Member Info for TigerByTheTail

I'd love to know why posters are so confident Vast isn't going bust.
We know that Vast is in default with SSGI on its outstanding $3.4m debt to them, which is secured against Baita Plai and Pickstone Peerless. There is still no opening date for Baita Plai or a credible financial plan for achieving that.
Since Manaila is still closed and not fulfilling the terms of Tranche 1 of the failed Mercuria offtake agreement, Vast either is now or shortly will be in default on the $4m Mercuria advanced to them. That is secured against Manaila and by the potential issue of a huge number of warrants.
It's obvious that Vast are having enormous difficulties raising "new" money. Their only asset which is easily "saleable" is Pickstone Peerless; it would be very hard to find buyers for any of the other assets. I can't imagine why an offtaker would agree a new pre-financed offtake deal with the company in such dire straits; it would be commercial madness. Even Bergen refused to finance another death spiral convertible loan. The only source of money this company has (other than the possible sale of Pickstone Peerless) is issuing new equity, and that game can't be played forever.
I read the diamonds venture as a desperate "Hail Mary" play by management who know that the game is almost up. If they can't announce both a licence and financing for them soon, then I think Vast will be bust inside a couple of months.
(And, yes, I don't discount that somehow the company's assets will somehow be separated from its liabilities before then. It's happened before on AIM. One thing is certain, though, and that is, if that happens, Vast's shareholders won't be the ones to benefit).

I really hope this bulletin board isn't going to degenerate into a cesspit like the ADVFN board.
Can I point out that BMR's issues can be discussed on the BMR board? (But please be careful what you say, as BMR CEO Alex Borelli is thin-skinned and liable to call up his lawyers - especially if his home address gets published and veiled threats made!)
I imagine the delay at Kabwe is related to the dual problem of doing a deal with Glencore over the Sable refinery and the related need to obtain all required Zambian government permissions (never a quick or easy process).
Meanwhile, JLP goes on with its three chrome / PGM projects in South Africa. I'm very much looking forward to the Q1 results, which should show a big increase in earnings from them.

Hi Mizman!
Think about it! How can Vast even know that the diamonds are 50% more lucrative than previously estimated? On what evidence is that statement based? Have Vast done any drilling or sampling? - No. There wasn't even a previous estimate to work from as a basis! So how can Andrew Prelea state this as a fact?!?
It's just more bullshit, to add to the mountains of bovine ordure our beloved CEO has already fed shareholders here.

Hi BigBiteNow!
Yep, can't argue with any of that. Actually, we're lucky to have a chance to buy at these ridiculous levels.
It only happened due to an odd combination of market factors (KDNC selling, few shares in issue, silly Twitter rumours etc.)

Hi Mizman!
Can I suggest you do a little research on the realities of setting up an operation to mine alluvial diamonds? It's not that easy!
A timeline of three months to production is simply more Andrew Prelea bullshit. (Even if Vast had a signed agreement and if they had $10m in finance in their hands).
James Campbell of BOD (who does know what he is talking about) has spoken of starting bulk sampling by the end of the year or in early 2019. IMO, take that as the earliest possible date, given the most favourable possible circumstances.
I don't understand why everything (including, seemingly, BP) is being sacrificed for this wild goose chase. How much money has Vast spent on greasing palms so far? Is that where all the money from placings have gone? And what guarantees do they have that the claims won't be seized from them (again)? Or that they can ever take money out of Zimbabwe? Or that the operation won't be crippled by theft and corruption?
Chasing the diamonds isn't a rational business decision. It's simply desperation.

I've seen enough here and I'm out for good. I made losses here, basically because I should have researched more deeply first, and only then considered buying Vast shares (rather than the other way around). I'll try and learn that lesson.
IMO, the board's recent actions smack of complete desperation, Andrew Prelea is a spiv and a bullshit artist, and Vast is in very big trouble. But whether you decide to hold or sell, I wish all posters here the best of luck.

Hi Sarah!
The link to the EGM video was three pages back on the board, but it seems to have disappeared.
I don't know if anybody else can help...

Interims out plus shareholder conference call on Thursday.
I read through the results. For me, nothing new. Without a boom in rare earth prices (no sign of that yet) actual production progress towards operational break-even will be slow and painful, and the convertible loan from Lind will grind down the share price.
So I'm happy to keep watching from the outside for now.

Yeah, I'll be trying to buy more shares on the bell this morning as well. I'm not sure I'll get any, but it's worth a try,
May we all get lucky!

So do we go back up to 20p today?
The clever shorts (the ones who were in on the raid) most likely took their profits yesterday. The tag-alongs will have to buy back their borrowed shares in a hurry on the bell.
A placing below 10p was always a pretty unlikely rumour...

Hi Sandcrab and Fools!
It's probably a good thing that I wasn't at the meeting. I don't like being bullshitted, and I'm not shy about letting people know that.
I stand by my assessment of Blueberry - the reported holes and intervals are not interesting commercially.
It's also very bad news if Vast have managed to quarrel with BOD. James Campbell is a true expert (indeed a world authority) in his field. Without BOD, I struggle to see how Vast can set up a diamond mining operation.
I've heard enough now. This is silly.
Good luck all.

Hi Fools!
Thanks for posting. However, I need to point out that:
1. We have seen the drill results for Blueberry. They are very ordinary and do not suggest a commercial gold deposit - and I know of what I speak here. Blueberry is certainly not "better than PP" or a million ounce deposit. That claim is frankly ludicrous. That AP said otherwise indicates that he is bullshitting you like crazy.
2. If he is bullshitting you on this point, he is probably bullshitting you on other points as well.
3. We are definitely being softened up for the sale (or at least the partial sale of Pickstone Peerless, Vast's one decent producing asset.
4. From where Vast are today, it is simply physically impossible that Vast could be producing diamonds in 3 months in Zimbabwe. James Campbell of BOD (who knows a thing or two about mining diamonds!) has said as much. (And that is even if Vast had a licence and the funds required!) That's more bull.
5. Honestly, given this desperation lying by the CEO, things must be very bad.
Actually, very angry now.

Hi Pepco!
If to play armchair CEO, I think:
1. The management of Vast has been disastrously bad over the last year and CEO needs to go pronto. Also, there is a massive conflict of interest between AP's role as CEO of Vast and his direct stake in Baita Plai which is quite intolerable.
2. Now we are where we are, (i.e. deep in the doo-da), I believe:
a. Vast have no choice but to sell PP / Giant / Eureka to SSGI in order to survive. The only question is how much they can get for them.
b. It is imperative to stop chasing the diamonds and to cut all other unnecessary expenditures until BP is in profitable production. The costs are killing the company.

Any news of the trucks for Manaila?
I assume the deal was cancelled and they were never delivered. But can anybody confirm?
I wonder where the $500K deposit money is now?
As regards Pickstone Peerless (and Giant and Eureka), IMO we are being softened up for their sale to SSGI. I expect that to be the next substantive RNS.
This company makes my head spin. It's batshit crazy to do business in this way!

Market cap now about 16m quid - far less than BCN's current cash in hand!
There are AIM tiddlers with little more than "hope" projects with bigger market caps!
Where is this going?!?

I'm just going by the accounts. Also, look how much money Vast has raised in equity over the last 6-8 months, and how quickly it has been burnt. (And how little actual result there is to show for so much expenditure!)
As for Manaila, I assume that the Q4 quarterlies were cancelled because the results from Manaila were so disappointing. But, yes, that's only my assumption.
Anyway, let's see if any "news" leaks out from the EGM...

The trades at 13.00 are buys; I just bought a few at 12.99p.
TBH, I'm not entirely sure what is going on here - it could be a fire sale of KNDC's last shares, or it could be an equity placing is indeed in the works. Judging by the share price action, I'm thinking the placing (if there is one) will be at 12p, rather than the rumoured sub 10p.
IMO, BCN's share price will rebound once this has worked itself out.

HI Sandy!
Actually, even if the $5.5m tranche 2 money from Mercuria had arrived, the plain truth is that Vast would still be in serious financial difficulties.
Vast currently needs $3.5m (minimum) to get BP into production (and 6-8 months), plus keep the lights on money for that time ($3m?), plus money to cover the ongoing losses at Manaila (if it is actually working), plus money to repay the SSGI loan secured against Manaila ($900K), plus whatever chasing the diamonds is costing Vast (a lot, methinks).
I can't give you a precise figure, but I make the total sum Vast requires to be north of $10m. So, even if Vast had received the $5.5m from Mercuria, Vast's finance would still be in a mess.

(Sorry, a little off-topic...)
Just to say that Botswana Dimaonds have had some pretty good news about one of their other projects, the Maibwe JV in Botswana. This was being help up by the seemingly never-ending liquidation process of one of the partners, Botswana state nickel miner BCL, on whose land the diamond find was made. The government have now stepped in, dismissed the administrator, and are talking about resolving BCL's liquidation by summer. As Maibwe rates at a hefty 550 carats per hundred tons, this is good news for Botswana Diamonds.
In general, BOD are having a good 2019. First diamonds should be produced from bulk sampling at Thorny River in South Africa by the end of Q2.
I've got no real idea of the true status of Vast's / BOD's JV claim on the Heritage Concession in Marange - either in terms of licensing or in terms of financing. It seems to me that all we can do is cross our fingers and hope it all works out.

This is great news about the Maibwe JV!
Warren Dixon was guiding that the liquidation of BCL (a step key to advancing the Maibwe JV) might take up to 7 years. Now it could all be over by the summer.
Remember, Maibwe has an estimated 5.5 carats per ton! Yes, per ton, not per hundred tons!