Contango Share Discussion Threads

[avobull] 03/5/2024 08:45

Well, at least the non-exec director bought 1.4m shares, so he must be confident...

[drkhalidm] 02/5/2024 08:26

prolong the pain whilst everyone in the know sells their hidden offshore shares before the inevitable happens again.

[dan de lion] 02/5/2024 07:52

RNS:Operational Update



Contango Holdings Plc, a company focused on the development of the +2 billion tonne Muchesu coal project in Zimbabwe ("Muchesu" or the "Mine"), is pleased to announce that following the capital raise of £940,000 ("Placing") in early April 2024, the Company has now been able to continue operations on site to satisfy requests from potential offtake customers for samples.



Coking and Industrial Coal Operations

Since the Placing, 120 tonnes of product have been mined, screened and washed for two new potential industrial customers in the southern African region. These potential off takers have arranged to collect the two 60-tonne samples this week. Additional samples had already been sent to other identified potential off takers prior to the Placing.



Collectively ongoing offtake discussions represent demand of more than 50,000 tonnes per month. Whilst the Company does not expect all these discussions to result in a positive outcome, the Company reasonably believes several contracts are likely to materialise from these interested parties during this quarter to June 2024, along with ongoing discussions with respect to coking coal offtake.



Thermal Coal

A further 250 tonnes of thermal coal has now been extracted and will next week be collected by a potential offtake partner, which will subsequently undertake a 'burn test'. Assuming the results are as expected, the Company believes it will be able to enter into a sizeable long-term thermal offtake contract.



Corporate Update

In conjunction with these operational developments the Company remains engaged with several groups which have expressed interest in a potential Joint Venture and / or purchase of the mine. The Company continues to supply further information to these parties as part of their ongoing due diligence.



The Company will provide shareholders with updates on both operational and corporate developments as they materialise. Recent operational videos and images following the Placing will shortly be uploaded to the Company's website and social media accounts, in addition to some images included below, as further background for shareholders.



Coal being screened and then washed:

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[apfindley] 02/5/2024 07:11

Tick-tock time-buying rns.Let us know when anything does actually materialise.

[somersetinvestor] 09/4/2024 11:36

Chump change non exec buy... This happened on a few stocks I've watched and the outcome was shareholder destruction each time. Will cgo break the trend?

[jailbird] 09/4/2024 08:27

indeed Fest

purple11 ( filtered)

[festario] 09/4/2024 08:23

Another ramping mindless idiot

[purple11] 09/4/2024 08:19

xXTiPSXHEETSXx

see CR Thread

[purple11] 09/4/2024 08:19

well theres little volumes everywhere

[purple11] 09/4/2024 07:33

CGO HOLD ADD BUY

[purple11] 09/4/2024 07:32

xXTiPSXHEETSXx

see CR Thread

[purple11] 09/4/2024 07:09

nice Director BUY there

[jailbird] 08/4/2024 14:11

ok Purple, no point ramping info what we have all already read in RNS

you made a mistake buying in, but you may get your penny rise one day.
Just have to hold more than 10 days...lol

[purple11] 08/4/2024 14:03

Over the last few months we have significantly ramped up our marketing of Muchesu coal as we have sought to diversify and expand our offtake relationships, going directly to underlying users. I believe we are now seeing the fruits of these labours and am optimistic we will be able to conclude a number of offtakes in the current quarter.

[purple11] 08/4/2024 13:55

Carl Esprey, CEO of Contango, commented:



"I understand shareholders' disappointment at the need for the Company to undertake an equity raise at this time. The Board had tried to defer this until such time as several new offtakes had been crystalised and potentially some positive developments from our ongoing corporate discussions. However, the Company has needed to undertake this capital raise to address creditors and ongoing working capital, thereby providing a runway for these various discussions to formalise. We have not issued any shares at the plc level since November 2022 and accordingly our capital structure and value proposition remains robust. This capital raise will hopefully provide a springboard for recovery.



"We have a world class deposit at Muchesu. Collectively over US$30 million has been spent developing the Mine to this point. Whilst I appreciate the lack of sales to date is a concern I can assure shareholders we are focused on addressing this. Over the last few months we have significantly ramped up our marketing of Muchesu coal as we have sought to diversify and expand our offtake relationships, going directly to underlying users. I believe we are now seeing the fruits of these labours and am optimistic we will be able to conclude a number of offtakes in the current quarter.



"I thank shareholders for their patience and support, especially those who have participated in this capital raise. I hope to be able to provide updates to all shareholders later this quarter on our progress."

[purple11] 08/4/2024 13:43

the mine has been paid for and built

next start selling the coal

5p

[purple11] 08/4/2024 13:31

im in @0.0969

[jailbird] 08/4/2024 10:30

if this gets over 1p, you know the the loan holders who participated in placing will offload their shares to de-risk

[festario] 08/4/2024 10:27

Capitulation looks on the cards. No chance of salvaging 1p per share from now on.

[1waving] 08/4/2024 08:54

Both buys and sells below the mid-price ( under 1p )

[purple11] 08/4/2024 08:36

xXTiPSXHEETSXx