Asiamet Resources Share Discussion Threads

[rainyrain] 28/3/2024 11:32

Highly significant RNS today with BGRIMM and Rexline appointed. Not to mention Chilean heap leach experts on the job.

Still the main contractor to sign up, which will be the biggie, as they will potentially do everything plus the mining services for the first five years. Described in the RNS as "highly reputable", I look forward to seeing who this is.

I've looked at Rexline's LinkedIn and they've recently completed a mining camp accommodation project. They look like air conditioned shipping containers with a roof and staircase. Put in a comfy bed and I'm sure the mine workers will have a good night's kip.

Rexline being Indonesian is important. Governments will help out and facilitate the project if the company come good on their social aspects regarding job creation and skills etc.

BGRIMM are world class metallurgical operators with 60 years in the game. Fantastic.

Whilst some may call all of this "irrelevant" , I ask the reader simply to engage thier brain, DYOR and come to their own conclusions.

My personal opinion is that Darryn McClelland will nail this and get this mine into production, most will disagree, but that's the beauty of life.

All imho.

[adw198] 28/3/2024 11:02

Another largely irrelevant RNS, met with complete disinterest from the markets.
Perhaps the 2 releases can act as a unifying force here though. Certainly anyone who made the below statement should agree these updates aren’t what they expected or wanted to hear, and should probably reflect that in their blind faith.

“What I will say also is that in this week's update they had better go in to more detail regarding both the sale enquiries of BKM/KSK and/or Beutong. Just another 'we are working hard and busy on lots of inbound interest' will not cut it for investors who now need more concrete proof that things are progressing as I believe, and we are all told”

[mount teide] 27/3/2024 13:27

Six years after the incompetent buffoon Manini started to monetise the assets the share-price has now lost an almost unbelievable 96.2% of its value.

Rarely in the field of equity investing has so much money been lost by so few, belonging to so many!

Biggest debacle of the decade? SNP Ferry Building Programme or Asia Met BKM monetisation?

The SNP Ferries are 6 years late and some $300m over the $97m budget, which itself was extortionate! Latest update is that one ferry is scheduled for delivery this year and the other by the end of next year but, the Shipyard the SNP Nationalised to build them, at a taxpayer subsidy to date of $1.5m a job saved, says it will need to secure additional funding to meet these deadlines! YOU COULD BUILD THESE FERRIES AT A SOUTH EAST ASIAN SHIPYARD FOR AROUND $65M THE PAIR, IN SIX MONTHS!

Asia Met are in the their 6th year of industrial scale asset monetisation mismanagement - a period during which they have quadrupled the number of shares in circulation, to raise cash to largely do little more than keep the lights on and the well heeled management in the Melbourne Country Club lifestyles they have become accustomed to at shareholders expense.

AIMHO/DYOR

[adw198] 27/3/2024 13:24

More pre work / costs whilst knowing full well they can’t build it.

“We also look forward to providing a further update this quarter, specifically regarding the appointment of partners for the BKM front end engineering design ("FEED") and project execution”.

[markth126] 27/3/2024 13:08

Good spot, let's see if that's what he actually meant

[e-wan] 27/3/2024 12:28

If you read the RNS it suggests a further update tomorrow

[adw198] 27/3/2024 08:58

Good summaries.
As expected they’ll quietly pivot away from updates about being unable to raise $240m onto technical updates like this.

[v11slr] 27/3/2024 08:00

To sum up, "we've found a way to power the mine as long as someone else finances, builds and operates it".

[2lb] 27/3/2024 07:35

Yet another pointless RNS designed to deflect from reality and make it look like they are busy."Amazing news , we've completed another study"26 days ago partners were to be announced in Q1, now miraculously and inevitably that has moved to "expected to be in Q2".All designed to buy time until the company "unexpectedly" runs out of cash and DOID step in with a private placing to put shareholders out of their misery.Odious runts stealing the assets in plain sight.

[2lb] 26/3/2024 13:52

Thats just a made up comment designed to placate and distract shareholders from what the actual plan is."Look at the shiny thing" tactic

[adw198] 26/3/2024 13:21

Agreed 2lb - that’s my point around there not being anything documented about how they intend to fund it (or when).

I’m particularly confused how selling one asset would conceivably fund the build costs (extract below). I suppose our best approach would be to essentially give it away for a free carry % of the profit.

“To solve for the project funding requirement for the development of the BKM Project, the Company is evaluating a potential divestment of part or all of either project”.

[2lb] 26/3/2024 12:53

The management plan here is neither to raise finance nor to get anywhere near production. It is simply to facilitate the transfer of ownership to DOID at the lowest possible price.That price will however be higher than the current share price to avoid any level of unwanted scrutiny and shareholder action. Timescale 3-6 months.

[adw198] 26/3/2024 12:33

As above - I think the DOID take out will be more than the current share price

They’re not going to give me an honest answer as to exactly how the bank meetings have gone or the likelihood of being fronted $240m. If you believed everything they’ve said then we’d need to know why the many many interested parties have all failed to follow it up.

[wiseacre] 26/3/2024 09:20

If you don't trust the company why don't you sell and move on?

[adw198] 25/3/2024 14:02

It’s a message board, I think it’s a fair open question. Especially to people who said the ONLY reason the previous deal fell through was because of see through value - when the share price was circa 3 times what it is now. You had plenty to say at that time.

I don’t trust the company and as I’ve been very clear I don’t think there’s any serious intent to finance it ourselves. I’m genuinely surprised people think we’d get $240m loaned to us.

[dorset64] 25/3/2024 13:48

How about asking the company how they'll finance the building of a mine, instead of a faceless person on the Internet, of whom you've never met.Just an idea for you

[adw198] 25/3/2024 13:45

I think it’s a fair and genuine question as to how these things might work in our current position. But fair enough you don’t have an answer and that’s probably why the company themselves don’t articulate the plan either.

[dorset64] 25/3/2024 13:03

Andrew, this is getting petty & pathetic.How about they'll either get debt finance, a JV, a project buy-out or they won't, how's that?

[adw198] 25/3/2024 11:58

Still no answer to how they’ll conceivably fund a mine when they need to chunk away double digit percentages of equity on an annual basis just to keep the lights on.

That’s not hindsight it’s foresight.

[dorset64] 25/3/2024 11:40

There you go, 2nd repost of the same thing today. Its said if we all had hindsight we'd all be millionaires, even yourself.

[adw198] 25/3/2024 10:49

It’s not me who belittles everyone else’s business knowledge mate.

The 3-6 month prediction was the latest in a long line of gullible assertions. I suppose when you can’t even explain the business model you will get things so wrong. Even now you appear theyll be selling Beutong KSK - how on earth will that work with a MCAP of £15m and the largest shareholder clearly wanting to take it production themselves once they’ve snapped it up. Wake up pal, the world doesn’t work like the Telegram lads tell you it does.

You’d honestly do well to read back your own posts to see what you used to think and how completely wrong you’ve got it. For a successful man of the world it’s ridiculous you think a sensible bank would lend this lot $240m when they’ll need another 3 raises just to keep the lights on before production.

[dorset64] 24/3/2024 20:11

As expected, you start talking like a gobby 12 year old school child acting like a keyboard warrior. Given you're never wrong, tell me, why then didn't you sell your shares 12 months or more ago as you keep saying how you knew all along that funding won't be in place by 'x', that lies are pedalled on the telegram group etc etc but yet, you never sold?As I've always said, this will earn me a fortune or it won't, either way I can live with the outcome but given the wider world economics, I'm not selling any shares and will await the outcome.