Member Info for Simms45

While the lack of RNS updates is disheartening David La Saint recently gave more information on projects proceeding and the recent move of our debt to CompactGTL joint venture (although we remain as a joint guarantor) and the £1.5m cash raise does show a board keeping things moving. If DP planned nefarious actions he could have done it a long time ago. We are led to believe the pivot leading to a stabilised position. Northfork even according to Greg was Q2 that matches previous interim RNS so hopefully real update soon. I think first day after bank holiday we should get some news.

As soon as RNS states administration the vultures circle to pick over the carcass. Its now whether this was always being reading for prepack administration, as i suspect. if there was only hope of a white night and they needed more time they would have gone to bare bones and found another 1-2 months of time operating but we will see probably by next week what is really going on,

AFC ratification could be this monday but regardless the bank debt will have all conditions in place which will mean investors can get moving and everyone can know this deal is on. Gla as 1-2p in short-term is now almost guaranteed without any major curveballs over coming months

Dont say that or Connect will give you a ticking off for jinxing it :) Just need to let nature takes its course.

With 1 week before administration this is really a kick in the teeth as very little can be mobilised although not impossible over the bank holiday so buyers are gambling on something happening to double the shareprice next week. if you were rembrand etc and were not sure you were going to get the assets from the administrator they might pay £1m+ cash now and take over the obligations. there are plenty of agencies that might be looking this over today as executed properly this could be a widely successful payoff. today board should have said no more salary for board and cut costs far further. they needed 1-2 months now the distress beacon is lit. again my feeling is board have this all planned for prepack next week and using bank holiday to get it all sorted. i just want to see Mirriad tech succeed.

We will get our 100% rise one day, depends how unexpected it might be. If we steadily rise to 1p over coming 2-4 weeks then 2p end of June then it would be about right. Manu cash in bank maybe 3p+ . If we get Saudi sale which could drop anyday that will be a nice lift. just now time to top up towards financial close. 1-2 month to AFC ratification, 2 months definitive agreements, 3 months financial close. Lets see what happens but price should rise to 1p on steady speculative buying.

Ceo is taking £500k salary so in 1 weeks time he can buy 100% of Mirriad for £250k from prepack administration. Lets see.

Board should have taken salary sacrifice 3 months ago with eye to payment in shares later down the road to at least show some alignment with investors. Companies i have invested in and some i have been involved in first people to take no salary was the board. Board kept the gravy train going and they knew they were heading for a brick wall. Key is cut hard and fast. Mirriad tech will survive, probably prepack sale back to board backed by 3rd party on far lower overheads but pis will get shafted whatever happens. Also who was the interested party anyway? seems very poor to give 1 weeks notice of administration. Feels planned and why i think this is a prepack admin all ready to go so it will be business as usual for the board. we will see who ends up with the assets.

So possible buyer exited 30th April. I suspect were stringing Mirriad along so they can pick off the IP and leave behind the Mirriad board and not be liable for restructuring. What i hope is this is not prepack and board buy it for nothing and take private. Price today has fallen 80% which for a company supposedly days from administration is actually doing well and market cap £750k. Something tells me someone is buying up some stock, maybe on gamble the buyer might come out with lower offer and investors sill accept. We will see how orchestrated this might be one way or anothet. Certainly sad to see this tech fall at the last hurdle. Long term investors i am very sorry for as i was equally rooting for the tech to become what it could be but it looks Mirriad, in current format has run out of runway. Lets see what the next move will be.

Warning was lack of news from company. Very disappointing to see such capitulation and total failure to control costs. Still chance of a white knight at last minute but obviously not on great financial terms for shareholders. Odd they have not immediately suspended but given a week? This feels they are manipulating yhe share price collapse for a reason as share suspension today would have been fairer option. Miriad has a huge potential but feels like something a little shady about this. Sadly seen this too many times but will keep on the sidelines. To give just a week is pretty pathetic, almost impossible to find a white knight in this case :(

We managed to chug through another £100k of “unknown” seller. What would happen to shareprice if we did not have this seller? Exactly. Gla

Dont get all superstitious. Metals is backed by reality on the ground. No need to worry in about the direction of travel over next few years!

Gold flying back to $3350 and hopefully break a new high in coming week. Every penny helps Metals deliver this quarter the biggest net profit to date!

Burnt a few times and more interested in the medium term once we know Mirriad has a 12 month runway and board are aligned with shareholders on raising shareprice. Sure there is a bump up on good news but it always pulls back on shortterm traders and takes a long time for value to be created and converted into a rising share price. On flipside the placing or strategic investor at a lower share price will dilute everyone significantly. The board might not have anything material to say so a placing could still go ahead. Also bear in mind shareholdings of board is now insignificant so really it is salary that is their main driver and being granted options at the bottom so sometimes boards in short-term are not motivated as shareholders are. Prefer to move in once we have concrete evidence we are on a real upturn as market, based on market cap, expects disaster and so far board are keeping things close to their chest. They have had months to talk about positives if they wanted but board is pretty quiet.

Plenty of pump and dump as its low liquidity. Better to wait on RNS news as the quiet nature so far does make you think a placing is being worked on and what they actually need is a shareprice not jumping around so they can organise a price. Certainly the updates from this board are encouraging but its now all about delivery of cash to the bank as Mirriad has burnt too many investors snd broken many expectations. Still chance next RNS is a knockout rather than a placing.

Music to my ears

"signing of detailed definitive agreements this quarter."

and

"Government and other formal processes (including AFC country membership) are on track and working towards the same timetable."

Over the next 2 months from this RNS we are due 3-4 big RNS statements. Strap yourselves in for takeoff!!!

So we have the final cash needed to complete the finance and in so doing now put the Saudi sale on the backburner unless we get a knockout offer (maybe £50m+). So everything is now in place for the biggest transformational event in any mining companies history with a junior miner about to become a mid tier producer over coming years. Just need that AFC ratification and we should be off the starting blocks. The market still has not spotted how important this news is as it mean we are fully funded and we all wanted to keep Saudi if we could as while we only have 15% it is a multi-billion company in the medium term. There might even be a way for Kefi to recover some of their shareholding if they pull their finder out and get TK otl as we were due quite a large amount of cash back from TK but we should get paid for Kefi services to the subsidary. gla

Fantastic RNS. Metals are focusing exactly where it is believed high grade ore will be found. If we can add another 1m ounces over coming 12-18 months that would be very helpful to the shareprice and my understanding we own the rig and can just crack on and keeping drilling as the costs are low in this scenario. 8p seems now locked on for today/tomorrow once market absord the information of potentially adding a lot of ounces quickly. gla

We already know we have interested parties and it takes time to pick a buyer that also fits with Artar. I am sure Artar are picking the major to work with to replace Kefi and the 15% is worth a lot as our Saudi operation has some of the most prospective mining rights in Saudi so this 15% is just pin money and the big money will be oncr in production. However we know we dont actually need to sell as TK is about to trigger and this is more a plan B but if the right offer is made to Artar and Kefi i am sure it will be welcome cash given Kefi is worth sub £40m and we are just about to convert $100m historic investment into 80% stake with limited, if no dilution. That is why this is a 10-20x opportunity from these levels and Harry has already mentioned dividends equivalent to todays share price in 4 years time. Thats what im waiting for!

Metals is one, if not the most undervalued and prospective junior gold producer on the UK market for msnh billionaires sitting at the table and with a LOT of upside in Nicaragua. We talk about La India but we have a massive prospective land area. Gold for next 100 years! I have a feeling we will be over 8p tomorrow and maybe 10p by end of May as we are steadily chipping away at our solo seller.