Member Info for wasarunner

Yeah he's done terribly. In the meantime, shovel ready and ready to go in 2022:

https://www.miningreview.com/east-africa/black-rock-minings-mahenge-shovel-ready-and-raring-to-go/

“All our permitting is in place; the FEED programme is complete and resettlement is underway and will soon allow us access to ground for the start of early works on the project. With an estimated 20-month construction period for Module 1, we could be commissioning the plant in the second half of 2024. At this stage, we have every expectation that we will meet this target.”

Guess, what, we're in the second half of 2024 forget commissioning the mine, they don't have funding in place yet.....

Thanks for the concern anonymous poster. Appreciated :) doing good thanks... unlike the others I didn't buy more but lets see. Yes GRL was a pig and so was HZM. Maybe third time lucky, or maybe, not. GLA meantime got to keep with the dayjob as need to pay them bills so not much time to post....

Time will tell won't it? I'm locked in because even if I wanted to I couldn't sell. That wasn't the case on Horizonte (there was liquidity as it was traded by institutions) but I got that wrong. So Jury's out but what I see that's different from the other two I invested in:

- skin in the game (not much of that at HZM/GRL)

- KB aside no director infighting (not the case at GRL from what I surmise)

- no debt

- still modest overheads compared to much more 'lifestyle' companies on AIM and

- he's trying, clearly

With respect to the graphite then I've said it 50 times but worth repeating, why haven't the bigger company with lots of connections/investors/stakeholders already built their mine? When they do, I'll worry about why we're not building ours.

Jeremy Martin from HZM said 'on time and on schedule in Sept 23 and in Oct 23 that was no longer the case and in May 24 the company went into administration. I lost a metric shedload. I could be bitter but what's the point, either he didn't know what was going on, but most likely he did, but what's the use of crying over it now? One thing I wouldn't be doing is posting on that board in 4yrs time if I didn't believe it would succeed (which in the case of HZM that's pretty obvious as it is in administration). Here you can still place your bets but if you're that disillusioned surely sell is the way forward.....

BTW everything I list there is in the RNS' so nothing I have invented and nothing I am privy to. The only thing I don't know (until and unless someone has a record of previous and post shareholdings and assume the company updated this) is what the composition of the main shareholders was before and after the main raise. I speculate that the big stakeholders didn't put in, but I don't know that for a fact. AIMS was obviously a late addition as their name first appeared in the 21st May RNS for the £200k.

Good luck. Since I (admittedly a keyboard warrior) bought 1% of the company for a total consideration of £550k a few years ago, the shareprice has gone from c. 10p to c. 0.7p. We had dilution at 2p with warrants at 3.25p and then dilution at 1p. It got suspended for 10 months, the auditor resigned. We've had forecast revised by the broker from 50koz/yr, 24koz/yr,14koz/yr to what it's producing around now which is a few nuggets of gold but 'ramping up' with $11m USD of debt. All the same 'principals' who were there at 10p are still there at 0.7p.

Other than all of the above, it's going swimmingly and heading for the stars. I have no real interest because I am quite happy to escape with some of my shirt on but people have got to get real, or question some of the motives of anyone who will ramp this share. I think very shortly they will need money - the last raise was not enough. Where will they get it from? Watch that space. Assuming any of the principals are aligned (when presumably many didn't put in the last raise). I think sadly a lot of PIs know the writing is on the wall but once you have 80-90% loss can't bear to sell, I get that too, I lost a lot more on another share too because I couldn't bear the 90% loss. Here I took my medicine and feel better for it because genuinely I believe the eventual outcome is 0, or a number very close to it.

This is the really big problem as I see it. If Paracle and Bluegold didn't put in the last raise, then they got diluted. If they got diluted what's their plan? Because they'll keep getting diluted every raise from here on in to keep the lights on. The only plan I can see is an exit of sorts, but does that mean dumping 10x the number of shares I had to dump? None of that will work well for current PIs. Also don't forget Nguvu. Did they put in?

Literally the composition of the last raise would tell you everything. I don't know what the composition was, just that it suddenly dropped from £1.9m (GBP I think) to £630k odd. That's a big drop. One or more of the above pulled out, that's obvious right? It sucks, I don't like what happened, and there is probably a viable mine there - the bar of gold looks real, and there were published results. Whether it's incompetence or infighting who knows but I don't think it's going to be PIs that will see the jam here. One or more of the above will take it private at some point cancel the debt and off they go. It could be AIMS they now hold just under 30% in addition to the gold loan. That's a big stake. Quite easy for them to make it 100%. GLA

The selling is because at least another raise must be coming. Nowhere near enough production to keep the lights on and the last raise wasn't enough to probably even pay the accrued running costs. What about the other liabilities? The BlueGold loan note (which they won't convert at 3p+ if the sp is 0.7p+), what about AIMS gold loan? The $1.3m funding in the last finance round that went missing knew something, what did it know? It certainly knew the price was going lower so if it wanted to fund it could probably do it lower in the next round.

I'm mainly surprised about 3 things:

1. it relisted at all

2. it hasn't gone private (yet)

3. I managed to sell £50k on day 1 of the relisting (genuinely I had no anticipation that I would be able to exit, or at least, not in 1 day and not at a price I could accept).

For the people bigging up the existing senior stakeholders - where are they? AIMS put in money last minute to shore up the raise. If the company needs more funding why aren't they all at the table now? And remember these were all the same senior stakeholders who were present when the auditor resigned and the company suspended.

I'm not overly bitter because I expected 0 and got out with more than 0, but my maths says this goes to 0. I hope for the sake of those still in I'm wrong, but it's just the way I see it. As I'm no longer invested I'll stop posting and good luck to those who stay I hope Emma can fix it but do watch those 500k sells because somebody out there (and that's not me) knows something perhaps you don't. GLA

Don't understand how anybody expects a price recovery. This, in the March RNS:

"with current liabilities of approximately $11.2m"

Since then not much gold. A raise which intended to raise £1.9m then managed £800k with somebody(or bodies?) pulling out. I sold the day it relisted. Wish the best for holders and I do think Emma is trying to keep it alive but - read the tealeaves. Old mates my nemesis was right, but not for the reasons he outlined, I think this was a good asset and it was possible to mine gold here and make it work but for various reasons (most of which will no doubt remain a mystery to all but insiders) it didn't work out. All IMHO and no advice given whether you hold/buy/sell is always your decision, I decided to sell. Not going to detail my loss here in numbers but a 90% is better than a 99% loss I took elsewhere. I hope for holders GRL recovers but I don't see it. good luck.

Yes with t he other one being delisting....

As a current owner of around 1% of the company, with my shares un-tradeable for 10 months or so, I prefer the former to the latter.

It needs to be a relisting. Anything else is the end of the company. So lets hope its relisting. The proverbial can has reached the proverbial end of the road.

>>Certainly some like to nit pick here, imagine if you were on a jet to a holiday destination and were seated next to them. Fuc#ing nightmare. Funny how some like to bore on.

jamtart this is true but to offer a balanced view a silver mine is a departure from why most invested (graphite play / Tanzania / energy transition / EVs etc). The going on holiday equivalent would be you boarded a flight to Tenerife now you're landing in Thailand (making no value judgement on which holiday destination is better).

I'm reasonably bullish about the silver mine development because I believe it offers near term opportunity to progress while we wait for Blackrock to (hopefully) get their deal over the line and start building our rail/road/elec/infrastructure. And I think this project was chosen for near term potential, not something that's many years away. Lets see.

Must start calling it Canyon Silver got Silver Canyon stuck in my head for some reason. Must be a mental image thing, a canyon made entirely of silver....if only!

Https://miningdataonline.com/property/605/Lucky-Friday-Mine.aspx#Processing

Interesting data on the processing side:

Silver head grade around 400-500 g/t

5000koz+ estimated production in 2024 (silver, 10Moz equivalent means I assume 2x silver revenues from the other metals lead/zinc). So around $300m/annum annual revenue from Lucky Friday in 2024.

I guess as Silver Canyon is 'proven up' using modern methods what we'll be looking out for is how our grades, and quantities, compare to the above as it is likely to be a benchmark being one of the largest mines of its type in the area (and the world?)

On the london stock exchange site, not shown here yet.

Looks awfully much like a bed&isa though (with it being £20k) what's weird is it's only one side of the trade and it seems to be at Ask (where normally these execute at bid to enable more shares to go in the ISA). I had a very similar amount in my bed and ISA a few weeks ago.

Thing I don't get is why Amtech holds his shares if he thinks MB is a joker who won't deliver. Why hold your shares? If you believe that, then you think they're going to 0 (the minimum price the share can get to). Instead he holds because - presumably thinks they will go up in value. Which means MB delivers or there's some miraculous AIM market bubble affording an exit. Well I think the latter is unlikely to happen soon so it must be the former.

I've long since sold the companies/shares where I don't believe in the mgt, moved on, and never posted on those boards again. And there were many. And generally the sp went to 0.

Ah the filter feature. Love it :) GLA

Kabunga invented Cov19 as he clearly started selling before it became a big thing. Master trader that he was. It was in the tealeaves. Correlation is not always causation. Did he make the right call about the Tanz gov? Maybe - but lets hope they're slow rather than complete non starter otherwise Blackrock shareholders are stuffed. Should we have thrown money at the project if the gov didn't play ball and bkt didn't progress? Probably not - the money has to achieve something right. The final proof in that pudding will evidently when Blackrock start construction (or don't).

You know Posco are the largest graphite trader in the world right? If they can't make it work nobody will, it's really that simple.

Anyway we're due an update on our second asset soon. Lets hope its a good one :)

RHT99 so you're central theorem is MB doesn't understand Tanzania and is too young inexperienced to deliver that project. It is a reasoned argument and you have your opinion. So I'll ask you, if I may, to answer a couple of mine:

- are the Blackrock Board more experienced? Here they are:

https://blackrockmining.com.au/about-us/#board

- has their customer (and shareholder) got experience in this business? here they are:

POSCO Holdings Inc is a large South Korean steel conglomerate with a market capitalisation of over US$32bn

with a large and growing battery materials business. POSCO Future M Co.,

Ltd plans to grow its anode business from 82ktpa in 2022 to 370ktpa by 2030.

All that experience and expertise and still no producing mine? Not even a definitive finance agreement? What are they doing wrong? And what could MB do better than these guys?