Member Info for S740

All members of the "Indpendant FCM Telegram Group" have now been banned from the main FCM Telegram group. No reasons given, although I think we can guess, not showing sufficient devotion to the CEO or similar.

Get it right SolVesta, Cathal was never a used car salesman. At age 16 he took on the family Ford franchise when his father's health failed. He was, and still is, the youngest franchisee that the Ford Motor Company has ever had, globally. He sold the business a decade or so later to another Irish Ford dealer.

I'm glad your not my accountant, is all I can say.

Oil in a tank is money in the bank, OK we have to pay rent on the tanks, but this will be chicken feed in comparison to the value of the oil extracted awaiting sale, plus the oil price on an upward trend lately.

25% isn't it jojoba? My biggest gripe since shares became ii. When it was shares I used to set an autosell on all my holdings at x10 of purchase price to stop this happening, now we're limited to 25% of the day to day price. Grumble grumble.

Our CEO is a geologist, but we use Emerald Geological Services as our geologist in Canada.

That's a drop of 54.359% pboo. Disappointing, but not a total cessation of production.

I'm like you wiltshireman with way more of my portfolio in AIM stocks than any IFA would ever recommend. Sadly, the way which FCM has been behaving over the past year it has been all too easy to forget that it's main market. Especially given the hoops and time pressure before rule changes which James and Ayub had to go through to get the main market listing rather than accept an AIM listing which would have been so much easier to achieve.

Hey ho, when one's as far into this as I am, there's not much else to do other than stick with it, average down a bit and hope we get back on track, which has happened of late.

Whilst the past week has been very disappointing with traders taking profit, I do believe that with results starting to come in from North Hemlo shortly, we should be getting towards double figures by year end, fingers crossed.

You're absolutely correct wiltshireman, unfortunately the flaw in your argument is that FCM is main market, not AIM.

Plus, the 70 years of data that HVO own is another huge barrier to anybody else starting in competition.

Bit of a delayed reply Chasdaq, but no they are not corrected. They are simply a guess based upon whether the price recorded for a trade is above or below the market midprice at that moment. Don't worry about it, it has no relevance to anything.

There are many reason for the tiny trades, often when a client owes their broker a fee and doesn't have any funds in their cash account to pay, the broker will unilaterally sell a minimum number if shares to cover the debt. It will be in your ts&Cs with your broker.

I've thought that from day one.

My guess, and that's all it is I'm not privy to anything, is that I think because FCM has no income and doesn't have sufficient cash reserves to see it through the next (now current financial year) the auditors will have refused to sign the accounts as a going concern. The board do not wish to accept accounts without this so have suspended and we will remain suspended until such times as something is sold, to somebody. If and when a deal is done, and we know negotiations are, or were, on going, we will get an announcement of a deal, followed by accounts and then resumed trading in very quick succession.

Just my take.

TAC, if you really believe that Labour are realising that the UK still needs oil, then I suggest you read this https://www.telegraph.co.uk/business/2024/05/25/election-end-north-sea-labour-policies-doom-oil-industry/

To paraphrase they intend to extend the 75% oil tax indefinitely and remove all exploration and extraction costs tax allowances.

For the clarity of Carrot and others the UN product code 1267 is Petroleum Crude Oil, nothing else, no contaminants, just oil normally enroute to a refinery iron export terminal.

The UN product code for Oil Well drilling, cleaning and testing residues, contaminated with oil enroute for disposal is 7025.

There is no room for interpretation or maybes, the penalties for the haulier and driver are very significant even jail for incorrect labelling of a hazardous product.

Err, actually DonkeyOatey, FCM is main market. Although I can well understand why you might think we are on AIM.

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.

I know what the RNS said.

I believe £250k is due to Sandersons, imminently, like this month, if not this week.

Yes, Hawaii, I have known him well for many years. But that's his story, and I won't be telling it on here.

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.