Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
My hat off to Bernard.
After flatly lying to shareholders regarding several raises, after continual stuff ups and delays, he raises just after telling everyone that they are well funded.
Again, that £250 is earmarked for corporate office and salaries. Called it once, twice, thrice...BA has zero credibility.
Expect another raise within 12 months, cannot wait for the fairytales in the proposed FS, crazy how shareholders are happy to just sit and watch this guy flush their money down the toilet.
Tbh this company is so dishonest I find it hard to believe anything they say. Still claiming it's in the top 15 hard rock deposits globally is just wrong. One of the smallest, maybe just makes it into top 30. Fully funded lololol couldn't even get the money they wanted last time as the dodgy broker went into administration!
A40.asx in administration. They were 'fast tracking' their way to production by skipping the feasibility studies and having a DMS only operation, no fines circuit. Had old Steve Z running the show.
Now KOD planning to do the exact same thing? Slow motion trainwreck.
Unfortunately ARahim, BinB has called it right for the past six months or so. You should be thanking BinB of you think Kod is so cheap, you can load up the truck at these low prices!!
I am waiting until BA resigns before even considering spending a cent here. Someone needs to fall on their sword before this gets moving again, if ever.
ARahim, it is pretty clear that you have bought recently and I actually think .08p is a fair buy price for now. But in terms of production, there is no way in hell Kodal will be producing in 2020 if at all lol. Besides the fact they have missed virtually every optimistic timeline they have set, lied about their funding situation the entire way down, and stuffed up even the most basic of operations i.e. bulk sample, they are located in Mali.
During the wet season you cannot build a plant there. At least not on time. Finance doesn't just happen immediately, it takes months of negotiation and if it does, expect either high interest debt or unearthly amounts of dilution. Even if the plant itself is built, ramp up will likely punch a massive hole in their rush rush operation, as the strip ratio, combined with the so-so grade, high transport costs and low recovery from storing fines will make this one of the highest cost operations in the world.
What I expect is that they will continue to drill out the resource and drip feed results as they always do. The bank balance will be depleted by end of year, of that I am quite certain. The ESIA and Mining License is useless unless they actually have a viable resource/operation, and to date BA has not come up with the goods. There is no empirical evidence that shareholders can access which demonstrates viability.
Surprise, surprise. Equity raise at .08p, with BA and mates in the trough. SC clearly wants to maintain their slice of ownership, but the dilution from these last two raises has just been brutal.
Clearly the 500k from the previous raise was not going to be enough, and they knew this. Instead of fessing up and actually raising the right amount of capital, they have lied to PI's on deadlines and financial position. As a consequence, they have diluted PI's even more, because the raising costs are paid twice (notice how they haven't mentioned how much this was this time), and the second raise was at 0.08p instead of .12p. Although I have seen this pump and dump activity before, I see the possibility of a class action taken out against the directors here for breach of duty.
But the real kicker is that BA still wants to continue drilling. It is just unending, and I suspect the reason is that the economics right now simply do not stack up. That can be the only reason, as they don't need to attract a buyer with a big deposit, they have SC.
Unfortunately, these drip feed raises are just keeping this company afloat, and dilution will continue to wreak havoc on shareholders until the spodumene market improves. That will likely be at least 12-15 months away. To raise half a million pounds they have to dilute holders by almost 10% each time.
Wouldn't touch this with a barge pole until finance is acquired, or a study demonstrating viability has been completed which is openly available to investors. Otherwise it's like putting money through a sieve.
Gfd, please read this very slowly, because you do not appear to comprehend what I am saying. Firstly I am not Dazaliam you simpering fool. Secondly I am not a trader, and if I was I certainly would not be trading this pos stock.
It has been rather painful watching you squirm since this stock has collapsed from 0.2p. I have called it correctly the entire way, right down to 0.08p. Yet you continue to berate your betters. You have lost any semblance of objectivity along with most of your money and appear to have become emotional with your investing, a sad thing to see.
After the last equity raise, you fled the BB with your tail between your legs. A few months later and you come back to play detective? You are a coward and a fool, do long term Pi's a favour and let yourself out, you bring the entire BB down in terms of class and intellect.
Just put your dunce cap back on and let the adults talk.
Great research sxxswe.
So Zaninovich has got his finger in a few pies. Sounds a lot like BA tbh. If Kodal works out for them, they've got tons of free options and performance shares between them. If it doesn't, they walk away scot-free after drawing fairly juicy salaries.
Will be interesting to see if BA replies to your email.
Tough times for holders, hopefully BA can still deliver on his promise of Esia submission and Metallurgical results by Q2 2019.
This meeting of substantial shareholders is hilarious, if only for its name, and who else other than the thickest brick of the lot, gfd, to organise. By conference room, I assume he's booking the party room at the local McDonalds. I can recommend the Happy Meal paired with a juice box, make sure you save a spot for Suay Chin.
I'm loving it.
sxxswe, I hate to disappoint, but people like me don't have a day job and we definitely don't have a boss. That lifestyle is more becoming of the muppets who enjoy losing over 50% of their equity in a matter of months because they don't know how to take off their rose tinted glasses.
The 'solid info' you so desperately require is in every single PEA and Feasibility Study ever published on a lithium concentrator. It is in the total capex costs for all of the currently operating spodumene mines. Hopefully, you will come to the conclusion that every single one had actual costs that far outweighed whatever they claimed in their high level studies, let alone a desktop study done by one of my boys over the weekend. If you need to be spoon fed this information, then I have to ask, do you really have any business investing in micro cap resource stocks like this?
You may not know this, but big multinationals get it wrong all the time. Clearly SC has been made a fool in this instance and will want to make the best of a bad situation. Whether that is in the best interest of Kodal shareholders is uncertain at this time. What I will say about big multinationals, and particularly the Chinese state owned conglomerates, is that time is on their side, not yours. They can wait for years and years, and capitalise on this deposit when demand makes feedstock from the open market too expensive. This will likely be around 2025, so yes 2022/23 is when I see Kodal likely to produce concentrate, if at all.
Cowboy, it's impossible. The ball mill is a long lead item because it is essentially custom built for the projects requirements. As Kodal have not completed even a PEA, there is no way they could know what is needed. Plus you generally have to pay for these items upfront.
You will find a lot of those types of websites. Basically they paste content related to their keywords they expect people to search to increase traffic. Very primitive.
2020 at this stage is simply impossible unless they order the long lead items like the ball mill this year. Tawana was able to construct their spodumene circuit so quickly and cheaply because it was previously a tantalum mine. All the extra parts of the build i.e. worker camp, tailings, roads power etc were already constructed. It is also located close to port in a first world country with dry conditions.
People who believe that this project will cost $60mil USD need to get their heads checked. The $60mil will be for the circuit only. BA will also need appropriately sized facilities, roads in and out, and a buffer for ramp up of production on top of this. Then they will have to deal with the long distance from port and the wet season slowing down construction progress. It's now being pushed as a 1.5mt mine, so expect all up costs easily over $100mil USD.
Can anyone actually argue against these engineering points? Because from my experience, there is no way they will construct this in 12 months imo. You're looking easily at 18-24 when the above is taken into account.
2021 at the earliest. My estimation would be closer to 2022/2023 based on their current trajectory and track record.
Buy more if you disagree with me, i'm sure Bernard would approve.
Agree completely straightntrue. Was thinking the exact same thing.
The RNS is where the facts have to be disclosed. The paid 'interview podcasts' that Bernard pushes out are aimed squarely at retail holders where he knows he is able to make forward looking statements without any repercussions. He has done this many times in the past and gullible retail is only too eager to take every word he says to heart. This over optimistic vision of the company he projects pushes up the share price, next step he raises more money for the project. Rinse and repeat. How people cannot see this baffles me.
I wouldn't be surprised if the locals complained about how the bulk sample was being conducted which forced his hand tbh. He says he has great relations with the locals, but how do we actually know that? A couple of photos really means little, other than he was there. But the truth will probably never come out on that one I suppose.
As for his 'funded until permitting' comment, that is a cracker. Good of him to state that the plant will cost $60 million when he has not provided a single piece of evidence to show his working. Bit strange that he cannot tell shareholders how much cash Kodal has on hand though, only that it's 'enough'. Why leave out the details if things are so great?
He has got more drilling, more engineering studies to complete, more employee mouths to feed and more payments due for that recently acquired tenement. Will be watching this over the next few weeks, might hover in the .10-.12p range before an equity raise. Might happen faster if price goes a bit higher.
Horn, the bulk sample is to help work out the specifics of the concentrator. Ruifu runs it through a number of flowsheets to see what works best. Obviously the more ore you have the greater potential there is to try different configurations and ergo find a more optimal process layout. I think at this stage, SC just rolled their eyes again and told Bernard to bring whatever he had collected to them. I mean what choice do they have, they appear to have lost millions due to his incompetence in managing the deposit, he has made an absolute monkey out of them.
Um, I think it is quite clear mining in 2020 is impossible at this point. The rns clearly states that they are focusing on more drilling, not developing. They don't even have a feasibility study completed. And that drilling ain't going to be cheap.
Bernard is taking zero responsibility for his utter failings here, using an unnamed contractor in Mali as a scapegoat. He is treating shareholders like absolute mugs and honestly even as an ex-holder I am absolutely livid, because the only ones making money on Kodal are BA and his mates. Surely Suay Chin must be considering a hostile bid to throw him out so they can come in and actually get the job done.
Might even attend the AGM, I'll be the tall guy in the back smiling with a couple buckets of popcorn if anyone would be interested in joining me.
Batfink, there are many ways to get around that, a share consolidation is perhaps necessary going forwards.
The comments he makes regarding the fines circuit coming in 4 years after the DMS circuit concerns me greatly. I wonder what he means by transport savings? Obviously he has information that allows him to make these statements, yet he does not disclose it. This is a major red flag.
Well done to BA. After several months of deafening silence, out comes the truth.
Firstly, BA is having trouble managing operations in Mali. Africa is tough and clearly Bernard is learning this first-hand. The fact he cannot even arrange a simple bulk sample to be shipped overseas tells all. How on earth is he going to manage an operation 100 times larger? Absolute crackup.
The ESIA he boasted about filing in April is still being prepared. Nothing to report on metallurgy, however his comments on plant design have me intrigued. To stockpile the fines for four years...gee whiz I want to see the recovery on the coarse grained feed because it makes no sense to me. Is he saying plant payback will be 4 years?
These guys are 100% running low on cash and will need to raise soon. If this is the best spin they have, with no chance of news coming out for the foreseeable future, the sp will crack below 0.10p easy. Raise may have to be done at 0.08 or even lower, brutal.
Lol, no, there are several more important milestones than simply getting a permit here. A lot of work needs to go into this deposit first.
Hopefully these questions don't make jamesroo cry:
What size plant are they building?
What does the flowsheet look like?
What will the cost/tonne be?
What will the cost of plant be?
What does the strip ratio look like?
What are recoveries like for 6%?
How much spod will they produce per year?
How much of their resource is actually economical to dig up?
Why is there no ore in the measured resource category?
How on earth will this deposit get funded with no plan for development? How can you fund something when you don't know if it is actually feasible? If you have no idea how much it costs?
But yeah nah I'm sure Bernard's got this. Suay Chin probably cap in hand begging him to take their money. The specs are so good he can't even disclose to shareholders. Plus they will be digging mountains of ore on their new tenement simultaneously, all fully funded by SC, as stated by goodflying duck.
Once they get an environmental permit from one of the poorest countries in the world, how could any credible financier turn them away?
Some very astute holders here. Strong buy.