Member Info for Simon_Said

Well that's a result! Raised at .85, book already closed by the time the rumour got out, and new cornerstone investor is M&G - you don't get much bigger.

Also not as big as feared, just a nice extra cash balloon to go and buy whatever it is they've spotted. I look forward to learning what our new toy will be.

Very happy.

blanklook, when you say 'there will always be opportunities', that is kind of the point. The sorts of deals Reabold are getting are not going to be around for much longer. Nor is Reabold, for that matter, as the whole MO here is to get in quick, enjoy the catalysts of near term drilling events, and get out when the market is fully-recovered and, in Stephen's words, 'We'll have made everyone lots of money and we can shut up shop' (forget his exact wording).

At the investors drinks they were very clear that the market conditions which allow this business model to work are temporary, and being rapidly eroded by the rising oil price (which is raising investment in exploration/appraisal from the majors).

When we asked them to outright deny another raise would happen, they wouldn't. They were clear that if a really great opportunity arose, they would not let it go by.

The flipside of this for current shareholders is that though it could mean dilution, there are drilling events stacked all through the rest of this year, and they only buy assets with near-term monetisation so this won't be some AIM *******s about 'to drill 2020' etc.

They are attempting to amass these cheap deals while possible, and the city seems to have a strong appetite to give them money to do it. Remember that while raises are a pain to us, to city observers the amounts of money that institutions are willing to put into Reabold are quite unheard of for a company at this stage, and yet they keep getting it. There is a reason. These are former fund managers will good reputations and contacts, and they have demonstrated a keen eye for profitable deals.

They have already said that once these deals stop being available, which they are certain will happen soon, they will simply work the assets they have and seek the most lucrative possible exits, and close up the company. Reabold will not be around for very long, this is all about quick profit. It doesn't feel that way right now, but we've barely started the operation phase. But we're now in it, and we can look forward to operational news pretty much every week (maybe more). This is going to feel very different very soon.

The difference is that the last time they raised, we were months away from any operational activity, and any catalyst to the share price. So the share price took a knock and drills were all too far away to help bring it back up until very recently.

This time there are catalysts literally lined up for the entire rest of the year. It won't be a repeat of last time.

Hi guys. I have been in contact with Bango and Boku's respective investor relations teams and have found out something interesting.

Boku's TPV (Total Payment Volume) is a gross figure before transaction tax. Bango's EUS (End User Spend) is a net figure after tax. This means that comparing the 2 is not apples-to-apples.

There are other reporting differences. For instance Boku uses a rather opaque revenue figure which I'm seeking to understand. The earnings are also reported in EBITDA which lots of companies do now (Bango have done it too IIRC) and is not enormously helpful.

The other factor is we don't know their recoverable tax losses. Because Bango have been trading in the UK for longer, they have sizeable prior-year tax losses to offset against maiden profits. This is very meaningful in the first few years.

Thanks Pensioner, hugely appreciate your wider perspective.

While we're at it, do you know if Boku's 'TPV' (Total Payment Volume) is equivalent to Bango's EUS (End User Spend)?

I agree strongly that there are differences in the way these businesses operate.

At the drinks event I asked Stephen Williams about placings. He said nothing was planned but they won't write off the idea because the kind of deals they're getting won't be around forever (they are a function of the oil market recovering from the low oil price) and they need to be able to pounce when things come up.

I've been on the phone with Camarco this evening who are not aware of any current fundraising activity. However that doesn't mean it's not happening.

If they are raising, as we've seen before it's because they were offered an asset with near-term monetisation. The values being mooted are quite large so perhaps they've been tempted by something big!

That's only on my current position Ant, I have traded in and out of EMH a few times over the years. Fag packet maths tells me I'm roughly flat overall, which is worse than it looks as I had a significant profit at one stage. I was saved by a bit of reluctant profit taking at that point, and the amount of confidence I had in the shares from 20p down. Still, a lot more luck/randomness than wisdom!

Anyway this will all seem silly soon I think. £25m market cap here for a resource of this size looks like a decimal place error!

Yes the revelation that Reabold's Californian operations are sold using a Brent base is extremely good news. The different is fully +11.59% - very very significant.

No mystery there Graking - the political question that was hanging over EMH would have made it fail any prospective buyer's due diligence test!

But as Earache eloquently discussed earlier today, there are plenty of pretty obvious signs now about that the political problems holding this back look to be clearing. What's more, there are signs that the European political and business class is realising the extent of the lithium supply problem and that they can't just rely on China.

We may be approaching a perfect storm, with a revised PFS coming within 8 weeks bringing improved figures, DFS kicking off soon (later than planned but benefitting from that-much-more metallurgical and process flowsheet development which will improve the end figures), clearing of the political fog, and the impact of the Morgan Stanley report that ****ed over Bacanora rapidly being diminished (due to being so comprehensively rejected by industry analysts), the end of the summer which is a historically **** period for AIM, and the end of capital flow to crypto since that market has shrunk hugely in 2018.

As of this morning I am back to breakeven on my EMH shares, so I could walk away with my shirt right now. Ha. I am not selling a bean.

I literally can't reply without repeating my previous post.

You must be a bit behind on news here GoodGrief! That was from a long time ago (1 year 4 months and 16 days to be exact!), and indeed is one of the reasons the market cap is as low as it is. I strongly advise reading back through RNS's since then, and watching some of the press interviews KC has done in the meantime.

Since the PFS we have learned that it was based on a very small part of the mine, just 9.9% of the indicated mineral resources, and a portion lacking substantially in the tin which is crucial to making the mine economics work. Additionally, the vast improvements in process and metallurgy since then will show massive effects on IRR when the DFS returns a fresh set of numbers.

Also worth considering is that this is a post-tax IRR, not a gross number, and actually even this 'lowball' initial number makes Cinovec the lowest cost hard rock lithium producer in the world. Considering it now, we must factor in the massive improvements to process and metallurgy since then, the plan to include lucrative tin veins (Cinovec was originally a tin mine and has lots left) in subsequent calculations (as I understand it), and the sheer size of the resource.

Hopefully some other board regulars will chime in as there is a lot to consider when understanding why the PFS is a very lowball estimate of Cinovec's potential.

I am here Sharon. So today in 'pretending to hold shares' you have said that shares here will turn from a 'sun' into a 'white dwarf', a remnant core following the collapse of a star. You are literally claiming to hold a share whilst also claiming it is going to collapse. So you are either a liar, or an idiot? Which is it?

If there is anybody here who lends your posts any sort of credence, let them think about this fact for a moment.

To be fair he acknowledged that in his post to begin with. Just think it's too far ahead to worry about for Parta which is near-term, and the assumption that it would spread to onshore is a huge one to make.

We have a near-term onshore gas project, this is a law having trouble passing parliament, designed at tackling offshore reserves in the future.

Fair enough to them as the country badly needs money. But won't affect Parta.

As well as stabilised flow rates from West Brentwood and a decision on a further well.

Ah here's the village idiot. Still pretending to hold shares here, are we?

You are criticising him for his figures for being 'based on chance and possibility' and saying yours are 'fact'. These are drills that haven't happened yet genius - how can anyone base on anything other than chance and possibility? How can you possibly have 'facts' for your smug superior air-light comments?

How infantile.

Occurs to me that if his plan was to bury my post about Parta, he has succeeded (great life goals). So back to Parta...

For the reasons outlined in my earlier post, I continue to agree with Stephen Williams that the Romanian drills will be the most transformational for the company, above and beyond anything else.

I understand that many here believe the hype around UK drilling activity will make the UK Corallian drills the most important to the share price, but I find the nature of the deals for California and Romania more compelling and interesting personally. I think their affect on the market cap may be greater than some suspect too, given they both carry near-term revenue, as they are all projects intended to straight to production (Parta is technically appraisal but they have said they won't cap it and would instead seek to monetize from the get-go). That kind of thing impresses institutions and they will buy the shares.

Exactly francobrett. Yes he like to suddenly sound like 'one reasonable man among all the 'excitable' posters' but anyone who has been here more than 10 minutes knows the daft crap he's come out with. It's been pretty special...

Now he calls Reabold California 'small' when the drills are worth our market cap many times over, with rapid payback due to infrastructure.

Before the drills he was going on about how unlikely it was that anything would hit, saying it wasn't a real company and questioning whether associated holding companies and operators existed, and various silly posts trying to get excitement down. Now he grudgingly admits things are going to plan but tries to make a strange convoluted argument that things won't get much better.

The irony is the plan is now so diversified and has had such good initial success that even the class dunce is saying we'll hit 1.2p by year-end. That's 33% above the current price in 4 months which by any non-AIM measure would be considered a huge gain.

I don't play 'guess the shareprice', but when a business plan is so well-designed that even pessimists are forecasting gains like that at the absolute lowest lowball end of the scale, I feel pretty good.