Member Info for SpaceHoppa

Thanks for that link Charlotte, that is interesting although I am not sure that the distraction is a good thing for the company.
However it is good that the directors are made aware of their legal responsibilities.

Sadly self inflicted by Pure's total, 101% village idiot moronic management who may, or may not,
know how to dig gold profitably.
The most stupid thickest 1 cell amoeba would know announcing a hefty equity raise would trash the share price!
Despite all that their is probably decent value in Pure's asset, but thick as thick pig shiite management decided to put most buyers off with their last RNS.

They have yet to give a reason for investors to invest since committing share price hari kari.

ICSID came to a decision in the VOG - RSM case,
of note the award against VOG of $12.1million, includes $1.5m of interest,
which goes to show how much interest payments can add up.
Good to see ICSID are still alive, although bad news for VOG share holders.

the Arbitral Tribunal of the International Chamber of Commerce ("ICC") ("Tribunal") has made its Partial Final Award under ICC Rules ("Award") in relation to the case initiated by RSM Production Corporation ("RSM") against GDC (case number 23991/MK) in October, 2018.
Whilst GDC was awarded two of its counterclaims, and the Tribunal rejected RSM's material claims on drilling costs, it has ruled against GDC for certain of RSM's claims and has made an award totalling approximately US$12.1 million, with interest to be added. In addition, the Tribunal has directed the parties to confer regarding the proposed procedure for resolution of costs and attorney's fees ("Costs") with a target date for resolution by 30 June, 2022.
The Tribunal has found that the consequence of this earlier Payout date is that RSM is now due US$10.6 million plus interest.
Under the arbitration rules of the ICC, the Award cannot be appealed and is to be paid without delay. Neither GDC, nor the VOG Group, has the ability to pay the Award without some delay and accordingly the trading of VOG shares on the London Stock Exchange will be temporarily suspended as of 7.30am this morning, pending resolution of this fundamental uncertainty to continue as a going concern.

We all knew the HOT looked highly likely to be extended.
The encouraging aspect is it is only for another 30 days.
All still to play for as Navitas clearly are interested.
I still think they are waiting for the OM result before finalising the deal

Scrub that, it seems they are referring to Navitas. Misread their meaning :/

interesting

At the time of writing, discussions are underway between Harbour, Rockhopper
Exploration (who are the remaining Sea Lion licensee) and a potential new partner and
operator for the project, Navitas Petroleum.

Thanks Mogger

I know you were joking ProfitWarning. It is about all we can do for now whilst we await to see how much of the company TF has sold away to Ashanti after he purposely halved the value of Pure in two days. At least it has stabilized after the 50% hit.

It is highly unlikely I feel, that a deal will be signed with it the very last two days of March (Hope I am wrong). I expect a further extension to 31st May.

Looking at Rocks accounts, they are not yet desperate for a cash injection so Rock can still wait for now for the OM deal to play/pay out, hopefully eliminating the need for a cash call altogether.

Why ICSID still can't make a decision over OM is a huge puzzle to me. After 7 years it's highly likely a win for Rock, but what the Phark they still are Phaarking about, is so Phaarking annoying !!!

Lol, Darin is mostly to blame for NOT putting the mine in a position to mine profitably with POG at $1900+
and Darin was the principle serial ramper so few will want him back I feel.

Troy Fierro has the job of getting Pure to being a professional mining operation, however he has already blotted his copybook with the absurd stupidity of deliberately trashing the share price with the last dreadful RNS.

I know Landore Resources did the same thing and it trashed their SP too.
I've written my rather large investment in Pure off until Quarter 4, when with luck, we might have some green shoots if Fierro is better at mining than he is at being CEO.

The difference Kats, is that the unannounced $25m placing in Jan, was at a 10% discount to the day previous.
By announcing the need for $50m, they have already trashed the SP by 42% in Canada !!

If Sprott insist on a 10% discount, then management have halved Pure's value just before issuing 140,000,000 shares.

The totally unnecessary public announcement looks like deliberate management manipulation to allow Ashanti etc, to get a lot more of Pure than if it was done privately. It probably worked better than they planned as the SP got trashed.

I do agree that once Ashanti have their pound of flesh, the SP should start to recover.

Evidence 1
the Company is working collaboratively with its lending partner, Sprott Private Resource Lending II (Collector), LP ("Sprott"), and with its financial and legal advisors to explore a variety of potential financing solutions.

Evidence 2
The Company expects that, in total, over the next six months, it will require approximately $50 million of external financing to bring the Company to a state of sustainable positive free cash flow.

Why would management seemingly DELIBERATELY trash the share price 35% here, and 42% in Canada, by saying you need to raise $50million??

Have management and Sprott already done an equity for cash deal, stitching up current private and small share holders, just so Sprott can grab many millions more shares/% in Pure?? It may be the only way Sprott would invest more, but this has a wee wiff of being a bit dodgy.

That was much much worse than I was expecting or hoping for. Even from January predictions Pure have disappointed, previously saying for Quarter 1.
''the mine is targeting production in the range of 600-700 tonnes per day (60%-70% of mill capacity) for the first quarter of 2022 and will ramp up gradually from there as access to high-confidence, high-grade stopes increases. Average head grades are expected to initially be in the range of 5.0-7.0 g/t Au and are also expected to increase steadily''

Now from Q1 and Q2
''between 600-700 tonnes per day at an average head grade of 4.0-5.0 g/t Au''

They are burning through cash as there seems to be a lot of things that need fixing for a stronger performing company, which we will be lucky to see much improvement reported before winter.
I managed to sell 28,000 at just over 35p first thing, but bought them back too early at just over 29pence.
This is bottom draw stuff now until they raise yet ANOTHER $50million, after that it 'might' trend up towards Q4.
Biggest over hyped disappointing company of 2021, and probably 2022 winner for me !

Q1 update wont be until early April,
so I am not expecting anything until then.

I wish I knew SecretBlue. Your theory may be right.
Or it could be horse trading between parties, someone being ill, it could still be within the normal timeframes that ICSID work to, or rather barely work to. OM decision may drop tomorrow.
I think we are all trying to trying to think of an excuse for the sloths paced ICSID

SecretBlue, I am unsure challenging jurisdiction constitutes restarting the clock on what you say as
'' final rendition of the award can take 180/240 days from the end of all hearings''

The last mention of a 'hearing' was

October 30, 2019
The Tribunal holds a hearing on post-hearing briefs in Paris.

Since then there have just been delaying tactics as below.

September 29, 2021
The Respondent files a request for reconsideration of the Tribunal's Decision of June 26, 2019.

October 6, 2021
The Claimants file observations on the Respondent’s request of September 29, 2021.

December 20, 2021
The Tribunal issues a Decision on the Italian Republic’s Request for Reconsideration of September 29, 2021.

January 10, 2022
Each party files an updated submission on costs.

If there are no other bills other than G & A, then at June 30th, Rock could still have about $3.9m in the bank.
Talk of an equity raise is valid, but I do not think it is pressing just yet. Rock still have time to wait for an OM award, should one be forthcoming.
If Navitas sign, and I strongly believe they will, then Rocks future will be tangibly and vastly improved, as should the share price, and raising funds if required, will be much less dilutive.

At 30 June 2021, the Group had cash resources of US$7.1 million

Continued focus on corporate costs resulted in reduced administrative expenses
- G&A US$1.6 million in H1 2021 (H1 2020: US$2.7 million)

Under the base case forecast, the Group will have sufficient financial headroom to meet forecast cash requirements for the 12 months from the date of approval of these consolidated financial statements. However, in the downside scenarios, in the absence of any mitigating actions, the Group may have insufficient funds to meet its forecast cash requirements. Potential mitigating actions, some of which are outside the Group's control, could include collection of arbitration award proceeds, deferral of expenditure or raising additional equity.

Accordingly, after making enquiries and considering the risks described above, the Directors have assessed that the cash balance held provides the Group with adequate headroom over forecasted expenditure for the following 12 months

''but it is a big risk share''

Is it?? Perhaps, perhaps not.
Sea Lion alone is very profitable at $70/barrel with 250million barrels and a break even costs of $35/$40.
Gross profit - 250,000,000 x 30 is $7,500,000,000, at $85/b it is $11,250,000,000

So profit is not a high risk, which should in theory mean FID isn't high risk either.
Navitas were happy to take 30%, with PMO and RKH. With PMO/HBR now out of the frame Navitas jumped in and
''have signed detailed heads of terms for Navitas to farm-in'' to take 65%.

The ''risk'' is Rocks financial situation, and whether or not they will require to raise significant funds meaning significant dilution. Most feel ICSID will eventually award to Rock, but timing and amount is a ''Risk''.

If, and it is an if, OM does not pay out, or pay out in time, and they need extra funds, hypothetically just a 20% dilution at 7pence brings in £6million.

This is insignificant if it means Rock get to FID, Rock are carried as per the HOT agreement and Sea Lion goes ahead.

Yawn, Yawn, fooking YAWN !
Latest Development:
January 10, 2022 - Each party files an updated submission on costs.

Another week goes by and the dead snails/sloths at ICSID still can't make a decision, or it's all about horse trading??
If it's Rock horse-trading with Italy, the set a fooking time limit of Wednesday,
so we and the company can MOVE the fook ON!!

There is always that risk Graking, if our directors are that dodgy,
however there is no evidence the current CEO or directors are so inclined to being fraudulent.
Indeed there is no evidence that Ashanti will make a bid any time soon,
but Pure are a tasty morsel, especially if exploration drilling indicates millions more oz potential.

Planning committees are a pain all over the world it seems!

Falklands: Planning Committee unanimously recommends rejection of plans for the new port

https://en.mercopress.com/2022/03/10/falklands-planning-committee-unanimously-recommends-rejection-of-plans-for-the-new-port

The reasons given by the Planning and Building committee for recommending refusal were: dust and debris from dismantling the FIPASS barges affecting the human food supply; effect upon the Seafarer’s Mission and Stanley Growers, both of which were represented by prior written, and verbal, objections; a belief that environment mitigation is not significant enough to minimize impact during construction of the new port; a lack of information on the dismantling of FIPASS, in particular how much material would be left and what would be done with it; and the design and appearance of the port, in particular the port management building and the security gate, which would both be seen by many entrants to the Falklands using the port as the gateway.