Asiamet Resources Share Discussion Threads

[adw198] 15/11/2023 13:42

Much easier to explain why I invested in August 21.

We had not long since raised £10m so
we’re cashed up. We had a FS that was giving IRR 19% using $3.30lb copper when copper was $4.30lb. We had further expected uplift to those figures through the value engineering project that touted $35m in improvements. We were about to drill BKM to further improve the economics of BKM (not BKZ). We were about to further prove up Beutong with another drilling programme. There were many millions less shares in circulation. We had 5 entities in the data room as part of finding a strategic partner to help finance at the project level.

Looking back perhaps I wasn’t such an idiot at the time, the number and potential was great.

Given the facts are very different now the investment case is too and it surprised how many people just get so entrenched. I’m still invested because at some point DOID will take the lot and I suspect that’ll be higher than todays price. It would sting to sell now and see that happen shortly after, but todays RNS will certainly make me reflect because it’s obvious nothing is happening here for a while, infact we’re just at the start of another cycle of dilution and goalposts moving.

I’m sure you’ll return the favour and tell us when and why you invested and what the current attraction is?

[bradshaw182] 15/11/2023 13:25

Why are you invested? If indeed you genuinely are that is (I have my doubts)...You obviously liked the investment case at one point as you pulled the trigger. What has changed and why are you hanging around line a bad smell ? What keeps you here?You, my friend, are what we call in my neck of the woods " An idiot "

[adw198] 15/11/2023 13:11

I think as one of the posters who first predicted DOID negotiating a better (for them) option because of the lack of alternatives, it’s the wrong time to tell me I don’t understand the playbook.

It’s transparent in its own way.

[bradshaw182] 15/11/2023 12:56

Things change in junior mining, lots of moving parts, waiting on third parties, having to change plans. Not to mention the macro and geopolitical stuff. Maybe this sector isn't for you, kiddo? Greggs the bakers make sausage rolls mate, I reckon that's easier for you to understand ?

[adw198] 15/11/2023 12:45

I’m not crying because whilst I’ve lost money here, at least I’ve figured out the playbook. That consists of moving the goalposts, missing deadlines and dangling some carrots about how much interest there is. I suspect even the company themselves must be getting tired of this tosh.

Usual suspects on here and twitter doing Sashas dirty work telling everyone how good todays news is. Same crowd who celebrated the DOID due diligence RNS they came with no deal. They either can’t read an RNS or can and choose to lie about it to hoodwink others.

I’d advise any potential new investors to check the track record of the bullish commentators here. Consistently wrong and yet the more they get wrong the more confidence they seem to get.

[adw198] 15/11/2023 12:02

Thanks for further confirming my suspicions - were miles away from financing, both in terms of timeframe, expenditure and likelihood. At this stage we’re just DOIDs plaything.

[bradshaw182] 15/11/2023 09:49

They need to formally appoint key execution contractors before a finance package can complete. This will require boots on ground, engineering work etc. Furthermore, on site work programs are needed in order to update submissions to the government for permitting. How about actually reading the RNS, understanding it, and engaging your brain before moaning? Just a thought.I understand moaning is yours and Adw198 default mode but sheesh get with the program Baby Bois! And that program is- in my own words - "operation mine build baby bois"DOID have now followed thier money twice, this time after the world's premier mine engineering company completed a detailed technical report on the project. Hello? If that is not "no red flags" then I don't know what is !Face it you moaning wet-wipes KSK is getting developed and mined, whether you like it or not !All imho and for heavens sake DYOR!! Absolute wet-wipe central around here fair play.

[2lb] 15/11/2023 09:17

Totally agree that next couple of updates will be focussed on operations and spun as how they fit in to the funding requirements.

[adw198] 15/11/2023 09:15

I detect a change in tone about financing. Suspect it’ll be operational type updates that will be the focus in the next few months. Would be happy to be wrong though

[adw198] 15/11/2023 08:35

Banks aren’t interested at the moment is my take. Probably told us to pop back when copper isnt 10% lower than the rate they used in the FS.

[beerboy02] 15/11/2023 08:22

The bod spin enough cr*p to keeping the carrot dangling for us pi , not delivering repeatedly whilst taking a nice wage.

[mostyn] 15/11/2023 08:09

What this does suggest to me, is that all the talk of interest at the project/company level, if it really exists, isn't remotely close to coming to fruition, and this was the only source of funds. At least there won't be an overhang of stock to clear.

[adw198] 15/11/2023 07:40

“This round of funding enables the Company to continue progressing a number of critical path activities. Continuation of project engineering, formal engagement with key execution contractors and delivering on several site-based programs are all requirements ahead of completing a project financing package”

This is bleak. Basically lots more work to do BEFORE financing is agreed. They’re miles away and not even pretending it covers us through to financing any more, let alone production.

[adw198] 15/11/2023 07:15

Yep, final confirmation that DOID are acting entirely for DOID. Look forward to the Kool Aid crew trying to spin this. To be fair at least it keeps us going for the next merry go round of interested parties and progress behind the scenes…..

[mostyn] 15/11/2023 07:09

Well, this is everything they told me some time ago that they didn't want to do, and that was at the 20% premium. On the one hand it's good to get the money which should last them well over 18 months based on how long the $3M lasted, but on the other hand to do it the day after the 20% premium ended I can only assume they have let themselves be thoroughly shafted.

[2lb] 14/11/2023 14:25

Things have been "close" for six years.........

[adw198] 14/11/2023 13:25

“We are pleased to advise that the Company is close to finalising the appointment of a Tier 1 global bank to act as lead arranger for the Company for the proposed debt finance facility for the BKM copper project.”

That one was March 22. “Close”

[mostyn] 14/11/2023 13:23

I would guess that at this stage, 'regular' might be defined as once a month. There are certainly a number of items which we ought to get prior to the end of the year, if the comments on progress in the last update come to fruition.

[2lb] 14/11/2023 13:14

"Our project and corporate fronts are a hive of activity, and we are committed to providing regular updates on progress. "

From the last RNS

Clearly the word "regular" is open to interpretation but again the track record is to promise regular updates and simply not deliver them.

Our eternally ineffective Chairman stated the appointment of a lead bank would be "pretty soon" FIVE MONTHS ago.

This tedious pattern results in a lack of buying interest because not only the interviews but now also the RNS messaging has lost credibility.

[dorset64] 14/11/2023 12:54

Although from a personal view I'm quite happy to not be diluted further at such a low price, the company now needs to come out with an update as to current funds, future spending plans and a definitive clarification on how close to funding we actually are, if indeed we are.

[adw198] 14/11/2023 12:32

August 21 this - so what’s different this time?

“Discussions with several European and Asian mining finance banks were progressed. Initial feedback is positive with solid interest in lending to mining projects with strong ESG credentials. Asiamet's comprehensive long term community development partnership with YTS and high industry standard environmental studies see the project well positioned”