Contango Share Discussion Threads

[oakville] 05/12/2022 07:19

Contango Holdings Plc is pleased to announce it has entered into a non-binding Memorandum of Understanding ("MOU") with a leading Multi-National Company ("MNC") with respect to the Company's Muchesu Coal Project, the in-country name of the Lubu Coal Project, in Zimbabwe.

This MOU outlines a framework for collaboration across not only coking coal, but also in the manufacture of coke and follows several site visits and a preliminary analysis of a 50kg sample of Muchesu washed coking-coal. The intention is to undertake a stage-gated due diligence exercise which will look at all aspects that would underpin either a coking-coal offtake agreement, or the possibility of establishing a coking plant adjacent to the Muchesu Mine. Based on current timelines, the Company would aim to conclude the first phase (concept / pre-feasibility) of the due diligence exercise in Q1 2023 after which a decision will be made if, and how best, to proceed to the subsequent phases.

Carl Esprey, Chief Executive Officer of Contango Holdings, said:

"The signing of this MOU is hugely material for Contango. The MNC is active in Zimbabwe and is a world leader in its field. I believe their interest in the Muchesu Coal Project is testament to its highly attractive characteristics, both in terms of scale and coal quality.

"The due diligence process is underway, and one of the first steps has been to deliver a 1t coking-coal sample to the MNC for further testing. The ongoing discussions are focussed on the viability of a long-term offtake and the potential of a joint venture partnership in establishing coke batteries and developing an underground mine.

"Given that Muchesu has a +2bn tonne resource there is plenty of scope for multiple offtakes across our whole suite of coal products - the MOU does not focus on thermal coal for instance.

"I look forward to updating the market on further progress."

[danmart2] 04/12/2022 13:16

It’s not the stock, it’s the CEO

[aimmafia] 01/12/2022 09:55

The drop begins to low 5s high 4s

[drago] 01/12/2022 08:34

with all the global supply issues its hardly a surprise.

[ntv] 01/12/2022 06:49

Disappointing delays to production but not really surprised given the problems of other companies there

[danmart2] 30/11/2022 19:56

Czar

You can’t trust the ceo , that alone is a solid reason to sell up.

All the best

[czar] 30/11/2022 12:25

Bought more this morning, a delay of a month or two means nothing, they are fully funded and have massive deposits so onwards and upwards in 2023.

[mwj1959] 30/11/2022 12:25

Not sure that the Namdar family will be impressed if some of this is to be believed, having just bought nearly 9% of the company at the placing.

[apfindley] 30/11/2022 12:12

People using multiple accounts to slag off the company.....but in the background they have buy orders in.Rich people don't waste their time on slagging off rubbish, they look for opportunities to make money..So you miserable sods are either admitting you've no money and are butt-hurt, or you're rich and see an opportunity.Which way would you rather have it known?

[goforgold1] 30/11/2022 12:08

Massive RED candle down again tomorrow.

[danmart2] 30/11/2022 10:53

Selling up, no point hanging around with a questionable CEO

[goforgold1] 30/11/2022 10:35

Another scam in the making . Just does not stop . So many companies have fleeced Small investors with really Fraud RNS's ..This has got same feeling now. It's actually saying reading in between lines they will be coming for more money . Wow

[hamidahamida] 30/11/2022 10:05

After 7.5 million placing contango is now fully funded for both its coking and thermal coal strategies and expects to use non-equity alternatives for the funding of its coke strategy. English Translation We have secured our wages for the year with this 7.5 million placing but we are still going to do a Death Spiral finance and Dilute you muppets anywayMerry Xmas from the happy pockets full of your MONEY board of directors

[sharekitchen1974] 30/11/2022 09:56

Someone else will put claims on their licences soon lol

[festario] 30/11/2022 09:49

You'll see.... and you were warned. APfindlay is noticeably quiet today, Salvage what you can here boys, it's another PRG, or GWMO etc, etc...

[aimmafia] 30/11/2022 09:45

It's hardly a scam. It's just missing timelines left right and centre

[festario] 30/11/2022 09:41

I wouldn't dream of touching this again.Sorry to see another scam unfolding.

[mwj1959] 30/11/2022 09:37

This is, according to the placing document, how the the proceeds are going to be used...

Fixed mining equipment 1.25
Final installment for the first wash plant 0.66
Lubu resettlement costs 0.62
Open cast mining and other mining equipment 0.72
Pay loans provided to fund Q3 capex at Lubu 2.00
Expansion capital 1.30
General working capital 0.56
Net Proceeds 7.11

[red rook] 30/11/2022 09:27

... wow not on Aim !
... if its on the main market that's even worse

[red rook] 30/11/2022 09:24

... not a holder here, but
... a CGO shareholder should send the company an e-mail with the links, and ask him why this information was not included in his bio on the company website

[soulsauce] 30/11/2022 09:23

It's not AIM.

[red rook] 30/11/2022 09:19

... sciper


...
... the photo sure fits
... amazing how these crooks manage to get directorships!
... only on AIM :-)

[sharekitchen1974] 30/11/2022 09:18

Directors will cream that 7.5m down to nothing in no time, the equipment is probably stuck in customs whilst they mark up the purchase price on it lol

[jailbird] 30/11/2022 08:51

Just a valid point made by a poster on LSE So why would use non-equity alternatives if you just said you are fully funded .. you are fully funded or not Mr Carl ?GBP7,500,000 raised post period end - Contango is now fully funded for both its coking and thermal coal strategies and expects to use non-equity alternatives for the funding of its coke strategy.