Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Would like to echo the comments made with regard to Daz, Laverda, Merc, Ecob and others I have possibly missed. Apologies if I have. The board has been good, people have been real/genuine. If you want to see a show head over to a different board.
The amount of skin in the game the company directors have is unbelievable. If they think it is game on and not just a job, so do I.
Few beers tonight so soppy post, but good luck all.
Daz, agree 100% on this. Hainan have done this deal with eyes wide open and can't believe they got the resource for the price they did. Imo of course.
Would love to hear a geologist's thoughts on the distribution of this type of rock (pegmatite?) Over a given area when compared to gold or iron distribution? Like if you find some is there likely to be loads?
Trimmed a bit at .65 ish and will do the same at about 1p. If it were to go to zero from 1p would leave about a 10% overall loss. 1.5p for 10% more then let it ride until I can smell my lambo.
We/I expected the share price to be around .5 to.7 after we got the licence. It didn't happen. We held on and watched a drift downards powered by sentiment and the general negativity around speculative shares. This rerate is only getting us to where we should have been a while ago.
Hainan are no mugs, they used their labs to test our samples. They look to have broken ground on a plant that needs the spodumene we have. They are not looking at the share price. They have bigger fish.
The AIM is horrible and anyone here who has never been burned is either lying or very lucky. A lot of people work on the idea that out of 10, only 1 will work. This might be the one.
The CEO has major skin in the game and has been working on a reduced wage. I understand the Mali Country Manager had Bougouni West. (?) This means he is very well connected.
Take some profit but overall sit tight until the fundamentals change, we should do well.
Am I right in understanding that Hainan's lab got 85% spodumene recovery from samples which is 20% more than expected albeit at slightly lower grades? If I have understood it correctly that potentially increases the resource significantly even before new drilling.
Daz. I think if we were waiting on the Mali govt, he would hopefully have mentioned it as there is no way they are running to a deadline. The only delay I see is if legal flag something at the last minute and it takes a bit of time to review. That's just speculation though.
02...Would you be kind enough to tell me how I put my vote in. Do I do this through my broker (ii)?
With a salary of 650k a year, there will be candidates to replace him. Last year's "mini revolt" should be a major one this time around.
82% down. Research, to answer your question. The CEO needs to be replaced with someone who is more dynamic/experienced. There needs to be regular communication from the company using twitter etc. Rig on site type stuff, just basic updates. The competence of the operations guy is in question so would replace him. Failure after failure can't just be bad luck.
They then need a clearer set of objectives and be accountable for success/failure. Lower salaries, higher bonuses paid in stock.
Laverda...hope you don't mind me copying and pasting your comment. This is what a lot of newer investors won't realise.
"In the last interview Bernard was telling us the goldfields were the entire holding of their previous asx company before they went for the Kodal deal.
We just talk about them as if they are the value of a couple of second hand cars since lithium prices rocketed!"
The lithium was a punt/educated guess and costs were based on a much lower lithium price.
There is gold and this could move the needle and not just be a sideshow.
Great week but about time.
They won't do anything else in Romania until they have success in Tunisia. I think this will reduce the CAPEX and firing the board would reduce the office expenses.
However, without success in Tunisia a capital raise is likely towards the end of the 3rd quarter. I believe this will be under new management with yet more grand plans.
This has incompetence and lack of thought written all over it. JA will blame operations saying he is more of a finance guy in his next job interview.
I won't sell, staying a victim of the sunken cost fallacy but fully prepared for my investment to be written down to zero.
Antha, I also looked at BOIL and decided against it. I haven't followed it either. Cheers for letting me know what I could have won. Lol..
The call yesterday was an exercise in passing blame contradictions and general nonsensical excuses. They stated how underdeveloped Romania is and then started on about acquisitions.
The point of the question on buying 5000 shares was, they cost 500 quid. Why bother? The RNS is about 300 pounds, I believe.
They should be anticipating things . There is a chance old wells will have been botched at some point. Somebody should be saying, I have done this before so watch out for this etc etc.
They stated they were starting the workover in December and gave an expected timeframe. Significant changes should be reported to the market.
A management team is judged on results. They have failed, therefore they need to go. It doesn't really matter why it went wrong. They don't have a good enough record to be given a pass on a single mistake let alone multiple failures.
Running a company in a developing country is tough. I do it myself. I get the issues with regulation and licences, but you spend time on the ground with the local team ensuring you are abreast of problems. They can't be the only company having issues with slow licencing. They should be aware of what others have faced.
Without success on these workovers, a capital raise is likely to be needed at the end of the year. We all know what this means. An investment of 10 grand is now 2 grand which becomes 200 quid. Then rinse and repeat on share issuances. They continue to get paid and buy 1,000 pounds here and there to show they are invested.
Utter rubbish and total incompetence, and that's just me and my share picking skills. These lot are on a different level.
They struggled to answer the questions convincingly. He answered quite a few of mine but dodged some too.
If W1 fails we are doomed.
IMO. Operationally weak and can't figure out how to deal with Tunisia. Their jobs are on the line and seemed like they knew it. Investment strategy failure after failure.
Sorry to be so negative...anyone got some good news