Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Investors should note that the February company presentation via the website shows the concentrator complete in April, large scale production Q2 and budget output for 2019 as 184,265 mtu. No, no, no.
I am invested and have been for many years. I care because with each successive media release Masterman unveils contradictory information. Delays missed targets and cashflow being squeezed. The share price performance reflects this misinformation and incompetence.
So is ORM overvalued or is WRES undervalued? ORM is currently trading at a market cap of £215 / mtu and WRES at £100 / mtu. ORM is late commissioning (more than 3 months) and is expecting a 1 year ramp up. They have a good deal more exposure to Interest during construction given their higher capital cost.
Later this year WRES will add further production from Regua (50,000 mtu pa) at minimal cost. Finally the ORM gold projects are early stage drilling results whereas WRES has > 110,000 ozs, about to grow to > 500,000 ozs of JORC resources. Makes no sense. Hopefully the step change in jig feed to the existing concentrator will kick start WRES to SP parity and arguably where it should be: substantially more than ORM.
Is not the reason for the manipulated SP is the warrants. BlackRock have 5% and there are 210M outstanding from the 2017 placing. So in total 500M shares which will raise a little over £2M at today's SP. Surely these investors will control the entry price and wait until the plant is completed until exercising these based on early production data?
So the Feb 19 presentation uses out of date FID data from August 17. It shows sales in 2019 of >184 k mtu. With the 1/2 month slippage in the programme now evident there is no chance of this being achieved. The projects may be good but this lack of attention to key market info is to say the least poor. Amateur.
As far as I can see only 21M of the 232M June 17 0.42p warrants have been exercised. RNS Feb 18. So that leaves 210M. Probably of more concern if they are not exercised. So why is this being walked down?
For sure. Marketed as funding for Regua so the La Parilla grant is seen to be ring fenced.
8 Feb buy 3.7M 3.7M 5M. 13/14 Feb sell 3.7M 3.7M 5M. Taking the p***
The share price continues to be controlled. I thought someone kept a track of Mr 3 / 5M seller over the past few months. How many shares approx / how long has this been going on now? Turner Pope note / MM interviews all seem a tad desperate for the tide to turn.
Is it being teed up for a Blackrock client at a fraction of market value?
It seems that no matter what news is released there is a party or parties who very effectively suppress any upward share price movement. The 3M seller has steadily increased to 5 and now 10M trades to do this. This begs several questions aside from who is what is the motive behind this is there any underlying problem that has not been disclosed and at what stage will they "allow" the logical adjustment to the share price that the step by step removal of project risk merits?
If you zoom on the Twitter image of the shipment I think the bag label is wt 900 kg.
Perhaps this should be directed to Blackrock who must have overlooked this in their due diligence before providing debt finance. They must have relaxed their usual debt service cover ratios.
McKinsey old boys network.
DCP - RIP
Not sure when an RNS has been released that did not contain disappointing news. All the signs are that they will be unable to meet the first debt repayment that had to be rescheduled because of delays and overspend. Then will be taken out sub 10p. What a triumphant management effort . As you say usual Aim scam . Loudon has creamed salary for years and his shareholding is largely milked through "performance" not from his pocket. Looking bleak for long term holders.