George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I'd like to align myself with Hawaii's comment of yesterday.
Making a geologist, and I'm the first say that Marc is an outstanding Geologist, a CEO is a risk, they fall in love with projects and looses sight of the fundamentals of business. That is the position in which we now find ourselves.
We have never had much cash, and that is now running perilously thin. Some are saying that a raise is coming, I'd like to know from where. With our current market cap, and some history of raising and then spending the money on projects other than what the raise was for, (last June we raised to drill North Hemlo/West Pickle, and we're still waiting as far as I know). If we can raise at all, it will be an appalling deal. To my mind, we have to sell Zigzag, now. We may end up with a "fire sale" price for it, which of course would be disappointing, but without cash soon I seriously fear for the future of FCM.
We should have stayed with the original focus of the company, ie greater Hemlo, instead we have been chasing rainbows, but we are where we are.
Marc, I know you read this, and I'm sorry if this sounds harsh, it's not personal, but this is our money and FCM needs to get back non track, we have some excellent assets, but we are not Rio, we don't have the resources to see all prospects through to the end. We must start monetising them.
Your analysis of the assets is spot on Char, however I disagree on two points.
Whilst Sunbeam is undoubtedly exciting from a geological point of view, I think the real value lies, and always has, in Hemlo.
Secondly I don't see an investment incoming, I don't believe we will ever produce anything, that was never the plan. I do however think we will be in receipt of a takeover offer for the whole company, and I think it's coming this summer. I might even hazard a guess as to who it will be from, but since it's only a guess I'll keep that to myself.
There have been several mentions of BOIL not being a drilling company, just an investor. Those of us who have been here for the longterm remember Wick and Colter and know different, with partners admittedly but BOIL is most definitely and explorer, not just an investor.
Moniman, I recall he did say that POLB would be a good home for a £1m, but CF looks forwards not back. I think he will use it for new projects, EGM mainly, he did suggest in an Irish interview before Christmas that he was thinking HVO would partly fund this, and I hear on the grapevine that he may have another iron or two in the fire not yet public, could be just rumour though. So, I wouldn't have any issue with him putting more into POLB, but I think it's more likely for new projects.
Persimmon, your suggestion of pre-screened questions,. I've been to many of these share mag events over the years and I have never known them to allow a presenter to screen questions; it's whoever puts up their hand and catches the hosts eye. The presenter has no influence on who, never mind what; could be worth a trip up to Edinburgh for a bit of fun.
That could be why they've opted to attend am Edinburgh event rather than London or Manchester less chance of a baying crowd turning up.
No, sorry to bear bad tidings, Barclay, but we are probably in the same place we were when you went in regarding official news anyway. Millions of guesses of course. Hope you make a good recovery and that this comes good for you before too long.
Funstar, we could, but DB has said on multiple occasions over the last 5 years in interview and investor meets that UJO is an investment company and has no interest in becoming an operator.
We all knew what we were buying into, or should have.
Heid, perhaps you'd like to show when and what Malcy said about Open Orphan, since I've held greater and lesser amounts of ORPH/HVO since IPO and have no recollection of Malcy ever featuring them.
Malcy undoubtedly works for payment, and to be fair to him, never denies it, but he does stick to oil and gas; CRO would be well out of his comfort zone. And let's be honest, when has Cathal ever needed help from anybody regarding a bit of positive spin, and I say that as somebody who both knows and personally likes CF. Just curious about the statement that KS has apparently made to you because I'm struggling with it. That said I still hope he succeeds.
Your absolutely right Oliver, and whilst he might not say so, the silence these days compared to the comms we used to get from DB speaks volumes. He must think why should I, when they treat me and the company with such contempt. I can't say I blame him, frustrating though it is; they only have themselves to blame. Keep it civil.
Just because lse shows a trade as a sell, don't for a minute think that it was a sell, especially with FCM over the past few months. The ask has been consistently too high, meaning that the mid-price is also too high so many buys are falling below the mid-point price and are therefore shown as sells.