Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
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G.W. I find it fascinating that whoever gets hold of the steering wheel continues on the same roundabout and continues missing the exit sign.
They still appear to be intent on producing coal if they can find enough cash for what seems a necessary substantial investment in the required plant etc.
I shall look in again sometime nearer the mid terms.
In reality Esquimo, it's another carp annual update. Not unexpected, mind.
I havent pulled the accounts apart (it's not yet on the website or Companies House) but admin expenses have risen nearly 40%. Costs of sales are down but we have seemingly shifted our day to day expenses into back office costs. That's probably supporting lifestyle directors......
The concrete plant up to 10k tonnes a month is nonsensical - you cannot supply concrete plants (or coal fired power stations) unless you have a guaranteed regular supply, which we don't. And hasn't the concrete plant stuff been spouted before?
And remember this - 10k tonnes a month? https://www.lse.co.uk/rns/EDL/start-of-washed-coal-production-eodrlc0h5fpi7xo.html
Rukwa is a dead duck - long term holders know that and the BoD seem content to use up heavy financial raises via share issues to bolster the bank balance, seemingly make excuses for continuing to waste time and take a nice large slice of the pie for themselves.
"As of 31 May 2024, the Company had cash balances of approximately £100,000" - this is the second time we have wasted a big seven figure capital raise earmarked for strategic transformation and we've now reverted to a CLN funding arrangement. Groundhog day?
I will keep trading here and sometime in about 2075, I might break even.
Same old.
Rukwa needs selling off and the new dawn we were promised on 1 June 2023 becoming reality.
Time here equals nothing but wasted money - shareholders money.
GLA
How many years has that been the target?
Coal production has been re started.
I wonder what the coal output is currently.
They've spent the last ??? 8 yrs trying to produce coal using machines which sound as if they were found in a scrap yard and to say the least unable to cope.
They are still set on maximising the coal asset.
We shall see what the mid terms reveal.
We will definitely get an update this week as the Annual Results are due
I think we are almost there.
Expecting an update this week if not the long awaited conclusion of the acquisition.
Great find Teaye72. Perhaps we are now closer to concluding the acquisition.
I believe PK chairs the MLC.
And according to the latest MLC Statement...
Ministerial approval is now required. Indications are that it will be received, but naturally no guarantees.
Kabwe will be a major undertaking, but with the details given in the last RNS, you know the size of the resource and with AUO funding available I suspect, it will have been well worth waiting for.
I suspect that there will be a copper acquisition as well as Kabwe. QGC and JB never just do one project at a time as they take advantage of near term production assets which need AUO capital to finance them.
Https://twitter.com/Shukaminerals_/status/1800820535536070819
Are we moving into copper?
So illiquid this one, just one or two trades can move the price 5-10% in either direction. I've just added 30k more at 8.44p on the weakness, think that is lowest I have ever seen, with the recent convertable raise done at 15p it's a half price sale almost
Sorry too late at night. I meant Kabwe not Rukwa.
From their website
Shuka Minerals is embarking on an exciting journey of discovery and development in Tanzania, Zambia, South Africa, and other African countries rich in copper, lead, and zinc deposits. Our projects are carefully chosen based on extensive geological surveys and thorough feasibility studies, ensuring that we target high-potential areas that align with our sustainable mining principles.
The latest RNS gave us detail of the first acquisition fulfilling the above objective.
We can identify it as being Rukwa zinc, lead and silver mine in Zambia.
According to the Shuka Minerals website Edenville are still operating the coal mine and secondly the 10,000 tonnes guff has been taken out of the write up.
P.S. to that post, I've been patient for about 14yrs lol .
St P7, March 18th RNS states that the mining staff had returned to start a new production cycle due to the robust demand for coal, no mention of the order book though. We shall see what the results and update say.
I'm not holding my breath.
Results still around another 3 weeks away, also 605k share sell delayed isn't great. We've all been very paitence but that sell doesn't fill me with confidence and is a red flag ffs
Hi Esquimo
They are not producing any coal as far as I am aware. That is a dead resource for the company.
I expect the long awaited RNS announcing the acquisition of the Kabwe Zinc and Lead licence will be with us in the next two weeks. Also, it wouldn't surprise me to find that QGC through their subsidiary AUO will provide the capital for the equipment needed to open up the mine, dewater it and get it ready to produce again.
As has been seen from the last RNS, this mine has a huge value.
The mine's historical non-JORC compliant resources have been independently verified by the Company's retained technical experts and which have an in-situ value of approx. US$1.98 billion based on current London Metal Exchange prices, and where preliminary economic analyses has estimated pre-tax cashflow of US$1.84 billion, NPV10 US$0.56 billion and an IRR of 112% based on the development of two of the five existing non-JORC compliant historical resources.
Just a little more patience and your investment could easily bag from here.
With luck a positive forward looking statement will be included.
We might have some coal out of the gates to satisfy the stated robust demand something they have yet to achieve since clearing the first layer of overburden, a lifetime ago.
“Once again, great to see the Fujax relationship is going well at #MARU, it’s only logical that Fujax will be eyeing up activities at #SKA, this bodes very well for future lead & zinc offtake agreements in my opinion.
@JB_MiningAfrica @Shukaminerals_
lse.co.uk/rns/MARU.PL/of…”
https://x.com/redditdeluxe/status/1796435577241501895?s=46&t=IHEn1TE0c7FNFBktt6H8XQ
"What’s a $5m share issue going to do to the price of a £6m mcap with £2m convertible loan notes in the background?"
Eh? You're trying to complain that a £2M CLN at very favourable terms, to buy a $1.8BN resource, will do bad things to the market cap? That's a cracker than one! :) I suspect a $1,800,000,000 resource might increase the MCap a tad from £6M a tad, don't you?
Only 2 reasons for such a post, Bridgedogg1:
a. You didn’t understand the RNS within the context of the company’s current state (let alone the change from EDL)
b. You want to manipulate the price.
Won’t state my guess, but it isn’t “a.”
Only 2 reasons for such a post, Bridgedogg1:
a. You didn’t understand the RNS within the context of the company’s current state (let alone the change from EDL)
b. You want to manipulate the price.
Won’t state my guess, but it isn’t “a.”
Bridgedogg1 your remark on the convertible loan notes is misleading. The company has effectively borrowed £2m which will be converted at 15p in due course and at the cheap rate of 3% per annum; as simple as that, not your typical loan note disaster. This was done to avoid the need for an RTO.
The acquisition cost is not $5m in shares either - it is to be a mixture of shares and cash.
The value of the asset being acquired is far in excess of the amount that is being paid for it. So no dilution for shareholders, just a great deal and a multibagger in the making.
What’s a $5m share issue going to do to the price of a £6m mcap with £2m convertible loan notes in the background?