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Talking Sense - I think, with respect, that the frustration of shareholders is somewhat more extensive than you describe. I agree that Blue Mountain (BM) is, now that the Queensland weather permits, an opportunity to produce gold. After all Adam Jones and his team have inherited 80,000 ounces of gold explored by the previous owner of BM. If that is correct then ECR's management should be able to create value for shareholders. Creating value is in my opinion that which ECR;s management and any other explorer should be aiming to achieve. They will not achieve value by talking, podcasts, interviews and tweets. I hope that they did not think that they could.
We know that they thought that it was a good idea to spend shareholders' money on a drilling campaign at Davey Road and Kuboid Hill. The results were "talked up" as "successes" but despite that, Creswick has been put on the back burner for the time being. The question to be answered is should they have been further drilled in the first place? I am more of the opinion that Sausage is correct and that Creswick has been flogged to death; despite pockets of gold found and despite years of work no major resource has been located. That said, we have pockets of gold and the TV programme Aussie Gold Hunters gives us an insight as to how successful explorers can be in finding small resources and selling their "finds" and make a good living therefrom. With ECR's tenements and the "finds" at Davey Road and Kuboid Hill and other parts of Creswick, these Aussie Gold Hunters do not have to hunt for the pockets found - they have allegedly been found and are therefore ready to be taken from the ground and sold if our management can tie up deals sharing the cost and the resulting sales product with these "hunters" - after all gold prices have risen considerably over the past year and from information available are forecast to rise further. That would mean a change in direction for our management but we know that they do not have to work hard to conserve cash since they appear to have abrogated that task to an advisor or advisors at a cost of £6,000 per quarter!!
And that brings me back to BM. Let's have a production plan and evidence that Jones can improve upon the finds of the previous owners of Blue Mountain - two plans - proper plans and active steps to achieve real value for shareholders. It cannot escape anyone's notice that Mike, Nick and other members of the board have shares - that is something else that has been talked about so often!!!
Then onwards to Lolworth but as we go deliver value to shareholders through production.
Bringing up the progress made under previous management and projecting it onto the new management team, has zero worth.
Criticising small-scale CAPEX light progress on available projects whilst the ECR exploration teams wait to access their best projects post-rainy season is also misguided.
ECR management cannot help the weather. Nor can they simply send their teams away and call them back when they wish. What they have done is put them to work on available projects to see if they can't make meaningful enough progress to present the BOD with a future headache on where they apply the bulk of their available CAPEX.
To be fair even with limited time and funds applied the teams have identified some solid prospects which will no doubt be considered once the full 2024 exploration programme has been completed. But it is clear that the most important part of their 2024 exploration campaign is now just getting started in Queensland starting at Blue Mountain.
A new BOD has every right to push as many angles as it can on what is a very large land package before assessing where best to focus its future attention. After all, they have only been in the job c. 8 months. This takes time and requires patience from shareholders which for some of the longer-serving ones may be difficult to offer.
But the new BOD cannot help with that. All they can do is examine each option as best they can (be it land or mineral-based) whilst seeking alternative ways to fund the opportunities that they find. Hence why they have sacrificed their salaries and are seeking to sell non-core assets and tax losses.
I wish other BODs I've invested in were as committed as this BOD has been. Such efforts deserve reward.
"At the same time, the Company has agreed to issue and allot 2,307,692 new ordinary shares in lieu of £6,000 of fees owed by the Company in order to assist the Company in conserving its cash resources. These shares have been issued at a price of 0.26 pence, which was the volume weighted average price for ECR Mineral's ordinary shares over the 14 trading days prior to the date of the invoice."
Maybe there's a mystery company that just get's paid for helping save money 🤣🤣🤣🤣
TechG,
ECR are funded for the 2024 programme of work, that is not the same as being funded to the end of 2024.
I doubt, just my opinion of course, with the current programme of work spread across all that they have going on that ECR are going to survive to the end of 2024 without further dilution. They have to deliver a revenue stream and stop fluffing around with endless results and retesting using different techniques. All they seem to produce are test results, then new improved test results, they somehow find more gold in the same bucket of rocks??
Still don't feel it is appropriate for a COO of an AIM listed company to be presenting a podcast under an alias to talk about the company that employs that person. Just feel it's a massive conflict of interest, that needs to be declared up front for the recording if the podcasts are to continue. Just my opinion of course.
I think we can agree that they have a significant amount of skin in the game and cannot just rely on their £12k cash a year....so not a 'lifestyle company' .
Absolutely right Techguru on the activity front.
Blue Mountain is the really interesting short term activity which is most likely to lead to a potential production/ income stream in the shortest time.
Lolworth IMNO will be the crown jewel of ECR in the mid-long term . The initial gold sampling results there have been outstanding and have not been relected in the share price (mainly because they are just initial results) the REE potential is excellent and the neighbours are interested in having discussions with regards to co-operation (JV?) to the east of the tenement.
Plenty to come ....And as Sausage has pointed out , we have the tax losses that may be monetised as well (we will not hear anything on that front until a deal is agreed) which would be a game changer.
Techguru91 - your post is inaccurate regarding the remuneration payable to directors Nick and Mike. The RNS makes it clear that each are entitled to £102,000 per annum of which £12,000 is paid in cash the balance in shares. Thus it is not correct that "they aren't getting paid a penny" although it is fair to say that they do receive most of their pay in shares.
The discussion is getting a bit silly here. They are not only funded on an operational level into the end of the year, but also for multiple drill campaigns. It is now dry season so its all hands on deck across multiple projects and newsflow should be coming thick & fast. Unlike most Directors Nick & Mike have skin in the game and aren't getting paid a penny, the last quarterly salaries were paid in shares at 0.3p, a premium to the current price. Those accumulating into this strong support zone 0.25p-0.27p will do very well
And in the latest interview Doc said we had enough funds to stretch in to 2025 so no immediate raise to come.
"AUS$100,000,000 target"....I must have missed that series (that's about £52.2m)....Was that team Newmont ?
Dannyboy.... show me where I've posted "its all good" I haven't muttered those words for a very long time about this stock.
"I'm guessing there will be another £500k placing at what price 0.2p?ere" - this is just that, a guess.
I love it how if the sp is going up, all is good, but if sp goes down people come on here and say there is "Highly suspicious" activity going on.
Is it too difficult to comprehend....
They apparently got some tax expert in (at a cost of?) but we've heard nothing of what came of that.
They have send more buckets of rock to the lab, to get the same results quicker.
No published plan to become a gold producer.
Continuing previous posts, if you watch Aussie Gold Hunters (AGH) then you see some set AUS$100,000,000 target and hit that target, you know how? By getting on with it. They don't sit around hosting podcasts (isn't that just conflict of interest? ECR COO presents under an alias a podcast talking about ....ECR ???, remembering Doc Holiday's X account states "Comments here are my own, and not that of any company").
The AGH borrow a tonne of money, as ECR raised £1,000,000 in 6 months based on the RNS dates and they spend it on doing stuff that get gold out of the ground not rock chips out of the ground. To note, in Sept ECR raised approx £500k, it lasted 6 months before they raised again, we are now 3 months on from when they raised the last approx £500k. ECR have spread themselves very thin with all the projects. If they can't find a revenue stream in the next 2 or so months I'm guessing there will be another £500k placing at what price 0.2p?
The MM are still prepared to take 1m regardless of the large sells going through, the usual attempt to take this down. Highly suspicious this activity imo.
SV has a point, these guys are finding gold with nothing more than metal detector and shovel. We can laugh but we have spent millions over the last decade and produced nothing. Some of these old timers are hitting $200-500k a year using knackered bits of plant.
But factual - Where is the income for years ? Exploration fail after fail , digging in the dirt hoping for the best
Thanks SV....as informative and value adding as ever
To sell right now it seems
Nick & Mike know exactly what the market wants. Those picking up stock in this area are going to be rewarded handsomely. So much going on across multiple projects. Keep a close eye on this one from here on in
Daramuda,
Have to agree with you, in my opinion too, "current management has got it wrong by continuing to flog a dead horse at creswick"
Afternoon Peeps........!
MM's delayed your trade an all techguru91.......? :)
All the best ( gotta wonder why.........? :()
Firmly in the buyzone here. Expecting things to heat up on multiple fronts. Reading the past few months of RNSs has given me alot of confidence where this is heading. We have almost finished e placing lull period. Should start heading higher
MentalMax,
Might be worth a question to Doc Holiday on https://twitter.com/DDS_DocHoliday/status/1802244633868517819
...... "sausageonaprick (sorry auto correct) has summed up the situation very well in yesterday's post"...........is that not what you call an oxymoron🥴....🤣??
I'd be very happy for them to crack on at Blue Mountain. Lolworth obviously a big mover for the coming months. Tambo has serious potential....
The thing is they have Sooooo much but not loads of money to do it with. So do a deal. JV something and produce some gold at small scale while they continue to explore.
Management have a lot of shares now so a rising SP will be very nice for them.
drew black hopper and others. you are right to wonder when we as shareholders, some of us lths, might expect the management and geologist to create real value. i admit that i had thought that we might see value within creswick but i, jones and various members of management, historical and current, have been wrong. sausage has summed up the situation very well in yesterday's post . haythorpe saw it rather late in the day hence the move to queensland before he resigned but our current management has got it wrong by continuing to flog a dead horse at creswick.
jones should now be at blue mountain. he has a ready made resource at his disposal (80,000 ounces of gold) which he has inherited from the previous owner of blue mountain, with the opportunity to improve upon that resource. ******* and i assume in agreement with tulloch recognises the opportunity. listen to the second half of the stock box interview of 6th june which can be found on the ecr "x" site. let us hope that the regular talk about this and that which has led nowhere is now replaced by a genuine desire to produce gold with the required equipment being provided to create real value for shareholders.
ant and dec have done a reasonable job in balancing the company but raising money at a low price, granting themselves shares and selling surplus equipment assets has with respect been the easy part. they say that the money for the second placing was rather thrown at them and could not be ignored. however the real and hard job is to create value; they appear to have the asset with which to do so at blue mountain.
if they see value at creswick then do deals with the best of those that appear in the tv programme aussie gold hunters. but i do not think that they will find a large resource at creswick - that horse has been flogged to death.
Need to see results and delivery fingers crossed