Ironveld Share Discussion Threads

[al101uk] 29/12/2022 20:53

Ace,

KZG have money and more funds arriving from their sale to China. Suspension is due to Aftan not providing the details for the accounts. I suspect that's down to them being incompetent rather than anything else. That will be a problem for the new Chinese owners soon enough.

The one potential risk is that the lack of paperwork scares the new owners off. But that deal going through is a lot more likely than the Grosvenor deal happening so...

IRON well ahead in my view. At least if we're talking about administration as the finishing line.

[aceuk] 29/12/2022 20:42

I guess Mr Jennings is winning the game then ;-)

[al101uk] 29/12/2022 20:18

Nipped on tell you all that after my last post, Kazera announced suspension today... couldn't make it up!

But I guess there are other things to talk about.

[tima441] 29/12/2022 15:18

Ironveld PLC - Notice of AGM #IRON @IronveldPLC
will be held at 10.00am (GMT) on Tuesday 17 January 2023 at the offices of FinnCap, One Bartholomew Close, London EC1A 7BL.

The Company's Notice of AGM will be dispatched to shareholders later today and will be available on the website at www.ironveld.com.

[purchaseatthetop] 29/12/2022 12:11

Recovery. My reading of the RNS states that they cannot even start without further funding. But it matters not.

[rec0very stock] 29/12/2022 11:54

patt,

They can START production, it all just comes to a grinding halt if they can't get more cash.

It is all just a classic illusionist trick which no doubt some will fall for yet again.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

[aceuk] 29/12/2022 11:37

As I said ....

[purchaseatthetop] 29/12/2022 11:26

Yes. But they ignore their own statement today that they cannot start production without more cash raised.

[aceuk] 29/12/2022 10:53

More ammunition ;-)

Short version ignoring the negatives :-)))

[rec0very stock] 29/12/2022 08:26

Date when first tranche admitted to trading?

[purchaseatthetop] 29/12/2022 08:21

I can already tell you what it will be. As I got the last one spot on.

$3m at 0.14p.

[purchaseatthetop] 29/12/2022 07:20

“Expansion of current activities or further development and production from the ore resources will require significant further capital expenditure”.

Well. There you have it. No acquisition of the furnace is going to happen because the vendor will require this to be done. But at least you all know now.

[aceuk] 25/12/2022 12:09

The only freebie you're ever likely to get from Giles Clarke ;-)



Have a great day!

[al101uk] 22/12/2022 09:49

Not sure what this announcement says about GC, but Kazera have sold the Tantalum mine for $13 million. That's more than the entire market cap of the company.



They retain a 2.5% share of gross sales and I remember they were claiming great things for their heavy sands diamond operation.

Definitely not a recommendation.

Maybe KZG would be intrerested in investing in a small Iron mining company with potential :-D

[al101uk] 21/12/2022 19:00

Good RNS, one of my larger concerns crossed off the list :-)

[rec0very stock] 21/12/2022 11:08

Happy now? Showing as sells but probably are buys by people who still believe in the magic of GC.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

[tommygriff] 21/12/2022 10:12

Is there any reason that zero trades are showing?

[rec0very stock] 21/12/2022 09:14

Just to recap what we can work out from what we have been told by the company in its regulated and unregulated communications:

The company runs out of money around the time of first very small scale production (commissioning sample). There maybe a little bit of leeway on this depending mainly on how much GC and co have been paying themselves over the last few months and how long they can put off actually paying other bills. However as even the best case, ignoring loads of real costs, projection still has the company burning cash at an alarming rate, running out of cash is inevitable.

To get to cash generative production requires £2.5m of CAPEX plus working capital. There are a wide range of scenarios and a lot of variables to consider but the best estimate I can give at this point is £6m +/- £2m. Very happy for anyone to work it out and come up with some different figures that we can then discuss and by doing so improve the confidence we can have in them.

Further debt is not an option (was just assumed by Peter's mate as a convenient way to hide the problem).

Some sort of equity injection will be required and that will be painful, if it happens, if it does not happen the route to 0p is relatively swift and clear.

The debt repayments are due to start in 2024 (we don't know when and whether there is interest too). The company intends to pay from generated cash, but could do regular placings to cover losses and pay the repayments - how many more times they will get away with this is unknown. What is clear is each turn of the wheel until the wheel finally falls off will be increasingly painful. As the smelter will be repossessed when payments are not made, the smelter itself will not be a realisable asset for the company liquidators to repay the various other creditors who will exist. Having effectively proved the resource can't be brought into cash generative production, fire sale of the licence probably won't be enough to repay all the creditors either, leaving shareholders with 0p.

Thus the best case scenario relies on doing everything properly (never been done by GC) and a lot of luck (GC has had a bit of that occasionally in the past), in order first to raise sufficient funds to get to genuine cash generative production towards the end of 2023.

So first there is the Annual Report to look forward to and then the guess the date, price and amount raised in the 2023 placing contest.

Those who did work it out and have battened down the hatches early will be better off than those who continue to believe in the magic of GC.

So far nobody seems to be averaging down at these crazy prices on this great news.

The other bit of great news - 100% guaranteed. Today is the shortest day. Let's all celebrate sol invictus, because outside of the gloom and doom in IRON and more widely, whilst there are more cold dark days ahead, the days will lengthen and we have warmer brighter times to look forward to in the coming months. Those who prefer to think of some fat bloke coming down your chimney to leave you presents can, there's no harm in it.