Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
The one major problem with the co. is the CEO, owner of 90% of issued share capital, and upon listing, decided to own 90% of shares, instead of raising lots of capital by offering them to II's and PI's. The end result was that the company became an interest earning cash cow for him. Every new order requires new something or other, and he provides a loan to cover the cost at preferential interest rates. He is so greedy, that some of the loan can be converted to shares, again, at preferential rates. it's a company solely for his benefit, and has made him very rich. Mission accomplished.
Good to see GW62 is still a leading member of the Herd.
What an observation from him, that the BOD will not issue a RNS on day to day activities, including any comms that may have happened with local EISA authorities. I have already reported from my comms with PFMR's at EML, that only legally required info. will be shared with us. After saying that, the Herd will try and convince investors that everything is 'hunky dory', 'nothing to see here'.
I would have expects a BOD of a listed company, that has already delivered little in the way of real progress over the past 8 years, ie; no shovel in ground yet, to show a little empathy with PI's, many of whom have long suffered . A RNS to the effect that ' we are in daily contact with the EISA Committee, and are putting forward solutions to water supply at site, to include bla, bla , bla.' This is not too much to ask, if true.
Of course it is in the long term interest of BOD for co. to succeed, however, if it already aware from discussions to date, that EISA is unlikely for at least 6, 12, 18 months, then suspend shares, the BOD take an unpaid sabbatical, or better still, CEO resign, and relist when EISA approved. This will also stop illegal trading in shares when/if EISA approved.
What amazes me most about Brexit, is the naivety of Ministers and people with 'power' who pushed the Brexit case. It was obvious to most people with some intelligence, and a rudimentary knowledge of German/French/Brit relationships, that if Brexit happened, the alliance of Germany and France would do everything in their power to ensure failure. The worst thing now, would be for any UK Govt to return to the single market, where it would be treated with disdain and rancor, and made to pay a hefty price for being 'bad neighbours'. I'm also amazed at the British publics 'laissez faire' attitude in it's 'purchasing' MO. Germas, French, Italians, and a few other Eu countries would rather cut a digit off than buy British. How many Brit made cars ( including Japanese models) do you see on Eu roads.? A handful. Brit roads are full of Mercs, Renault, etc, etc. The busiest Supermarkets are Lidl and Aldi, booth German. Tesco failed in both Germany and France because it is British, and not used, simple as that. The Brits will buy from anyone as long as the price is right. In the long run, people get what they deserve.
Congrats Mat, seen the light and left the Herd. Founding member Westie left some time ago. It's good to have a sceptical attitude with these type of cos and immature BOD's. I still retain a smaller holder in the possibility that EISA may yet be given approval. That will only leave the most difficult part of the project to do - build the mine in budget. The time element has long since past. I am still hopeful that II's and/or major financiers will ask, no demand, that a more able person be appointed to complete the project than the abysmal failure we have at present.
Pitlick. There are nuclear rectors at Hinckley Point in Somerset, and another one is being built alongside them. Unfortunately financed by China, and being built, I believe by the French. Sounds like 'buy British'. It is several years late, but is still being built.
Straightaim
' at no additional cost'
The additional cost is the £M being spent on SBB which could go straight to SH's as cash.
SeaTank.
'illegally gifted'.
No, it is not illegal to convert Treasury to voting shares, and it is normal practice for many cos to award shares to PDMR's. Probably every company on the Exchange has done it. The company generates 'bucket loads' of cash, hence the SBB, and there is no need to convert TS to VS for any future TO. Cancel the shares and be done with it. There is always a suspicion that the BOD may convert. Will you bet your house it wouldn't ?.
DavidAsh.
The Failures delusional tendencies, was on show once more with the appointment of 'one of the best Geologists', Brian. Brian was an employee of BG, which was acquired by Shell. Shells policy in the integration of staff from both cos was simple, it would hire the 'best', no matter from which company they came. Brian was let go. The Failure employed him.
I did not see the biggest Red Flag for SOU, when at an investor boozing event, Brian was asked how many 'Golden Tickets' he had, and replied 'not enough'. I contacted IR and asked how many, and was told Brian held, zero, zilch. He Lied. I should have sold then. However, in his defence, no matter what he suggested drilling policy should be, The Failure would stick to his own 'drilling' plans', since after all, that's what a bean counter does as CEO.
VH. Last words from me on you. There are investors here who know a lot more about PHE business model than you. Many are invested here , not for the H2 economy, which they see as a bonus by product, but the removal of non recyclable plastics and tyres from our environment, subjects on which you are clueless. Now leave the future of the company in it's own hands, not on your anti-H2 agenda, paid for by OnG industry. Toodle pip, please. You are annoying.
Straightaim.
'The other advantage of buybacks is that they reduce the burden of future dividend payments, as there are less shares outstanding that are due the dividend.'
I don't see the logic in this comment. Let us assume that co profitability remains. sbb's reduce the amount of shares in issue to 1 million. The cos metrics remain similar, and hence MC remains similar, at about £1B, The sp would be a £1000 per share. . Investors paying that kind of money would defo be seeking divis. It's an extreme example, but that is the logical conclusion.
And yr comment t'other day, saying if SBB scrapped, increased divis, you would just buy more shares. Excellent. Investors buying in the open market, creates demand, creates higher SP. That is what we want. QED.
Exactly Savaloy. Pay proper divis. It is in the back of my mind that BOD might 'treat' themselves to treasury shares as a bonus. If investors take shares in lieu of cash, then only buy back that amount. The BOD has never said what is an appropriate amount of shares to buy back. What is the 'objective' number of shares.?
Apendragon. Following on from your comment that the sp might fall below £10, the best policy would be to sell your holding, at least 50%, wait 'till its sub tenner, and buy then. Makes sense of your convictions.
Apendragon. So, you have sold all your holding then?
Boffin. There's a problem with Thermal Plasma process - The feedstock is Methane, which has a large C footprint in its extraction. $billions are being spent on H2 production from non fossil fuel sources. What we are waiting to see, is if DMG actually does what it says on the tin.
VH you dolt. The OnG is pushing H2 because it knows it is the future. Which you keep posting against. Over 90% of H2 is derived from Methane, via Steam Reforming Natural Gas. Naturally, the NG is from the Oil industry, with Shell accounting for the vast majority of production. It has a large C footprint, the one you know the driving force behind GW, which of course, you are a denier. Shell abandoned it's plans to build H2 refuelling stations in UK, since it finally twigged it was pushing a technology which would be the thin end of the wedge to end high OnG prices. For cars, SSB is the way forward 'til HFC are much less expensive. $Billions is being spent on H2 from Electrolysis, and other non fossil fuel methods. H2 is the future, and not from dirty, carcinogenic, fossil fuels. Tell that to your paymasters VH.
Not a clue. Only suggestion is a 'glitch'.
VH. Go and join swazers as being deluded. HFuel cells are the way forward in transport. Not for cars though, for the people on average wages. but in every other form of transport. In the short to medium term, solid state batteries remain the better option for cars. The benefits are obvious, cleaner air to breathe, and making Saudi Arabia impotent in their cartel to control World inflation by inflating oil price. Go on then VH, knock your pay masters, Big Oil. GFY.