Member Info for Tangodog1024

According to the WA Minerals website:

PE-2024-420 05/07/2024 10:00:00 Perth (Court Room 95) - Central Law Courts, Court Room 95, Level 9, 501 Hay Street, PERTH, WA, 6000 McPhee and Cleary Mention

For the second time - it's scheduled for 5th July

@napthman1 - court date is 5th July

Okay - another sh**storm of a day yesterday by our 'friends' at Alien Metals. As always, completely mismanaged, appalling timing and their mantra of 'shareholder value' is well and truly buried for now. The poor (you already know my views on it) video interview from yesterday looks even worse in the cold light of this new day and what followed thereafter. However, there was a glimmer of positivity - the number of buys outstripping sells by almost 2:1 and in significant volume. Furthermore, on this board and the Telegram group, whilst there was palatable and thoroughly understandable anger, there were no mass sells from the familar names and faces. On a day when nobody could be blamed for selling up and giving up on this circus show, most remained strong and that is to be commended. I fundamentally still believe #UFO can be successful but this BoD really needs to get its act together and deliver something over the next few weeks just to restore some faith.

140million shares traded and only 552,064 are buys - nothing more needs to be said

How can it bounce back, @Max111? There's almost another half a billion shares in circulation, in the hands of who knows? Probably, the guy pulling the strings. The price can be 'managed' forever and a day at this rate. It's going to have to be the bounciest of bounces just to make this pile of dog doodah look half as bad as the mess it's in now. It's being ground into the earth so some bugger can snap it up cheap would be my guess.

So much for their endeavours in securing shareholder value

I'm sorry but have these clowns aready burned through A$2million?

@normbeef - with an estimated EBITDA of A$39million per annum, based on 5-10% of the site explored, how can they be fearful of fluctuating iron ore price - if only 50% of the site matches what is currently known, that expands the econmoics enormously - 5-10 times with no or little increase in the CapEx costs. They were not worried about it for the last two years. I can find no report suggesting the iron ore price is going to collapse, but plenty of indications of increased demand - India will boom over the next decade, China is slowly coming back and the rest of the world will not want to get left behind. I think Alien Metals is missing or has missed a golden opportunity if it does not see Hanc**k through.

Sorry, but that was a crock of s**t, regurgitating what has been said for the last couple of years. Worst of all ‘Maybe we should share it’ in reference to Hanc**k. At this stage, they should know exactly what they want to do with it, the mining licence was agreed in April, FFS. They need to get their f***ing act together and bring some actual results to the table and stop all this jam tomorrow bulls**t.

@5x5Croire - f***ing hilarious 🤣

Well, there's plenty to buy after the last couple of days. God help us if a negative announcement ever lands.

@Max111 - "it's Mining Plus (which developed Fenix) that has been developing Hanc0ck " - suggesting development has been taking place or is taking place. This was the company's original intentions: "The Company intends to start civil and site works immediately after Native Title is received in parallel to the grant of the mining licence." (RNS 20/02/2023). That was achieved more than 5 months ago and yet there has been nothing.

Thank you, @Max111, as always extremely positive. However, just to correct you on a couple of points. Nothing has been developed by anyone at Hanc**k. Satellite imagery shows no movement at the road junction to enable access to the site - timelined for construction from start of Q2 - two months ago, so not quite simples. Secondly, geochemical surveying was supposed to be completed by the end of this quarter period but will now take the rest of 2024 so there will be nothing coming into play soon, regardless of the price of silver in June. To be perfectly frank, @UFO has missed almost all, if not all of its own imposed timelines so why should any investor have faith in these latest timeframes? In the meantime, the finances will continue to be drained. Why do you think the market has reacted negatively to this 'positive' RNS?

Mulled overnight yesterday's RNS announcement, and I am left with the impression this is like how a magician distracts his audience in order to pull off the illusion. I've not yet worked out exactly what is the illusion is but, then again, I don't believe #UFO is too sure what trick it is attempting to pull off. We all know this company has limited cash, recently borrowed because it was unlikely to pull off yet another placement, but suddenly decides to spread its resources rather than focus on the project that is within touching distance - Hanc**k. Mining licence achieved, a few procedual permits to obtain, low CapEx required, numerous interested parties (according the the BoD), agreements in place for mining, crushing, screening and transportation plus port access agreement and with a projected EBITDA of A$39 per annum (£20million+). Get that ball rolling and you can develop whatever other projects you want. Yesterday's 'tacked' on paragraph about Hanc**k said absolutely nothing we did not already know. In relative terms, that is six weeks since the mining licence was announced, Fenix had got everything over the line in that time - 13/08/2020 announces mining approval secured, 18/08/2020 NTA executed, 07/09/202 - FID announced, 15/09/2020 key mining approvals granted, 21/09/2020 - site works commenced. In five weeks, it went from having nothing to construction work beginning. It still required a mining contractor (UFO has), port access (UFO has), Transport contract (UFO has) but production started on 21/12/2020 with first shipping commencing 19/02/2021. On 31/07/2020, Fenix SP was A$0.07 (3.37 pence), on 14/08, it was A$0.18, peaking in July 2021 at A$0.36 (19 pence). Since UFO announced its NTA on 14/12, the share price has gone from 0.29 pence to lows of 0.12 and now we are somewhere in the middle of that range. So I ask what is the trick here? Is UFO really going to pull a rabbit out of the hat or is it merely an illusion?

"We continue to see fair value at 2.7p." - is that per share or company valuation?

CJ - if you look at the presentation slides, in particular the GANTT slide, it clearly shows construction commencing at the start of Q2. Another example of UFO missing its self-imposed deadlines. I appreciate there is slippage, but this company acts as if it's always trying to walk on ice.

It's the spread, always look at the spread - a far better indicator of what is happening than the price or volume of trades. The wider the spread, more likelihood of SP improving.

@napthman1 - the RNS of 30/06/2023 stated that he retained his shares including options awarded in September and December 2022.

Look at the spread, A.J.49, it suggest either volatility (which clearly it's not) or lack of liquidity (which is what I suspect to be the issue). There is simply not the volume so there needs to be sells to generate some liquidity - to encourage buyers. I don't believe there are any conspiracies. Usually, the odd large sell helps the SP to rise a little furher a day or day after.