Ironveld Share Discussion Threads

[aceuk] 28/11/2022 15:29

Nice overhead shot of some sheds ;-)

[volsung] 27/11/2022 11:07

The African Mermaid
Sister Derby

[purchaseatthetop] 27/11/2022 10:55

Now over 13 months since the Grosvenor investment RNS. Anybody still expecting any cash from them? No. Nor I.

[rec0very stock] 27/11/2022 09:23

Don't be so silly Malcolm! Whilst it is easy enough to say mining will start in this quarter when half way through the quarter, why would they dig anything up to put in a smelter they don't currently own? Refurbishing a smelter they don't actually own is mad enough; digging stuff up as well would be total insanity.

Come back on Weds to find out if they do actually own a smelter by then or not. I would expect they have some mining and transport contracts ready to execute which would enable a small amount (don't need all that much to commission one furnace) to be dug up potentially before the end of the year - happy Christmas to the farmers from scrooge GC! Hopefully the blasting will stop on Christmas day so the locals can have a game of footie with the turn key mining company.

[malcolmmm] 27/11/2022 05:11

Haven't looked at these for months, have They dug something up other than baboon droppings as yet?

[purchaseatthetop] 26/11/2022 20:05

Ladeside. I forecast the placing at 0.3p to the tenth of the penny when the share price was 0.90p. Run along.

[rec0very stock] 26/11/2022 19:39

I am invested as you well know - I went to the GM as a shareholder, but I did not see you there. I am just not averaging down at these crazy prices because I do my research properly. You are doing pretty well for half truths and insinuations yourself. Perhaps you could respond to each point I have made with what you can evidence as being a more representative picture.

How many times have you already had to admit my utter drivel was far more bang on the money than the utter drivel you post? The only person you influence with your utter drivel is yourself, which is why you are far too heavily invested in a company that is deliberately misleading you into thinking things are going just great, as it breaks all the rules. You are dragging yourself away from the TV to post because you fear I am influencing people - you are right though people have already made up their minds and won't be influenced until after the next disaster strikes. I just do it to make the "I told you so" and your apology sweeter.

Keep averaging down at these crazy prices as soon as the match is over. Maybe a bit more time spent thinking about and properly researching your investments rather than watching a bunch of woke fairies kick a ball around whilst getting paid more than you could ever dream about getting from your flawed investment strategy would not go amiss.

See you next week on Wednesday; the Group D matches don't start until 1500 and Group C is at 1900 so I am sure you will be able to tear yourself away to let us know how happy you are feeling about how things are going with IRON then.

[ladeside] 26/11/2022 18:55

You pair really need to get a life (especially you Recovery), You're not even invested here, yet spend hours "RESEARCHING" and then posting half truths, insinuations, downright lies and taking partial posts and quoting them completely out of context.

WHY ?

What is your motivation ??

I'm invested here pretty heavily but right now I'm far more interested in the World Cup and I'm also more than happy with how things have been going here recently.

So what I'm saying is GIVE IT A REST as you're influencing nobody and are merely clogging up the chatboard with utter drivel......

[purchaseatthetop] 26/11/2022 15:22

Good to see you still posting sense here Recovery. I pop in to the store occasionally to see what is happening.
When I read “certain conditions” and these conditions are not published, my mind starts questioning “why?”. Every month that passes reduces the company’s ability to move the project onwards and also makes any funding more uncertain. I bet that one of the conditions is proving having the funding to actually complete the development and, as we know, they do not have that.
But we will see.

[rec0very stock] 26/11/2022 15:14

All gone very quiet on here. Still there will be something to talk about one way or another next week:

"Ironveld is pleased to confirm that the DPA has now been signed and subject to the fulfilment of certain conditions is anticipated to close by 30 November 2022 (the "Closing Date") [ie Wednesday]. The fulfilment of the conditions in the DPA is at an advanced stage. At the Closing Date the acquisition will become unconditional.

A. Will we have an RNS on or before Wednesday announcing it has closed as ANTICIPATED?

B. Will we have an RNS on or shortly after Wednesday telling us it has not closed as ANTICIPATED? If so will the RNS tell us what the problem is and what needs to be done to resolve it or is 30 Nov the date when the deal is completely off? we don't know!

C. Will we just get the usual radio silence when things have not gone according to plan as they scrabble around trying to come up with a new plan?

As we have not been told what these "certain conditions" are, we have no idea of the likelihood of A. However on past performance, if it is not A, then C is much more likely than B.

I would guess the auditors would have started work in order to get the Annual Report signed off in time (31 Dec). This is what they said last year:

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the Company has not to date received the agreed subscription proceeds from Grosvenor Resources (Pty) Limited announced on 22 October 2021 but that the Company has received confirmation from two directors of a Loan Facility of up to £200,000 to enable it to meet its existing monthly overheads as they fall due. Until such time as the subscription proceeds are received from Grosvenor there is a material uncertainty in relation to the company’s funding arrangements that may cast significant doubt on the group’s and company’s ability to continue as a going concern. Our opinion is
not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors assessment of the entity’s ability to continue to adopt the going concern basis of accounting included the following:

• reviewing and challenging management’s going concern assessment and assumptions in relation to funds available to the group;
• testing the mathematical accuracy of the models used by management in their assessment; [a primary school child could not miss the funding black hole this time]
• reviewing the signed subscription agreement with Grosvenor Resources (Pty) Limited and confirming the Loan Facility; and
• considering the disclosures in the financial statements in relation to going concern.

The group remains in the exploration and evaluation phase of its activities and has yet to generate significant revenues. The company is reliant on short term borrowings and funds obtained from its investors for its ongoing working capital requirements. The company may incur commitments in excess of its available resources. The going concern assessment is subjective and involves uncertain future events.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Oooh so much to look forward to next week and then next month. Keep averaging down at these crazy prices.

[rec0very stock] 21/11/2022 08:41

Time will tell who really is naive.

The person who did the figures based on imperfect information and spotted the black hole and when better information was available worked them out properly to find it was a massive black hole.

Or the person who buried his head in the sand, kept on averaging down and waited for the annual report to come out with a going concern emphasis of matter due to the massive black hole.

Auditors check the historic figures that are being reported are valid AND check the cash flow projections to assure that the business has enough cash to keep going until the next report. There have been numerous high profile incidences of auditors failing in this regard and they have been fined for it. I investigated an auditor who had failed to perform his function with sufficient diligence and reported him and his firm was fined by ICAEW. The black hole is so big even a primary school child could not miss it - Seriously!!!!

Keep averaging down at these crazy prices.

[ladeside] 20/11/2022 15:27

You really are naive !!

"That is what Auditors do"

Seriously ???

[ladeside] 16/11/2022 11:11

Dear oh dear oh dear.

[aceuk] 16/11/2022 10:25

All so predictable ;-)

[rec0very stock] 15/11/2022 16:58

Ace,

Yes exactly the sort of meaningless fluff they always produce. Not just no production but no money to fund the CAPEX needed (£2.5M) to make powder. The good news is the £2.5m is included in the overall £6m funding black hole. The bad news is, without the HPI - HPIP conversion, their own mate's rates research note shows that even if they were to reach full production of HPI, the company still burns cash at PLC level forever (well not really forever because it will run out of cash and bucket shops able to raise more cash, at which point the smelter gets repossessed).

Not too much longer to wait for the annual report with the going concern emphasis of matter by the auditors, after which we can have the guess the date of the 2023 placing competition, so lots to look forward to.

[aceuk] 15/11/2022 14:35

As there is no production yet I guess some here will view this tweet as pointless ;-)

[purchaseatthetop] 09/11/2022 13:11

Oh….an empty hot tub.