Horizonte Minerals Share Discussion Threads

[excellance] 15/11/2023 12:35

Don't worry about shareholder approval, they won't need that when they pull the plug.

The outcome is assured, they're just going thru the motions for legal reasons, but there's no way that the senior lender will miss this opportunity.

[xcap1] 15/11/2023 12:12

There would have to a capital reorganisation to reduce par value , which I believe needs shareholder approval and/or approval from High Court though I can't remember if that is required

[xcap1] 15/11/2023 12:11

Probably to do with par value

[stansmith1] 15/11/2023 12:06

strowim not on lse, but how do you figure they cant issue new equity under 20p...if this is why you are holding on you may be in for a big surprise

[steeplejack] 15/11/2023 09:44

I agree.Its wishful thinking to believe that retail investors will get anything.I think the management are still trying to spin a story.The bankers always have the whip hand in these situations.La Mancha and Orion might be in the same boat as private punters but unless they intend to cough up around a quarter of billion dollars,they are in a similarly ineffectual position.

[stansmith1] 15/11/2023 09:43

it shows how bad it is when no one has blamed it (recently) on evil shorters...

[stansmith1] 15/11/2023 09:42

jaknifeyeah, well no surprise its going to 0... stopping operations will be very costly and there is the small matter of debt repayments...probably many tens of millions more needed now...

[jaknife] 15/11/2023 09:33

stansmith1

If the amount has "gone up significantly die to the new delays" then I've not seen an RNS saying that but I could imagine that that's right.

Regardless I think that this will be a zero for retail shareholders. IF (big "if") the key shareholders do decide to recap the project then I can't see why they would let retail keep anything.

JakNife

[stansmith1] 15/11/2023 09:22

so they released a design change/we need 200m about 8 weeks before the company will have to stop operations?says everything you need to know

[steeplejack] 15/11/2023 09:21

Estimates of the shortfall are highly likely to prove conservative given the dislocation that the funding shortfall is now imposing on construction."These changes require additional financing resulting in an expected increase in the overall Project capital requirement by at least 35% (from the current capex budget of US$537m) and delay of first production to Q3-2024. Reta Engenharia is expected to complete its capital cost and schedule analysis report, following which...."Note the word 'at least'.....at least two hundred million dollars then but probably a good deal more.

[stansmith1] 15/11/2023 09:21

jaknifehasnt the amount gone up significantly die to the new delays?

[neo26] 15/11/2023 09:09

Dayyum, thats gonna be difficult, someone gonna get cheap project.

[lewis winthorpe] 15/11/2023 09:08

Just needs another consolidation, say 20:1 and it's back at 140p and all is Rosy.I feel for you all but this is the risk. Stings more as management lied earlier in the year but will be left unscathed aside from reputation and still return to their mansions

[pwhite73] 15/11/2023 09:06

RNS 14//11/2023 - "This work is planned is to ensure that we are well-positioned to resume full construction activities post receipt of the funding to benefit stakeholders and our community alike."

When the words stakeholders and community appear in an RNS that's when you know the end is nigh for shareholders.

[jaknife] 15/11/2023 09:05

neo26,

"How much more do they need?"

The estimate is something in the region of $180 to $200m.

JakNife

[steeplejack] 15/11/2023 08:59

As simple as that is it.I've held Horizonte in varying quantities for a dozen years and invested a lot or trust in the management.Everyone was aware that inflationary pressures and supply problems post covid could potentially upset Horizonte's plans.Yet,Jeremy Martin on a number of occasions reassured in RNSs that all was well and on schedule until suddenly warning of a massive shortfall in funding of around a quarter of a billion dollars.Not a few million mind,hundreds of millions.Kindly, i will only label management as incompetent.

[neo26] 15/11/2023 08:58

How much more do they need?

[dead duck resources] 15/11/2023 08:51

Duping on a grand scale, with the CEO and FD ensuring the market was none the wiser in the early 2023 financing drawdown, in order to receive their multi-million financing drawdown bonus. Only once all CEO/FD bonuses had been received in full were they ready to inform the market.

[jaknife] 15/11/2023 08:46

steeplejack,

That's a little unfair, it's simply the case that inflation has got out of control and, all of a sudden the project needs additional funding. It's a standard risk that equity investors bear.

JakNife

[bspgamer] 15/11/2023 08:44

I spoke to a broker about this stock yesterday, this is like throwing hard earned into a burning furnace!!!

[steeplejack] 15/11/2023 08:35

Horizonte has managed to join the long list of AIM listed junior miners who have duped private investors.International Ferro Metals,Sylvania,Patagonia Gold,Herencia are but a few who have lured unwary punters on to the rocks with promises of plenty in recent years.There are one or two exceptions like Centamin for example but in general,investing in these little sirens is very hazardous.Developing a mine from start to finish is analogous to developing a new drug,very uncertain,fraught with pitfalls.The particular irritation attached to Horizonte is shareholders are going to drown in sight of the shore.Often attributed to Mark Twain,a piece appeared in the Detroit Free Press around 1881:"A mine is a hole in the ground.The discoverer of it is a natural liar.The hole in the ground and the liar combine and issue shares and trap fools".

[excellance] 15/11/2023 00:13

All they have to do to steal assets is to agree a ridiculous finance deal where one guy, the senior guy, collects all of the chips when all other players realise that their hands are bust.

[excellance] 14/11/2023 19:54

The question is, at 9p would anyone buy these shares?

The market is clearly bad for miners or explorers to raise capital, so my guess is that this will go into admin and be taken private for a penny.

[strawberry alarm clock] 14/11/2023 18:57

Big respek to Stansmith and JakNife who called this spot on months ago I salute you sirs