Member Info for TastySalmon

> "Cor I believe this stock is offering outstanding value... for those that have not seen the share dividend calculator just put in your holding as an experiment and see what you might get. I was actually blown away as for me its more than my pension."

Last year did they pay a total dividend of around $1 USD / £1 per share? So last week a £50k buy-in at £1.20 and a return to pre-war state would make it worth £400k+ and paying up to £30k/year dividend for the medium term future?? You could live off that and still keep enough spare to beat inflation.

I have retro-FOMO for missing that instant retirement chance of a lifetime, even with high risks that would have been worth a try. (Now at 3x that price it's good value but I can't swing it that far, the window has closed for me).

> could-fill-electric-cars-in-9-seconds

Does that make anyone else nervous? A Tesla Model 3 has a 60KWh battery. Fill that in 9 seconds would take roughly 400 Volts x 50,000 Amps, a 2.5MegaWatt power feed, the combined power feed of 2,000 normal houses. And a massive cable and probably a lot of heat.

I know we do it with petrol and diesel all the time, they are amazingly stable; it's enough energy to push a 2 ton car from London to Paris at 70 mph being casually sloshed around into the tank as an everyday thing.

Not much comment on this second RNS:

> Richard Poulden, Chairman of Wishbone, was appointed a non-executive director of NQ Minerals Limited ("NQ Minerals") on 2 July 2021. On 9 August 2021, NQ Minerals Limited was placed into Administration by the directors of NQ Minerals.

7 months to announce that the CEO took another job for a bit, was that not market relevant at the time? And why announce it right now?

> Things don't look good from where i am standing , May bee i am looking in the wrong window G L A

Things look pretty great from here. A presentation where KM committed to going to 27% ownership, said they were looking to lock in a long-term shipping and selling deal to avoid price volatility there, use the revenue from shipping to pay creditors and rework the port, railway and mine, that the regional government is eager for the project to progress for the jobs and revenue it will involve, that KDNC's lawyers suggest the environmental reviews should be easier because it's reworking an existing mine instead of applying to create a new one, that there's two possibilities for expanding mining in future...

That's a mine which was doing 171M/year profit before it shutdown, with a predicted life of 14 years. 27% of that is more than KDNC's current market cap.

And the price is below the placing price; if I had more spare cash, I'd buy more. Expecting to hold for a couple of years into 2024 to see this develop.

> if km does not come up with 27% this week we will be in the teens by monday,

and if we do get to 27% what do you think will happen? A 7% boost to the shareprice would be a dizzying 21.9p.

Why wasn't the 20% ownership more impactful? "Priced in" at these levels, surely not?

> It was on Richard Poulden’s personal twitter not on WSBN’s twitter. Kind of news that might warrant an RNS.

Is there any company that issues an RNS for Christmas holidays?

> Shambles. With Xmas looming we won’t hear anything until the new year, Fact! The pictures basically showed a man and his dog, nothing of quality is going on there right now

What did you expect would be going on? Piece of expensive equipment to hold and turn a long drill bit, a skilled person to site and control it, and a dog for them to play with while waiting, does it need more? You can see similar pictures from other companies with an image search for "gold drilling rig", e.g. https://www.dando.co.uk/wp-content/uploads/2017/08/gold-prospecting-drilling-rig-004.jpg

Would be nice if there were dozens of rigs, but that would cost a lot more and they're rumoured to be in high demand and short supply.

> No communication from Management regarding sampling, now overdue by six weeks!

I checked and that most recent RNS from Management called "interim results" which explained the overdue results definitely still exists. Have you considered reading it?

Being disappointed with the progress and the lack of hype is one thing, making up lies is another.

> Found it for myself- the license has not been renewed or transferred to wsbn according to the register-is this the reason we dropped so dramatically

The financial report RNS came out at 15:18 UK time on 30th June, that's after 10pm in Western Australia (after close of business) on the day the license was due to expire, and they wrote "Wishbone now has four exploration tenements in WA comprising the Red Setter group of three tenements and the Cottesloe tenement" and "We acquired Cottlesloe to give our exploration portfolio a balance by adding silver and lead: essential minerals for the manufacture of electric vehicles of all types. [...] As with Red Setter we have an approved program of works for drilling later this year which will give a clearer idea of what we have here."

Would they release that on 30th if they couldn't - or chose not to - renew the license, and would then have to walk it back?

Who else is annoyed that ChesterWilly called the drop to 13p , lol.

Page 7 of the report says "we have drilling programs planned for later this year" for WSBN II (The Wishbone group of properties). Was that public knowledge before, is it a continuation of last year's drilling and "encouraging" lab results?

> "Terra Search will not be sitting around waiting for "later this year". Being based at the Telfer Camp (thanks to NewCrest) they can simply drive out the 13 kilometers to work onsite each morning."

That's why it's a bit eyebrow raising if they haven't. How big are TerraSearch anyway, could they be swamped with work?

Afzal Valli buying more at these prices - https:// twitter .com/AfzalValli/status/1410513679855067140

> Our portfolio has been focused on two main investments, and the first is the private Amapa Project. The terms of our investment and the judicial recovery plan were finalised in 2019. The key outstanding item for Cadence to complete its initial US$2 million (20%) investment in the Amapa Project is the execution of a settlement agreement with the secured bank creditors. During the year, we reached an agreement in principle with secured banks creditors. At the time of writing, we understand the secured creditors either have credit committee approval or are awaiting it. The final settlement agreement has been circulated and is with the respective legal teams for review.

> Given the time it had taken for the secured bank creditors to obtain internal approval for the settlement agreement in February 2021, the Commercial Court of São Paulo ("the Court") ruled that DEV Mineração S.A's ("DEV") the owner of the Amapa Project could commence the shipment of the iron ore stockpiles situated at DEV's wholly-owned port in Santana, Amapa, Brazil. DEV was permitted to export sufficient iron ore to realise a US$10 million profit from the Amapa stockpiles at the port. As of the end of June 2021, DEV had shipped three of the estimated four shipments of 58% iron ore required to net US$ 10 million profit. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV's port.

> Despite the lack of a settlement agreement, Cadence, our joint venture partners, Indo Sino Pte Ltd ("Indo Sino"), and DEV determined that it was essential to progress the Amapa Project. In this vein, we completed an updated mineral resource statement increasing the total mineral resources by 21%. In addition, we have commenced various other work streams which will enable us to complete and a pre-feasibility study.

[...]

> we are highly confident that we will be able to execute a settlement agreement, as, at the time of writing, we understand the secured creditors have had either credit committee approval or are awaiting it, and the final settlement agreement has been circulated and is with the respective legal teams for review. Once this precondition has been met, Cadence will release its monies held in escrow, at which point Cadence will become a 20% shareholder in the Amapa Project via our joint venture company which will own 99.9% of DEV.

[...]

> Work on the pre-feasibility study has started, consultants have been engaged to commence the engineering and conditioning studies on the plant and railway, and in addition, we are in the process of commissioning engineering studies on the tailings damns and the port.

> we are continuing to liaise with the relevant regulatory authorities to obtain the necessary licenses to operate.

Not gonna read all the rest just now...

> acute shortage of mining professionals in Australia just now due to Covid travel restrictions.

Richard Poulden mentioned this in an interview with Share Talk on 6th October 2020 when first talking about the option on Red Setter, about 6min 30s talking about the exploration on the other prospects, he says "we are truthfully being slowed by COVID, we have restrictions in Australia that are extraordinary, basically you can't move from state to state at the moment, so even though in Queensland there's not much restriction on movement for instance, we wanted to move some people up from New South Wales, and we couldn't do it. So it's slower than I would have liked, but nonetheless it's on-plan with what we originally announced, so we'll have further information on White Mountain and Wishbone this year".

Not sure if/how that's changed in the subsequent 8 months.

> Well, we can always open up a discussion now that we know.
> Do they mention a 4th shipment date at all?

Page 6 says:
"""SHIPPING OF STOCKPILE OF 1.39 Mt OF IRON ORE
• In late March 2021 first shipment of Iron Ore since 2015 (~45,000 tonnes)
• 3rd Shipment in late May 2021 – 4th scheduled at the end of June 2021
• Initial shipping up to US$ 10 million in gross profit (2-3 shipments)
• Shipments after this will be under a settlement agreement with secured bank creditors"""

> The first hint of a good drill and NCM will leap in to JV it no messing. That's their style. It could even happen before the first drill cuts into the ground. Don't forget Terra Search are being hosted at Telfer for the exploration.

That would be good for NCM.
Would it not be in WSBN's interest to prove up the resource and tempt the other majors to fight over it and bid each other up a bit?

> it is a surprise, 6 month later, that there has been no further comment on this. Richard Poulden, Wishbone Gold's Chairman, commented in an RNS on 30 November 2020. "We announced in September that we were recommencing exploration at both White Mountains and Wishbone II in Queensland.

There has been further comment, the Halo Project talk - Halo is part of Wishbone II.

Btw you get better google results searching for "Halo Prospect" rather than "Halo Project". It's mentioned in the 7th September RNS "Drilling approved for Wishbone’s High-Grade Australian Gold Assets" and on a 2015 Presentation (by Dr Beams, judging by the filename?) on their wishbonegold website:

wishbonegold (dot) com/images/exploration_reports/201505_Thursday_0935_4_Wishbone_WhiteMountains_Beams.pdf

Lots of positive speculation on this board (including mine); not so many risks being discussed. Like to hear other people's thoughts on risks. These are on my mind:

- Little income, plenty of historic share placings/dilution. Jan 2020 saw 2.8 Billion shares consolidated 100:1 down to 28M shares. 18 months later we're up to 160M shares. Dilution seems inevitable, but how much?

- Several projects we're excited for updates on, RNS silence this year:

Aug 2020 - "intent to commence active exploration and drilling" at Wishbone II, "intend to hit exploration hard". "Funding raised [to] restart exploration simultaneously on White Mountains project".
Sep 2020 - Terra Search engaged to "fast track exploration work"; ground magnetics, soil sampling, electrical survey reviews, 38 drill holes.
Nov 2020 - "excellent initial results" from White Mountains; "I look forward to reporting further significant results over the coming weeks as we prepare for a drilling programme at White Mountains".
Dec 2020 - Wishbone 6 applied for - "should be fully granted by the end of the first quarter 2021 and that is when exploration can begin".

5+ months on, long after Q1, has there been nothing worth saying on any of this? Cottesloe acquired in March and "well placed to move quickly on due diligence". Why buy that at all, not busy enough with all the above? Were the further results not what they hoped? It's not a massive problem for me, but there's enough in progress that nothing to say for months is a bit weird, even if it was "Terra Search are really busy" or "our focus is all on Red Setter, so expect delays on these", no? Short-term risk, what is to stop Red Setter or Cottesloe falling into the same RNS silence for the next 6 months, and it gets to December and there's been one placing RNS for the Director's salaries and one RNS "we've acquired a new license and are eager to develop it quickly"?

- Some private investors don't like or trust R. Poulden and D. Lenigas. It looks like D. Lenigas sold the Red Setter license to Wishbone(?) and is an investor here. I think it's normal for AIM that things can go badly wrong and people lose out, but if you look up the complaints and think there's more to it, that might put you off.

- Red Setter might be a duster. Share price could rise on drilling plans and drills turning, but if early drills turn up dust that will surely tank the share price for a while, regardless of other assets.

- Short term, can they get access to any drills? A comment here a month or so ago said that all drilling rigs in the region were booked to the end of the year by companies grabbing them for speculative future work. If true, that could be months of delay to year end.

Any others?

> If it was one way they would never get their ships back?

Earth is round, they'd get back eventually. :-P

> which will never happen

On 25th March you posted "How can GGP with a far superior MC sit not too far away from our SP and we expect this to surge to £1-£4 short term? I think we’re way off it personally" suggesting you don't understand share price vs. number of shares in issue.

This comment suggests you still don't.

Wishbone's market capitalization is divided over 160M shares. GGP's is divided over 4Bn shares. Wishbone would have a 25x higher share price than GGP if they had the same overall market cap.

> Perhaps a bit of research would not go a miss, trust me another year extension of permit is a good thing for ep145, and if you read the rns we are progressing it by doing the seismic and have til August 2022 to complete that , which we will do, and thus takes upto august 2023 to complete a drill
> You must try harder if you are attempting a deramp on this news or is it just naivety and lack of research.

I didn't say it was a bad thing - it's better than not having an extension. I was objecting to the use of the word "amazing" - when you read that RNS, were you amazed - "in a state of extreme surprise, wonder, astonishment"?

> BOOM, amazing news this, IMHO onwards and upwards for Mosman oil and gas...

"we're delaying everything by 1 year" doesn't sound like amazing news?