Member Info for Sausageonstick

Agreed nothing will happen re CFPP, and even in the rare chance it does, it will be years to plan it, build it before the Tz gov't give Edenville any $$ for the coal.

CFPP is not our saving grace.

30th June
Additionally, the implementation of the coal mining agreement with Nextgen was, for various reasons, problematic, resulting in very poor production figures over the period from February to May 2022 and no material revenue for the Company.

NextGen couldn't fix the operational issues for 4 months. Bringing a digger on site and ordering some dumpers isn't going to fix this over night. We need the dumpers dumping and the diggers digging. As production ramps so the risk of breakdowns increases and thus the need to have a good supply of spare parts (I could say something here about the BoDs but I won't). Everything needs to fall into place, including coal into the crusher.

If the figures were any good they would have published them. If you remember they published some figures then it all went quiet on the output figure because they were so terrible. The same is , in my opinion, true now. They hold onto bad figures but freely publish good figures. At the moment I'd say the output figures were on the floor as the hand over has just happened.

It all jam until they RNS it has happened

Let's see what the price starts to do over the next couple of weeks

The only excuse may be
The weather
Break downs
No spare parts
The need for a second washer crusher
Not enough people
Not the right skills
More money needed

Other than that we are good to go!!!

I do believe it is down to Edenville's ability to dig it up move it process it and come out with a saleable product. There has been a history of having to tweak and change things on the wash crusher. They only had one digger excavator that broke down recently if I remember correctly and they said they got it going but awaited a long-term fix. With only one washer crusher each time it breaks down or stops it doesn't matter how much coal they have stacked up waiting to go through it nothing can go through it if it doesn't work. They have said that they did not benefit materially from the previous contractors running the mine because of operational issues.

Based on RNSs going back to 2017 I think there are a number of people within Tanzania and outside Tanzania that would be happy to take our good quality coal offer hands at a reasonable price.

The washer crusher is a single point of failure and a not very reliable single point of failure. I think the last washer crusher took the best part of 9 months to locate pack ship unpack build tweak. So if we do go for a new second washer crusher we can kiss goodbye to the best part of 9 months before we see any benefit from it and the money we spent buying it.

I just can't see us getting 10000 or 12000 tons out of the single crusher, which was the aim at one point.

We have a lot of coal if we can dig it up and move it and process it and create a saleable product.

I believe there are customers,I think there are operational issues processing the coal

As per my 11.25am post

The fundings undertaken through the year ensured that the Company is well capitalised, with cash resources as at 31 December 2021 of £1,229,801

As at 27 June 2022 the Company had cash balances of approximately £515,428.

So in 6 months they spent £714,373, so their burn rate is approx £119,062 a MONTH and revenue was revenue was £105,228 a YEAR!!!!

Up 11% today lets see what the next 92 days brings remembering

As at 27 June 2022 the Company had cash balances of approximately £515,428.
Monthly burn rate of over £100,000
Correct me if I'm wrong but they have never made it to 5,000 tonnes of coal a month.

There is still no explanation as to why Edenville think they can get this right with the same people and the same equipment (+ another digger and some trucks) where they have failed since 2017 to achieve any output target they have issued.

I read all the jam tomorrow in the RNS, heavy suggestions but not substance to the jam.

Time will tell, and as I say I'm a realist. If the next RNS says they are ACTUALLY producing 5,000 my attitude will change, but until they RNS that facts rather than jam my view remains the same, sub 10p at some point between now and the end of Sept 2022. That's as I see it.

SOS

Happy to wait 3 months, lets see what the price is on opening tomorrow and what it is at close on the 30th September.

Historically they have never been able to add shareholder value via the share price so will be interesting to see what they can do over three months.

I still say we will be sub-10p at some point before the end of Sept 2022

As at 27 June 2022 the Company had cash balances of approximately £515,428. Whilst this is sufficient for the Company's current needs, at Rukwa, where it is expected the Company will become cashflow positive later this year as production ramps up.

It states they have enough money for current needs at Rukwa, does that mean they do t have enough money for other things?

I'm just careful of what they say, so their paragraph sound suspicious.

"All I want is for a RNS to come out to say we are selling upwards of 3,000t per month - not mining it, talking about it, telling us why coal prices are high - just selling it."

Exactly, that's kinda what I've been saying in that we need FACTS that we are delivering rather than the JAM we keep getting where they heavily suggest what they plan to do but never quite deliver it for one or another reason.

They have to deliver, but still think we need a Board change to achieve it.

Still would like to know how much of the £700+k was spent on salaries in 6 months

Still believe we need another washer crusher

25k buy you mean less than £3,000, rather than £25k?

Good summary GW.

Burn rate is horrific and will only go up now we have the mine back in our hands.

We had revenue in a year less than what we spend in a month.

We draw attention to note 2 in the financial statements, under the heading 'Going concern' concerning the ability of the group and parent company to continue as a going concern.

My concern too.

How much of that spent was on BoD salaries?

Only heading one way at 8 am

As at 27 June 2022 the Company had cash balances of approximately £515,428.

With a burn rate of over £100,000 a month, what are they going to buy with the penny's that will be left in a few months?

The fundings undertaken through the year ensured that the Company is well capitalised, with cash resources as at 31 December 2021 of £1,229,801

As at 27 June 2022 the Company had cash balances of approximately £515,428.

So in 6 months they spent £714,373, so their burn rate is approx £119,062 a MONTH and revenue was revenue was £105,228 a YEAR!!!!

Shocking

Now it turns up

Anyone find any RNS? Not seen as of yet.

Whoever sold 240,000 yesterday is either a genius or a crazy mad fool dependent upon tomorrows results (if they get published)