Member Info for shamI89

Where traders would drive the price up/down. Company should have specified money required and how is it going to get it. Most of miners encounter these problems after production is started but it is very rare to have it when production was about to commence.

I went through results and company seems to be in profit and had a decent net cash position. But I have got to say I don't understand the model fully.

And he had 4.9% left at the end of August, which is not helping share-price as it is very illiquid share. Share price should move when he is out.

First week of November but we had one in October last year.

Some large sells are being worked and they are using whatever liquidity they can get to dump these. I guess today was high volume day so market may have absorbed some sort of selling pressure. Time will tell but I suspect it has further to fall and funding arrangement could be the key. Whoever will provide final funding would take the big chunk of project. This is what I don't understand as how can you spend years on design and building mine to realise that you need to make some changes to design which would require further 35% investment. Incompetence or conspiracy to defraud investors.

No there are big sells here too. I suspect large sells are being worked here. I do think many private investors are trying to trade it but funnily enough there is no bounce as it is being driven lower and lower.

No market has not lost its mind. It is no longer trusting numbers/deadlines given by management. Unless we know funding shortfall and how company is going to get it, it remains uninvestable.

It is not about 35% increase in capex, it is also about changes in design and pushing the production to Q3 2024.After all of these years and all of that money spent, company has released a RNS which states that company does not have a clue. Getting through to production is always tricky once do expect certain hiccups. But this is sheer incompetence. Market has lost trust in management and that means all of their targets and estimates need to be taken with a pinch of salt. I guess a lot of private investors are taking positions in anticipation of a dead cat bounce but market reaction is get out of any cost.

Problem is if they need 200 million existing equity is worthless and that is after depending hundreds of millions on this.

Capex has increased by 35%, it is talking to it's cornerstone investor about financing and some changes have been made to design.

Company seems to be out of depth,

I had a look and certain credible news outlets like Reuters and Boolmberg are reporting this but looks like market is waiting for official RNS. It can he interesting if it is indeed true. I guess company won't say anything until oil pipeline is up and running and that cant be far off if Reuters is to be believed.

If these assets can't generate enough profits to pay off debt then these are worthless. Three well are shut and one which is producing is has lost over 40% of production in three months. Time will tell but it is game over for shareholders in my opinion.

Where did you get 110 million of assets from poorinvester, as you have got to be daft to pay 110 million for these assets. These assets are worthless right now. As far as far as rest of rampers are concerned they were daft enough to buy these and kept on sprouting Bs to lure others in.

BOD was incompetent I have no doubt about that, some of statements they made can be taken as misleading. Problem is they have their bases covered. FCA is most useless institution in the world and if it had spines out jails would be full of Aim CEOs, directors and "p&d merchants".

I fully support shareholders taking action, would they get anything I don't think. Not so long ago Nmc defrauded investors of billions of dollars and it was a proven fraud, authorities are still chasing BR shetty but no one has received a penny.

All the signs were there, I do remember company announcing a "technical problem with H2", then issued an RNS saying that "technical problem" has been rectified but they have to shut H1, but give way clue was production rate, which was less than company's estimate and in Half year report it fell further. It was there as you can't keep on missing interest payments. I do think bondholders were shorting these or an institutional investor was offloading as some big sells appeared regularly and Coldspy and rest of ramping crew were in complete denial about it.

Once they started skipping interest payments it was crystal clear to everyone that there is a cash-flow problem. Each drill cost them 15 millions and these lot ended up spending all of cash reserves on drilling. If only one of these drills came good it would have been a different story.

True that some of them made all sort of bs, being optimistic is one thing and lying is another. They had a taste of their own medicine and did not like it.

You are pos, no one deserves to lose money but why would you want to lure others in. As I said these guys got in for a quick trade and got caught in it. These sort of people normally leave investors high and dry but got instant karma.