.75% by paying an additional whopping $18.3M! This sure is one expensive deal. So as it stands ECO has a market cap 3.27 times bigger than WTE for only 0.83 times the exposure making ECO four times as expensive as WTE for the drills on a relative basis. If this is such an amazing deal for ECO then WTE should be on fire given its much stronger gearing, yet their SP is dead in a ditch despite rallying ahead of previous Guyana drills. Looks to me like ECO has paid a lot of money for an opportunity the market has already assessed to be very high risk.

Taking the net current asset position end 2020 and adjusting for 6 months OPEX, the renewable loan, the recent placement and the 6.4% stake in JHI, I estimate ECO's current net cash position is only around $3.1M or £2.2M, so if they do wish to increase their stake in JHI to 10% they will need Africa Oil and Charleston to exercise their warrants in full then raise an additional $10.6M to pay the shortfall for the extra 3.6% JHI stake and then have to raise even more funds to pay for Guyana drilling and to keep the lights on. My oh my. All this dilution for an opportunity which offers much less bang per buck than Orinduik means the upside per share for our main asset will be rather diminished. Why on earth didn't Gil just sit on his hands and wait for the main course? Not impressed.

Looking back to April 20 BTC $56K ARB 125p. Perhaps the reason ARB is not responding right now is becuase the other miners were hit far harder than ARB over the last few months. Many have been obliterated and ground into the dirt whilst Argo got of pretty lightly bouncing up to 70% at one point.

If you remember Qatar Petroleum farmed in to Orinuik late in the day just before Jethro and Joe results, but that didn't pan out well for them. I think ECO is as much in the dark as we are.

Don't forget to add on the new shares. ECO will have 199.65M after this and that's ignoring the 14.95M warrants. So ECO market cap is £51.91 for 1.75% of drills and WTE is £18.73M for 1.3475% of drills. ECO costs 2.77 times WTE, but only has 1.30 times the exposure to the drills, which means WTE has 2.13 times the gearing.

This is hardly high impact. ECO interest works out at a paltry 1.75% and they've had to pay an awful lot for very little. WTE has a 1.3475% interest in the same drills and a much smaller market cap than ECO so anyone wanting exposure to Sapote and Jabillo would get far better gearing by buying WTE. So WTE shares are on fire then? Nope, they're languishing at 12 month lows, which indicates the market is not interested in these drills. This is no suprise as both Jabillio and Sapote are north of the successful Stabroek trend in an area where the only two drills so far have yielded poor results.

I'm not quite sure why Gil has dilluted for this. Likewise I'm not sure why he ran the balance sheet down to invest in solar energy. It's almost as if he felt the need to be seen to be doing something rather than just sitting tight. In my opinion he would have been far better advised to just preserve capital and wait for Orinduik drilling and I'm afraid these developments suggests to me that this is still a long way off. Hopefully we don't get further dilution before that eventually happens. GLA

Why is it I have such difficulty typing the word crypto correctly? LOL

https://www.zerohedge.com/crypto/cryptocurrency-exchange-binance-banned-uk

Not good. This is the world's biggest cyrpto exchange.

LOL

'their' ... LOL. Not had my Weetabix yet obviously.

'their' ... LOL. Not had my Weetabix yet obviously.

Thanks Brassneck. I note their are two Swarm related tokens, BZZ and SWM.

https://coinmarketcap.com/currencies/ethereum-swarm/
https://coinmarketcap.com/currencies/swarm-network/

I'm not sure what the relationship is between them if any. KR1 RNS only refer to BZZ and the Swarm icon on the KR1 investments page matches that on the above BZZ link so it looks like that is the correct one.

https://investegate.co.uk/kr1-plc--kr1-/prn/investment--swarm/20201216145339P8994/
https://www.kryptonite1.co/investments

Thanks Brassneck. I note their are two Swarm related tokens, BZZ and SWM.

https://coinmarketcap.com/currencies/ethereum-swarm/
https://coinmarketcap.com/currencies/swarm-network/

I'm not sure what the relationship is between them if any. KR1 RNS only refer to BZZ and the Swarm icon on the KR1 investments page matches that on the above BZZ link so it looks like that is the correct one.

https://investegate.co.uk/kr1-plc--kr1-/prn/investment--swarm/20201216145339P8994/
https://www.kryptonite1.co/investments

Dreadful Bitcoin?

Worst case scenario $135K? Seriously? Surely the worst case scenario would be if Bitcoin's 2021 high was already in the rear view mirror and his model was debunked. Only time will tell. Stick to careful position management over wishful thinking. GLA

Worst case scenario $135K? Seriously? Surely the worst case scenario would be if Bitcoin's 2021 high was already in the rear view mirror and his model was debunked. Only time will tell. Stick to careful position management over wishful thinking. GLA