Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
Lucky I still look in from time to time just to clear ups few loose ends - look boys have your fun but try to keep to the facts - just for clarity..... Denarius do not get 80% on the MLA being approved. Conditions following Option 1 (which incidentally isn't completed having not spent $4m and delivered a new PEA) hence as yet Denarius don't yet own 51%. For Option 2 (80%) requirements are completion of a compliant PFS and payment of $2m to EUZ, not a delivered MLA, come on fellas surely given the crap SP you can get your point across without deviation?
Let's be realistic - no major construction project happens without environmentalists expressing concerns, as is their democratic right. We have the backing of the authorities as evidenced by the acceptance of the MLA which allows the IP to run during the period of consideration. The MLA included all the necessary environmental studies, if it didn't it wouldn't have been accepted. Man made scars on the landscape such as the quarries that the Mayors want us to infill frequently create an opportunity for nature to find a way, look at central reservations on motorways all the way through to species that thrived following Chernobyl. It did amuse me that they cited Las Médulas as a site that could be threatened by the development of Toral, really? That was a mine itself exploited by a method known as 'ruina montium' where hydraulic systems basically dissolved the landscape. We're proposing MCAF underground mining where everything can be restored after the LOM. I also don't think that the argument that our mine might compromise 'hunting' is particularly cogent with claimed concerns over the local fauna :)
Https://www.infobierzo.com/bierzo/mina-metales-raros-bierzo-empleo_1007654_102.html
The accounts are prepared in Perth AUS and as such "All amounts are presented in Australian dollars, unless otherwise stated", always have been. Basic salary $154,853 in 2022, and contracted for £112,000 / $200,473 in 2023 I guess to reflect becoming Interim CEO in Feb 2022. Note that they had already implemented the salary sacrifice scheme in Jan 2022 (50% deferred or accrued through shares).
Just to point out another inaccuracy posited today, the corporate investors hold 'ordinary' shares which have no seniority over PI 'ordinary' shares. If anyone can find examples of issuance of preferred shares do let me know, from memory I don't think so. Providers of senior debt facility would certainly clean up before shareholders but suggesting that the "corporate investors" in EUZ would be "paid off" before PI's is yet another misleading suggestion.
No, when Myles was paid through Virico that was his salary not an additional consulting payment. He opted to be paid through a consulting service company that he set up, I assume (but don't know) it was likely done for advantageous tax reasons, I saw that at the time and got answers. LR did something similar but dropped it to be conventially paid in the UK before he left. Look I'm obviously not happy about the situation but I do wish posters would take minimal effort to post accurately, the cr*pness of the SP shouldn't be a license to post cr*p.
"It needs a rise now of 936% just to get back to where it was before its last drilling campaign".
- 5 April 2023 commencement of drill campaign at Toral (SP 3.15p), where do you get 936% from?
"How they justify their remuneration, currently about 1.5 times that of the prime ministers".
- MC on about £110K before salary sacrifice scheme (have you confused the $AU figure) not sure how much he gave up for shares, I think EK and DS get about $AU 3000/month. The PM earns a salary as both an MP and as a PM which adds up to nearly £170K, suspect you're just counting the MP salary. How on earth can you think that the Directors earn salaries 1.5x that of the PM?
For the record I think they are generously rewarded given the situation and undeniably there has been an utter failure to deliver shareholder value to date but let's keep the debate within the realms of reality and cut out the lazy hyperbole.
Very interesting and worth listening to a credible voice outlining a great opportunity for Block to utilise our "ideally suited" geology to not only cover our own O&G carbon but to be a service provider for other industries (fertiliser and cement mentioned). So we have a very credible theory, what we now need is a credible plan to put this into action and get the SP moving.
Grappa, seems you keep your ear to the ground, "We are entering into an important phase in our business plan as we bring each of our Zancudo, Aguablanca-Lomero and Toral Projects into production over the next couple of years", Denarius Metals.
Chesh I think the problem we have for the short term SP is that looking at the last RNS the only facts with regards to CNPC as far as I can tell is that they are drilling on a licence between the Black Sea and our PIII which, if successful could reflect positively on our licence. Does that suggest the geology is analogous to our licence? PH goes on to say that we would then have access to 'a rig', do they definitely mean their rig and is that a definite agreement, also when might that be? Personally I think until we get some certain news on these farm outs it's difficult to see what will drive the SP beyond this slight recovery.
Bit odd as hasn't the spread remained the same and the mid dropped a fraction? The closing price seems to be taken as that after hours UT at 1.25, much as I've tried to educate myself on the UT I'm not entirely on top of it other than it being some kind of end of day balancing auction so I'll leave that to others..... On the CNPC stuff I'm certainly not discounting it, just questioning the wisdom of putting it in the public domain until they have something concrete to announce. For now I would just conclude..... encouraging.
I make it just 10 today so far and it looks like a stalemate. I wonder if we've gone as far as we can on recent RNS's, I do think we need clarity on our relationship with the CNPC sharpish as it's one thing to comment on their activity in Georgia and post a picture but we need to know if they are the farm out candidate and what the workplan is. Until then for all we know PH just photobombed the image with CNPC 'senior management' :) Sorry for the slightly cynical tone but I don't think they should really have RNS'd this unless something is signed, still it will have gone past the Nomad, so for the sake of their reputation let's hope there's something in it. GLA.
Just reviewed the Ken Seymour interview flagged by Heps and I think it's quite pertinent that he says how important combining geothermal with O&G drilling is for attracting investment. Given the GOG comment specifically on our PII license plus our own announcement about a farm in I'm hopeful that there could be something soon along these lines. Georgia is a signatory to the Paris net zero agreement so they have their obligations and there should be synergy with the PII well deepenings. As KS says O&G is far from over but we need to be part of the process. Let's see what 2024 brings, best wishes to everyone.
Yes Hep's more questions than answers at the moment but I do feel after the last update they have committed to some big announcements in the new year. I wonder if the Georgian government have grown impatient of our steady as you go strategy and have helped introduce some bigger players to help us get things moving on all fronts which had always been promised but I guess it became evident that slowly progressing PI was unlikely to ever fund everything on our own.
Thanks bobbby, very interesting. I think there was also mention of an interview with a former BLOE Director in which he specifically mentions dual O&G / Geothermal drilling technologies. Also that is intriguing re. PII "High impact" farm out. The original plan was for low cost deepenings which would suggest a farm out wouldn't necessarily be needed, some kind of JV might point towards something much more ambitious.