|Lead & Zinc - two of the largest fallers over the past 30 days.
Zinc; 2545 from 2835.
Lead; 2147 from 2266.
|Interesting comments on FSE today, the tide is turning.
This idea that they should give Moonlight away for £5m is crazy. Moonlight is the only reason a vast majority invested here in the first place. Mumbles seems to think we should throw our old toys away as we have some new ones ? well mumbles your new toys will be old ones as well in a year or so..
Moonlight is a distraction but stick it in the bottom draw and one day the political situation and ore prices will recover. Moonlight is at the bottom, Mumbles idea that you should sell at the bottom does not speak well of "its" investment strategy.:-)|
|One does wonder why FCR need FOUR board Members (plus Merlin) , all on nice salaries & expense accounts, no doubt, for a job that is essentially part-time ?
One thing for certain - as Black says, they certainly don't have the management expertise to take Toral all the way into production. A JV/Farm-out with a much more experienced Company/Management would be essential for this to succeed. Currently there isn't sufficient Gravitas within the Company.
As Toon says, why not just come back in 6-8 months time when they raise the big money to take Toral into production ? They'll probably have to give away some more more warrants at that time too ?
|I'm struggling to see why a man just awarded a job contract worth £125k needs an incentive to do his job of £10k on top 3 weeks later. His new wage is backdated to october when the share price was .25 since then it has dropped 48%.
As for setting the first hurdle at a level exactly where the share price was anyway 2 months before he took over ?
The message this is sending out is this is now a lifestyle company. Management are not prepared to risk 1p of their own money on this, Wages are set at a super high level with free shares for getting the share price back to where it was anyway.
An AGM where you can voice your concerns ? yup in australia mate...
A thought. If incentives like this actually work why not double them or treble them and speed the whole thing up ? Because the real reason is to publish a list of targets the management say they expect to hit in the hope you will think...blimey they are confident i think i will buy some more. Its basically talking the share price up not unlike telling everyone the share price will be such and such by the end of the year........oh hang on, they already did that one.|
|Firming up in Aus|
|I sold a few more today.
TBH i don't see drill results making a lot of difference. We know the zinc is there and we know its probably a lot more than originally thought. The problem is after Moonlight the company has little credibility for taking drill results/jorc to the next stage. I hope i am wrong..I think if this is going to rise it will be on news of a JV with someone with the knowhow to take this to the next stage and with deep pockets who can finance it. Seems to me that FCR is completely out of its depth not just in its projects but its basic ability to run a listed company going on what we have seen in the last 6 months.
This is not me talking this down or with "an agenda" !! i want the share price up so i can get out but whatever you think, the market is not impressed and the share price is dropping month on month.|
|Oh forgot finished exactly as it closed I got 14.1 for my10 mill looks like some others did The news today is of no consequence yet come back in 10 or 12 weeks maybe then be interesting with a placing close maybe just maybe|
|BlackSS: Oh but you could!|
At the bottom of the home page is the site map and under operations they have completely missed out Toral and Spain....
You couldn't make it up...lol|
|Dont worry Toon we are all eyes wide open here.
Again the problem today is appalling PR.
The company had a chance to really launch this today but instead we have more info from Andrea who knows the site than we do from the company.
Come on JT, sort this out.
Ferrum is "excited" to announce the start of its drilling program today
Other results in the area very promising
Expect a good increase in previous drill tests.
Excellent local company with experience of this site
Results should be with us ?
Bla bla bla...
This should be a big day for us. If you cant get excited by this JT how do you expect the markets too ?|
|Guys I hope for your sake it comes right it does say it will take up to 3 months July? Then as something always goes wrong doesn't it!As far as the cost of drilling £120k to £170k at £80 a metre then the analysis and other costs related to interpretation say another £100k, where on earth do they get the money as the last cash raising only really covers the salaries and maybe closing moonlight up for now got to be a major placing coming unless they can get a partner in to pay costs.This as I said before has become a lifestyle company for half a dozen Directors (mates) no I have a feeling it may not end well shame as you guys on here seem a decent bunch.|
|OK then i stand corrected and this is goodish news then. :-)|
|They hav already started drilling I think. The drill rigs were ready to go in several weeks ago.
It's a relatively simple drill programme, as they know EXACTLY what they want to test (the potential shallow deposit from 300m upwards & the cross-cut) and the drill rigs are going to be sighted on the existing track infrastructure put in by Lundin 15 yrs ago.
The latter point saves a lot of messing about , time & money, building new access roads, which, given it's a fairly steeply sloping hillside, are no mean feat to put in. They are going to run the rigs 24 hrs a day , as the local contractor is very keen to get started, as he needs the work ! On that basis, 6 weeks shud c the drill programme complete and then maybe 2-3 weeks for final analysis, so that takes us to early/mid June.
It's just how it's all funded beyond that, that intrigues & worries me, but share prices tend to hav a good run up , prior to most drilling results and I believe that those results are potentially going to be very good, if the old Rubiales Mine, just up the road, with the same Stratigraphy and Antonina Mine (just across the valley) are anything to go by.
You said a couple of days ago Toral drill results out in late May, i know why you said that but i remain sceptical, just an observation on todays rns.
The dont mention a start date for drilling, just the project, and drilling is only part of the project. They also don't mention how long the drilling will take. Like most RNS we get it doesnt actually tell us much at all but it is a step in the right direction. Funny i was ridiculed for doubting the may/june dates on LSe......|
|Had to laugh at this on LSE
"no point going to a huge amount of trouble and expense to create unattainable options"
this guy clearly doesnt understand how the AIM works. The options targets are for the benefit of those reading about them so they have worked in his case, reaching them would be as much a surprise to JT as it would me :-)
As for giving himself free options for getting the share price to where it was at the end of last year anyway ?
Drive the share price down set your options, let the share price back up again....lol only on the AIM|
|Think U R Right Black. Can't see any upside for the share price until the Toral production- funding placing is out of the way.
Don't think Moonlight is going to come to anything much, if anything at all.
It's like we're going back to "Start Again" for the whole of FCR, and by that I mean, right back to square one, with a brand new Company that has to explore, then develop & fund a Zinc mine from scratch. Forget the Iron Ore.
IMHO. DYOR. GLA.|
|typical look after their selves with wages and options|
|Good luck with your timing toon, no one should lose anymore on this.Everything about this stinks now from the options to the bloody AGM in Australia...lol
I would love to know what JT thinks will take this to .3+ in a year? to me this has never been about what in the ground, lets face it JT thinks its way undervalued on the figures we already have. Its down to the credibility of management to get what's in the ground out and all JT has done this year is to put himself and his stereo typical lifestyle status before anything else.
Up till now i have put it down to poor PR and inexperienced but this free shares deal that means he doesnt have to risk 1p of his own money is the last straw and i will now drip feed my holding into the market.
I wonder what patviera is thinking now having bought in at the .2 placing ?|
|I still find it difficult to believe that a 308 Mt Jorc -proven iron Ore Asset such as Moonlight, where the metal in the ground is worth £20 Billion, at today's iron ore prices, is apparently worthless, or at least can't be sold for a small cash sum , or JV'd with at least SOMEBODY.
This seems very strange indeed. I do know that NOBODY (apart from FCR) is trying to do Iron Ore mine development in South Africa right now,(even the Chinese) but perhaps I'm being a little too pessimistic on this one.
The clue may lie in the fact that the BOD have locked in their "Performance Rights" (i.e. Options) at a nice low level, PRIOR to telling the market wot is REALLY going on, as regards Moonlight ?
IMHO. DYOR. GLA.|
|I can't see anything happening from a shareholder perspective now, until the Toral Drilling results are out in say, late May or early June. Then we will need to raise more money to fund the BFS or DFS, and then another large sum to finally go into production at Toral.
If I were coming to this as a fresh investor (rather than one who's been stuck in FCR for the past 7 years) I wud only put money in for the final "Go to Production" funding. Anything else and U R going to be constantly diluted.
I don't think that FCR BOD are going to go down the Debt Funding route as JT & Merlin are both dead against this, having seen how it has panned out for other Cos which hav gon down this route (FTE, Caza, XEL, etc. ) so the only other alternative might be to sell a large chunk of Equity to a Hedge Fund or PE outfit, as Ormonde Mining hav dun for their Spanish Tungsten Mine. This wud then place the "Ball" firmly in the hands of that Hedge Fund , who cud sell us on, or trade us out, pretty much as they saw fit. I've seen it happen so many times from my past work with the "VC" Industry.
All in all, it's a conundrum and I wudn't particularly like to b in JT's shoes right now. I guess not being able to sell Moonlight for any meaningful figure has been the ultimate cause of all the above.
I'm going to hang in here, for the very long term , but not put any more money into FCR, until the final Toral production placing.
IMHO. DYOR. GLA.|
|The problem will be the next placing is going to be at a the bottom, everyone's waiting for it now. Dilution could be way above 50% next time to raise even 6 months of working capital. That makes their target for options of .35 in a year look almost impossible. Any good news will be wasted because who will buy with a placing due by year end ?
Will Nick Slater stay in ? will i stay in or you andrea ? that would really crash the share price|
|No-one will go - it will be a formality - why do you think they keep the Australian Registered Office ? so punters can't turn up and complain, in person, at EGM's & AGM's !
It does seem as though a lot more time & effort has been spent by the BOD recently in sorting out their own remuneration & "Performance Rights" packages ahead of work that would actually benefit shareholders, like announcing wot the heckk has bin going on at Moonlight for the last 8 years, and getting off the ASX & JSE listings.
Very frustrating and, the really annoying thing - we can do NOTHING about it.
IMHO. DYOR. GLA.|