Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Miton now down > £550k.
Sadly far too many for far too long. Until there is substantive evidence that this fully funded under budget state of the art plant can actually produce at or near target volume and margin this is not an investment and should be avoided.
Just as important what is current production level and expected output to year end?
Herein lies the problem. It is not how much cash is required it is clarity if and when production can support the business. We were told the old concentrator would produce 20t per month increasing to 40t per month when fed ore not tailings. The reality was less than 30t in the first half year. First ore was 17 October and after 22 days production was just over 5t. This is risory. I agree that any plant should be capable of meaningful production immediately after commissioning. So until there is confirmation of this the share price will continue to hover around this near two year low.
Any given current output.
Masterman has clearly said many things about timescales finance and production. None if which have been accurate for this fast track , world class, state of the art under budget mine.
Your point is nonsense.
Pathetic excuses do not cut it. He is the Chairman and should know in minute detail every aspect of this development and the likelihood of achieving milestones. I am struggling to think of anything that has been achieved in accordance with stated targets. Production, timing, finance gold etc etc. All failed all wholly inaccurate.
Very good same old drivel avoiding the fact that Masterman is utterly incapable of meeting any target macro or micro. The first ore is classic promised in September mid way through the month achieved 17 days late. Production 20 t per month = 29.3 t in six months. The Fortescue teaboy is beyond incompetent.
Plant further delayed and below specification. Spanish investor gets cold feet. BlackRock circling overhead 0.25p.
Thank you Billy Smart.
Why has the project run out of money when this should have been included in the project finance facility?
Why has Masterman declared wildly inaccurate forecasts for milestones since day one? Were Allmineral simply lying or not disclosing accurate information? It is simply not credible that Materman did not know about this given his status as a titan if the mining industry.
QED.
When all else fails use the T word.
Again irrelevant. What concerns me is when BlackRock provided finance a key part of any sensitivity analysis is to ensure adequate contingency in the event of project delay. So why has this "state of the art, low cost development"clearly gone so badly wrong?
Good cut and paste. Why don't you post the news list you know the one with the flexible months and years?
Completely irrelevant comparisons. WRES is approaching one year behind the originally declared programme, is clearly struggling with cashflow, and the share price has fallen with the disappointment embodied in virtually every RNS over the past year.
Just read the 2018 half year report which said the plant would be completed Q1 19. Masterman has created a new vocabulary for "still not finished" and "we have run out of money". Maths has been redefined as apparently now 20 tonnes per month = 29.3 total for a half year and we now have "in the coming weeks". Little wonder then that the share price is at an almost two year low when conventional wisdom is that removal of risk promotes an increase in price. Will the plant ever achieve 2700 tpa? Not many think so apart from the serial, doubtless paid, rampers here.
Another humiliating failure by this inadequate incompetent Chairman.
Please confirm the tungsten grade of the water the plant is commissioning with and the concentrate production from this water. First ore September. What happened? Really is a second rate company in virtually every respect. How this fiasco passed due diligence of any professional outfit God alone knows.