Member Info for Playboy007

It seems to me that there has been a big seller in the background for a few weeks now. It'll be interesting to see if we get a TR-1 soon. My total hunch is that it's CIG selling their shares from the first raise, which from memory were eligible for sale around Feb. I can't see why any other holder would sell now, but CIG would be selling at a decent profit and limiting their risk. Unfortunately, if that is the case, the selling could continue for some time.

I'll buy a few back in the morning. Surprised to see that tweet as news article said it was a national strike. Still the potential for more fuel issues I guess, but that is probably coming from ivory coast and not Conkary.

It's a nationwide strike. If you read the news, it left me convinced no mining would be occurring at Kouroussa. The strike is indefinite too. Now people have been killed it's not hard to imagine it escalating is it. Or even to imagine civil war. I mean hopefully and probably not, but it isn't exactly hard to see how this is terrible news.

Https://www.reuters.com/world/africa/guineas-capital-conakry-paralysed-by-general-strike-2024-02-26/

Strikes across Guinea and people killed. Just in the process of selling the shares I foolishly bought over the last few weeks. Good luck guys.

http://www.france24.com/en/africa/20240226-guinea-s-capital-conakry-grinds-to-a-halt-as-general-strike-begins

https://www.aljazeera.com/news/2024/2/27/two-people-shot-dead-as-guinea-protest-turns-bloody

Still no update on mining resuming at Kouroussa. The replacement of the fuel depot is going to take years apparently. The plan is to truck the fuel in. I wonder what the cash burn is in the mean time and if yet another raise will be required. Even if it isn't Dan has completely destroyed the value here with 2 raises in short succession. I suspect Yanfolila will be struggling this as the KE underground is developed.

The bottom line is that Dan is inept and has hired similar. You only have to look at the disaster that was Anthony Kochen. Clearly, whoever he put in place at a Yanfolila was awful and had to be replaced. Now Kouroussa is a disaster. Dan is consistently putting the wrong people in place and that looks likely to continue with him at the helm. No chance of getting rid if him now CIG are calling the shots. So the bottom line is an incompetent Ceo and loss of any sway over the company by anyone but CIG.

Can the Kouroussa ore body save the day? The drill intercepts were good. I expect they are around the corner from the high grade. The initial numbers quoted were 130,000 ounces per annum. They have quietly downgraded this to 100,000. I wonder why. It doesn't exactly instill confidence after the 30,000 to 10,000 to 5,000.

It was very interesting to see Ernie Nutter (if I recall correctly) put in $1m. I don't know his net worth, but I expect that is a massive investment for him. What do you know Ernie?

First time I've ever heard Bushytailed be negative here. I am guessing you sold up?

"Early" clearly means he has realised he hasn't got a clue if/when it might be realised. You'd think another missed target, combined with more dilution, might warrant an explanation...

Have you been living under a rock? Kouroussa steady state and commercial production have been pushed back to "early 2024", with no new reason given as to why.

Why has this fallen so much? Not clear from RNS

Might as well have some fun. Who wants to make a guess at how disgusting the next production RNS is. I'll start, Yanfolila produces 12,000 ounces in Q4 at an AISC of 2000. We met our annual guidance, yay! Kouroussa produced 3000 ounces for Q4. There is no AISC, but if there was it would be 10,000 an ounce.

FYI I bought a few before the last dilution RNS. No plans to sell, or buy any more. I've lost a bucket load on this in recent history. You have to laugh though. All I know is Dan always stuns you with outrageous misses and you are never prewarned.

It's impossible to give Dan the benefit of the doubt though isn't it. The track record here is simply dismal. He is either completely incompetent or of dubious moral character. Quite possibly both. There is no way to put a positive spin on two successive equity raises. Something like 50% of the company has been given away for next to nothing.

The last RNS stated that Yanfolila was on target to meet guidance. This implies they haven't already met the 80k ounces guidance at near year end. So if they do make guidance, I'd expect it to be at the lower end of production and high AISC. Not the beat we were almost promised a short while ago. Not mentioning Kouroussa means that production there is likely abysmal. Probably won't even make the 10k ounces when 30k ounces was the initial target. Also, they quietly changed the annual production of Kouroussa from 130k ounces to 100k ounces. Apparently they are moving the dirt and the plant is in full operation. So I can only conclude the issue is still artisinal depletion. It's a guess of course because Dan is never upfront about anything. I've lost alot here and am now resigned to putting it down to an expensive lesson. That Dan is a poor operator and less that transparent with the state of affairs is beyond dispute. I hope there is some upside here, but it now seems more likely to me that they will ultimately fail. Even if they manage to get things up and running, how long before there is another setback? History suggests it won't be that long. They have a huge best burden and if there is another setback the best you can hope for is more dilution and at worst it's bankrupt. Can anyone explain to me where the upside is? Oh yeah, $5000 per ounce gold.

Has anyone managed to find anything out about CIG? I know it's a supposedly a subsidiary of Coris bank. Do they have any other interests apart from Hum? Are they entirely funded and owned by Coris bank, or are there other investors there. Is anyone to do with Dan Betts an investor? I know Dan is incompetent, but trying to work out if something more sinister is at play.

Bonker, you are in and out of here. You portray yourself like a long term holder, but actually you just trade it. You've been calling big rises in the gold price over short time lines for ages. This is a fools errand and you have been wrong. Basing a thesis on 3000 gold is plain bonkers. I have nothing against you and wish you well, but you just talk your book pretending to be something you aren't.

CIG will own so many shares they can do what they like. Like sell the company to themselves for 1p. Who wins in that scenario? Them, us or both?

I suggested ages back that we should try and get rid of Dan. I guess that won't be a possibility going forward, unless CIG want to get rid of him. I would like to see anyone try to argue that he isn't utterly incompetent. I honestly wouldn't even be surprised if Dan and Co were large shareholders in CIG. Stealthily taking the company private. That's almost preferable to complete incompetence.

Well, I'll be voting against this issue anyway. The exploration and Dugbe money should be excluded for a start. I suspect they need to drill holes at Kouroussa to see where the gold actually is. I'd like a proper update on Kouroussa. Then we can start to assess if a raise is absolutely necessary and how much. What's Dan on these days? 600k+? I've got some cost cutting ideas...

Unbelievable, almost the day after I bought back in. The only positive I can see here is that the raise is at a higher price than the current share price. So we can hope it goes higher, but dreams of multi bagging are looking slim.

I think Dan mentioned the artisinal issue in the Q3 webcast. I could be wrong, that's from memory. It was definitely mentioned though.

They have stated that commercial production at Kouroussa is expected before year end. They have also stated several times that over 200k ounces are expected for 2024. The current AISC for Yanfolila is below $1500 and Kouroussa is expected to be lower. However, they only managed to pour 1000 ounces from Kouroussa in Q3. The reasons given were that artisinal depletion was greater than expected and more significantly contracted volumes were not being achieved by the mining contractor. The artisinal issue should disappear with increasing depth. They have brought addional mining equipment to Kouroussa and stated that mining is now occurring at expected levels. They have also stated that the plant is operating at expected capacity. So, as far as we know they are making money right now and a raise won't be required. The guided 10k ounces from Kouroussa for Q4, but stated that this is not guidance. Whatever that means! This is a downward revision from 30k ounces for Q3, due to the factors previously mentioned.

They have about $20 million as a buffer. Yanfolila should be throwing off about $15 to $20 million this quarter. With 10k ounces from Kouroussa, Q4 shouldn't be a loss. Then from Q1 they should be printing money. Indeed, at current gold prices it isn't that much of a stretch to see the debt free in 2024 and on a PE ratio of less than 1 at the current SP. I suspect the market wants to see this Kouroussa commercial production RNS. If that comes, I expect a significant rise. If it doesn't, fir whatever reason, then possibly more money will be required. Place your bets. We will find out onw way or another soon.

Imagine if the Kouroussa commercial production RNS came in before Christmas...