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Not topping up.
I said I would give the company until the summer and sold a chunk at a small loss a few months ago when 1p was breached.
The reason I won’t be adding more to my position is because the board are about as trustworthy as Pinocchio.
It’s actually very tedious to listen to the many issues of market musing podcasts that SK has done to lure new investors in and keep those already underwater invested for ‘news soon’ day.
The company may well at some point make use of it’s mines (I really don’t have faith they will develop and produce from it themselves) the best we could hope for is a sale with mining license in place and let someone with more knowledge and acumen take it forward.
You can forgive a company a few delays with unforeseen circumstances, but with SK I feel he tells more lies than truths.
I feel angry and sorry for all those who have ploughed into this waiting for the promised deal… looking at timelines and my own expectations, I’ve been waiting for over 2 years now for something of substance and it’s not arrived. That’s a lot of disappointment week on week. Bottom shelf they go and no more top ups for me, if they sell a mine, I’ll be selling mine. Otherwise it’s more years of podcasts (that will have no effect on the SP) borrowing more and dilution to be paying the board to lie to the market - not a bad way to earn a six figure sum.
This was a bbc article from a day ago and most may have already read it but thought it relevant here to show how desperate things are getting for securing supplies.
The UK is expected to take delivery of a shipment of gas all the way from Australia next week, as the pressure on European energy supplies grows
Australia doesn't usually sell gas this far afield, but European countries have been seeking alternatives to Russian gas following the invasion of Ukraine.
Energy analyst David Cox said the Australian shipment was a sign of how "desperate" European countries were to secure alternative sources of gas before winter.
This shipment isn't necessarily for the UK, because we don't have the storage to keep it anyway. But I imagine most of it will be exported to Europe where they're racing to increase their supplies."
Graham, what other metric can people calculate a potential ROI if not to use a forecasted gas price? Gas prices could in fact get even worse (higher) as years go by. As much as everyone would love Jimmy’s £2+ SP, it is fair to state that the potential valuation of Chariot’s has in the ground is not valued by the market.
Could the same not be said by lithium or helium companies who are yet to produce, they are valued with ‘hope’ value - assuming they have a confirmed discovery.
Chariots share price is currently being flicked between 18p and 20p trading channel by traders flipping and buying back in.
If the company announces any sort of news before the AGM (which I think is likely) we may well see the back of 20p for good. Any offer of a takeout for the gas business or any farm in for the rest of the Russians License would also Imo show another re-rate.
We’re not hovering at this price because the world is unsure about Putin and the world making friends with each other, but because the company is yet to announce news on moving the Anchois gas find forwards… this will be a good H2 for shareholders I think.
We still have people flipping shares less than 1% above the placing price.
All UK energy companies saying Europe needs to find alternative supplies for gas to get around the energy poverty crisis and here we are, Chariot, seemingly slow to update the market on funding or farm in opportunities.
Why on Earth is there no interest in this company in the current climate? I’m really baffled each day the SP drifts… you’d think we were trying to sell coal to Greenpeace.
Is the gas suddenly no longer in the ground or is the market just holding for news from the company?
I asked this and the company commented ‘Chariot does not comment on share price performance and following the latest fundraise the business is well funded for its existing workstreams.’ Maybe its people who need the cash to pay for bills, but it really does puzzle me. Each to their own.
Hi Jimmy, on behalf of the board, as ever, we really appreciate your invaluable knowledge and insight.
Can I ask, does todays news change any of your fag paper maths for fair value in the share price over the coming 18 months?
Sniper
With the moderate SP rise so far… remember when we announced a huge gas discovery and the SP spiked 10% and then retreated back. It took about a month for investors to pile in and then we doubled in about a week. Farm out coming and broker target now mid 60s. Fair value about £1 at this stage. If we get a buyout offer from one or two majors for Anchois then all bets are off… hold on tight and don’t be shaken out here. This isn’t anywhere near fair value for what we have announced.
Share price held up well this afternoon considering how down the markets are over the pond.
Flippers selling at 20.4p to be expected (short sighted and can’t see beyond previous resistance)
Perhaps news tomorrow and they will be buying back in again… Char does like an RNS on a Wednesday.
Haven’t posted for a while, so thought I’d add my thoughts to the current state of affairs…
Someone recently remarked that the sp drop is disproportionate to the company’s buy in price for the Avonmouth project - agreed. However it isn’t just the project that’s lost, it’s the confidence and credibility that comes with that loss. For months and almost years, SK has been really giving it his best to urge investors to buy into the company and his theory or placing ‘smart bets’. One must come off in time - perhaps but that’s also the same as someone who plays the lottery or borrows money to buy scratch cards, one day soon, we’ll win.
I’m afraid the company has lost a good deal of credibility now, hence the daily bleed. I’m not sure the direction it takes to recover now - in my view the only way the company can get back to the 2p level is to announce a sale of it’s nickel mine.
I’m not sure what Altona are investing in, by partnering in with Corcel if I’m honest. They have rights to projects, but many of them are stuck in the mud and not without barriers to cross.
The other problem the company and share price faces, is that there are many profitable companys, undervalued, with much less risk.
To be honest, I get tired of seeing Corcels tweets now - they are sort of a reminder that the board has nothing to formally RNS and SK and JP must (wrongly) believe they keep current and potential new investors interested, I don’t think they help. SK also mentions the Asian consortium who he hopes after a few drinks, will sign on the line. I hope this happens, but as with the last two plus years I’ve been invested here, the company actually hasn’t delivered anything. Great at building expectation and hope, but not so good at adding actual value or cash generating assets. I won’t predict the bottom or top of this share any more, similarly I won’t be topping up at these levels, because I don’t think the company has a way forward. Sell the nickel or get the mining license. The rest I’m afraid is all probably not near term. GLA and sorry to be negative, but my patience here is starting to give.
Whimax - completely agree mate. Shouldn’t see a huge sell off flipping now, which sort of explains todays rise throughout the day. As the saying goes, look for stocks where the board hood a significant amount of shares themselves as it shows huge confidence of what’s to come for the rest of this year.