George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Oleo-ein
I have tired over the years to contact several of the parties. I have found the board to be insular and POQ, while pleasant enough to be a very lucky guy but also the glue keeping FOG from being a complete disaster. We still have decent geology, with the occasional headaches of drilling. The drilling is our friend and the management at this point. Philip has lost his credibility, mainly but not totally, due to loose lips. I currently hold 7mm shares POODS
Longknife-
You ask what is the good part. Still the same answer, the geologic seismic has not changed. Other players in the are have completed successful weeks in seemingly less attractive portions of the Beetaloo formation. We unfortunately had to contend which a fault line, which many times are headaches. Ours is a headache. I have not seen anything that tells us whether the rig should be moved to get to the other side of the fault line. I personally believe we are at or near a sweet spot. Our risk is POQ maintains the current spending level endangering us to more dilution, the possible reason he is not buying shares currently. POODS
ALL
Here is what I believe and / or hope for us all:
SILENCE IS GOLDEN AND PATIENCE A VIRTUE
I am continuing to add. Yes the seller is in our face, POQ has nothing to say or he would have had to say it and yes so far this has been a bucket of swill. POODS
Not sure I would stand with this board as one against many is a losing proposition. Our board generally don't much believe in the company or would as allowed be at least nibbling. It starts at the top. POODS
Greenlanteren64-
Unfortunately, we are in the eye of the storm and yes it seems we have "no captain" at the wheel! It is out of his hands currently. If he had the courage of his words, he would be buying some shares with his own money the board has bestowed on him. The seemingly distressed sellers are jumping ship because it is court ordered. Be strong and if you own shares because you have faith in the geology, sit tight or add a bit as I am doing. POODS
Pretty much completed the additional million share purchase yesterday and obviously the seller is still is still present. I going to gradually up my position to 10 million as the incremental information is positive to me. POODS
All_
There is no question this project has been a mess. The oil and gas is full of stories like this and everyone of them has been a pain in the arse and this one is no different. But, there is considerable confirmation now the area has the makings to be productive. Yesterday I added another 500k shares and plan to do so again today. At this point it doesn't really matter who the seller is. Don't buy more than is comfortable for your personal situation, but for me I am willing to keep accumulating and thought some of might be wondering what I think. POODS
Camelot1_
As to your market maker question, all my orders have gone to Schwab and are filled electronically so cannot answer you question. In the I have spoken with the several firms FOG has indicated were market markets been found either the firms have stopped trading or never did trade. However, I have had little trouble filling my buy orders; selling is probably not so easy. POODS
Newtofo-
I was guessing the trustee has sold half. I do not know when the next report on those holdings will be files. POQ should be able to contact the trustee but either has and is not saying or has not. All things being equal I suspect if it were announced the selling in over the might move up 30-50% but more than that would require some good news. POODS
Newtofo-
How were you able to determine how many shares the trustee currently holds. Given the volume in the last 6-12 months I would be surprised he holds anywhere near that amount. If Viktor is seller that would be new wrinkle, but sort of doubt he is. POODS
Darnitagain-
You are perhaps correct and have thought about that also. I decided I did not want to be expressing my opinion based on a $1-10k position. While that may be all one of my fellow chatters can afford and indeed I started like that, i believe 6mm shares owned outright and not options is a statement in itself. My position is far less percentage wise than you guess, being just a couple percent as the price has declined so much as has my average cost. All of us will be right or wrong eventually, but will we live long enough to know the answer. POODS
Darnitagain-
You may or may not be a long term FOG holder like me. But being WHINEY at this point seems not so bright. I am about to finish adding another million shares bringing my total to 6,000.000. Am I unlucky or smart? We all will begin to know more soon. Someone(s) besides me has accumulated quite a number of shares over the last several months. Bite your lip and put your hands in your pockets. POODS
Odie5263
I have felt as you write this morning for year's POQ is not having his feet held to the fire by the board who seem to his supporters and not his shareholders. Most of the last 10 years has been a waste and I cannot in good conscious give POQ 100% of responsibility for all the issues. As other have explained, as have I, shareholder have been penalized in our situation. There should have been some sort of reset for POQ for the unexpected roadblocks. His silence seems appropriate as there is nothing to report really. The board simply determined to do nothing because it proper would have been contentious because really who would want to hire him after this fiasco. Maybe for what we pay Anne, but no more. POODS
dprussky-
Wouldn't be surprised if this LONDON trade is the other side of the million shares I accumulated over the last few days. As I have said before be patient and accumulate. Once the seller is finished, it will be a new trading day. POODS
newtofo-
Glad you expressed the reality of what I tried to express. If it were not for the geology we have been presented, we all would have been out of this P O S. The mere fact it still trades near $100 million indicates there actually might be something there. Our challenge is to hold the board acceptable to high standards and personally think we are nowhere close. If I were not 75 years and retired for 25 years, I would have done more years ago. My only effort besides this chatroom have been to contact some of the board and you guessed it; what a joke. Also, talking common sense with POQ: what a joke; etc. So, here we are with a seeming good prospect, dwindling cash and in my opinion a respectable company who is probably doing a decent job consulting to solve for the key to what may be in the end a terrific asset. But, we all only live so long. POODS