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For several years the leadership of AYM has demonstrated total incompetence in the management of AYM.
For most of this period many contributors to this forum have consistently failed to recognize / state this inability - indeed there has been a consistent thread of support.
The evidence of the incompetence is overwhelming and finally there is a degree of criticism - too little and too late.
The "Leadership" group are inept ... for someone like me, who has consistently challenged their performance, it is a relief to read this belated recognition.
I have now read the belated and disappointing Chairman’s report several times. Indeed, I did attempt to create an edited version of the salient points but was unable to satisfy the site’s word constraint.
# As always, it requires forensic and patient analysis in order to isolate new and significant information.
Whilst it is good to include data, to be of value it must bring clarity, perspective and direction. Repetition and regurgitation are counterproductive.
# As always, most of the topics lead to the seemingly inevitable conclusion suggesting the need for yet further studies. A lot of the QME output appears to be derived from significant variations to the 2017 scope (quality and zones) and begs the question why the 2017 study was not sufficiently inclusive.
# The current QME agreement terminates at the end of 2019 - please, do not expect a report on New Year’s Day. Like other correspondents, I have been unable to locate any reference to the Parys project within the QME web site. QME is not a large operation and the extension of free resource provision would be very significant.
# The sections relating to “Iron Ore” and “Outlook” were essentially “cut and pastes” from previous versions and were very annoying.
# Subsequent stock activity suggests a bit of “opportunism” from those who focus on “small volumes / small fluctuations”. Juno will continue for as long as it suits them but even their / his patience must be waning?
# So, yet again we are presented with a collection of vagaries amongst the annual collection of optimism that litter any AYM output – regardless any tangible accomplishments. And … they will retreat back into delusion without challenge.
Best wishes ...
In amidst a fully anticipated period of commercial silence, we have excelled ourselves … again.
# We are relieved that the upgrade of the AYM web site is complete, but disappointed in the absence of any significant change / improvement.
# We are encouraged by the reference suggesting there is significant tangible activity around the foolish Canadian ore investment, but are confused by a live report from our own international reporter suggesting that there are no visible signs of activity.
# We appear determined to generate premature anticipation of an update notification of the AYM / QME exercise. Indeed, we appear to have exclusive and reliable intelligence stating such an announcement is scheduled this week. I am unsure how and from where, we would obtain such sensitive commercial intelligence. Maybe I have misunderstood this contribution. If however, it proves to be correct, I am very impressed with the communication channels. If however, it does not materialize as stated, then we must reflect on the thought process prompting such contributions … and the associated value.
# Even in amidst silence, we excel …
Best wishes …
Given that no further AYM / QME announcement is expected before year end, there was little scope to submit any serious speculative contributions until such time. But, the absence / lack of data and / or substance, is no deterrent in this forum. The recent series of exchanges include most of the predictable topics:
# Asset Sale – The performance of the Leadership team is finally being accepted as inept and instead of “Dig baby dig” we have moved to “Sell baby sell”. The mineral value is fairly well known (we have been reminded remorselessly for many years) but it is only attractive if it can be realised profitably. Some of the speculative scenarios are optimistic and to my knowledge, there has never been a queue of potential buyers. The Leadership team is the same as group that made the erroneous ore investments and are probably not best suited to manage such a sale.
# Raising anticipation of the second QME report is disturbingly premature and unwise. Some correspondents will have barely recovered from the first report, where publication dates were unrealistically anticipated and the conclusion was predictably vague / ambiguous. It is only early November and given the players and their history, a publication date before 2020 would be surprising.
# Like most aspects of AYM, the website is not robust and updates are infrequent. A short “down time” is unlikely to preclude visibility of any commercially significant material.
# Parys would already be included in any potential aquisitors “listing of interest”, together with a ranking of commercial attraction. The services of an “Estate Agent” would be unnecessary. Likewise, one would expect the Leadership team to be “on top of their game” with the identification of any potential interested parties.
# For the record, I have a position in AYM and accept that the prevailing SP is the barometer and is a reasonable indicator of perceived worth … regardless of our extrapolations with limited access to the broader segment perspective.
Best wishes …
Incorrect interpretation.
# I avoid conversations because invariably they degenerate into distorted, protracted and futile exchanges that no longer relate to the original topic.
# My recent reply was a polite factual correction ... and even this prompted an unnecessary, non-value adding response (and a gracious acknowledgment).
# Conversation here is challenging as a result a prevalence of: too quick to respond, inaccurate reading and little or no sanity / saliency checking prior to submitting.
I don't usually respond to contribution exchanges with the potential for distortion and protraction but:
Challenges below are valid and correct.
# Et al = Was deliberate misuse (really), I was anxious to convey that there were multiple offenders of erroneous misplaced perceptions, as opposed to concentrating on the specific example provided. Not a good idea.
# Puritical = My challenge to the use of "Puritical" is that my irritation is not driven by strict or censorious moral attitude it is, and always has been a dislike of irrelevant nonsense , especially those offering unfounded / illogical statements relating to AYM commercial affairs. Status, timing, projections etc. (nb. etc.)
# Thanks for challenges ...
Strange repositioning:
# Prominent AYM disciple and historically an ardent leadership supporter now losing faith and advocating a motion at next AGM (10 months hence!) to sell ?
# Despite the overwhelming evidence confirming the insanity of the ENF (“Extreme Nonsense Fringe”) we persist with useless references / inclusions?
# Loyal optimistic supporters (who even see medium term upturn in the erroneous ore investments) continue to read more into the first QME report than my own interpretation. Second report is due at the end of the year, but the overly enthusiastic AGM report is riddled with typical AYM ambiguous narrative requires careful reading.
# I am unclear as to the background of the recent spike in stock activity. The SP appears to be stabilizing within its normal range suggesting a bit of “feeding frenzy” for those who focus on “small fluctuations”.
# Baring a significant event, we will not hear from AYM for a few months, so it is important we don’t fill the void with unsubstantiated assumptions. A relatively quick / simple revisit to some of the predictions made over the last couple of years may serve as a salutary reminder of many of the unfounded perceptions offered here – “dig baby dig” et’ al.
# Finally, a small but important correction. Labelling my critique / expectations as being “puritanical” is incorrect – wrong term. Humour / banter is important to a forum of this nature – “but commercial discombobulation” is to no one’s advantage, especially here where it can be further embellished / distorted. Parys is an inactive mine with many years of speculation. The SP is always a good barometer.
Deviating from the data is unhelpful.
Best wishes …
Just as I was thinking this site was progressing towards “normal adult functionality”, the “Radio Silence” was broken (unnecessarily) and there has been a barrage of irrelevant nonsense.
# I neither know nor care about an individual (and followers) who allegedly suggest there is nuclear contamination at Parys. We should not provide him “any oxygen” to communicate his insanity.
# Share Price Ramping in respect of AYM is more than stretching the concept. A more accurate concept here, is presenting / supporting a positive perception that is indefensible / unjustifiable. The whole history of AYM and Parys is well documented and any artificial stimulus to improve the SP will be very evident.
# As for a listing of “Rampers”, this is bizarre, meaningless and useless. A simple review of the names listed will reveal that there is little or no justification for creation, inclusion and ranking.
# Finally, in my “critique” of the AGM Report I omitted to comment on the absence of any references to the Canadian and Swedish ore investments. We should recall that these were both significant investment errors and simply excluding them from such a report does not conceal the errors. Constant ore price updates simple serves as a reminder.
Best wishes …
# Most of the AGM reports over the last few years have been worthless.
The inclusion of reliable data renders this years’ report an improvement.
But the paranoiac desire to project optimism, results in unnecessary chaotic narrative.
The constant comparison of the 2017 “Feasibility” data and recent QME data adds no value – as there is no significant difference.
Inevitably the penultimate and final paragraphs are regurgitations of previous years’:
“While the inclusion of inferred resources does not meet the strict criteria for feasibility studies used by banks for loan evaluation, given the detailed geological knowledge of Parys Mountain now available it is useful to include some of this inferred resource for comparative financial modelling”.
“This second stage of the QME exercise is ongoing with completion scheduled for the end of 2019. Subject to financing being available, this work would then form the basis for commissioning an updated scoping or preliminary feasibility study”.
# In the current situation, the retirement of a Director is unlikely have any impact, financial position nor ongoing arrangements. Indeed, it could be argued that it is advantageous.
# I hope the upcoming site tour is enjoyable (credit to the organiser). But no matter how automated the Power Point presentation, nor optimistic the presenter, any data will not be commercially exclusive. “The Market” is the ultimate arbitrator and current SP is the prevailing perception.
# I enjoyed the period of “Radio Silence” and it was a shame that was broken unnecessarily.
# My contributions are “activity prompted” so I was unable to make two observations during the “radio silence”
1. Political analogy regarding my input is unnecessary and unhelpful.
2. A small but important point, I do not engage in “predictions” - I comment / critique.
Best wishes ...
"Forensic reading" is unnecessary in order to digest today’s RNS:
# It was predictable.
# It insults the intelligence of shareholders who have read this narrative countless times.
# The Iron Ore holdings are currently of no real value / interest – either intangibly or tangibly.
# There was always going to be pre- positioning for more studies.
# The “latest” Scoping Study was undertaken in 2017 and constant reference only confirms an inability to develop anything.
# We are too charitable / tolerant in our positioning of AYM leadership. It is difficult to identify anything they have done / can do efficiently.
# Any other potential interested parties will be deterred by this catalogue of progress failures.
# Even Juno may start to question their ROI.
# There never was - and never could have been, a clear-cut announcement by 01 July. In fact, the commitment was typically “AYM ambiguous”.
# The SP movement is a good reflection of progress and status.
# Re-reading the last chapter of excitement and optimism appearing on this forum is disconcerting. Even having exercised considerable restraint, there is significant unfounded assumption.
Best wishes ...
For breaking the nonsense exchange:
# Uncontrollable and irrelevant curiosity yielding useless output.
# Adage / Nursery Rhyme definition misunderstandings.
# OQD (Obsessive Quiz Disorder) generating foolish responses. Initiated by the mysterious - "Someone who knows".
# Crazy ...
The QME points you list are only a few of the possible scenarios - technicalities, contracts, tenures, management / ownership - to name just few and these may take time to resolve. The more significant issues arise if the report concludes that Parys is not commercially viable. It would deter other parties who may have followed the exercise and render subsequent report / studies "very challenging".
Best wishes ...
... for input.
It would be churlish not to recognise the restraint exercised by "usual culprits" - the strain is almost palpable, but ...
# Expectations of announcement on 01 July ?
# Small qty share purchases are code for imminent announcement ?
# Spot JK quiz ?
are pushing the boundaries of commercial reality.
Best wishes ...
# I suspect that any robust “due diligence” would likely deter potential opportunities to dispose / release the Canadian and Swedish assets / liabilities. Thus, current ore price movements are of limited value.
# And again, “Managing Expectations” is important (QME Report) … restraint, will avoid unfounded speculation / erroneous comparison / distorted extrapolation and spare us all endless useless references / exchanges.
Best wishes (and apologies for repetition / directness ... but )
During the current period of imposed Company "incommunicado", (as opposed to the routine failure of conventional communication), the volume of submissions to this site has reduced correspondingly. This is a reassuring and refreshing correlation - which has not always been the case.
However, amongst those submissions, there were some concerns viz:
# "Concluding Acronyms" - These three-and four-character acronyms serve no useful purpose. They verge on insulting / patronizing.
# Canadian & Swedish Iron Ore Investments - These were unwise investments and now represent little value on the Balance Sheet. For differing reasons, these "erroneous ventures", are unlikely to yield any value, in any time-frame, and serve only as poignant reminders that the AYM leadership group has a poor performance history.
The imminent publication of the QME report is already generating predictable excitement. Before a barrage of unfounded and overly optimistic predictions, there is an urgent need for rigorous "expectation management". Most previous publications by / associated with AYM have had serious shortcomings viz:
# There are invariably incomplete and unclear.
# They are frequently incoherent and illogical (Share Holder Report Outlook).
# They are invariably pre-positioning yet another survey / report.
# They are invariably nebulous excluding any meaningful timelines.
# They actively encourage unfounded optimism.
Needless to say, I hope any communication is positive, but I anticipate the need for "forensic" interpretation.
Best wishes ...
... "£200,000 gross and £180,000 net. The proceeds of issue will be used for project development".
Interesting though this announcement might be, the sum involved would not buy a one-bedded flat in London.
Yet another capital raising initiative without a clearly declared reason or intent - with the accompanying probability of repetition.
I am not opposed to the principle of a placing (nb. a significant discount here), but given past performance, I am uncomfortable about the amount, timing and potential tangible benefit.
Yes £0.2m may read well - and whilst it has attracted some investors, the trading pattern thus far could imply short-term, "low hanging fruit", profit taking. The SP has reverted to "norm".
The "leaders" of AYM have not previously shown themselves to be astute investors and project planners. I trust this exercise is an integral component of a coherent plan and not just an ad-hoc request for “spending monies”.
Best wishes ...
My fault and as demonstrated ...
After a discreet pause, I submitted a 1:1 (as much as a public forum allows) apology for a typographical error.
Foolishly, I included a humorous reference to Brexit, but merely as a reference of penalty severity.
Unwittily, I have initiated one of my own ongoing criticisms of this site - the ease and extent to which distraction / deflection is introduced.
My apology was swiftly followed by a series of contributions about the nightmare that is Brexit. Whilst I make no concessions for the total absence of professional project management of this topic, it is large with numerous interdependencies.
Whilst some contributions may be noteworthy and constructive, a barrage of open ended strong opinions, is unlikely to add value.
The resulting debate however may prove to be a respite for endless mineral price revisions and useless inventory reports.
Best wishes ...
DM, thank you and profound apologies.
I am acutely embarrassed by my typo and have self-imposed the most severe penalty imaginable - "Eight hours of looping Brexit responses from the Honourable Member for Brent North".
You will appreciate that such a sentence has the potential to inflict significant damage to the human reasoning process and in the short term, I may therefore miss some of the gems appearing on this forum. I will doubtless catch them when they are recycled.
Best wishes ...