Member Info for RHT99

Let me make it crystal clear for all, the responsibility for preserving shareholder value and supporting the share price is 100% the (acting) CEOs. He is being paid by investors to protect their investments not decimate them. Mr Bull has destroyed shareholder value here. Dee will say I am making it all up so I refer him to the 3 year chart for bedtime reading. The difference between me and him is that I am calling MB to account and asking questions which all shareholders should be. Dee and his gang, on the other hand, have blinkers on and want us to believe MB does not bear the brunt of responsibility for what has happened. There is a very deliberate reason why my questions are being avoided - perhaps because they shine a light on MB which some ppl don't like. Look fellas, I'm sorry but i refuse to rub up his gonads like you guys. It doesn't mean we can't be friends.

Dee, your points have been addressed and answered. You are obfuscating deliberately. I am not prepared to invest further time into honing your comprehension skills especially if I'm not being paid for it 😜 . I don't mean to be rude but you are not coming across as a mature investor, you are very emotionally charged. Take a break for a week, allow me to use my time and knowledge more productively engaging other participants here. I promise, once we make some headway, I'll come back to you and clarify the things you fail to understand. I get bored easily and you're now boring me.

Hahaha, "a typo", Dee you are quite a character and one who has exposed himself for that matter. I will graciously accept your apology. Come back to me in one week's time; we can carry on flogging your dead horse then. I will engage the others now: Wasa, Jim, Dan and others who are - i hope - better researched, well-intentioned and emotionally mature. In case somebody has lost the questions amidst Dee's numerous monologues, here they are:

1) What has the management achieved in the past 4 years which justifies taking a salary?

2) Why was the recent acquisition not funded through the £1.59m listed investments?

3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?

4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?

5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?

6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.

Wasa, the sarcasm isn't going to strengthen your case. Now you are hiding behind BlackRock. We are here discussing Armadale, if you want to discuss BlackRock, their management, strategy and decisions you might find another forum for that. For the record I do agree with you on the following:

"You know Posco are the largest graphite trader in the world right? If they can't make it work nobody will, it's really that simple"

It does not necessarily follow that this is going to work on the terms attractive to investment. Big companies do have failures and make losses especially when operating in unfavourable and unstable jurisdictions. Of course, I hope it works out for shareholders but if it doesn't BlackRock shareholders will, as you point out, be royally "stuffed". We've seen a lot of that going on most recently a nightmare for shareholders at HZM.

Take my questions on Armadale and answer those please.

Thank you sir.

Just to spell the error out:

you said:

1. "they hadn't applied for the environmental/mining licenses yet" - Kabunga starting dumping AFTER the mining licence. So how can he sell because they haven't applied, when he started selling after they received it? Revisionist history again?

I said:

Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.

I'm not sure how many more own goals you're going to score but let's try your luck at the other questions, you might fair better with those. For someone who is not verifying information and misguiding investors here I am not so hopeful.

Just out of interest Dee, how old are you? I am pointing out the factual errors in your posts and you are obsessed with a gotcha moment. I am trying to do you a favour here by highlighting legitimate questions and concerns - don't take it personally. If you don't want to answer the other questions just say so because it's getting extremely tedious investing this time in going round in circles. We are all grown ups here I hope.

Dee's emotional attachment has got the better of him hence the apparent subjective undertone to his posts. Whilst he continues to hammer on about Kabunga I will appeal to Jim, wasa and Dan to answer the remaining questions. Jim, after all you are the one i initially put them to? Where are you sir, bless us with your presence.

Mining license application submitted 2nd July 2020, Environmental and Social Impact Assessment submitted 8th Sep 2020, Kabunga selling October 2019, I'm quoting you exact dates from the RNS. Simple comprehension of chronology dictates that Kabunga started selling BEFORE mining license applications. I can't believe I am engaging with this basic incompetence, checking RNSs and facts should be a pre-requisite when posting on this forum.

Dee is now trying his utmost to make this whole thing entire about Kabunga and his flipping investment strategy. I've made my point which is clear for all to see. Let's get on to the other questions. I am looking forward to engaging those, I may learn something i don't know - I am an open minded fella.

Yes Matt decided to help out his buddy Kabunga in Lindian, as dumb as he is, Kabunga has probably been dumping his stock with no notification. He is a full on trader and will do anything to make a buck and at anyone's expense.

The questions which are being avoided are as follows.

1) What has the management achieved in the past 4 years which justifies taking a salary?

2) Why was the recent acquisition not funded through the £1.59m listed investments?

3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?

4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?

5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?

6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.

Wow Mr Dee, where to begin? You are in full throttle deflection mode. Kabunga is an investor/trader. He made a tonne of cash by multi-bagging on ACP. Steve Mehede, his boy on the board let him know what the reality on the ground was and that the imminent finance and production RNSs were all fluff (they hadn't applied for the environmental/mining licenses yet!) - he jumped the good 'ol ACP ship with your cash, likes of wasa and others having bought a shed load of Kabunga's dumped stock on the open market. If he sees similar opportunities in the mining/graphite space in Tanzania or elsewhere he'll take it. He was in Volt pre-invasion so don't obfuscate. If you start on the other questions now Dee, gives us a bit of colour around Matt's incompetence and what Kabunga was seeing long before this discussion started. Wasa answer the following then I'll happily entertain your secondary questions about Blackrock.

Solid research Dan, kudos. Now do you want to chip in and have a go answering my questions too. The more heads we can get together the better :)

Dee, now either you have no basic comprehension skills or are deliberately obfuscating and conflating between posts akin to the the fake news media:

-- 25th April at 11:46 RHT99: "Kabunga escaped through the back door as he knew what was going on"

Yes he did. Kabunga is a seasoned investor in the mining sector, he knows Tanzania well and had Steve Mehede installed as director at ACP. He knew the project was not viable as the government was not playing ball and therefore started selling.

-- 25th April at 12:05 RHT99: "He created an escape route for him and then shafted the rest"

Yes he did. Matt was fully aware that Kabunga was selling. He was receiving quarterly reports regarding the share register and significant holdings, despite this he decided to RNS on 8th March 2021 (18 months later):

" Kabunga Holdings Pty Ltd ("Kabunga"), a substantial shareholder in the Company, has between October 2019 and 26 February 2021, sold in total 34,755,554 ordinary shares"

-- Today at 16:44 RHT99: "Matt did not see this coming and is now stuck"

Yes indeed. Matt completing messed up this project. He came into Tanzania blind with insufficient project management experience, especially of this scale, completely overestimated the job at hand and then hit a rock on all levels, from Govt discussions, finance negotiations and company management. Why has he been running a project of with no CEO. As a said, he was a young Aussie mining enthusiast who rather amaterurishly c**ked up the graphite project.

-- Today at 16:44 RHT99: "The project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it for two years without notifying..."

Well, given everything that has happened this is my opinion. I think it is a reasonable conclusion to draw by any experienced investor on AIM who knows how things often unfold in this space. For your sake I hope I'm wrong.

My posts are not contradictory at all; you are grasping at straws thereby avoiding my questions, Did Mr Bull mislead the market; now answer the remaining questions if you would be so kind dee12345, your pals clearly can't.

Dee, don't employ diversion tactics. I have listed the questions below for any of you or your fellow comrades to answer. For the record I am happy to admit if proven wrong, try it and see.

1) What has the management achieved in the past 4 years which justifies taking a salary?

2) Why was the recent acquisition not funded through the £1.59m listed investments?

3) How do you justify the £500k spend to go via the issue of 184m shares/warrants at a record low price? Presumably, you took part in the placement - did you or any other placee see the investment pitch with its details or did you go in blind?

4) What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. Did he lie to the market when he stated in RNS that the company was fully funded to project finance?

5) There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?

6) What proportion of Matt’s holdings are “free shares” and how much were paid for? A calculation for his low average wouldn’t go amiss.

My overall point is that Matt has deliberately misled the market, there is much more of this you will find in RNSs but the above is initial food for thought :)

The "reading between the lines strategy" isn't going to do much for you when we have lines we can ACTUALLY read. In short your whole investment argument is the hope that Matt's shareholding will ensure everything will all work out in the end. So the share price has gone from 6p to 0.7p albeit Mr Bull's holding has risen. So the share price seems to be negatively correlated with his shareholding. I know that you would like to believe that his 'skin in the game' will save your skin but it isn't happening is it Jim?

The reality is Mr Bull went in too big too quick. Young Aussie mining enthusiast who completely misread the graphite project and shafted himself as well as his shareholders. The stopping of the FEED tells you all that you need to know. The government is not playing ball, they've been talking to them for the past 4 years for goodness sake. Matt did not see this coming and is now stuck. The new project is a desperate attempt to suck in sufficient investors so he can offload his shares. Kabunga did it without notifying for two years (remember the "delayed" RNS) and Matt will do the same. If I were you I would check his average, you will find it is much lower than you all, in fact he is not far from being in the money.

The ship is sinking and the fact neither you, Dee or Wasa can answer my questions is telling.

How much is Stefan being paid these days? In his last tenure he was milking >£250k per annum

That's all very rich coming from you Jimbo. So how are your investments coming along, charts look to have fallen off a cliff edge. Another emotionally invested fella pontificating from his pedestal. Had you taken my advice you'd be quids in today.

Let me ask you something. What was Matt doing in Sep 19 when he said the company was now funded until production with £500k raised at 1.8p. Why then did we he follow this up with £400k raised via CLNs and this again was followed up with £550k subscription in April 2020 @2.25p with 24m warrants @3.25p. His dude Kabunga then cashes in another 10m shares worth of CLNs all the while Matt pumping the price. There were multiple RNSs in H1 2020 saying finance imminent then no news. The chairman stated that ACP will be in production in Q1 2020 as late as Feb 2020 yet the mining license hadn't even been applied for. Why?

Your boy Matt took shareholders money and invested in Kabunga's company Lindian and god knows what else. Listed investment value last year £1.59m, where is it gone? Why not use it to fund the new project rather than fleece shareholders again with another 184m shares?

Maybe try taking your head out of MB's posterior to get a better view of reality.

Wrt to grades yes there are many unknowns currently. We will need more flesh around the bones in subsequent announcements.

Read between the lines with Mahenge. It's certainly not imminent, would be stupid for a poor company on AIM to take on another capital intensive project if that was happening. It's just cost you 184m new shares (32%) of existing float to finance 25% interest in non producer. Good luck with that. If Mahenge was a goer, then 100% good to sit on hands and wait for it to come good. The £1.5m investment portfolio going well so why take this move. You will be paying a lot more with your shares to come I can assure you. Directors should have suspended their salaries long ago and waited for mahenge especially since BlackRock are now on the cusp. Wrong time to make this move.

So tell me Dee what's happening with the £1.59m investment PF, why not finance acquisition through that.

As far as flippers are concerned, how much of the 650k did you and wasa take? If it was over 75% of it then good on you but I bet you couldn't cough up £200k between yourselves. So who are the others and to think they won't flip with warrants at 1.2p you must be naive. Welcome to the small cap space son. Wish you well.

Yes that's the one mate. You may launch your investigation 😀

How do you envisage financing this second project is going to work. It's not a producing asset and is going to cost which is evident from the RNS. If the company acquires 100% of the project it will cost them $2.78m, no small sum by any means. How is this going to be financed? How much work will be required to bring it to production, what are the time frames, what is the economics of the asset? So many unknowns currently. Why did the company not fund the initial acquisition through a sale of their investments which were valued at £1.593m in their last update. Instead they opted to dilute their float by over 16% adding over 92m new shares at 0.7p and an additional 92m warrants at 1.2p. This smacks of terrible mismanagement and disregard of shareholders and I'm not sure how you can quite read it otherwise.

Hmmm. This wasn't my idea of engagement on this forum. I have posted plenty of times on Armadale over the years before my twitter account was shut down. Too many people don't like me bringing up red flags but had they listened they wouldn't have lost so much money. If you can convince me that this share is investable under the current management I will submit. However, facts are facts this is an investment company jumping from project to project, remember the gold one, then Mahenge and now this one. Each project has cost shareholders a packet, how is this one any different? Hence, the market isn't buying it and i assume those talking it up here will be placees and warrant holders looking for an exit. As wasarunner has pointed out, people have their own selfish interest and motives at heart.