Member Info for Simms45

Should be around a week now before we get the interims and since the company has been poker face what is going on i do not doubt investor shyness at this time. Investors, myself included, were shocked at his destructive placing and we will see in the interims how urgent that £1.1m and debt to equity was or whether it was a chorigraphed slight of hand with his associates at Altair etc, as £2m by most accounts should have covered matters for a period of time and at least given every investor to see the interims. to drop a placing just before interims were private investors had no information but insiders would have been aware was a low point. It left a bad taste in the mouth of all investors who were drawn in on DPs settlement talk of £2m, well aware behind the scenes he was planning a raid on investors, while probably tipping off some investors who sold in advance. There was strange selling in the leadup to the placing but i wonder if the FCO will do any investigating as to what was going on? As long as we see rising revenue growth, as JVL said, and reducing month on month overhead costs (told 25% down) we should be on the right track to bridging gap and towards cashflow neutrality. Eqtec needs to tread water until the France and other deals get signed. France was H2 signoff and we are 3 months in. Hawaii should also be announced soon as they received grant funds and raising capital is a lot easier. DP has to deliver a clear message of self sustainability as he has done over private investors, staff and others once too many times.

Calibre mining for one has tripled since October 2022 when this kicked off. In relative speaking a paper deal from many gold miners means far less dilution and in case of Calibre i would expect Calibre market cap to rise more than the paper dilution simply because it would boost its Nicaraguan asset. Others are in similar position and MC focused in crux interview mentioning 15 meetings in denver and he heavily mentioned paper deal and he said materially higher offers than current market cap so anyone listening to that interview can confident it will be well ahead of todays market cap. He also mentioned advanced stages in a number of bidders and that a few weeks onwards is possible. So we know price will be more than current market cap and we have bidders. we just need to “sit back and wait”

Gold at 2611 and rising fast. While JM might well have called a bull rally in gold he sadly did not back his conviction by not building the mine. We could he pouring $250m in cash based on $1600 profit on each ouze over 150k output, had we pulled trigger on $100m financing. We would have probably been paying this down. Anyway i can see why JM is holding out as he knows his mistake and does not want to see Condor sold for peanuts or less than $150m. As gold explodes and cash balances of miners fill up so fast someone will drop a deal soon. For a billionaire to drop the ball on adding another billion over a period of time i cant recommend his acumen really. Most miners are coining in $1000 an ounze more than when process started and while they tripled in market cap we halved. I suspect anything less than lowest NPV of $340m will be a disappointment for JM. he could turn this around with a JV or crack on but maybe its now too long a period. hopefully we limp to a 2-3x over next few months just to save face.

Very interesting information. How much cash does Calibre actually need? What i found interesting in talk was MC talking openly about company using paper to buy company to limit cash up front and then invest. Calibre are over $2bn market cap company now so even a $150m paper deal is not even going to be noticed and probably increase market cap of Calibre by more on the announcement of a deal so Condor would be a freebie. If they invest $100m cash even by low standards they can get the $100m back in 6 months from production. Seems crazy it has not happened. i am sure if beleaguered investors were offered a 2-3x on todays price they will begrudgingly accept but that is still a massive discount even to the lowest NPV. As i have always said our market cap has been a real drag om price and i largely blame JM who has every 6 months dropped a warrant placing at 20p for himself so artificially dragged price down. He should have better lent the money with a a right to convert debt to equity at 20p. If he did it this way we might be 40-60p and then it will be easier to swallow a 60-80p offer. MC mentioned 2 months to a few months so lets hope they beat the 2 years sales process with a big prize for everyone. Feels like it could be close!

The list to sign off TK financing is now in sight. Excellent update and look forward to coming weeks, in particular bank sign off that will seal the deal in all senses. Saudi update will be incoming shortly but i hope held until after the bank signoff so we can perhaps start to put a value on Saudi as today it is valued at 0. This project alone could be upwards of £150m+ but we need TK completion. Gla

Whole gold market will get huge correction. Calibre now over $2bn market cap and $600m cash. A tiny placing and they could bolt on Condor to secure the Nic market and payback in 9 months. Anyway Condor is due a rerate as it is crazy cheap in comparison to other goldies.

Looks like the overhang has lifted and gloves could be off. We could easily pass 5p by Christmas. Aim stocks are in the bin so those that deliver are being rewarded. It was 2.4p 2 years ago with far less reality on the ground. Granted a bit of dilution in the meantime but Saudi and gold has exploded more than offsetting the dilution. Big instiutions will move in once we get deal signed and we will bought out before going into production imho. Gla

I seem to remember we still have 13% of Metalnrg as we were given zero coupon shares to replace shares we pledged as a loan guarantee. Metalnrg are now worth double eqtec at £6.5m and if we do have 13% indirectly we could look go cash that in.

I agree. Stop the sale, go back to those parties closest to have made an offer, we invest our $150m Condor asset and, ask them to invest $150m and go 50/50. Its obvious to me this what should have happened day 1. Its win-win. also means buyer has MC and JM along for the ride and keep all long standing relations working. If we have a $150m offer close it. If not move on and work a JV. so many gold miners are drowning in cash and needs a home. Maybe MC afterall can rollup his sleeves and getvhis hands dirty.

I will probably average down yet again once i get eyes on the interims. what we want to see is the gap between costs and revenue narrowing and get a good sense of all projects and where they are. we need to understand Italy profitability, Croatia and Greece progress and monies owed, Northfork, and obviously France situation. the latter should be one of the most likely to get the green light this half of the year but total silence from the board for an extended period. There is a lot else but frankly the market cap is absurd given we will have nearly more cash in the bank than our market cap. once we used to compare to one trick pony PHE but they are now 10x out market cap. Even MNRG are worth 2x more. it really does now at this exact point in time like a battle between pis and our CEO and that is not how a company is supposed to be.

Yet again Yoel and his engineers have proven themselves outstanding in their technology development and this is perfect timing for the burgeoning sustainable airline fuels and hydrogen market, regardless of doubters. SAF is a regulatory requirement from next yet for airlines so I hope one airline decides to invest in the first reference plant shortly. Seems a win-win.

Eqtec as CompactGTL now has evidence to complete a financing of the reference plant. It did cross my mind if any of the £1.1m might be earmarked for any reference plant or whether it was some expenditure needed for a France deal?

I will hold back pending the interims and for board to explain why they raised £1.1m when they did knowing the impact and i think if they do not there are questions that the FCA should be asking DP whether was trying to dilute PIs and allow his close associates at Altair and Pitcole to lower their average with limited cash investment while trying to cover his back by offering a token £200k WRAP placement to pis knowing full well the anger of private investors would have at this point.

If revenue has been growing month on month as JVL said they had then the interims should all be pointing in the right direction.

Good luck to Yoel and his team.

Great progress being made with CompactGTL as SAF and green hydrogen is going to be a massive market, i like the final line from CompactGTL :

“CompactGTL has already made significant investments into the joint venture, and we are actively progressing discussions with infrastructure investors to finance the reference plant. These outcomes are an encouraging step forward in our collaborative efforts to bring a commercially viable waste-to-liquid fuels solution to market.”

I hope that the interims being released in the next few weeks will give every shareholder an update on all projects and i would like to see the management carry out interviews immediately afterwards as well as arrange a shareholders webinar to answer questions. Back in 2021 DP was blowing his trumpet at every opportunity about future pipelines as well as Billington, Southport etc etc until his throat was sore but none of it remotely came to fruition but in the meantime had got investors to inject £xxm into the company on false pretences. Now they have gone to ground with no sightings of any of the board for a considerable period of time, except a few LinkedIn updates and investigation by private investors to find out what is going on with different developments. The blackout of updates you describe has given a lot of wind to the issues surrounding DPs intentions and what he is up to. Leading up to this recent placing he was pumping Verde and Logik and creating some buzz for hard done investors to hope for and drawing in private investors to invest, but presumably he was well aware he was about to drop a bomb on private investors by awarding Altair and Pitcole with debt for equity swaps and a heavily discounted placement to parties "unknown". This was at a key potential turning point when the company could have been on an entirely different road and rebuilding its credibility. If the board needed a pitiful £1.1m extra on top of the £2m they should have cut their wages, found short-term borrowing, sold off their MNRG shares and refinanced or sold off some assets because we are trading at 1/10th of our net assets by market cap so it is not normal for any sane company to raise money through a placing under these circumstances. A smart CEO would seize the opportunity to sell assets at full price rather than give the company away at 1/10th of its net assets. Savvy CEOs might have even used some of the £2m to buy back shares at these bargain prices, boosting share price and setting up the company to raise at a much higher share price in the future. Key is whether that £1.1m was essential to company survival or was it to clobber all private investors and give handouts to Altair and Pitcole. The number of shares increased from 257m to 427m? The interims will help decide if DP acted correctly along with speaking to shareholders or was his plan spotted by JVL who left in protest at what was going on? We already know DP is directly connected with Altair through Origen Capital and while Altair must be in the red considerably overtime I suspect this gift from DP might have been a way to help Altair lower its average share price and make recovery of the losses easier with future share price growth. There is a huge conflict of interest. Don't get me wrong if France, Hawaii and Northfork all get signed before the end of this year then we will be multiples of today and Altair will be sitting on a huge paper profit. I am still confident we will get those deal

I agree. great to see listed companies going for 257% premium and 153% which gives a little confidence that offers could be considerably more than their stock market valuation. valuations on the stock market, especially AIM, are on the floor currently. They are completely unhinged from the underlying assets. This is particularly so of mining stocks. I suspect Condor will want this wrapped up before the Autumn statement as who knows how they might decide to tweak taxes for companies and so on. I would hope to see an announcement in September and the latest in October to have any chance of completing promptly. if so it should be 100-200% increase on current price.

I think all PIs who could vote against those resolutions you mentioned did. I certainly did as there was no explanation for why these resolutions were required and how they could be used agaibst private investors. The issue i think is that Pitcole and Altair already had 30%+ of the company at this point. Altair and Pitcole would be probably well aware of DPs plans to include them in a debt for equity swap that would bring their shareholding towards 40% combined. I am sure many have lodged complaints with the FCA and the board are obligated to explain why the debt for equity and additional £1.1m was needed precisely on the day they received £2m and if that it could not wait until all investors had seen the interim reports in the next few weeks. We have only been led to believe that the £850k raise in May and £2m this week was enough for the time being and that contracts for projects are expected, and not least a rising month on month revenue. If the interims prove that £1.1 and debt for equity was not required then the board has serious questions to answer potentially to the FCA for manipulation and potentially other parties. Eqtec cut operating costs by 25% and rthere is so much positive activity going on but there is something very uncomfortable about the axis of Altair, DP and possibly Pitcole who were gifted a huge stake in the parent company and have appeared to have recovered their loan from Italy well in advance of anyone else from that project. Surely Eqtec should have been paid back some of its loan to Italy from the refinance and certainly pitcole had an obligation to keep its debt on the books. DP has to come out his bunker and expain himself. Still believe that the underlying tech and prospects are huge but very suspicious of the relationship between DP, Altair and Pitcole and what they are all up to. We should be calling the board and making contact with the non exes whose duity is to oversee every deal and get some explanation.

The connection between David Palumbo, through his directorship at Origen Capital and this entities shareholding in Altair Group, has always been a concern for conflict of interest. However i would not imagine DP would be so stupid to do anything untoward as it is right in plain sight open to investigation. However i am certainly suspicious of the timing of the debt for equity swap and why this happened on the same day as £2m landing and why we needed a further £1.1m on top of the £850k raised in May? There has been no period of 6 months where we needed this amount of money so unless the interims say otherwise this extra £1.1m was done with poor judgement or with knowledge it would torpedo the companies prospects to grow its market cap. I really hope DP explains his reasoning why this extra £1.1m and debt for equity was needed and why it was announced before the interims. It should have been announced after the interims so that investors could see the cash balance and work out for themselves requirements for additional funds and how best to achieve this. Why we could not draw down on loans we have available is also a question. Lets hope this £1.1m was key to unlocking a £15m deal with France as it crazy to be carry out placings and debt for equity when you are trading at 1/10th of our net assets? CEOs in these cases would normally buy back shares! Even £300k of the £2m raised would have soaked up 10% of the company and boosted EPS and made future placings possible at a much higher market cap. While there is strong conspiracies for why he wants to keep the market cap low we are at a ridiculous market valuation if any of the future projects come to fruition. if the CEO has committed any nefarious activities then it is all in plain sight to the authorities overseeing Eqtec. While i have taken a bloody nose buying £2.85m raised since May being enough for the future i was broadsided by the £1.1m and debt for equity. I have never seen anything like it in my life. i will wait for interims and DPs response and his number is very visible if anyone can get him on the phone to explain his reason and report back.

Looks like CNEL are slowly turning the corner with a small loss only in H1. https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0830/2024083003214.pdf Sadly zero information about whether ZHONGKE GREEN, where we hold a 25% stake and converted $5m of debt into equity in a company we do not even know is still operating. not a single mention in entire report. Hopefully not another backhander by the duO? No talk of the Romanian deal, i guess ir was after the period but surely they should mention it and give a little more detail of the financial value. As usual sweet FA. The published reports later this month might give a snippet of extra information but as usual we have no clue what is going on and shareprice is flatlining. website in english is so out of date no credible international company could find anything on the website and no updates of merit. If the Romanian deal does deliver income then we can hope H2 is profitable and starts a new journey but that will be until the duo work out how to mess that up.

We have 3 operating plants in extremadura, movialsa and Lorraine. All working since 2010/2015. Movialsa is most closely similar to Italy and Calfornia with olive pips and we have 90% uptime over 10 years so woodchip is not an issue. Yes supply and drying and other issues might crop up but these are operational issues and hope interims put this to bed. Eqtec R&D facilities have proven we can generate green hydrogen and fuels and this will important as more countries mandate airlines to switch etc. The tech works, certainly for materials it has long been successfully doing so. I hope no one buys in the placing, not least you can buy sub 1p now but also because we need to buy up the overhang. Altair and Pitcole have not sold any shares in last 9 months and locked in freebie shares until 2025. It pains me how DP has stabbed so many pis in the back and it looks to me he raise a pitiful £1m to ensure the market cap did not rise. I wonder if he will now award themselves huge share bonus and warrants at these levels. I did wonder why board has not bought recently but they all knew about the placing coming up but egged on pis to buy with this £2m settlement dangled. It allowed someone to offload their shares and no doubt buy in placing making a nice 25% profit.

If it was legal issues you would have thought they sorted these before they put up for sale or sorted within 2 years to maximise buzz and competition. All we are told is a preferred bidder is selected and it should complete long before christmas, if i understand BMR, so this might be September or October? its now key for board to close the deal and make it binding or pivot and build the mine and crack on. Even 1 year is a very long time to close a deal and this is not reflecting well on the board. If they achirve 70p+ then might let them off but gold 25% higher and economics and lower interest rates should all have big impact on valuation. Shame they did not build mine and now sell it as it would maximise time and value for investors.

I do wonder if the narrative from DP to explain today will be along the lines of "The settlement money did not complete on the 16th August so to mitigate cahflow risks we organised an emergency placing with pitcole and Altair who are highly supportive of the company. Obvously it was bad timing that the £2m came in when it did but it was too late to cancel the placing or the conversion of debt etc." its fair to say this placing would have been in the works for a few weeks and probably explains how odd it was to see the share price falling as the £2m was nearing, as if someone knew what was going on! I really hope the board fully explain this one as i think if the £2m had come in on time on the 16th August this placing might not have happened until later.