REQUEST FOR INFORMATION.1 Oct 2024 23:05
I hold one dog of a share that is 99% down and I will never sell it as it reminds me daily of what can go wrong, and that you should never invest on AIM more than you can afford to lose. I didn't for one moment think that Ironveld would become another reminder as I sit on a 96% loss. And I had good reason not to think it would.
I have been a holder since 2017. Of course AIM is a gamble, but after all the mine and processing developments, promises of funding, I expected some hurdles, but not obliteration which is what we seem to be facing. The obfuscatory news on funding was, and appears to continue to be, relentless. Does anyome remember the IG interview with Eales (the then CEO) in October 2021 after the SP rebounded almost 100% in one day on the news of imminent funding? If you can stomach watching it, click here: https://youtu.be/YUvQwl9MfUY. "The sky's the limit"... Yeah, right, and then "Its though the market doesnt believe it". And that was the clue. Lesson learnt: Follow the money, not the talk of money.
And what happend to the non-binding term sheet earlier this year from a South Africa-based financial institution regarding asset-level financing of mining and smelting activities at the high-purity iron, vanadium and titanium project? Apparently funding would allow it to invest in all planned operations, including transition to production of high-purity iron powders. But of course "non-binding" is the get out of jail card, but by then the value of my holding was minimal and not worth selling, and with the exit of Eales and the announcement there was hope.
But now fast forward 8 month and no news, no updates, no leadership comments from either Wardle (Exec Chairman) or Andersson (CEO).
Come on Ironveld, you've now got a highly experienced and succesful CEO at the helm - give the shareholders some respect by providing some straightforward, clear information, be it good OR bad (it couldn't get much worse). That's the least we deserve.
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