Ironveld Share Discussion Threads

[ladeside] 04/4/2024 17:38

NOW, it all becomes clear.....

[ladeside] 03/4/2024 21:29

A definitive Feasibility Study published in April 2014 confirms the project's viability to deliver an exceptionally high-grade iron product (99.5% Fe) called High Purity Iron which commands a premium in the market place. The shallow mineralised resource of 56.4 million tonnes of ore grading 1.12% V205 is approximately twice the grade of other Vanadium resources that are currently being mined and processed within the Bushveld Complex. Ironveld plc is an exploration and development company incorporated in England and Wales and listed on the AIM of the London Stock Exchange.

[rec0very stock] 01/4/2024 10:41

All entirely predictable and indeed some of us predicted it - GC and ME have been deceiving investors for years. Why is any of this a surprise now?

The current cash burn even with everything shut down and the current cash position are dire. Will they even be able to get a placing away at any price? The company is technically trading whist insolvent with over £3.5m of net current liabilities, facilities all fully drawn, £25k of cash left and several more months before there is any hope of this mega loan. How big does that loan need to be - sounds like it is getting closer to £10m and there is no proper BFS/DFS to support it. That will make due dilligence interesting!

JW will not keep throwing good money after bad forever.

[aceuk] 29/3/2024 17:08

My guess is Wardle won't want to see a large portion of his personal wealth go down a hole in the veld.

What and how much is rescued is anybody's guess right now.

[ladeside] 29/3/2024 15:20

In one respect at least it's now all out there and JW is telling it exactly how it is, as you say Ace, there's no guarantee we'll come out the other side but I guess we just have to hope that the funding arrives and that we're able to raise enough to tide us over until such times.

If that fails to happen then maybe they'll try selling off what'll they can in a fire sale, it might be useless to us but a major with the deep pockets required would maybe be able to make a right good go of it, especially if they can pick it up for a few Million after all the Donkey work has already been done ??

Much will depend on how JW sees things given he has both the inside info and obviously the major shareholding.

[aceuk] 28/3/2024 19:31

I guess some will regard it as very bizarre but I'm sort of reassured by reading that little lot carefully and slowly. Whether any of our funds can be saved or retrieved I have no idea though. Mr Jennings should have listened to me and I should have paid more careful attention to others at the time.

[ladeside] 28/3/2024 15:47

Instead of just voting me down like an angry moron, I'm sure it would be much more interesting if you debated what your issue is with my post ???

[al101uk] 28/3/2024 14:48

MALCOLMMM,

Have you read ANY of the previous posts?

[malcolmmm] 28/3/2024 14:17

Anyone still investing in these shouldn't be buying shares in the first place. Go on averaging down you know it makes NO sense Stupid comes to mind

[al101uk] 28/3/2024 14:14

So GC turned out to be Giles Clarke all along.

Sing potential good news from the rooftops, keep quiet about actual bad news for as long as possible and then just relase an RNS that assumes that everyone knew the bad news all along. Platanillo and the pipeline went exactly that way with Amerisur. PI's filled in the blanks with excuses and things kept trucking along.

In terms of the companies future, nothing has really changed since the last RNS. An interim fund raise needed to tide the company over until their potential financiers make a decision. The costs are probably higher than shareholders have previously been made aware of because Ironvelds previous CEO was incompetent. The assets given away to secure Ironvelds future will likely therefore be greater.

Not sure how this plays out in a fire sale. The upgraded smelter will likely go back to the creditors, the mining licenses will likely go on the cheap or be picked up from the administrators if there aren't multiple interested parties. There wasn't huge interest last time, so...

I think the book value is a red herring for a number of reasons, the primary one being that it is not a risk adjusted valuation of the assets. It's more closely related to the amount of money the company have pumped in to their development in capex costs. A chunk of that will be the smelter refit, another chunk was wasted. In desperate times a good chunk of what may be left will be heavily discounted.

I don't think things would have been any better with RJ and the stories not told yet. Lets see what JW can do.

As for not investing in AIM... welcome to the club Ladeside :-)

Although I'd refine that to AIM listed companies that are not able to provably sustain themselves. There are AIM listed profitable dividend paying companies.

[dbfromgb] 28/3/2024 12:18

Indeed, awful! The one positive I take is that it makes a sale of the company and its assets more likely so that we can get closure. Martin Eales said that there had been a number of approaches, but at a value that did not reflect the true potential of the assets. Expectations may now have to be revised, but even on a fire sale basis my view is that the net assets are worth more than the market cap. Price to BV is 0.29!

[ladeside] 28/3/2024 09:55

I'll also be interested to see what RJ's take on this situation is, given that he's recently purchased more himself.

[ladeside] 28/3/2024 09:52

A rather grim update this morning to say the least, which leaves even me with a "glass half full" outlook on things.

The bottom line appears to be that we have been lied to over the past few years, JW has come in and uncovered the deceptions and Eales has been bagged for what can only be described as gross misconduct (and he shouldn't be the only one).

The long and short of it would appear to be that JW, Ironveld and shareholders are now fighting for their financial future and assuming we can get a placing away for probably another £2 Million at 0.10 or so, and then hoping that the financing deal completes over the next 2 to 3 months then that would seem our only real chance of survival !!

Failing that, would anyone be interested in a refurbished smelter, a mine and said licences ?

If so, how much could that generate ? given that we'd need to pay circa £5 Million to the administrators for the smelter purchase ??

It's not quite game over but JW does paint a rather bleak if true picture of things....

[al101uk] 03/3/2024 22:27

Posted the history of Mr Jennings involvement in KZG over on the KZG thread... given that history and the fact that he no longer holds over there, I think Ironveld probably came out the best of the two, you can draw your own conclusions.

[al101uk] 03/3/2024 22:11

Shareprophets is paywalled, can't even sign up for a free read without payment details. Used to read some of their articles many years ago.

[richie666] 03/3/2024 11:57

https://shareprophets.com/views/73289/martin-eales-once-of-ironveld-and-rainbow-rare-earths-note-to-future-employer-read-here

[the dark horse] 29/2/2024 09:24

Looks like they have cleared the overhang and we might finally be on the up. :)
Alternatively we are having a dead cat bounce - time will tell but I favour the former
GLA
TDH

[delphi6] 28/2/2024 12:01

Jennings moved the money, his new company is - Align Research Holdings Limited

[aceuk] 24/2/2024 21:27

Thanks for the links - I'm still blocked on X ;-)

[purchaseatthetop] 24/2/2024 21:08

Jennings reported recently. That he had lost all his money.

See most recent accounts.

[bigwavedave] 24/2/2024 20:56

FWIW, Jennings said this (yesterday):
"Ref Ironveld.Fantastic news this morn on both fronts.
Departure of M Eales is unequivocal good news - his tenure (as with Rainbow Rare Earths) has destroyed monumental value (in unison with Giles Clarke who does sadly still hang on in there).
The funding term sheet looks to be last step to finally extracting the potentially gargantuan value out of the company's resources in Limpopo. Hopefully this is the turning point & continued packaging up for sale at £50-60m in 18 months time (10 times current value).
What people forget on Ironveld #IRON is that Eales had no skin in the game frankly - de minimis shareholding and was prepared to dilute with abandon. John Wardle DOES have serious skin in the game with over half a billion shares & we calculate an average of around 0.50 - 0.60p
- What this means is he has a vested interest to preserve/rescue equity as opposed to his job. The news this morning cannot be more important to us as 2nd largest shldr. We just hope he sees further clarity and shorns the Co of the Clarke legacy too and soon. Just a crying shame the City enabled the decimation of value last 19 months when we tried to oust him and Eales. We suspect the value decimation would not have been anywhere near this magnitude.

[purchaseatthetop] 24/2/2024 16:09

Why would anybody take any notice of any funding RNS after the Grosvenor shambles that, in my view, should make RNS trustworthiness quite clear.