Member Info for ronmcdonald

Thanks for this, addicknt. I share your concerns, and it would be great if you could let us know if and when he follows up with you.

Where is it heading next, KUMS?!

Is it a competitor to Argo? I thought they made the mining equipment for companies such as Argo... in which case it would be a competitor to e.g. NVIDIA? and supplier to companies that mine bitcoin. Exciting space!

Thanks, Euclid. Good find

Just housekeeping as Bacanora changes corporate structure... BCN is now Bacanora Lithium PLC - I believe your post is on the old Bacanora Minerals Ltd

So Argo doesn't mine Bitcoin because it is currently unprofitable to mine unless your electricity is subsidised by the Chinese govt (Argo's isn't). And Ethereum will become non-mineable, as the trend for cryptos is to move from a proof-of-work model (mining) to a proof-of-stake model (no mining). Unless the price of bitcoin rises significantly and remains at a higher price, and Argo decides to mine bitcoin, I'm not confident about Argo's future... thoughts?

Not re-investing will definitely be one of many options that existing major investors will consider. However, in my opinion, it will come down to price (as usual), and unfortunately it seems that BCN has lost significant negotiating power, and hence will have to concede on the original placement / rights issue price. But, does anyone know what original price the board was asking for? It may have been unreasonably high...

Don't be fooled - what's £10k to the millionaire CEO? And £2.6k to the CFO?

Does anyone know why Argo doesn't mine Bitcoin?

In fact, what will Argo be mining when Ethereum becomes non-mineable (see below)?
https://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/

Should you wish to contact the Joint Administrators: WTIShareholders@fticonsulting.com or 020 3727 1616.

Hi pedro57, where can I find the rules you are referring to? I couldn't find them online - could you please post a link? Thanks!

Do those related party rules apply to private companies? I think Ongopolo Mining Ltd is private and now WTI (or what's left of it) will be private as well once delisted... I'm just trying to understand the mechanics here so that I don't fall for a WTI investment case in the future!

I'm no expert, but I think Orion will set up a NEWCO, buy WTI for £1 from the Administrators, and take on its (own) 100mn debt, which will be paid by Tschudi's future cash flow. Orion gets back its +100mn debt and will control 100% equity rather than "just" 25%. Just a hypothesis

From the WTI website: The Administration appointment relates solely to WTI with all other entities within the Group remaining outside of an insolvency process and continuing to trade under control of their directors. The Joint Administrators will work closely with the management of the subsidiary entities to establish the optimal strategy for the Group with a view of maximising recoveries to creditors of WTI.

I understand John Sisay was appointed CEO of one of WTI's subsidiaries - not WTI itself: "Weatherly International PLC said its 97.5% owned subsidiary Ongopolo Mining Ltd appointed John Sisay as its chief executive officer. He has also been appointed to the boards of a number of other Weatherly subsidiaries." And Ongopolo Mining Ltd holds the mining licences for the Tschudi mine and the Otjihase project.

Also, the recovery plan refers to Tschudi - not WTI.