Member Info for TarryBreeks

Can I suggest we set up a private Slack channel instead of using Drewky's blog? I think it's better to be entirely independent; no offense Drewky but you're quick to suggest pulling the plug if you are unhappy. I think that would undermine the principal of open discussion. Slack (free) provides an instant messaging service which is much better than LSE's forums. I am happy to set this up but would agree we need some mechanism to verify users and holdings are genuine.

I'm with you Crusty. I am not happy to sit back and let the BOD ride roughshod over my investment and I have little faith they have my best interests at heart.

I think that's a unfair rxdav, LTHs have felt with the news in several ways, some with severe disappointment and others with optimisim. Personally I'm now looking to get my stake back rather than make a fortune, however the more I think about the gross negligence/incompetence/deciept of our BOD the more I think that perhaps handing over operations to a competent organisation may realise my revised goal than if left in the stewardship of bumbling Performance Pay Jay. I can't see any progress on any front until the deal is ratified at the EGM in November so what will the sp do in the meantime. I suspect it will drift even lower than its current woeful, and yet now perhaps painfully realistic, low. Bhattacherjee has maneuvered LTHs out of any dreams we may have had of great returns for the years of loyalty. Adding insult to injury he trumpets this as a transformative deal. Perhaps it is for him and for ARA but not for LTHs unless it's in the sense of transforming our dreams into the crushing reality of backroom deals where the only losers are PIs. I now hold for the dream of my breakeven point.

Good post DVH :) Very interested to hear results from Redmoor when they arrive and an update on Cobre sales and recommencement of magnetite to our largest customer would be most welcome too.

Tullow were looking for oil. No oil at target depth and yes NR was a strong advocate for drilling deeper. Tullow bailed and we got the license. We drilled deeper and found gas although this was at Likonde not Ntorya. This was in 2011, and seven years on we're handing back operatorship having achieved sub 10 mmcfd at Kiliwani two drills at Ntorya both of which were managed poorly and anyone invested all this time hoping for some sort of return has now to rely on the generosity of the Zubair Corporation. Well played to them, they have got Ruvuma for a song and PIs well, who cares about us right?

Ok so I was a bit out on the date of production mid 2019 (June) is only 10 months away not 6 months happy now Fira? So: SML a profit making miner with no debt drilling 2 fully funded prospects in the UK and Australia with Leigh Creek due to enter production within TEN MONTHS (thank you Fira) selling copper with a full offload agreement for all production. Add to that a US based magnetite stockpile with lots of customers and a trade war pushing up prices. Then we have a nickel sulphide / cobalt / REM license in Australia next to one of the highest grade REM mines in the world. :)

I think the mandate would be agreed between shareholders. I am quite sure that ARA will get things moving in a way our ineffective BOD have not. However I think the cash component of this deal is restrictive and leads us wide open to a full lowball takeover especially with the current cash burn and little income. My main objectives would be: Cut wage bill and postpone salary increases until production Look at the cash component of the deal: can this be improved to allow KS1 independently of ARA

http://www.lse.co.uk/regulatory-news-article.asp?ArticleCode=xshfr9jo&ArticleHeadline=Leigh_Creek_Copper_Mine_Work_Programme_Commenced Yes it says full production mid 2019 but JP has stated this would be ramped up. You don't go from nothing to full production do you? - Drilling of existing heap leach pads due to commence in second half of June - Drilling of Paltridge North, Lynda and Lorna Doone deposits for metallurgical samples due to commence in July - Exploration drilling for potential resource extension between the Lynda and Lorna Doone deposits due to commence in July Looks to me like test production at MOL inside 6 months. https://drive.google.com/open?id=1KSOVoufhVxLMAecV6qGcN7kQ39pAe0dQ That's my interpretation and I refuse to be drawn into negativity by anyone attempting talk down the company for a lower entry point.

Thanks Propinquity, better to highlight the significant upside and strengths than to allow naysayers free reign. The BOD set their options at 5.5p for a reason and while resilience mining had difficulty at LC we have demonstrated that with ingenuity and lateral thinking we can turn a pile of waste (Cobre) into 'gold'. Speaking of gold I believe Hans Camp is prospective for gold too :)

I am very interested in joining other shareholders to hold the BOD to account. We had a list of shareholders from the previous meeting with Bhattacherjee can we build on that? Communication is possibly the biggest barrier could we consider your blog as a medium Drewky? Or perhaps a private Slack channel? I feel very disappointed that the BOD with their huge payrise and ARA with our crown jewels will all see a healthy payday while LTHs have to wait again with some now unsure if they'll even get their original stake back. The very least our BOD can do now is strip costs back to a bare minimum and explain with full transparency what other deals may have been available. I'd also like to see if we can improve the cash component to help with KS1.

If the BOD had ANY integrity they would delay their pay rise until we are producing. Won't be holding me breath.

You missed "Transformational" Nelson although to be honest they could hardly have been any worse at managing the company over the last 12 months; so perhaps at least that part may be true if we let someone else handle operations. Still look on the bright side, now we're paying Performance Pay Jay a huge unwarranted salary increase he can dip into that and buy some token shares every now and then. Like he's one of us.

Can't see any movement until after the 'deal' is rubber stamped at the EGM in November so I think we'll be looking at 2019 for spud. Happy to be proven wrong but can't see any progress now until then.

What part of my post is incorrect Fira, do me a favour please enlighten me?

Can't see it myself but if we hit commercial oil then maybe 10p. Not on spud though, not in my opinion.

Doubtful willow, not now, remember there are 3.6bn shares in issue. That would value us at £360m. No chance. If we hit commercial oil *maybe* but not on spud, no way.

Yea 1.10 for a profit making miner with no debt drilling 2 fully funded prospects in the UK and Australia with Leigh Creek due to enter production within 6 months selling copper with a full offload agreement for all production. Add to that a US based magnetite stockpile with lots of customers and a trade war pushing up prices. Then we have a nickel sulphide / cobalt / REM license in Australia next to one of the highest grade REM mines in the world. Nice try.

Guilty conscience OG? Nah probably not, Performance Pay Jay's new paycheck will be arriving soon and that'll make him feel much better. After all he has worked so very hard this year. Go on Jay, send out another tweet about how transformational this deal is.

Agreed Crusty, the BOD have mismanaged this completely. If these farmout negotiations were always going to take away our operatorship then why recruit the extra staff in the first place?? The salary increases in relation to what has been delivered are obscene. We're now handcuffed to ARA with no say in Ruvuma and no cash to do anything else.

In nature there are wasps which hunt spiders - they sting and paralyse the spider and then lay an egg on the alive but paralysed spider. The egg hatches and the grub eats the spider from the inside out while it's still alive. That's now us. Meanwhile Performance Pay Jay and his cronies vote through a massive salary increase for inviting the wasp to the dinner party.

Add in my 1.1 million, employment overheads should be limited immediately.