REMINDER: Our user survey closes on Friday, please submit your responses here.
I am very comfortable the quarterly service revenue of minimum £600k a quarter is covering a lot of overheads as its all service and not equipment but it either needs to step up or Palumbo should trim 20% of staff or tell all staff everyone faces 25% cut in salary. Company must stand on own feet while projects catch up or put staff on 50% paid leave to come back next year as i think we have almost 30 staff. Board should also cut their salaries. There is simply no excuse for management to not address the overheads promptly and professionally if we dont have net cashflow. Palumbo should also then comsider if he is cutout to be a ceo if he cant make those difficult decisions. his borrowing from altair is far too high a cost for the company and its staff as it is crippling the company. We gave 10% of company away in warrants today for what appears to be £200k advance? Madness and Verde are now long gone and Palumbo is to blame for his poor management to not manage costs more effectively. Time for Eqtec to trim some fat
This is now all about management trust and that Palumbo and team has not always had a devious plan. If they did they could be reported to the SEC and potentially go to prison if it did play out under nefarious circumstances. They have extracted £50m from private investors or £40m revenues etc but working with, what looks like, a a backroom of snakes who simply dump stock driving the price further. I cant imagine Verde will happen now since Altair just got a boatload of warrants for nothing. Can someone explain why when you make a loan that will presumably receive a interest payment that they appear to get £180k of free warrants that at these levels are close to 10% of the company? Was this for the £200k advance that we still need to pay back or what is this for? Palumbo for the record has a chance to explain to investors his long-term plan to grow the company as a listed company and he should do that. if their plan was to always take private then really the best strategy of all investors is to keep on buying and build private investors stake in the company to 30% collectively as at £2m market cap this is ridiculous. I am aware of the £5m debt now but surely we have Idex and so many other projects due to come in and this is really very low debt for this type of company. on the one side i am very confident but on the otherside i am not trusting DP in his intentions.
Brakes are off. Onwards and upwards to 1p. This will steadily climb as frankly its still unbelievable we are valued at only £38m? That is bonkers low. once TK is cleared and JQ in stage of finance 10x that will not be unlikely, maybe more given the incredibly premium added to Saudi assets. if we can get JQ operational in 2025/26 and Hawiah 2026 we would be heading for a mega valuation. All to play for but a 3 year horizon, subject to TK closure will be a pretty good bet.
We raised £5m, enough for a year. harry said burn was $200k a month, although Artar are carrying our share of cost of Saudi until TK is closed. We have plenty of powder and i suspect Harry will do his next raise around 2-3p post TK so we can crack on in Saudi. However once TK financing is closed we will generate good revenue from our services to TKGM so we will also be getting a fair amount of the $380m financing in one way or another. Its not all clear but we have clear blue sky for next 3-4 weeks to rise to around 1p-1.5p so enjoy the steady growthh as our placing hangover is gone so nothing appearing to hold us back. Gla
Every week that passes means we are a week closer to sale confirmation. I certainly help for everyone’s sanity we conclude this deal in May. Very quiet from Condor and Calibre who are now sitting on a $300m warchest. Come on lets get that deal announced.
Kefi is now in the clear to build steadily upwards over next 3-4 weeks as the churn from the last placing has all been executed. Been in this stock several years and pattern is almost identical year on year. Wish i knew that in year 1 as would have saved myself a lot of grief. Happy days ahead and as long as we close financing by end of June all will be happy campers. Should be a few decent updates leading up to that eventual news (2nd bank signoff /Saudi) so enjoy the next period!
Inching ever closer. What cant be denied is this project is very much happening and we appear to be around 90% of the way to financial close. What seems apparent to any potential investor is i am putting a 5-10x return in a short space of time as £150-£300m is still an absolute steal given out Saudi and Ethiopian assets. Going to be exciting when this closes.
I am using the date after the sanction as it is a great base to see how far Calibre and even Mako mining have raced ahead of Condor and really Condor has a lot of catching up to do. Condor is now half price for Calibre on a paper deal that it was when this process started. we have a lot of catching up to do and suspect tomorrow we will make a decent jump towards that correction. whatever date you pick over last few years calibre and Mako are both more than double and its hard to not find a miner that has not. bit like shooting fish in barrels. Time for Condor to start spreading its wings. hope your coping ok as you must be kicking yourself selling Condor last few months and investing in OMI as they have had a pretty torrid time. still time to double down on Condor and make up the difference before the RNS.
For a start Calibre is 4x from point when Sleepy Joe mentioned some lame sanction on a Ortega associate and Nic caught a cold that day. Mako mining is 3x. Condor is a laggard at just over 2x. harder to not find any miner producing that has not doubled in time period.
Moneyweek barely hit the shelves until friday and most will read over weekend so we should see a good rise on Tuesday, if we do not get an announcement of the sale. Need to bear in mind the 45-65p range was really when gold was $1800-$2000 an ounce and in worse times. Since then most miners have doubled in value, generating considerably more net cashflow that could be used for making purchases and lenders are far more willing to lend to miners again. While i think the deal is done and we are now in the final stages if it was paper then the value could be more. Whatever the price it will be grossly undervalued but for those investing today under 40p will still be a nice return for probably a very short time period. gla
Need to bear in mind Italy was able to refinance for €2.5m as bank was satisfied the plant was operating as expectee in December 2023 and its early issues have been down to 3rd parties. Obviously not great but lessons learned. Idex have placed a huge dollop of credibility lining up Eqtec in the start of dozens of plants in France. Same in United States. I also remember that Eqtec tech having been proven in small projects was able to get insurance that guaranteed a level of return. We have wood group and many others hitching their train to the Eqtec wagon. We need to move past the mess of DPs rose tinted specs and now focus on delivering Croatia, France, Greece, US and other projects around that world that are in play.
Looks like 40p is now in sight. I remember the days of 40-50p some years ago. Whether the burst of afternoon trading is Calibre shareholders buying in advance or simply an article pointing out the obvious that we are massively undervalued on any measure i dont know. What i do know is the buyer will reap billions of profits over the life of the mine given the crazy AISC. Why Jim and MC after 12 years hard graft gives up at the last hurdle maybe we will never know but i suspect they are regretting that decision as gold continues to climb ever upwards.
If anything material had changed Condor would update the market so its pretty obvious he cannot speak to anyone just in case he says more than he should. The very fact his responses are technical says everything. Looking forward to seeing the stock make a hefty rise on annoucment of sale on or before results. I suspect very very very soon.
I based the £600k covering overheads as we have barely drawn down any more loan and we had little to start with. We have been told revenues are rising so i hope with Idex £15m penciled for early 2025 and other works leading to this we are in a better place. They have reduced overheads by 20% so i suspect we are all square or they need to trim a bit more fat. Lets hope the £2m comes in from Logik and prey DP does not come up with some plan to throw it all at Southport as not heard anything about that one in nearly 2 years so just hope CFO is going to sit on this money and make sure we target profitability to revalue shareprice back to £50m. At 3.5m its just madness to raise cash especially if we get the £2m, which looks likely in June.
Looks to me this draws a line under the bottom as the revenue generated so far is all services so will have covered overheads. The outlook will look a lot more impressive once we get equipment sales plugged in. Drawdown on the loan is minimal but there is no news they are planning to drop Verde although the subscription price is now 150% higher than current share price for most of it. Eqtec should wait for Logik £2m to clear, hopefully in next 4 weeks, and then kick Verde into touch as Verde is only investing £1.5m so when Eqtec did the deal with Verde it would have been on the basis that Logik might never happen so better to wait to see outcome and put Verde in the bottom drawer. i am also not very trusting of DP as most of his strategic investors have been selling into news. However i am a lot happier that Eqtec will deliver and the market cap today is nonsense. Full trading update will give a lot more information on all projects as this was a bit thin on the ground but does draw a line under Italy that it is now fully operational and operating as it was originally expected so we can park 2023 for Italy as a dry run. hopefully future projects do not suffer the same issues but this is looking a lot more promising.