NTL - New Talisman Mine - New board & Directors

[Daytr]

https://hotcopper.com.au/threads/ann...ation.8071160/

Man do they need some money quick.
That doesn't sound good at all.

[Baa_Baa]

The thing is, that it's hard to know, understand or believe what what's being said. I think a fulsome update on all the facts relating to ability to dig up some ground, and how much, and process it, and expected gold and silver recovery, would be welcomed. Especially prior to a cap raise. Just tell the whole story, in full, right now, the truth and nothing but the truth.

For example, from as recently as Sept 2023:

Regarding regulatory approvals, we aim to maintain open and constructive relationships with all regulators. New Talisman holds a 25 year Mining Permit (MP 51326) and is consented to commence a Bulk Sampling Programme to help prove long term mining feasibility. We were pleased to announce that the Department of Conservation has granted access underground while we await approval of the Mine Workplan and issuance of the Authority to Enter and Operate.

[whatsup]

The thing is, that it's hard to know, understand or believe what what's being said. I think a fulsome update on all the facts relating to ability to dig up some ground, and how much, and process it, and expected gold and silver recovery, would be welcomed. Especially prior to a cap raise. Just tell the whole story, in full, right now, the truth and nothing but the truth.

For example, from as recently as Sept 2023:

Regarding regulatory approvals, we aim to maintain open and constructive relationships with all regulators. New Talisman holds a 25 year Mining Permit (MP 51326) and is consented to commence a Bulk Sampling Programme to help prove long term mining feasibility. We were pleased to announce that the Department of Conservation has granted access underground while we await approval of the Mine Workplan and issuance of the Authority to Enter and Operate.

B B

, Nothing to do with mining , its the auditors comments in the annual report , serious, very serious, very very serious !!

[Baa_Baa]

B B

, Nothing to do with mining , its the auditors comments in the annual report , serious, very serious, very very serious !!

Possibly, but the ASX regulator must be concerned, that the ASX listing rule 12.2 has been breached: https://www.asx.com.au/documents/rules/Chapter12.pdf

In lay terms, it's the financial 'going concern' rule.

"Going concern is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future. Certain expenses and assets may be deferred in financial reports if a company is assumed to be a going concern."

As Daytr said, they need money, and soon. But TBH, ASX is probably not too much of a concern with an average volume of AU$3,200 daily trades. Except for what it costs to be dual listed (like who would know why NTL continue to suffer that expense?)

[Toddy]

What does bulk sampling actually mean?

I. E what would be considered the maximum amount of ground that they can remove and sample before it becomes actual mining.

The CEO has stated that the company can be positive cashflow on sampling.

Or have I got it wrong.

I will stick with my 5mil cap raise target.

[Felonius]

Man do they need some money quick.
That doesn't sound good at all.

Very odd timing by the ASX given that DOC's approval for Long-Term Access has finally been granted following an unexpectedly long delay, and that the proposed cash issue which was dependent on receiving the approval is now imminent.

Frankly, I am suspicious of motivations behind the ASX announcement.

[silverblizzard888]

Very odd timing by the ASX given that DOC's approval for Long-Term Access has finally been granted following an unexpectedly long delay, and that the proposed cash issue which was dependent on receiving the approval is now imminent.

Frankly, I am suspicious of motivations behind the ASX announcement.

It was based off the annual report released today, thats why the ASX announcement was today and not a coincidence with the long-term access. Its the auditors comments that they could not be certain that NTL was a going concern in its current situation. They would have to raise capital and prove otherwise or they will be suspended from trading, not sure if they need the auditor to redo the comments after the raise though to prove otherwise.

[Felonius]

It was based off the annual report released today, thats why the ASX announcement was today and not a coincidence with the long-term access. Its the auditors comments that they could not be certain that NTL was a going concern in its current situation. They would have to raise capital and prove otherwise or they will be suspended from trading, not sure if they need the auditor to redo the comments after the raise though to prove otherwise.

Thank you S-B for your explanation.
Very plausible and I don't know why it didn't occur to me ...

[nztx]

What happened to the Work in Progress Stock Samplings that Matty had scribbled into the NTL books a few years back @ around $100K ?

Did they mysteriously disappear into a hidden chamber locked away never to be seen again or walk out all by themselves ?

[Paint it Black]

Thank you S-B for your explanation.
Very plausible and I don't know why it didn't occur to me ...

As I've said in the past the sooner NTL exits the ASX the better. It is a hangover from the Hill's involvement which NTL has extracted itself from and it's not the first time the ASX has interfered with an NTL cap raise process. I would love the Board to stand up to the ASX and say they are happy to now only list on the NZX.