Member Info for samval2403

It'll all be fairly early doors offer wise IMO. Putting £60m+ together isn't something you just have a chat with the CEO about. There'll be research and presentations by people at the companies that have the funding, corporate transactions like this need an awful lot of work and decision maker approval to even consider making a bid.

Everyone needs to chill out, pop the kettle on and wait for the next bit of news. TG group and here have not been very cheerful since the interview was cancelled.

Nothing has really changed since the updated MRE. 1.5m Oz, grade level maintained. A great season.

Ouch, bad 6 months to be a Draft King.

Tbf I never got the business being so highly valued, a lot of their engagement is free. 2m paying customers and it's a $14bn co. $7,000 valuation still now per customer, 4x that a year back.

At least all Leap's are paying.

Sorry to hear this Mat, best commentator on Seed bar none imo.

Saying that people should question there investment here. I've personally been questioning how long the cannabis plays will take to come good. I do think it's a when not if, but when is almost as important.

Yooma down massively, LGP down, Eurox great on paper but hard to say when Seed see liquidity in that. Yes company progress is important but when prices dip that's the market telling you it's not worth what you paid.

If the Leap liquidity doesn't come it's hard to see the point of it all, everything in the pf appears to be decreasing in value and the board are still getting paid. Ed got a 70% pay rise this year! It may well suit IMG to keep the status quo with Leap, if that happens where do we go? No cash for new investments, no significant liquidity events coming up, £70k+ now a month for expenses.

Of course there's a flip side to this, the reason I'm still invested. Leap can come good and all that background work on cannabis / wellness can be invested in at hopefully lows.

"Which means a raise, if it is required, is an insignificant event in terms of 'dilution' assuming you're working to fully diluted numbers. The net effect will be about the same and you should already have it priced in."

My thoughts here too Matt. c20% dilution to come from these warrants and enough cash to go again for a good campaign. To raise before it's known if they'll be exercised would just show impatience. I can't see that. The company should be funded until sometime close to their expiry, from the December option payment and the recently cashed in warrants.

The CEO owns 5% of the company, the person that loses most from unnecessary dilution is him.

I'm lumping them all in as Sprott, purely because what he does is most important.

19m warrants due July 2022. Landore website.

Just got £400kish in cash and shares in December, Sprott £4m warrants due mid July too.

Raise talk premature imo, those warrants would be priced into anyone's expectations so they're either exercised at hopefully just the right time (well hopefully a bit earlier) or a raise does come at 20p+ and the warrants get binned.

Both would be fine to expand the resource. Early info from the next campaign could whet appetites of buyers if they haven't put in a bid before first results.

1.5m Oz folks. It's a great result.

CEO already owns 5% Dave what more do you want?

This is not a guaranteed quick turnaround. Yes we're all hoping for a sale and move to the battery metals side but it might not happen.

Your chips are on the table now, if you still think you're getting a good risk reward and don't need the funds anytime soon keep playing. It's that easy

Always good to hear your opinion NTM. Particularly on a day when it feels both good and bad to be a holder here.

Do you not think the funding for any near term drilling comes from the recent cash injections plus the 20p warrants for this NTM? A few million quid due before summer. Would be prudent for both sides of that deal to cash in rather than dilute? I know Bill alluded to it in interview.

I didn't say at any point in my post that they were my opinions UR. Maybe you fancy a re-read.

Things are delayed. Fact.

The average investor gets skittish when there are delays. Fact.

Are delays an issue for Landore. No.

I've said, since I first came here an end game for BAM being in sight is all that matters. Landore are probably the most pivotal point in the company history other than switching from the battery metals deposit to drilling BAM. I don't need to understand complex Geology to know that, and I don't have a problem with delays.

I hope so AM90, but in fairness to NTM they also said they'd have drill results by end of November and MRE in 2021.

The long termers here are used to the delays but the newbies less so. Generally delays = bad management = sell up and move on for a lot on AIM.

Wouldn't worry too much about them JH. There's a lot of risk and opportunity out there away from LND. Likely the folks taking some of the table here now are chasing a dream elsewhere. Plenty of stocks at 52 week lows that could bounce.

Decommissioning Usk is going to cost a bomb when it doesn't work out.

Does anyone know how many of the 20p warrants are left?

Bill said something about asking the holders to cash in if cash was needed to do some more drilling. At the low SP that would be better for those warrant holders that are here for the long term and hopeful corporate transaction for BAM than being diluted at less than the last raise?

Also with the recent $650k plus the other warrants recently redeemed there is cash to keep the company going for a bit I'd have thought?

Re did my math Billy, Amarillo is closer to £100m than $100m.

A great time to be a junior with a desirable resource.

Apollo was around £100 per moz for the final offer, Amarillo a bit less as they had 800koz and $10m in cash.

I'm hoping for something similar to you at £1+ a share and that Apollo level valuation. The grades being so similar there to BAM was what lead me to making Landore my largest holding.

Even if we're disappointed on that the result would still be a phenomenal ROI at 26p. Anyone that invested in the last few years will have done tremendously well in the event of a sale.

I forget the Iron deposit too. Still plenty to go at if Bill for Landore 2.0 after BAM.

I've taken my final chunk this morning Billy.

Drilling finished late November as the Twitter account said. Assays should be due back by the middle of January. From there you'd expect an updated MRE before mid February. Massive catalyst!

Plenty of drilling has been done since the last MRE 2 years ago, I'd like to think c1.4moz still over / near 1g/t will be seen. If so, and bearing in mind the for sale sign will be up each penny of the SP is a valuation of c£1 for each gram of gold fully diluted. I'm not seeing resources sell at c$36 a gram in a good jurisdiction for mining right now.

In addition there is still going to be plenty of exploration potential, plus the B4-7 nickel deposit to ensure the Oz's in the ground known get a premium valuation.

Multiple peers, Apollo in Australia and Amarillo in Brazil, that have sold recently have attracted c$100/Oz. Amarillo slightly less but this accounts for a less desirable jurisdiction.

At $100/Oz valuation a sale brings c76p fully diluted per share with the battery metals spun out for the next project. Bill has said that the idea is to leave exploration potential behind for any buyer, that potential will be reflected in the price. Bill also has form in selling a deposit and delivering a huge shareholder return delivering over 10x with Brancote.

We know the data is provided under NDA to several potential suitors, any offer could come quickly after the MRE is sent out.

Anyone that's buying in at 26p is also buying 12% cheaper than the last raise. A raise that has funded a significant drilling programme that is likely leading to Landore's endgame. Even if the negotiations take some time with the B4-7 deposit included or spun off the potential here is huge. Things need to go right for Landore for sure but those with patience to wait through these silent periods are likely to be rewarded. Anyone with a 12 month plus (and perhaps even lower) timeframe your risk Vs reward is phenomenal in my opinion.

Still time to get on board newcomers.

pi””Ed off.

Great pun Takayama!

NAV just under 11p now Odonnell, according to interim results anyway.

https://www.lse.co.uk/rns/SEED/interim-results-xhl2nbhtxp8lv06.html

Pirate flag, it's as good as any of the virtuals you find for any of the other sports imo. Format seems a great match to actual NASCAR.

All the games Leap are good for me quality wise, as far as a virtual gambling experience goes I imagine this ticks every box they wanted it to.