Member Info for Simms45

Given wildfires are running hot and Northfork due to go live any week now how many orders could we receive through Phoenix and elsewhere? 16 was originally im pipeline but even 5 would transform Eqtec. I suspect 100s if they take off? realistically Eqtec have created very functional modular plants that not only removes a lot of wood waste but turns into electricity/biochar and other fuels with no serious emissions. Its a massive step forward environmentally.

Seems a good plan to further improve profitability of the plant by swapping 100k lease for a smaller mortgage but not only increases flexibility but ultimately increasing we should be able to expand and pay for new equipment from Eqtec and return of shareholder loans. positive news for once and i hope the start of a change in momentum that we need.

Be interesting to see how the votes go but as board and friends own probably 30-40% i doubt any votes wi go against them. However PIs collectively must have the largest share but normally do not vote in these AGMs. If Altair or Pitcole turned against DP it would be another matter but i very much doubt it. Best is DP on AGM spells out placings at these levels are not on the table unless its last resort and not first resort as been case last 3 years. Focus over next 12 months should be running on own steam and sell stakes in Italy or Norhfork if they need cash and Logik cash in next few months.

I think any changes at the top should happen with a succession plan. I do think DP has poorly handed out shares to entirely innapropriate investors who have largely all sold their imvestments destroying the shareprice and investors are hard to guess if DP will continue this or not. I would like to hear board say placings at these levels are off the table and to pursue debt, sale of stakes, cash generation and cost cutting. This would have huge gravitas with investors who have largely seen that when DP has got himself into a fix he desperately and clumsily takes whatever cash is offered and with little care for consequences. DP is fine when markets are buoyant and love his rose tinted banter but he has been slow when markets changed. Regardless £3m market cap is grossly undervalued for Eqtec who has incredible staff and incredible tech. We just need some good news to come in for Northfork, France or Logik in next few months and the pendulum will swing. You would think Yoel who has lost millions as he was largest stakeholder of the board and key person to have taken this up with DP. Even other board members and staff must have suffered from poor placings to investors who were short term only. Come on Eqtec lets have some transformational news and move on.

Yes. Plenty of green box activity today but we wait on the next phase of Kefi. I suspect Government, investors and banks could well all be chasing Harry to get this done now as frankly everyones pay packets and fees rely on it. There is hope of RNS next week as Harry was doing a lot of meetings and something could be able to be announced. We might have a Saudi update in the meantime that will do little to the shareprice until Ethiopia has delivered some cash.

While no cigar after the AGM he spelled out remaining steps that seemed logical. I think the minor sell off is just it woll not be all tied up in a week. Certainly expecting some updates in August and if final security check is early September then should all still be on track. The question for investors is how close to September do they want to be to pile in for the next phase of Kefi. Happy to wait it out while traders hope to turn a profit. Feeling confident that second bank sign off is all but done and investors are all ready. Harry just needs to push harder on speeding this all up so we dont accidentally hit any turbulence.

Ethiopia close is getting close along with a dual listing in Ethiopia. I suspect the locals will buy in heavily and with it our market cap will balloon. alongside our 25% stake in Saudi is vast and growing in value. If Harry can finish the financial close then our £30m market cap is absurd. Even £300m will feel undervalued if things come together. Gla

If you look back the period of Gerry, who was replaced by DP it looks like history repeating itself, in terms of share price, although market cap has never been this low. With over £55m invested to date there is value in Eqtec over and above the current market cap of £3m. I am a firm believer in Eqtec technology but takes a long time for the mainstream to consider this tech viable. Eqtec has proven itself on their small modular projects and i see huge scaleability. If Eqtec had a little more good fortune on projects to date i am sure the opportunity to buy at this level would have never materialised. I have lost money in Eqtec but continue to invest as each step we clear. I hope in 12 months we will be worth £30m+. We are now in a great position where we have secured debt and have increasing revenue that must be covering our costs and plenty of possible cash to come in. If any comes off then we have cashflow and if 15m comes in for France we almost certainly will see a maiden profit in 2025. Gla

Excellent progress with early works that will trigger the second bank to sign off debt and shortly afterwards regional investors. A lot is possible with everyone at the AGM. So much news due but all rests on signing these investors and bank.

I would ask the board. Calibre always expressed interest but maybe just not highest bid.

First reason is Calibre want to hit 500k ounzes of gold production a year asap and adding Condor would help do that as ore can be trucked within 2-3 months. Also Calibre have said La Libertad with its low reserves and under utilised mine and high costs has dragged down overal Calibre valuation they see as well below what it should be. Condor helps fix several issues immediately and bulks up their operation with a new mine while one of existing mines at La libertad could be shut if need be and focus on a new built mine. Finally Calibre has nearly £600m cash and while Canada needs some they do not need all of it and once Condor mine is built will repay over £100m in cash and tidied up could be separately sold for £400m in a few years. It solves many issues and makes them a tonne of money in the meantime. Hard to find reasons not to buy.

Totally agree. Post AGM we might get a helpful RNS confirming second bank signed off and definitive agreements in place as everyone is going so good opportunity to tie more details up. 1p is minimum with some proper progress.

We are financially in a great place with decent revenue coming in and plenty of borrowing available. Frustrating as it is Logik will complete payment as they are legally obliged to by December 1st. if they did default then i hope Eqtec bag the site and sell it themselves as Logik are getting £15m so no issues with getting paid eventually. What is odd is buyer will have paid 10% or more deposit so deal should complete or they lose it. I guess next news will be Northfork going live, update on Italy, Hawiah and 2nd California project. A lot of news is due but like anything it will take longer than rose tinted expectations of the board. If DP says Q1 he means Q2 or Q3. Incredible value at £3m market cap today for a company that looks that its in the right place at the right time on so many metrics.

The board know the agreed price. They cant buy in open market but they can trigger warrants, which at roughly same price as today they know very well they will get multiples back in a matter of a few months. I would follow the money if you have any but i still think around 60p will be exit. gla

Deal should be released asap but something is holding this up. it has been advanced discussions for 9 months? It sounded from the recent AGM, from anecdotes on this forum, it was still probably a few months away so that is probably September but it will all come down to price as to whether the last 2 years have been worth it. obviously it pails into insignificance compared to the build option or even the JV option. I just feel that MC or Jim must have been bloody difficult as to not secure the toll agreement 3 years ago and the same problems i suspect has kept this sale process at such a snail pace. Deals can be done quickly if you make it happen and not play lawyer ping pong for months. If we walk away with 60p+ it would just about cover itself but for many here 10 years they will face a loss. I really do not think the board should pay any bonus when long term investors have lost money?

A key lesson in business is to control your own destiny and do not let it be decided by others. My assumption was that before Condor ever put themselves up for sale they had reasonable offers and that the sales process was to flush out any other contenders to close the deal promptly. This whole process should have completed in a maximum 6-12 months. i do not know what the holdup is, and we might find out the reality of what has happened when the dust settles, but the final valuation better be worth the wait and not less than $150m. If they had raised the $60m or so debt we would be now in a position to pay off all the debt in 9-12 months and the market cap of the company would be $200m+ and dividends of £50m a year not unlikely from year 3. Mellon and team have left hundreds of millions on the table. Why spend 12+ years and £55m getting this project to where it was and then cop out? Why coudl they not have got a deal with Calibre to ship the ore and share the proceeds that was obvious to everyone and i wonder who was the one that messed that up? why they did not follow through on production as that is where you create significant value. there is no bigger value creator than cash generation and from the numbers it was over $2bn of cashflow over 8 years minimum at $2400 an ounce. ultimately the district we had was vast and probably $10bn was not unlikely. Condor are probably nosing around for a miserable $150m. Sorry it is pathetic on the boards part but if we triple the share price shortly we can all take the bloody nose, of sorts, and move on and find a company with a bit more of a killer instinct to make something happen. if you look at Calibre or any number of deal makers they have in a quarter of the time gone on to create multibillion companies. Lets hope we are in the final month or so to get the deal signed as it is starting to be very embarrassing for the board.

Effectively Eqtec have asked shareholders that they can raise a maximum of 4.5m euros in the next financial year. this is sort of fine in normal circumstances but sadly given the ridiculous market cap today if they did this tomorrow this requires massive dilution and trust in DP is non existent. Obviously any decent management company will focus on rebuilding the company market cap back to £30-£50m so they can issue 4.5m euros for 10% dilution and not 200% dilution today. Obviously with £2m from Logik and Idex contract hopefully incoming i do not see that we will need any placing in next 6 months at least because cashflow will be healthy and 20%+ margin on 15m euros Idex deal is 3m euros that should cover the company. I really would like to urge the board that placings are the last option to look at today and not the first as DP has tended to do so in the past. If we can get some credible response from the board they are going to leave this as a last resort it is less of a problem. However if this resolution did not pass then surely Eqtec, when it needed to raise money, would need to ask existing shareholders to invest and not sell shares to shady third parties who have zero long-term interest in Eqtec. You only have to look at all the last set of investors who are no longer shareholders to know that Eqtec have no major investors now except Pitcole and Altair. I suspect Pitcole will exit at some point and that will just leave Altair, who we know has connections with DP. It is poor for the management, given the last 12 months of shameful placings to not expect shareholders to question what is the plan. nearly every company asks investors to be able to raise money but most investors are very supportive or they trust the board to manage that successfully. in DPs case he ran out of equity to sell and he offloaded the last lot just before the AGM on a friday night. That is not really the sort of behaviour, regardless whether it was needed or not and to a investor that sold most of their holding immediately yet again.

Sorry i meant vote against resolution 1 to give board ability to adding 590m shares to existing 255m. as to resolution 3A its touch and go. If the company has a likely successor then maybe it would benefit Eqtec to rebuild trust with investors. Every investor who has put their faith in DP has been severely disappointed lost a lot of money. The question, a bit like Brexit and get B done, is DP also not the right person to fix his own mess? we will see but removing the CEO, when not supported by its major investors or board of directors is probably not in the best interest of shareholders. it would more make sense for the board to replace him when the time comes to do so.

Resolution 3a does need questions answered but the market cap is currently so low they cant raise meaningful money at this market cap. The plan in 2024/2025 must be to grow market cap to £30m as a bare minimum and that will only happen if they do not raise money by placing shares. Certainly vote against the clause as frankly DP has destroyed investor trust as his selection of investor has literally in some cases sold 5-10% of the company in a matter of weeks cratering the share price and then doing it again and again. There is no other reason to explain the current £3m market cap. Trust is key and DP needs to rebuild it. He and JVL have said they want to rebuild the market cap and that can only be done if they do not issue shares to every back alley investor he can find on a friday night. On the flipside i suspect this is technical to satisfy auditors that in a worse case scenario they can bring in cash. however they should present this clearly to investors what they mean by this. in absence of any further information i will definitely vote against and hope every PI will also. Eqtec need to focus on debt rather than equity until they get back to £50m market cap, or until they get back to the amount investors have pumped into the company over the last 5 years. when i say i am looking at £30m market cap this is literally the bottom end valuation as clearly i would expect with good decision making to get a lot higher. however DP is not supporting investor confidence with resolution 3a. Certainly contact the board directly by email and ask them to explain as they might be able to address it in a future webinar. Altair is connected party to DP so its like this resolution will go through unless a lot of PIs vote against.

Looking forward to testing 4p very soon and if we get Logik settled, Northfork live and some other news the base value should be around £30m, barely above net assets. This would be around 10p-12p and really there is no reason on real traction to recover significantly further. Obviously we need to see real delivery but so far the groundwork on pivot has put Eqtec into a good place.