Member Info for wasarunner

Think you got it the wrong way round. He put into the financing and didn't take out of the financing.

Jeremy Martin got paid a fee for arranging Horizonte's finance deal. Contributed nothing to the finance. Matt Bull contributes £100k here and increases his overall % in the company. Wow what a barsteward. Must really hate the new project :-)

I'm still reading the RNS hopefully we get some more technical data on where it is what it is etc.

16%. THere I agreed it for you.

I'm assuming 2 things:

1. 2022 accounts now published have been audited therefore this is not a blocker

2. the company wants to vote on the finance package and admit the new shares is approved, at the same time at relisting. Otherwise, it is in a chicken and egg scenario - it unsuspends, without a voted finance package which secures it as a going concern, shareprice goes to close to 0, equity funders don't fund. So better to vote on the finance package which rescues the company, rescue the company, then relist. If only Horizonte could have done the same thing.....

True, not easy to raise capital in this climate. But if you believe Blackrocks figures they have $150m+ raised (conditional on completing the deal of course, and it could be the last hurdles are hardest) so there is definitely appetite in these kinds of projects. They have the worlds largest non China graphite trader on board. Our capex is a lot less than Blackrocks and that's a good thing. GLA

Laurie (again off topic here, apologies) I too like Rover saw HZM as the banker and I had something like 40% of my total invested in it maybe later 50% as it was what I was adding the last year or so. What was interesting I was roundly critisized on the board by many when I pruned my position after the first financing round (I didn't like the deal). Which was odd because I wan't bigging the share up to sell, I was pretty neutral/not impressed with the deal.

The lesson learnt is there is no such thing as a nailed on investment and that's applicable to both AIM and main market investments. So diversifying sufficiently to not lose your shirt on one investment whilst retaining enough upside to make money when things go well (nobody invests in AIM stocks for 10% overall return - no point for the risk - lets face it where here for multiples). I was lucky, I still have other investments, and even until a month or so ago I didn't think HZM would go to 0.

The other thing is obviously not to fall in love with a stock, things can change that make a good investment into a less good one. You constantly have to analyse and determine what the exit point is. There's plenty of jaded investors here and I always wondered why they don't sell, they obviously don't need that money too badly. The minimum is always 0, so if you don't believe in mgt / the project its best to take the loss and move on. I am awaiting Blackrock developments here as I firmly believe they have to move first before we can get going then the clock starts ticking on this one.

To Rover's point there are positives here that HZM didn't have. JM took a near 8 figure remuneration from HZM in his tenure without contributing any of his own money to the company. MB here is very different here in this regard and has put in a lot of his own money to making this project. This is one of the reasons I stay invested. GLA

Thanks Laurie hope it comes good for you and you get lucky! My point there was really (sorry I know this is off topic here) in October even through to December/Jan I thought a deal could be done, capex looked doable from the information in the public domain. At that sp it felt like risk/reward was worth it then came the bombshell capex numbers and then I knew all bets were off but the holdings were worth the square root of by then. Then you move through the usual hope/depression/anger phases etc all well mapped out in the psychology textbooks then acceptance and you find peace with luck.

Anyway are you invested here? I am waiting patiently a few years now for developments :)

Just to offer closure because I think it will help (him), what was my loss. 6 but closer to 7 figures. I have free carry on other stocks from 50-60% sold but not doing so well. He'll come and hound me on those boards now but it's ok take responsibility for my own investment decisions. Would I do AIM again - of course not - but I'm guessing that's true of 99% of people who tried and failed. Is it rigged? Probably. It does suit the trader types who can see the ebbs and flows in sentiment, most junior companies fail of course. I guess many, me included, thought HZM was 'different' and ended up wrong. Matters not, sun is shining, off to plant potatoes. GLA and this time really farewell!

Really sorry guys and girls if my stalker is obsessing on the board I do feel sorry for you all, perhaps if I leave (which I am going to by the way because I'm no longer invested so there's not much to do here other than I could possibly berate others for not being smart like me and selling a couple of days ago - which is essentially what he is doing?) But that would imply I have no life so what's the point of staying on here when there's so much else to do in life.

I genuinely tried to learn on the board I took all views, never really understood why people came on here to warn of the perils of investing in the company my assumption was it was always because they might be short or want a lower entry, maybe that's a wrong assumption. The barman is here for something else, something eating him up inside, I can't place my finger on it but even after multiple departures and reincarnations he just can't give it up. I guess it's addictive. I've seen him post on other boards where he was previously invested (and I wasn't) generally telling everyone I told you so.I guess kicks can be had that way, not my style though.

So I bid you farewell, it has been a journey, some might say from 1.7p to £1.70 and back again, it went well for a while, I'm guessing many long termers took a hit whether now or months ago or through the placings. I don't think I was ever impolite or berated anyone, if I did, I apologies, I only offered my views and I didn't claim to know everything. Latterly it was obvious this became a lottery, I still question the motives of the main protagonists but I'll follow that in the news and digest in my own time, it matters not, my investment is no more. GLA and hope people can move on, publicans included....

Sasa I don't see his posts (unless he posts as some of the other aliases here). I find more peace that way :)

That's fine but you have 2 things wrong:

my first sell opportunity was at 20p. I was away on business for 3 days and the first considered time I could have sold my shares was the Thursday morning. At 80% down I made the decision to stick (wrong decision)

my point isn't that cornerstones might wait for admin - it happens - if it can't be funded. My point in my post is they commissioned a report which predicts a 3x CTC than the the report commissioned by previous management. There is a possibility this smells bad. That's my only point.

Anyway I leave you all in peace, having sold up. Good luck with your future investments. Probably the best time to sell was after the first financing deal was announced, thankfully, I did, around 50-60% of my then holding, and was roundly slated for it by many on this board. You can't win with people, you sell, 50% of people on the board think you're a ick, you don't sell, the other 50% think you're a ick. So I find it easier just to ignore other people - it was my decision and my decision only when I bought and when I sold and I'm comfortable with it. GLA

Incidentally I thought we might be ucked when the number hit $450-$600m. The question I am making in my post today, is, is that number valid. How can we verify it? It's a big number? Someone got something catastrophically wrong, the DFS, inflation, the 'it's still ok and we're on track', the 35%. All nonsense if you believe the CTC $600m is valid. So many entities getting so many numbers wrong so many times....... I get that there's risk in mining but the CTC is now around $1bn from $443m. Quite a hike!

Spike not sure what your point is, I didn't make the investment months ago, I invested since 2018 since when the EV revoluation was meant to be coming nickel was going to be in deficit and here was a London listed, low cost explorer to be producer. 95% of my investment was before October last year. You mean I held? Yes in hindsight I should have sold but didn't.

Yes I guess small companies / small shareholders don't have protection, if the moral of the story is only invest in Glencore's as a PI, I got the message and it may well be what I do in the future. Not the same return, but also not the same risk.

Not sure what we're meant to do at this point adulation to all the people who are pessimistic about AIM stocks and small companies generally. Who aren't invested but post anyway? I own my decision, it went south. No problem with that. But I'm not bowing to the superiority feeling that others have in revelling in others decisions gone wrong. I hope you lots of luck with your own investments :)

Not in production - it was Horizonte post DFS pre finance. 3.5m-4m tonnes proven reserves. Held 26m+ shares and IIRC there were circa 1.5bn shares in issue.

Noted about the licences being lost through admin so similar scenario but bought for $1?

I once owned around 2% of the company, with 4mt of nickel under the ground valued at $20k/t was $80bn - $1.6bn of that nickel was mine :)

It could be a stitch up (I'm undecided - but it will all come out in the wash):

- outgoing management estimate 35% cost overrun which we put in the circa $200m area

- independent review conducted by external firm, we never see the result

- La Mancha put their man at the helm, BOD ousted

- new CEO appoints company controlled/ shareholding by La Mancha (experts in gold mining?) to re-assess cost

- CTC balloons to $600m

- ex La Mancha CEO unable to find funding for the massively balooned capex

then what happens next?

- company to admin?

- bought out by (Glen? La Mancha? Orion? Glen+La Mancha+Orion?)

- creditors paid off?

- mine completed in record time with an unpublished CTC as it is now private?

The future is hypothetical, the past is known. It will be interesting to see how it plays out. If Glen or La Mancha or Orion are involved in the post restructure company then we have our answer - it was probably financeable all along. And the independent investors / PIs were taken to the cleaners.

I don't know, but we will know one day. GLA

Well the why is easy to work out if it is as hypothesised. Better to own 100% of a lucrative gold mine than 15% or 30%. In a sense it could be a positive that it was worth going for, it might mean there is some gold in them hills. I would presume AIMS as the creditor didn't go for the game, they preferred their money back with interest. I literally know nothing too, just speculating on the speculation.

Well when I emailed him (Bill) he said he was working on a deal that would benefit all shareholders. Sounds like he meant his own shareholding ;) Subtle and easy mistake to make. Allegedly.... btw no strong view either way but it does go on and too frequently.

Part of the funding got diverted to Araguaia ($5m I think).

The situation with Vermelho must be - if the topco is not a going concern (have to establish that first) then what's the point of it? Surely the existence of Horizonte (and Araguaia) established first then they can decide whether to throw money at a second project...

At a minimum published accounts are required to relist as that was the reason for the original suspension (accounts overdue). I'm not sure reading and re-reading the RNS whether the accounts are to be published today?

following publication of the Company's Annual Report and Accounts in respect of the year to 31 December 2022 and interim results for the 6 months to 30 June 2023 (the "Accounts"), expected later today (the "Director Subscription").

bit ambiguous? Is the director subscription expected today or publication of the accounts and annual report? Or both?

Interim funding in April means deal will be done.

No interim funding in April means it's over.

I'm pretty clear on those parameters - however the terms of the funding deal still won't be known (and might still result in 0 to very close to 0 value left to existing equity)