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operational highlights:
· geological mapping at lolworth led to the discovery of numerous quartz outcrops within the ridgeline above those gold bearing streams in the upper gorge creek area with best results from rock chipping of 13.75 g/t au, 3.13 g/t au and 2.17 g/t au over a number of outcrops measuring up to 3m wide x 20m long
· discovery of a rhyolitic dyke in gorge creek east, lolworth 5.5m wide x 200m long having anomalous gold valueswith the best rock chip from the centre of the dyke returning 8.02 g/t au
· results from mapping a quartz veinlet system within the upper creek drainage of flaggy creek, lolworth over a length of 70 metres long and within a zone up to 100m wide have proven to be gold-bearing with best results being 6.05 g/t au, 5.96 g/t au, 4.66 g/t au and 3.97 g/t au
· application submitted for an exploration licence at kondaparinga, queensland, approximately 120km2 in area within the hodgkinson gold province
· broader mineralisation and increased levels of high-grade gold reported from our drilling programme at creswick, victoria, with best individual grades 8.87g/t au and 8.06g/t au
· bulk sample testing at davey road, victoria indicated extensive gold mineralisation, with a best result of 41.03 g/t au
· tambo rock chip results comfortably exceeded those from previous exploration activities, with eight samples having gold grades greater than 5 g/t au and best results of 51.5 g/t au, 26.5 g/t au and 24 g/t au
financial highlights:
· sale of non-core assets realise a$420,000
· ongoing examination of historic tax losses of a$75 million to potentially unlock significant value
· cost reductions through salary sacrifice scheme and closure of london office
· two fundraisings completed in september 2023 and march 2024 to raise almost £1.2 million in aggregate
nick tulloch chairman said: "in the nine months since mike ******* and i joined ecr, we have sought to implement a step change in the pace of our operations, coupling increased activity in our australian projects with a prudent approach to cash management. mike and i have always viewed ecr's project portfolio as a potential sleeping giant, and now with the results and developments reported across our tenements in recent months, we believe the company is well on the way to realising the value of these assets."
"as a board, we are receptive to ideas to add value, new initiatives and projects to our operations. in recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. while these developments in themselves have served to further confirm the nascent value within our project portfolio, in line with our own projects, we have retained a conservative approach to these discussions. expanding ecr's business is high on our agenda but we will do so only when we are satis
Impressive progress to date. So much going on across multiple fronts. Im excited
Loads of activity to come on a number of licenses, all fully funded.
I'm especially excited to see Lolworth trenching and driling this year....that's going to be a huge value add as well as BM moving towards potential production.
There is interest from other parties as well:
" in recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. while these developments in themselves have served to further confirm the nascent value within our project portfolio"
All bodes well.
The fact that they are getting outside interest is interesting. Essentially, they have places to go for low or off-balance sheet financing should they need it.
But the outside interest is leading nowhere. If it were we might have a JV with Creswick but regular attempts by previous management and the present to find a material resource in Creswick has FAILED. Yet talk Ant has today tweeted that the present management intends to return to Creswick to drill - drill for what ? pockets of gold? Beggars belief.
They will be returning to Tambo to drill. There was no mention of a return to Creswick during this exploration campaign.
Following the rock chips results at the old Duke of Cornwall mine Tambo represents a valid drilling target.
By the end of the year, ECR should know which assets are worth focusing on.
BBN - I take your point. A shame that was not made clear.
From the outlook section of today's results,
"Over the remainder of this year, the Company's work programme will include:
· Inaugural exploration campaign at Blue Mountain where work conducted by the previous operator is reported to include an alluvial resource which could potentially yield over 100,000 ounces
· Trenching at Flaggy Creek and Reedy Creek in Lolworth, Queensland - trench across various outcrops followed up with Reverse Circulation drilling
· Reconnaissance for Niobium, REE and Gold in streams over eastern tenements in Lolworth where geological mapping suggests the presence of pegmatite intrusion that covers approximately 45km2
· Reverse Circulation drilling at Tambo, Victoria, where the Company has recorded 51.5g/t gold in rock chips
Through a combination of the placing announced in March 2024, the Board's focus on cost management and salary sacrifice and last year's assets sale, these activities are fully funded."
3 very solid and fully funded exploration targets with some niobium and REE investigations thrown in.
We have the property sale, tax losses and possible JV discussions all running in the background. With the tax losses being the blue sky item if/when it lands.
Gosh, only just seen the rns, still here, it's looking good, slowly but surely :)
Stay over on HE1 ramping matrix ffs 🤦♂️
So I’m guessing some ‘insiders’ got an RNS nod yesterday and are now selling as it’s just housekeeping news. Serves them right if that’s the case!
Afternoon Peeps.........!
and if so mentalmax, for those that didn't......! :()
"For the remainder of 2024, I want to reassure shareholders that, following on
from a very successful period of work in Victoria, they can look forward to
further newsflow as we re-commence our operations in Queensland."
All the best (busy period for ECR.........! :()
I agree with you Mental, a pattern we have seen for some time. We have seen heavy buying the day before a RNS drops, now for the record I'm not suggesting that anybody is giving out nods and winks but it's a little suspicious don't you think?
Dan, I've seen it alleged that there were leaks from the office that receives RNSs as there are a number of companies that see increased activity the day before.
Obviously I would not concur with that theory (just for any lawyers out there ;-)
Daramunda : "BBN - I take your point. A shame that was not made clear."
I thought that with the RNS making no mention in any way of any future planned drilling in the Creswick summary , but stating future drilling was planned at Tambo made it clear.
Mind you I don't have a negative agenda here .....lol
It was my mistake. I did not have a negative agenda but I am afraid that I will remain negative until Talk Ant and Talk Dec announce something in an RNS that gives shareholders real value. I was checking out cash in hand as at 31 March earlier which took me to the second placing. In that announcement yet more money (in the form of shares) was given to advisors. Part to joint brokers Axis which I can understand and part to unspecified "advisors" "to conserve cash". What do the board do to conserve cash? £102,000 per annum each (£12,000 of which in cash) - I am beginning to question what for, If and I mean IF ECR produce from the 80,000 ounces made available by Blue Mountain's previous owners, you will see me revert to positivity. But then Haythorpe needs credit for acquiring Blue Mountain.
Struggling to see your point there.
"to conserve cash". What do the board do to conserve cash? £102,000 per annum each (£12,000 of which in cash) .
They take £90k of their salary (£112k is no a large salary in comparison to similar companies) in shares...that conserves cash.
"I was checking out cash in hand as at 31 March earlier "...and?
Pilot plant.
Bold move - great news.
Well played Ant & Dec.
Talking Sense - I became a shareholder when Craig Brown was ceo. You could only praise Craig Brown. Likewise when Andrew Haythorpe took over, you praised him and you could not fault him. It is now the same - you can only praise Nick and Mike . If anyone criticises them, you challenge the critic.
They started well. Got a raise away at a discount, sold some surplus assets and dispensed with costly accessories like the former chairman who was taking circa £70,000 pa and the company's office which was clearly surplus to requirements and Nick and Mike have taken a large part of their. remuneration in shares (some at a discounted level) Drilling Davey Road and Kuboid Hill has brought very limited returns and we have a lot of talk talk and tweets . I hope with Queensland talk will be replaced by walk and value will be created starting with production of the "inherited"gold at Blue Mountain. Possibly like you, I have run and managed businesses. I know how to conserve cash but these two have spent tens of thousands in the form of shares to conserve cash and we have no idea who has been employed - why have we not been told? Sorry, but I cannot join you and other sycophants and not criticise. Let us see them justify their £102K pa each take. And I would hope because other shareholders (not just traders) will benefit, the value of Nick and Mike's shares increase upon delivery of value.
Morning Daramunda,
I first invested in the PJ days and made a great profit out of the "Itagon spike" before staying away for a couple of years and then re-investing after CB took over..around the 0.6-1 level initially.
And yes I did praise him as he took the SP from 0.6 to in the 4s. When he sadly passed away the SP was double where he took over. I made some good money trading in the 2-2.5 range as it predictably see sawed there about 10 times.
Some commentators criticise CB, however a lot invested in the 3s or 4s with little/no research.
Many criticised him for the "JV talk", however Mike has confirmed that firms did indeed request access to the ECR 'data room' at that time so it has been proved that conversations were had. And CB oversaw the acquisition of the Lolworth licenses which I believe will be the long term company maker.
AH started well , getting the 2nd drill that shareholders were screaming for (but which was actually useless) , but it soon became apparent that he was just using ECR as a vehicle to enable the Hurricane project and his desperation last drilling campaign at Crewick was poor at best.
Mike and Nick took ECR over in a desperate financial state and have steadied the ship.
They have raised £1.2m to steady the ship, and taken (with the rest of the BOD) the vast majority of their salary in shares to align them with shareholders and significantly reduced cash burn , i.e closing the London office).
They have implemented much more rigorous and extensive sampling over Lulworth and Creswick and ran an inexpensive drilling campaign (only c500m of RC) at the latter. I believe the ideal play at Creswick is to get a free ride JV at Creswick due to it's size and the only way for ECR to be able to do this is to build the data set there which they cannot do with no activity.
They have re-evaluated all assets and BM (the one good thing AH achieved) has been identified as a good asset with a small scale production feesability being assessed.
They have spent £6k in shares on a Tax specialist who could realise the company £millions if a path to monetising the tax credits....some have criticised this, but I'm happy as a shareholder for them to spend that (and not in cash) for a potential million+ return.
Initial sampling from Lolworth was excellent and thr REE discovery was a real bonus.
Lolwoth has MASSIVE potential and we have already had discussions with neighbours to the east.
Yes, I'm optimistic on Lolworth and believe that this year will be a huge turning point through Lolworth providing excellent progress.
Mike and Nick have done a great job IMHO since they joined and I have backed this belief by adding over 5m shares since they took over.
Results and deals over the next 12 months will determine if that was a wise decision
There is always room for criticism daramuda but I think you are being overly critical.
As you will know the business world isn't a charity. These guys aren't here to work for free and could easily have given themselves far greater pay packets from the off. £102k is not a big wage for a typical AIM company director. But to then take c. 90% of it in shares spread over the year from the off without any proof that their efforts will pay off demonstrates a full commitment to shareholders and an alignment that says they will do all they can to ensure this is a success for them and me too. How many AIM directors out there can we say that about? Not many at all.
There are plenty of businesses out there with great tech, assets or ideas that constantly let themselves down with the way they raise money and reward themselves. Yet investors still flock to them. Here we have a BOD that has taken limited pay from day one and aligned themselves fully with those who would back them. That is very rare. What we now need to complement that is the assets to perform so that the combined offering of trustworthy and effective management plus great assets can shine through. If they can do that then their approach should be rewarded with a higher valuation than many of their peers.
Before they came in ECR was going nowhere and bleeding shares and cash. It takes time to plug all the holes and set up a new approach and strategy. 9 months is nothing for a mining exploration business that has to work around wet seasons. Slowly but surely progress is being made and the efforts of cash preservation and taking shares have set them up for what are 3 meaningful and dare I say exciting exploration programmes over the remainder of the year.
In addition, they are clearly looking to improve the business through corporate activity. Again I see this as a positive for the company when I know the BOD is fully aligned with me and cash conscious. It means the deals are likely to be positive-
A willingness to hear criticism about our investments is always important but I just can't see the justification for it with ECR. and I trust that the market will start to see what I clearly can as the year further unfolds.
Yes they certainly got things going again. BOD still bloated even after AJ’s departure IMO. The paying to conserve cash is a bit smelly atm and needs clarity. If it’s a wheeze then integrity will be lost. Hope it’s not.
I trust all investors appreciate that when ECR said this (see below) on 14th June they meant they had paid fees in shares rather than cash to conserve cash resources. It does not mean that they were paying someone to help them conserve cash.
"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."
Nick ….I Suspect Looks After Expenditure…..
Granted, but it is still a £6k payment (fee) for ‘conserving cash’ - so a company is being employed by ECR to say ‘hands off!’ Every time they want to spend? I don’t get it? - also, while M/N’s own share allocation requires notice of sale for transparency, what’s to stop the £6k worth being flipped and converted to cash ‘off the radar’. It also appears whenever N/M get their shares, which arguably adds to suspicion.
Now I understand this comes across a bit conspiratorial, but the company has forked out a kings ransom in director ‘fees’ over and above while ECR was on the rocks which has left any holder who hasn’t been here for five minutes understandably sceptical of any ‘fee’ which can’t be explained, particularly if it’s for a rather odd expense.
I’m sure they’ll be able to explain it all. Once bitten….