Share Name Share Symbol Market Type Share ISIN Share Description
New Millennium Resources Ltd LSE:NML London Ordinary Share AU000000YAJ4 ORD NPV
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  +0.00p - - - - - - - - -
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Date Time Title Posts
12/5/201505:34New Millennium - Diamonds, exploration and mining5,477
01/11/201220:03New millennium resources - hype or hope1,497
14/4/201019:49New Millennium the CON of the New millennium799
07/9/200914:38green machine development corp.13
31/10/200823:51NEW FUTURE ahead for NML134

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robrob30: Can anyone tell me if there is a link between NML and a company called GENMED holdings group. I ask this because I have just been contacted by Atol Consultants (Prague) offering some fantastic price for my shares in GENMED a company of which I have never heard. Paciffic Continental was mentioned and it was through this (disgraced ) company that I purchased the NML share theses being the only shares that i bought through PacCon. Atol Consultants claim that they got my details from the current registry details. I suspect foul play here!
andypace: Pangea DiamondFields plc ("PDF" or "the Company") Update on Purchase of Equipment at Cassanguidi Pangea Diamondfields plc (AIM: PDF), the mid-tier diamond producer and exploration company provides the following update on its previously announced transaction to purchase mining and processing equipment for use at its Cassanguidi project in Angola from New Millennium Resources ("NMR"). The Company's portfolio consists of seven projects located in the Central African Republic ("CAR"), Democratic Republic of the Congo ("DRC"), Angola and South Africa. On 10 August 2009, PDF reported that it had concluded a transaction to acquire certain mining equipment and processing assets from NMR, for use at its Cassanguidi project in Angola, for total cash and share consideration of $600,000. As reported in the interim financial statements on 29 September 2009, the essential equipment has now been relocated to Cassanguidi and is already in use, whilst the purchase and relocation of equipment now considered unnecessary, has been terminated. PDF has successfully concluded a renegotiated agreement with NMR reflecting only the value of equipment purchased. Under this agreement, PDF has paid the sum of US$200,000 to NMR and has issued 2,500,000 new PDF ordinary shares ('Shares') to NMR as full and final settlement of consideration for the purchase. This cash and shares payment represents total consideration of approximately US$265,000 (at current prevailing exchange rates and share price). This is significantly less than the estimated cost of the equipment if it was purchased in South Africa and also delivers efficiencies in terms of lower transportation costs. Application for the admission of 2,500,000 Shares to trading on the AIM Market of the London Stock Exchange ('Admission') has been made and Admission is expected to occur at 8.00 a.m. on 9 October 2009. Following Admission the Company will have 1,783,826,082 Shares in issue. Commenting on this development, Chief Executive Brett Thompson stated, "The key challenges at Cassanguidi were specifically the earthmoving fleet. The specific equipment finally acquired from NMR has resolved this issue without expending additional capital on the purchase of unnecessary assets. This acquisition will underpin continued progress at Cassanguidi as well as demonstrating once again, the ability of PDF to identify and unlock value opportunities in the regions in which it operates."
mrnitelite: Full email from Nov 2008. The information concerning my participation is false. I am not nor have ever been an officer of Simbajamba Mines Limited nor any associate or derivative of the said company. I note that Mark Smyth and Nick Zuks are mentioned along with myself and John Cross as officers of the company. Mark Smyth is a well known West Australian mining entrepreneur. Mark Smyth and Nick Zuks sold Angola Resources Pty Limited to NML. It was on their representations that the former board of NML acquired the diamond prospect in Angola for shares in NML. Smyth and Zuks both sold NML stock out at between 5 and 6 pence I believe. There was no cash raised in the issue of the 1 billion NML shares. As the stock was delisted the original subscribers to the issue for GB£5 million withdrew. Their subscription was based on delivery of listed shares. As the Company was not able to deliver listed stock nor re-list the agreement could not be enforced. The Company acquired its 20% kimberlite interest through a pure scrip no cash transaction. It should be noted that the vendors of the kimberlite interest still hold almost all the 1 billion shares issued to them in consideration. As mentioned in the announcement made 19th December 2007 the Company had three assets. The Company's 20% indirect interest in three kimberlite diamond concessions in Angola has lapsed due to lessee's inability to fulfil exploration commitments. The Company's equipment stands at the Rio Lapi site. To date we have been unsuccessful in finding a party interested in acquiring the equipment in situ. We are in a double bind with the equipment. It may only be used for diamond mining and may only be sold to a diamond mining/exploration firm. As you are probably aware, there has been a mass exodus of foreign companies from Angola over the last two years. BHP has previously announced its withdrawal from Angola and Metalex has relinquished all its alluvial concessions in Angola. Petra stands alone in Angola and is still producing no diamonds from its concessions there despite almost 20 years in the country. As previously announced the Company has been successful in liquidating part of its holdings in Hudson Resources of Canada. These funds have been employed in, audit, accounting and compliance costs, filing fees and sundry creditors. The audit cannot be completed without a further substantial payment. I have received no salary since the company was delisted in February 2006. I also point out that I took the role of acting CEO after the previous CEO walked out the door leaving the Company in a terrible state and committed to the kimberlite acquisition and the 1 billion share issue. Given the current world economic conditions and the state of diamond exploration in Angola, I believe there is little chance that we will be successful in achieving a merge with any organisation. I continue however to work on the prospect. Regards Shane Feb 2009 - This dropped into my in box as a 'Shareholder Update?????' Green Machine Developments Corporation A number of shareholders have been in communication with the Company concerning rumours of a takeover bid being made for the Company. These shareholders have been contacted by brokers offering a price well in excess of US$2.00 per share. We can confirm that the Company is not in any formal negotiations with any parties nor has it been made any formal offers at this time. The Company is continuously in discussions with diverse parties concerning operations in the normal course of business. Additionally, executives keep in contact with other mining and exploration companies who operate in the general vicinity and in the same countries in which your company operates. Concerns have been raised by some shareholders over the possibility of being "left out" in any takeover. Your board is bound to keep you informed about any events which may materially affect the share price. ALL shareholders must be treated equally by law otherwise the acquisition fails. The Company will, as required by law, make timely announcements on its website which is available to all shareholders and the market at large. By order of the Board Green Machine Developments Corporation Shane M Healy President and CEO Then this in February 2009 from Shane: "Currently New Millennium is in the process of a new management team coming in with a new project in Africa. You will understand I cannot say more than that at the moment however I can say that an announcement should be made in early Spring." I have replied a number of times, but with no response. I have given him enough time & he has stopped replying.
anomalous: >tonystringy I'm sorry that you stayed in till the end. I had hoped that you were one of the investors that jumped ship before it crashed on the reefs. Other posters and I have suspicions that this share may have been an elaborate setup. Akin to LGB. Whilst we have no proof of absolute fraud, the shares sales by the mystery seller(s) were evidence that something was wrong. The only hearsay evidence that I have is that someone recently met one of the players in this story at a mining convention. The person admitted that they dumped the shares they received as soon as they had them. Which indicates that the stories coming out of the company, that the principals still had all their shares was completely untrue. On top of this, an official complaint was made to the AIM about the share declarations by the directors. As we all know, several declared the wrong figures for some time. One has to wonder if these declarations were wrong because the person concerned didn't know the true value, or it was an 'honest' mistake? Given the outcome for the company, I know what I would suspect. Wendy seems to think that I 'put the boot in' to stop NML from listing on OFEX/Plus Markets. Although I did speak with a friend, who owns a serious amount of Plus Markets, I am not so arrogant as to believe that my word was enough to condemn NML and prevent them listing. I rather think that NML damned themselves by their history on AIM. Afterall, not one single Nomad would touch them. As I understand it, a lot of this had to do with the fact that NML were offering a considerable sum, in order to get a 'glowing' research report. As I thought at the time, the only reason they could want such a report, would be to continue what they were doing and what they were doing was causing the share price to drop! I don't need to remind you that the South Sea Bubble was a pump and dump fraud that occured in the 18th Century. The old frauds are always the best. Langbar was also along the same lines. The truth is that when the credentials of the fraud company are supposed to be exemplary, even the great and good fall for the fraud. Sir Isaac Newton lost £20,000 on the South Sea Company. An absolute fortune in those days and is reported to have said: "I can calculate the movement of the stars, but NOT the madness of men." Institutionals such as Gartmore, Merril Lynch, Jupiter and others all lost money on Langbar. Even high roller investors and judges invested, based on the fact that the RNS had to be the truth, because it was an offence not to be. But that didn't protect them. The NML shareholders were told that you were mining the alluvials in RNS. But was this true? Sure they showed some alluvial diamonds in a picture. But was that the sole amount they collected before they moved to the kimberlite? I would ask you this. If they announced that they were mining alluvial diamonds and declared this in an RNS, then should they have not also announced that they had stopped mining the alluvials and moved to the kimberlite? It seems very strange that they missed this piece of 'price sensitive information'. Both were events significantly newsworthy for an RNS, but the second was not made. Indeed, I believe that the majority of you only found out that they were on the Kimberlite AFTER they had been evicted by Endiama. Many were angry at Endiama for refusing the license and evicting NML, but then it appears that NML had no right (by Angolan law) to be on the kimberlite. So in actuality, the shareholders should have been angry at the management for failing to get the kimberlite license BEFORE you started work on it. I also suspect that had NML mined the alluvials it was licensed for, then the results would have been less than satisfactory. Despite all the claims of 'Great handfuls' of diamonds a few metres down, if that had been the case, then the locals would have been the richest Angolans of all. Everybody would have been out there with their bucket and spade. The sad truth is that despite the scientific report, other companies had tried to mine Rio Lapi and failed. The only true value in the area were the kimberlites close to Catoca. Given the relationship with Angola's elite, it was never likely that this license would be handed to someone like NML when Catoca is just a few miles down the road and had the processing facilities already in operation. It seems to me that investors who neglect history are 'doomed to repeat it'. As many said - 'if it's too good to be true, it probably isn't!' I don't blame the majority of NML investors for investing in NML, but I do blame two sets of people: 1. the people that were misleading the investors by dumping huge quantities of shares and not declaring them. 2. the so-called experts that encouraged other investors to stick with the share, even though all the evidence pointed to the contrary. You can guess who I put in this category. The daft thing is, that the South Sea Company had the exact same people. Those who were defrauding the company and those who were proping the share price up either putting out false rumours or encouraging people to stick with the company, when it was a lost cause. There is an interesting short encapsulation of the South Sea Company on Wikipedia. In fact, you might almost name some of the protagonists after the posters on the NML boards. I believe that you have every right to be angry at the fate of NML. Although there is little to prove that a financial crime has taken place, there is plenty of circumstancial evidence that leads many to believe that this company is worthy of more thorough examination. It would be interesting if an official investigation was made into the director's holdings - considering the mistakes in the figures - as it is possible that more than a few official declarations were never made. Sadly, the only way that it would be investigated further, is if there is an official complaint that could not be ignored, or, if one of the protagonists were to sue in the English courts. The AIM is in a very precarious state right now. They know that Langbar is going to hit the courts in November and the FSA have provided the LSE with a 'Patsy' in the form of Nabarro Wells. However, we also have a few other legal claims that could embarrass the LSE still further. Firstly, the application is being made to the European Court over the LSE's actions with respect to Room Service. The fact that they publicly lied and rigged the settlement valuation will come to wider notice - at the same time that Langbar does. Then there's the legal claim against the Langbar market makers that shorted the share - some of whom are the very same that shorted Room Service. Again embarrassing for the LSE and FSA, that they failed to punish these MMs the first time - so they repeat the offence with another share. Lastly, we have the claim against Evolution - a claim that may result in Evolution being owned by the victims of the Room Service Scandal. Unfortunately, I doubt that any of the shares you have received will amount to much compensation. NML was a very hard lesson to learn. I include myself as a victim, as I too lost a small amount of money on the share. But the difference between me and 'certain other investors' who claim to have superior mining knowledge, is that I recognised NML for what it was and attempted to prevent the people investing here from losing their shirt. The posters who encouraged people to stick with NML have no shame at all. They continue to make posts and talk about NML's future - when it has none - certainly not on AIM or any major exchange. These posters are liabilities and in my mind, THEY are responsible for their posts and for encouraging investors to continue to believe in NML. Everyone has to accept responsibility for their own investment decisions, but when they are misled by information distributed and promulgated by others, then they have been deceived and they are not responsible for the deception - the others are. I genuinely hope that you find other good investments Tony. Despite my recent negativity about EPD, in my opinion, they have turned the corner. That is one diamond play that does have potential. NML does not - except as a lesson.
anomalous: mclellan - 23 Oct'05 - 19:59 - 2294 of 2294 Yes..but that doesn't mean the company is going down the drain. The project is still there. Quite right, the project is still there, but will it be NML's when Catoca is finished exploring? How long can NML survive with no revenue, living off the proceeds of placing after placing? Catoca could be exploring the kimberlite for years. Remember, the smaller the NML share price, the easier it would be for Catoca to remove the competition with a very low priced takeover. Or maybe they will wait for NML to bite the big one and Endiama then pass the Alluvial license to Catoca?
anomalous: There has been so much rubbish posted about the new RNS today, that it needs interpreting from the other view, the more realistic perspective. So here is my opinion on the news. Kimberlite Exploration License The Company's subsidiary, Angola Resources Pty Ltd, is in discussions with the relevant Angolan authorities to acquire a kimberlite exploration licence for its C9 concession at Rio Lapi in North Eastern Angola. The Companies C9 concession abuts Catoca the 3rd largest diamond mine in the world. Catoca is a consortium involving a number of parties including Alrosa one of the big four world diamond producers. It is part of the Company's strategic plan to attract a JV partner from amongst the big four without which a kimberlite mining license is unlikely to be granted. To this end the Company is making all possible efforts to accommodate the requirements of the relevant Angolan authorities. Basically this is just a statement of fact. NML can not get a mining license without a JV partner as they would not be able to fulfill the financial requirements to carry through any plan that they presented before Endiama. So it goes without saying that NML need a JV partner and that partner would have to be a major. Catoca is a consortium that does contain Alrosa (one of the majors) and Endiama. Endiama is the major shareholder in the Catoca venture and as I stated many times before, if they want Jam today rather than Jam tomorrow, they are more likely to award the mining licenses to anyone who can bring the C9 kimberlites to production in the shortest possible time. Shane Healy commented: 'Catoca has, at the behest of Endiama, commenced to explore the known kimberlites on C9. Catoca has drilled eleven holes on one of the identified kimberlites. This exploration ceased upon us establishing our equipment on that site. Endiama is anxious to accelerate the development of its kimberlite potential in Angola, and to this end is looking to those best able to exploit resources in the shortest possible time. This requires both financial and technical capabilities which rest almost exclusively with the major diamond producers. Alrosa has made numerous public statements that it intends to expand its operations in Angola. Catoca's proximity to our concession creates economies to Alrosa not available elsewhere in Angola. Not the lease of which is time to set-up full production which is estimated to be significantly less for Alrosa than other parties.' This puts a new slant on matters. The fact is that we now know that it was Endiama that asked Catoca to explore C9. Most possibly to meet the planned increase in diamond production that was suggested by the recent reports. Of course when NML showed up on the kimberlite and pointed out that it was their territory and they had an alluvial license to mine, Catoca had to give way, up sticks and move their drills off C9. They probably complained to Endiama that they were being frustrated by NML's actions. But my guess is that they held back on the complaint until NML had moved most of the overburden (at great cost to NML) to save Catoca the expense of clearing the site themselves. NML have neatly played into Catoca's hands on this one. Endiama could rightfully be indignant that NML interupted Catoca's exploration, as after all, Catoca was working at Endiama's request. Endiama are the major partner in the NML operation as well and as the body that awards the licenses, they can exert full control over NML on pain of removal of license if necessary. Just as they did to De Beers a few years ago. Endiama is anxious to accelerate the development of its kimberlite potential in Angola, and to this end is looking to those best able to exploit resources in the shortest possible time. As I said months ago, Jam today rather than Jam tomorrow. I suggested to you all back in June that Catoca might try to acquire the kimberlites, mine the ore and ship it down the road to the existing plant. It was the logical deduction to all the speculation about a major poking around the kimberlites. Although Ianwc questioned the validity of my statement at the time, both he and WDurham agreed that it was by far the most likely outcome. So it now seems that this was bang on the money - 100% accurate. Exploration Programme Endiama, the Angolan government owned diamond monopoly has requested that we cease mining operations and return to grab pit sampling on C9. This is to prevent any violation of possible kimberlite areas or interference with kimberlite exploration. The Company has acquiesced to Endiama's requests in the interest of a greater gain in the kimberlite prospect. In the interim, the concession will be fully explored to enable systematic co-ordination between the alluvial and possible kimberlite operations. The mining operations that are referred to are the 'alluvial' mining of the top of the kimberlite (just so there is no confusion over the type of mining). NML has not even been issued a kimberlite exploration license yet and I sincerely doubt that they will be issued with one for C9 now. The fact that NML has been asked to cease all operations and return to grab pit sampling does suggest that Endiama are concerned that not all of the kimberlites have been located and that alluvial operations might 'muddy the waters' by moving material, overburden and tailings, which could by chance, be deposited over possible kimberlite targets. Effectively, the company has been asked to cease all work and carry out minor exploration instead. In return, it does appear that Endiama have thrown NML a bone. This statement: The Company has acquiesced to Endiama's requests in the interest of a greater gain in the kimberlite prospect. suggests that Endiama have promised a free carry to NML in return for their co-operation. However, before you all start singing and dancing and counting your share values in £, you should be aware that Catoca will defintely not be paying top dollar to remove NML from the equation. Quite simply, at the current SP, they could buy out the company for 3p a share and the rest of you would have to agree. In fact, the longer the wait for news, the more likely the buyout share price would drop. The question is, does Catoca want or NEED to buy you out. Very probably NOT. The simple fact is that the longer NML is forced to wait, the more likely the company will have to keep raising cash to stay alive and reduce the share price. Although a large dilution is not necessary, now that drilling operations have been removed from the agenda, the fact is that NML still needs funds, even to do grab pit sampling. Combine that with the likely result of the Final Results in 3 weeks time and you can see a share price dropping well below 1p. So Catoca just needs to wait and see what happens to NML before they make any move. I agree that Endiama would need to maintain some honour in the matter. NML may not have a definite legal right to the kimberlite license, but it is an implied right by virtue of holding the alluvial license. If Endiama was seen to be acting dishonourably, it could reflect very badly on agreements between them and their partners in the future. But there again, let's not forget what happened to De Beers. They were dispossesed. DB needs Angola more than Angola needs DB, so it was only a matter of time before the relationship was restored to mutual satisfaction. NML is not in the same class as DB and never would be. In fact, given the fact that NML has 'trespassed' on the kimberlite and upset Endiama's cash cow, Shane told Mc that they: "can't release anything because they were not supposed to be there" and also this "Endiama are annoyed at NML parking themselves on the kimberlite" I would rather think that NML will have to be happy with whatever Endiama throws them. Mc spoke with Shane about this and apparently he suggested any free carry would not be out of Alrosa's share. Suggesting that Endiama have offered a small percentage out of their cut, if NML moves and keeps quiet. There again, considering that Endiama is the majority shareholder in the NML operation, they can pretty much dictate to NML and you have to swallow it. Endiama may be conscious of the capital markets, but that is probably why they insist on a majority shareholding with most of the majors they contract with. So they can maintain control of their partners, without having to use the 'nuclear' option - the withdrawl of a license to explore or operate. ITD said on the other BB "I don't get it". The reason is, that he's not looking at the matter correctly. The reason the price dropped in July, was because the company was choosing to can the alluvial operation for the meanwhile, whilst they went off chasing the kimberlite rainbows. They chose to give up an almost certain revenue stream for an expensive exploration programme with no certainty of return. The reason the price dropped is that the market viewed this as a very bad move. With no money coming in and with the exploration costs racking up, more dilutions were on the cards. That meant the share price was bound to suffer. The news today shows that the company have been asked to stop exploration, but now they don't have the option of switching back to alluvial work either. So there will be no revenue and further costs whilst the equipment sits idle. This management is so incompetent it is unbelievable. If they had done as I (and others) had suggested and moved only some of the equipment to the kimberlite, they could have established the alluvial operation and generated some revenue. Instead, they gambled all on getting the JV deal with a major and all that they've done is upset the one party they shouldn't have - Endiama. If they had already started alluvial work, then Endiama would have seen a revenue stream from the alluvials and would be far more reluctant to switch it off. Especially as Mombo would have fought hard to persuade Endiama to allow NML to continue. But no, the directors thought they knew better and gambled your money on doing it their way. At the time I said it was highly risky and irresposible thing to do, but the shareholders thought different. Now you're paying for it with a major drop in the share price and another possibly on the way in 3 weeks time. Let's look at the rest of the RNS: Shane Healy added: Whilst alluvial diamond production is a lucrative cash flow operation, the asset which adds greatest shareholder value is hard rock kimberlite. With this in view the Company is looking to work more closely with Endiama and its partners in Angola to gain a Kimberlite exploration licence. This statement does indicate that NML did not get the license you applied for. They acknowledge (too late in my view) that the alluvial operation is a lucrative cash earner. It goes without saying that the majors prefer Kimberlites, because of the certainty of long term rewards. Endiama assistance Endiama the Company's 51% partner in the project has assisted the Company by assigning one of its pre-eminent geologists and a senior topographer to the project. The Company and Endiama are committed to working together to ensure the most profitable outcome for the joint venture. This can be viewed as a positive statement, as the assignment of the geologist and topographer will help NML to identify other resources. But there is a negative slant on this too. It could be that Endiama is happy to have NML identify further resources (at NML's expense) for Catoca to mine - Not NML! If Endiama's men are there on the ground, then they will report back to Endiama. What Endiama do with this information is up to them. However, if Endiama is already in a working agreement to explore and exploit the kimberlites in the C9 area, then I doubt that NML will be the major beneficiary. In fact, the news that NML were asked to cease work and pass it over to Catoca, does suggest to me that Catoca DO have the exploration license. It may not have been announced publicly, because it might be considered embarrassing. However, Catoca has announced their desire to expand and I would not be surprised to see the results of the C9 exploration work on the Catoca website: Resignation of Managing Director The Board of Directors of New Millennium Resources Limited announces that John Cross has resigned as Managing Director and Chief Executive Officer, to pursue other interests. His resignation from the Board is effective immediately. The board wishes to thank John for his contribution to the Company and wishes him well in his new endeavors. Appointment of new Managing Director Shane Healy, the current CFO, has been appointed Managing Director and Chief Executive Officer in the interim and until such times as a replacement CEO is recruited. Although it is possible to be interpreted in more than one way, it is most likely that the price for the interference was the removal of the CEO. I accept that Cross may have resigned, because he felt that he lacked control, or that he genuinely wished to pursue other matters. But the conversation between Shane and Mc suggests that Endiama wanted him removed. This might also explain why the Badenhorsts are switching over as well. Finally, it does appear that the Nomad made a few alterations as there's a spelling mistake in there (lease instead of least): "Not the lease of which is time to set-up full production which is estimated to be significantly less for Alrosa than other parties.' Whilst Shane may try to put a positive slant on it (who wouldn't?) it is not a positive RNS and the market has reflected this. The fact is that now they: Can't explore the kimberlite and Can't mine the alluvials. They are temporarily reduced to digging with bucket and spade (and a few excavators) to sample the other areas of the concession. Given that they do not have the kimberlite exploration license, this restricts them to alluvial deposits. They will have to wait until such time as Endiama gives them permission to restart - if they ever will. So my analysis of NML now looks even bleaker. Given that before, they had the option to switch back to the alluvials, they could have generated revenue within a few months if they had chosen to. Now they don't even have that option. IMO All they will do is accumulate expenses and have to raise cash to keep the company alive. They will mothball the equipment, except for a few of the diggers and trucks and reduce the staff to bare minimum. They still have to keep the Garimperios off the land, so the security people will have to remain. I can't see any way that the share price can be reversed, except with news of any free-carry that Endiama offers NML. But it will be like being thrown a bone to keep the shareholders quiet, whilst Endiama and their Catoca partners carve up the juicy joint of meat. In my view, the share price will drop below 1p on the Finals and will settle somewhere below. Where exactly I can't tell. The company won't collapse based on this info, but is going to suffer whilst in hibernation. Campbell Smyth - when EPD goes over 40p, you can pay that £10 to the NSPCC and send me the receipt!
crockanure8: Anom is looking for an apology, like the one he dident give his fellow posters on EPD after ramping the share price DOWN from 60p to 20+. He also asks posters from EPD to come over here to slag us off when the NML share price goes down. Its got nothing to do with advice. Crock.
anomalous: >taylora It's quite easy to understand what's happened to the share if you look at the more recent news rather than the longer term. I'll give you my interpretation of events. The others will no doubt rubbish them, but then you need to look at the facts. The others are selectively ignoring the news that they don't like. Because it potentially damages the image of the company that they are trying to promote. The long term chart looks pretty bad, but you have to remember the original projects that NML was intending to exploit. They were after Tantalum and Niobium deposits that were located in Greenland. Not much progress was made on this venture, so naturally the share price drifted downward somewhat. It's when you consider recent history, that you can understand what specifically caused the drop to continue. The company acquired the Angolan project at the end of 2003. The initial rise from 4p to 10p was when the company indicated that they would be acquiring the equipment to commence work and the business plan suggested they would start production in April 2004. There were several placings to raise funding to purchase the equipment needed. Obviously these did cause the price to fluctuate, but the overall view was that it was enhancing the value of the company by enabling the purchase of material and furthering the company towards revenue generation. There were a number of delays (through incompetence) and a change in the management of the company that extended throughout 2004. Indeed, it is quite clear now, that even though many new shareholders (private investors), were being encouraged to buy up shares, there was data to suggest that someone was dumping large quantities into the market. At the time, many considered that these were cheap placing shares finding their way back into the market to collect the premium. If you were to look at the chart for the past year, then it becomes obvious where some of the problems lie. After the change at the top, the new management stated both in their RNS and in private communications to shareholders, that the company intended to start mine operation in September 2004. When this was delayed, due to late arrival of the equipment, the shareholders were told it would definitely be October and the company would go to full speed right away (they would 'Go for it'). Unfortunately(!), someone forgot the tie down straps to keep the equipment on the lorries transporting them to the mine site. As a result, the equipment sat in the docks for a month. By the time it finally reached the site, it was the start of November 2004. The management visited the UK to explain that the delay meant that the rains had started and that due to their intensity, the mine start could not be made until February 2005 at the earliest. This news caused the share price to crash downwards 1.5p from 5.5p to 4p, as most had expected some work to start in November, even if the amount of work was reduced due to weather or operational work-up. The Annual Report was posted mid month and the company announced that they were expecting to spend the next 12 months focused on production (promise now broken) production up to 10,000 carats within three months of start (promise now broken) breakeven by June 2005 (promise now broken). But this news did have the desired effect of raising the average share price back to it's previous levels. In fact, despite the fact that the company did not announce a start in February and there were more dilutions (even though the management had claimed that they were not necessary), the share price did not drop appreciably until March 2005. This was because even though the 'mystery' seller(s) were still dumping huge quantities of shares, the number of PIs expecting a share price rise kept the share price artificially high. The reason for the drop in March was when the company reported the Interim Results and announced the losses. They also suggested that the mine start would be delayed and that the exploration to production phase would last until June 2005. Naturally the market thought that this would be another 3 month delay and the share price dropped. In actual fact, the company announced the mine start a few days later and the price was restored, temporarily. It later became clear that the company would need more funding and there was no further news coming for a while. So the price drifted as the mystery seller(s) kept dumping more shares. This prompted the enquiry into the fact that the directors had not correctly reported their share issues and the subsequent RNSs were contradictory with previous ones. When the Company announced that they were going to have to apply for the kimberlite exploration licenses, because other companies were looking at the kimberlites, the shareholders were on the whole surprised that the company didn't already have them, as they had mentioned the kimberlites in their business plans many times in the past. It was never suggested that they had the licenses, but it was almost assumed that the company would automatically get them. The dip in the share price at the start of July was down to the fact that the shareholders had been told that they would be informed of the grades the company had extracted from the alluvial operations in the past three months, April, May and June. What they were told instead, was that the company had been forced to switch all the equipment to explore the kimberlite, as the competitors were showing too much interest. The only problem with this was that the amount of earth that the company suggested they had moved 180,000 cubic metres was equivalent to 4 or 5 months of normal alluvial operations. This indicated that it was possible that the company had been digging on the kimberlite since January or February. The puzzling thing is that if this was so, then why did the company announce that they had started the alluvial operation in April? Since it was now clear that the company was not going to be having any significant income whatsoever for some time, the mystery seller(s) increased their dumping hugely and consequently the price dropped like a stone. The amusing point is that the MMs who had been buying up the spare shares, soaked up too many and created a stock overhang for themselves. They thought that the private investors would continue to keep buying up any cheap shares, to average down their holdings. But many of the shareholders were so disappointed by the lack of news for the production, that they announced they curtailed any further buying to await good news. The MMs were caught out by this, accumulated too much and are now in a hole. They know that another dilution is on the cards, but they can't raise the price (to stimulate buying) without triggering more sells. I suggested a few days ago (check back through the thread), that the MMs would probably have to drop the price by 0.125p to try and encourage more buying. They probably don't want to sell at a loss, but have little choice. If they are holding when the dilution hits, they'll be hit by an even bigger loss. So there it is. The company still has no revenue stream, is spending lots of money and time digging over a kimberlite and ignoring the one operation that might generate some cashflow. They need funding, so some finance solution is going to be necessary and it's only a matter of time in my opinion, until the share price drops below 2p. You might even see the dilution at 1.75p or 1.5p per share. Whether or not this finance is going to be enough to pay for the expensive drilling is another matter. To get the JV, they will need to prove that the kimberlite is worthwhile. Whilst they might have some idea what the data from the other exploration companies says, they need to prove it for themselves before they will be able to negotiate. So this dilution may not be the last and production operations may be delayed well beyond the 6 months that the company suggested.
anomalous: There's another thing that should be considered. Four months ago, I said that the conversion of the convertible loan was not because the lender had confidence in the company, but because they lacked confidence in the share price remaining high. The vast majority of shareholders were certain that it was a vote of confidence and rubbished my suggestions. But are they so confident they were correct now? You see, the loan was convertible at 4p ($.075) per share, which was fixed. So the $1.25 million would yield 16,666,667 shares, no matter what their present day value. The issue was made on 20 January 2005 whilst the share price was around 5p or higher. This was the RNS: The Company announced on 5th October 2004 that it had 'arranged a standby finance facility of up to US$1.25 million by way of a convertible note, convertible into NML shares at 4p within 12 months of draw down. The loan notes will bear interest at 6% per annum. The facility has been established to be drawn down at the Board's discretion should the need arise and will be available for 12 months'. The board confirms that it has activated this facility and drawn down the full amount of US$1.25 million to provide working capital. The providers of the facility have opted to immediately convert to equity and have waived their right to interest and the 12 month conversion period. The company will therefore issue 16,666,667 shares at US$0.075 (4p) and make application to be admitted to trading on the AIM. Admission is expected to occur Monday 24th January 2005. As I pointed out at the time, the conversion was bad news, because it indicated that the lender needed to get hold of the shares immediately, to sell them into the market at a small profit, to reduce their overall risk. The scenarios I presented were along these lines: (This was in April by the way - post 4334) Scenario 1. - the current situation (April 2005), shares issued and sellable immediately Share Price currently: 5p Issue price: 4p Lost interest = 6% profit Current premium = 25% profit Net Profit = 19% profit Can sell at any time to reduce risk Scenario 2. - the convertible deal, assuming a rise in value due to alluvial production Share Price currently: 5p Share Price Jan 2006: 12p Issue Price: 4p Interest received (in shares) = 6% Current premium = 200% + interest 6% + premium on 6% = 12% Net Profit = 218% profit Can sell at any time after 12 months - but with risk that scenario 3 might occur. Scenario 3. - Oh dear! Share Price currently 5p Share Price Jan 2006: 3p Issue Price: 4p Interest received (in shares) = 6% Current premium = -25% + 1.5% loss on 6% interest Net loss = -20.5% loss Can sell at any time after 12 months - but who would want to now?! So you can see, that by converting the shares when they did, the convertible note holder (who we now know to be one of the directors) was able to minimise the loss to his holdings of keeping the shares and seeing the share price drop below 3p. Under the scenario above a drop to 3p meant a net loss of -20.5% of the value, but under today's figures it looks this bad: Revised Scenario 3 Share Price currently 5p (April/January) Share Price Jan 2006: 2.75p Issue Price: 4p Interest received (in shares) = 6% Current premium = -31.25% + 2% loss on 6% interest Net loss = -27.25% loss Or even this one: Scenario 4 - Still nothing found in the kimberlites, no alluvials produced and a dilution Share Price currently 5p (April/January) Share Price Jan 2006: 1.5p Issue Price: 4p Interest received (in shares) = 6% Current premium = -62.5% + 4% loss on 6% interest Net loss = -60.5% loss The question is, do you really believe that these shares are still being held? And if you do..................................I have this used car I'd like to sell you. One careful owner!
anomalous: cardiffjohn36 - 6 Jul'05 - 21:23 - 5801 of 5801 anom- as i said its a well ballanced thread without you - let people make their own minds up - they can see your views many x's with a small amount of research- as you can see now not any neg nml posts on here - so i ask you again politely not to post again on nml for a while, many thanks cfj But you are misleading cfj - because NML does not have a "well balanced thread" without input from both sides. The vast majority of the posters are not interested in discussing the faults with the company or the serious questions left unanswered. They would rather ignore them. But they moan about the lack of RNS's soon enough when the share price is stalled. You're going to see even more of this over the next 3 months and even worse when the rainy season starts again and the company start claiming that they can not work till the rains stop. How much of a fool are you going to appear when Christmas comes again and the share price is the same or even worse. The majority of your fellow holders have already predicted that it would be 55p by Xmas. Fat chance now. If you or the others keep posting on the EPD thread, then all you will do is annoy the posters there enough, that they'll come over here as well. They did the last time and they'll probably do it again. ADVFN will not intervene, because they consider the arguments between various groups as one of the more entertaining and marketable aspects of the BBs. So that just leaves the majority of the NML posters filtering what I write on the NML BB, but then making a nuisance of themselves on the EPD thread. How long do you think it will be before one of these posters crosses a line and posts something that is misleading? Something the FSA would want to investigate? Not long by all accounts, as they've already come close a couple of times. It's one thing to make allegations when you have proof, but it's quite another when you start making things up. I have proof about NML. Written proof to coroberate my assertions. So I will say again, I will continue to post on the NML BBs, as is my right to do so. If you intend to make a nuisance of yourself to the EPD BB, then you have to be prepared for a backlash when they start visiting your BB to point out your mistakes. In time, IMO I think you'll see the NML share price drop away under more dilutions, whilst the EPD share price starts increasing due to continued good news on their projects. The longer the NML posters post there, the more embarassed they will become at the polarisation between the fortunes. If you want to make fools of yourself, by all means go ahead.........
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