The SP may not go ballistic tomorrow, although it does depend on the tone, as well as the content of what Rock say tomorrow.
It should probably go a lot higher than it will, however a massive hurdle will have been leaped, which just leaves the OM award to be decided, and depending on that result, funding to see Rock to first oil.
Rock, the turnaround play of 2022
Looks legit and excellent news if confirmed on Tuesday.
It would be wonderful if the sloth lawyers at ICSID confirmed a substantial award to Rock Tuesday as well,
or an OOC deal with Italy.
Yes, only looked at dealing prices once in the afternoon,
and could neither buy or sell much of Pure, as in <1000 shares.
Silence from management is indeed killing the price,
shame they didn't do that wrt equity raise in the last RNS !
I sold 20,000 a week or so ago, and will happily buy them back,
but only once I know Pure have secured their near/medium term future.
I do expect others are thinking exactly the same.
Until they sort out the finance there is no bull case. Once that is done, and the new management team show progress at running the mine at anything like the last management team suggested, then it will recover.
I feel the previous directors, and some of those still in place, need prosecuting for gross mismanagement and probably deceiving the market with demonstrably bullcarp projections and forecasts.
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'' at the corporate level.
They may not need any more cash IF plans go to plan.
It wont go to zero.
The downward pressure is a result of moronic management giving little reasons to buy,
but $50m darn good reasons to sell. It's the unknown placing price which is causing investors to sell.
Once that is announced, the SP will stabilise and could well rise in the hope it is the final equity raise,
and that management have the money to fix the problems left by previous incompetent directors.
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
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.
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.
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.
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 !