Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
We need answers on the plan to finance LCCM . With so low a market cap we will need to give away most of the company to get any level of cash . We should sell Redmoor and get LCCM going rather than continue with this protracted jam tomorrow strategy and promise of big things in the future .
Don’t think that RNS could have been any worse . Not sure this company can survive with the track record of disappointments and market cap of £3m . Only thing that would give any confidence is the BOD buying significant amount of shares and showing they actually believe this has a future .
I think the best course of action is to see if the promised RNS materialises in April and whether it is convincing . If not I agree we have to try and do something different starting with an EGM - the basis of this dependant on the RNS .
This is the response to my latest email - think he sent this to a number of folks - make of it what you will
Thank you for your recent enquiries and for keeping me informed of the general mood out there.
We had expected that we would have been able to produce, in the first quarter, some news that would justify issuing separate RNSs. However, while we have worked diligently, circumstances outside our control have delayed our expected progress, more specific details will be expanded upon in our quarterly report, expected to be out towards the end of April.
SML has excellent assets and the Board and management are fully committed to executing our plans even though market changes and government processes may contribute to delaying timetables we had planned. The Board and management have adjusted operations to ensure continuation of operations ahead of securing forward movement on either Leigh Creek and/or Redmoor.
The Board continue regular engagements with SML’s largest shareholders and value their continued support for our strategy.
Rest assured that, given the Board and management maintain significant shareholdings, there is strong alignment in ensuring what is best for SML is also best for its shareholders.
Regards
John Peters
Managing Director
Strategic Minerals plc
Think the Q&A was helpful . Big winners will be those who buy big now at a risk of losing a small amount versus a multi bag over the coming 3 years . LTH’s who are significantly under water will not get a better offer IMO as I think the deal goes through however people think about it .
The BOD will be handsomely rewarded for this deal and get to keep their jobs in the new company . How can this be in any way a good deal for shareholders , stinks of purely self interest for the BOD and no doubt the people they are doing the deal with .
Asking me to hang in there . Hoping to have good news for the market soon . Lot of work done but can’t talk about it until signed off .
IMO sounds genuine but hard to be confident as we’ve heard similar before .
Email JP and ask him to update you . He usually responds even if you don’t like what he says . Last email to me said finance for LCCM will likely slip into Jan as will his prediction of 1p share price slip into Q1 2023 . Hard to believe anything with the track record but that is what he said .
To my latest email - can’t release any info yet as not hard facts
Progress made on LCCM financing but unlikely to sign now by end Dec - will likely slip in to Jan .
Also progressing finance to move Redmoor to pre feasibility stage (and a spin out thereafter ) - Expect progress Q1
Believes shares are ridiculously undervalued - based on the above disappointingly pushing out his 1p forecast to Q1 .
I think all PI’s should start emailing Peters and Wale and put more pressure on them to do something with this business . Milking it for salaries for a few more years is not acceptable . They are not held to any level of account for the poor performance . I don’t get what the BOD do all day . The one profitable part of the business runs itself with Clovis . Progress on LCCM and Redmoor is so slow it can’t be taking any time . A junior person from one of my teams could run this business with their eyes closed . All the supposed experience the BOD have in mining and Finance doesn’t seem to add any value .
Anyone who can buy in at under 10p is going to be laughing IMHO
This is part of an email response I got from JP at the end of July !!!
I still believe by year end we should be over 1p and am working towards that. I can see the funding for LCCM in place by this time and work having commenced and I am following a couple of very interesting leads in relation to CRL. Again note, not one Director has sold a SML share.