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If I heard correctly then Shen offloaded their 1.25p warrants and will be exercising their 2p warrants shortly.
They have 55m .
Craig stated that he expected another £1,1m to be added to the bank balance in the near future.
So one more round of warrant selling in the next few weeks....this was the only negative in the interview.
The question is will the interest/news/volume be able to absorb that without a drop in the sp.
If first drilling results or sniff of JV progression happen at the same time then we will not notice much of s bump.
If not its another 0.5p dip at dome point before the shackles are fully released.
Hold back for a drop and risk missing on a rise? Risky for 15% IMHO.
So when all the warrants are played out we should be around 750m shares in total.
The pull back for the Shen shares will be a temporary blip as I am very bullish on ongoing progress over the coming weeks/months.
He seemed confident in getting the new license and stated we were a proper mining company (I think that was a dig at some of the other applicants.). Whoever gets that license will see a big shot in the arm to their share price.

https://www.youtube.com/watch?v=sL1NoZ5wmYI

In case you missed it.

Rodney, I think you are spot on.
There was no indication that any offers received on Creswick had been too low. He was referring to Baillieston.
He is however looking for good value from a deal and will only accept a good offer.

A great update and bullish interview....This will play out over the coming weeks

Imperator, You are right that there will not be a JV done in the next two weeks.
I would expect the initial offer in the next two weeks.
I think CB was simply stating that he would not be low balled and that the DD visit went better than expected.

If the offer that comes back is acceptable and he deal is done I would expect this to be the end of Feb/Start of March (always my expectation).
If agreed in principle we may get an update before then?

The DD technical being "Very favourable" and the site visit going well is brilliant news.
We know that Newmont are "Very keen on Creswick" (previous interview).
Looks like all the pieces are in place and their keenness should be peeked by what they saw.
I would expect some sot of offer to land on Craig's metaphorical doorstep at some point at the latter part of next week /the week after and then negotiations to begin in earnest.
Good that he is not going to give the license away and other parties will know that we are in no Financial distress to make a quick deal with £2.95m in the bank and another £1.1m potentially on it's way.
We can afford to play hardball to get a good deal done or simply prove the resource up further and drive the price up and up.
If I was the other party I would look to pay a good price now, rather than pay a premium in a year of so.
Nice mention of his previous project that proved up 5m oz and his hopes that he can do something similar with ECR.

Overall great interview, with the right licenses and more applied for (I loved the subtle dig at the other licence applicants that we do drilling every year , have the expertise , the equipment & the infrastructure to be looked on favourably...hope PJ is watching...LOL).
We have put in place the equipment, an expert crew, geological expertise, the correct on site processing/assaying to enable us to move forward quickly and adapt our plans in an agile fashion as results are known and a 7 days a week drill plan.

Onwards and upwards over 2021 !!!

Winter55,
There will not be a JV update in the operational update as any negotiations would most likely be under NDA.
So was not expecting anything on that front....that news will drop out of the blue at some point.

correction ...did not realise we had as much as £3m in the bank

They key element for me is:
"Our newly acquired drill rig, named “Midas”, is now in operation at its inaugural drill site the Byron prospect in the HR3 area of the Bailieston Project. This is the first of numerous planned drill locations which will be coordinated from ECR’s central exploration facility compound in the Victoria Goldfields.

The extensive drilling we plan to undertake will be funded from ECR’s existing cash resources and the Company can confirm that cash resources currently amount to circa £2.95 million providing a considerable forward cash runway for operational and corporate activities.

We expect to provide regular drilling updates to the market including results from assay testing of drilling samples.”

I'll look at the drill plans in more detail later , but the 3 main takeaways are
*DRILL TURNING
*PLENTY OF CASH (I realise we would be as high as nearly £3m in the bank (and we get the 42% R&D grant )
*REGULAR DRILLING UPDATES TO COME

You are correct Leflic

That makes sense "55,356,391 warrants are exercisable at a price of 2 pence per share " ... 55m = 8.1%

...I'll amend that as it is c54m shares they have offloaded for the 8%.....so they also must have had c 27m of their original holding and those multiple 6m share sells we had seen throughout the previous week I would assume would be the rest being sold.

So they made nearer a cool £1m

Wow, we are labouring on this.

This is my read:
I assume they already sold their initial holding at some point in the past.
Recently they had exercised their warrants (27m shares) as part of the block listing.
The 2 x 12m + another 3m trades were the warrants being sold for a £500k profit to Shen.
They no longer hold any shares.
Last week's drop was due to this offload which does not reflect on ECRs prospects, but was merely a business decision by Shen to take around half a million profit.
The SP is now free to roam without the overhang.

I think you are reading too much from it.
Shen took a nice chunky £500k profit...think it is as simple as that.
They are a business so will more likely take a milestone/set profit rather than speculating further in the future.

Bttmzup. I think the main reason they were out is that they had hit their £500k profit target on the shares...not too shabby.
Now it's onwards (and hopefully upwards)

Well I guess we know who those 2 x 12m sells belonged to last week :SHENYANG XINLIAOAN MACHINERY CO LTD
Now down to zero holding.

That's why we had the big drop last week and why the shackles have been released

Doesn't quite work like that unfortunately.
My expectation is that we will re-rate immediately to around 10p (MMs will sweep up the 'I'm selling @10p' brigade).
A week or two after a deal it will settle between a £100m -150m mcap (14-21p) which would be in line with peers at the same point of development..a Newmont deal may excite the market to be at the top end of that range and any positive Baillieston results or further licences granted may help to boost the price.
Personally I am not sharing speculation past that point at the moment (waiting to see the full details of any deal)

Longer term some on here have speculated you may get your 30 bagger (£1) , but that will be post full proving up of Creswick and proving up (and possible JV) on Bailieston with everything coming up near the top end of expectations for the next year or two...I'll let others speculate on here.

Immediately

HI Dill,
To your question on Saturday, if the market would be happy with us retaining 30% of Creswick on a JV.
I cannot speak for the market, but I would be more than happy with anything over 25% if Newmont were the partner.
30% would be a decent deal if the other party took all the future exploration costs.
If they do prove Creswick up (somewhere near the $8BN worth of gold speculated by CB wold be nice !) over the next year or two then 25-30% is not going to look too shabby.

On the BB claiming the source they state that there is a drill and JV update this week. And then in the next sentence state that ECR don't leak.
How can the first point be true unless the second point is not?

I spoke to a bloke at the pub who told me.........lol

I agree that the chances of 2 JVs are remote in the near term.
Craig has stated he dies not want to trigger AIM article 15 which 2 JVs would do at this stage.
Proving up Baillieston will massively increase the potential value if any JV and hopefully we can also add more licences which would enable a 2nd JV without invoking article 15.

Think we will see more support around 3.5 and will have a flight uptick. Some chunky buys were worked at the fund of the week and would be good to find out who offloaded and who picked up the 12m trades on Thursday.

I'm still long and strong.