Member Info for welloilbeefooked

Agreed MH - I'm a bit more optimistic on the Qtr 2 figures but depends on platcro pgm ramp up and just how "saleable" DCM concentrate actually is - can't wait to find out what the real recovery rate there is but LC's calling it a remarkable achievement - that could be the game changer particularly if there's genuine IP attached. Could potentially roll that out on a licensing arrangement worldwide ... we can dream :)

The fact that they've consolidated the chrome earnings into one line suggests that DCM is still dragging on earnings first quarter - not a negative because Platcro chrome earnings must be correspondingly higher - but again, I'd have thought it would be easier to just tell us ...

but as always they have not been clear on the timetable - to say they're moving to detailed 6 monthly updates but more frequent updates at project level, what does that mean - every month, every quarter or the odd random announcement here and there ?

on the move this morning

Yeah - plenty of decent buys this morning so far but also lots of traders taking a few quid profit too imo

How hard would it be for them to have posted something on social media along the following lines:
"Shareholders may be expecting a quarterly update sometime during the last two weeks of April, however, given the level of new activity to report on, we anticipate releasing information on Friday 3rd May - thank you for your patience"

Social media Colin - it's the future !

K - I'm not trying to rain on our parade and I agree the operational outlook now is much better than it was a few years ago. However, there's no denying the flow of information coming from this midcap-to-be is shambolic at best. Have you had a reply to your email....?
Investor relations is a business function entirely within their control, there are no excuses. For years they've been slagged off on every public forum about this very issue and for years they've done nothing to address it. Looks completely unprofessional and such a simple thing to correct.
Rant over - back in my cave!

Over the years, the level of communication with shareholders has been dire - no other word for it. I've emailed them on many occasions and have never had the courtesy of a reply. They have also said on several occasions that they'll be addressing the issue of IR - don't hold your breath.
They read the boards, they know there's an expectation on the part of shareholders so, without wanting to pre-emp anything, if there's going to be a delay in reporting figures then why not simply tell us ? Also, why don't they just publish a reporting timetable ? Answers on a postcard...
Mid cap ? More like school cap !

Hi Riptonk,
I signed up too and I've had a reply from the site saying they've been inundated with people requesting this but there are no cameras allowed in a federal court case :(

Hi Obelix - I hope it's a mistake but I fear those shares have actually been issued at 0.4p - there's no mention of the amount that the contractor was owed but the decimal points suggest I'm right

Agree with all that Kalan - they even managed to drop the dreaded words "working capital" in there - keeps those lights on for another few months and makes sure the payslips keep coming through the letterbox

Oh to be a fly on the wall of the negotiation between CB - director and 14% owner of GLR and CB director and shareholder of JLP .....possibly a win/win for CB or am I being a wee tad cynical ?

K - could you change that 2.5p to 5.5p ? The wife's still got the shotgun....

Yeah - all the best Eric. No-one likes to see the kind of shitstorm of mismanagement that the BMR debacle has presented but you've handled it with a fair old degree of dignity and humour.
Cap doffed sir.

Have a good weekend all.

Hi Eric - I'm just trying to wrestle it back from my wife! :)

Agreed - hopefully patience will pay here, I've been here a long time and average is 4.6p so still a way to go for me. At least we're not doing placings to keep the lights on, so I've uncocked the shotgun for the time being :)

Good point 34deg - they maybe view this kind of request as making a rod for their own backs. At least we now seem to be diluting short term on projects which will really add shareholder value in the medium and long term. To me though, it still makes the bitter pill of dilution easier to swallow if they were to mention something along the lines of "£8m dilution with forecast net earnings of £40million within first 5 years" or something along those lines - not holding my breath though!
GLA

I thought about that as well Sumo and also maybe the external influences at play at Government levels, but I still can't get away from the fact we have virtually no financial information on all these major investments. We've also got the added protection that we appear to have first mover advantage and if you can believe the board we're using systems and processes covered by IP as well so it's not likely that other competitors can just move in with a better offer.

That's a decent shout too Monehawk at least until we can get an experienced CFO to front the company's investment decisions.
The more I think about it, every other miner kicking off new projects produces a range of feasibilty studies ultimately showing IRR and DCF and we all need to hope that somewhere in the Jubilee machine there's a qualified finance analyst/s producing numbers similar to these as we assess each and every project opportunity.
Again looking back at the RNS on 10th December as an example, we've acquired a major chrome processing operation at a total cost of £8.6m - which again involves major dilution for shareholders. They then essentially tell us we get the existing plant and machinery and 1.8m tonnes of surface material - we need more meat on the bone !
The numbers underpinning this investment decision must be there so why not tell us ?

I've been saying for years both here and over on the old ii site (seesawpat) that what we need is a proper CFO to produce detailed forecasts for each project so we can make investment decisions with at least a degree of future planning. Guys like 34degsth and monehhawk etc do a lot of good spadework here but the bottom line is we're all fag packet accountants.
Robust internally produced forecasts for our stream of projects - all subject to sensitivity analysis as we know the grade of material varies as does the final product price- along with a consolidated plan would help put a lot of minds at ease.
Look at my post yesterday where I mentioned the platcro RNS in December could produce £30m free cash on it's own . I could be miles out (over or under) but not hard for an internal CFO worth his salt to tell us the realities.
It would also lend a bit more credibility to the idea that we're a mid cap in waiting , so come on LC - not the first time this has been mentioned.