Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
A decent update. Frustrating thing for me is that most of these potential options could have been implemented or at least explored over the last 18 months. A half-decent CEO will always give themselves options and look for ways to keep the business funded, even if their primary strategy doesn’t work it gets delayed for some reason. As much as Slovenia is to blame for causing AST delay after delay, CH’s eggs-in-one-basket approach meant they had us over a barrel. I also never quite understood his statement that AST would run down operations in Slovenia once they’d initiated legal action - just seemed like cutting off AST’s nose to spite its face. Interesting that within a few months JB has identified options to increase cash flow that don’t involve stimulation and others in neighbouring regions, while also cutting the company overheads in half. We’re not out of the woods by any means but this sounds like decent progress. My only question is why the compressor has seemingly been ruled out and never mentioned again - seemed like a worthwhile investment but perhaps the numbers just didn’t stack up in the end...
Thing is that previous RNSes have referred to Sareum being in discussions with licensing partners (plural) and have even outlined what the board perceive to be ballpark figures in terms of relative value. If Sareum are in discussions with licensing partners then I would assume they would be under NDAs as part of those discussions - so hands may genuinely be tied. Any clarity the board could give would obviously be of value - even just a reiteration of several discussions. But I’m not sure how much more they might be able to give us without potentially jeopardising those deals?
Wouldn’t rule it out, Mysteron. There have been a few regular buys of 1m plus over the last few weeks. Could be nothing. But could be something...
Count yourself lucky... All I got from him was “Please unsubscribe”.
You can add my 1.25m shares to the list if it helps. Slightly humbled by some of the holdings here! GLA
The Pawel Zuk pic is worth a visit to the website on its own :-)
It’s pure speculation on my part. I just couldn’t work out what his motivation was to get involved with AST in the state it was and when CH stepped down it said to me that his “promotion” had been discussed when he started. There has to be a bigger plan and something in it for him personally - otherwise why bother? As I say I’m trying to join the dots but I may be way out. That said I also wouldn’t trust anything that comes out of CH’s mouth based on past performance.
I was mulling over that too, and whether JB might be considering a reverse takeover with Palomar. AIM listing and an asset he’s described as one of the best he’s seen on AIM at a fire-sale price. Yes there’s a very good reason for that fire-sale price but maybe he fancies his chances of having a crack at resolving the permitting issues, given his regional and political “expertise”. Palomar could raise more finance on the back of their existing assets and keep the Slovenia discussions alive for a little longer.
UKOG's spike wasn't purely down to a major pump and dump. The initial signs from Broadford Bridge indicated that it was a huge discovery, and at the same time the big French investor had come on board. The well was finished (at great expense) as a producer not an explorer, so had there not been issues around actually getting the oil to flow (!) UKOG would be in a completely different space now – a much higher SP and with much much less dilution – with two producing wells and various other licences across the Weald. As good as the potential UJO has at the moment, it's silly to suggest it's not being pumped AS WE SPEAK when you have the likes of odious little SnakeOil on board (God knows how he hasn't been strung out by the FCA yet) and notorious rampers like MoneyMunch all over the LSE boards. It doesn't make sense to compare UKOG or UJO, or say one is/isn't a bad investment at this stage. UKOG was a GREAT share for some traders, who could have ten-bagged, and UJO has been great of late. But the proof in either as a good investment (i.e. a long-term game) will take time so it's far too early to call with any certainty.
Dreading the possibility he might buy into UKOG at some point. Suspect I would sell up the moment I found out.
Agree it would launch the share price but good to keep in mind that a no-win no-fee legal team would most likely take 40-50% of any settlement. So cash would be worth around 1.5 to 1.8 pence (5- to 6-bagger from here) - way less than the potential value of the field to the company but enough to give them a war chest for Croatia etc.
Local traveller community I mean!
Feel sorry for the chap with he wedding venue and the farmer/brewer who’s fighting the good fight against cancer (though also producing/selling alcohol!), but some of the objections listed really smack of desperation to the point of comedy. Best one is the claim it would affect the “vulnerable” local community! Bet they’ve been trying to get rid of the travellers for donkeys’ years...
Could simply be that punters have had a butchers at GUN owing to the UOG share holding and seen how cheap GUN is vs its cash and assets.
Based on the antics to date in Slovenia, I suspect that the legal system operates on a “no fee, no win” basis as opposed to the other way around.
Couldn’t agree more. The similarity of hydrocarbon shows in the KL layers across the Weald certainly provide solid evidence as to the presence of a continuous pool extending across the basin. While it’s not yet proven beyond doubt it looks increasingly likely, so the idea that the Kimmeridge layers at Brockham are somehow not mature enough doesn’t quite add up. As for dismissing the licence as a whole given the presence of a Portland target too... All very odd.
But then surely that’s in direct contradiction of the stated fact that the recent oil shows across the Weald has almost exactly the same chemistry suggesting that it is a continuous reservoir. Curiouser and curiouser.
Agreed. Just doesn’t stack up at all!
That sounds like a very dubious explanation.
And likewise it is okay that onshore oil and gas might be found in other places across the UK. The fact that UJO have found some up in the north east doesn’t mean the Weald will somehow suddenly run dry...