Fools Like Us
15 Jul 2015
RNS Hi Citychap, ( and anyone who lurks here!) was interested in the RNS as, on the surface it looked promising.However, as you rightly point out there are a lot of new shares, plus there is no cash to fund exploration & only old Soviet era exploration non jorc resource.The classic stories on AIM continue, we have an investment in NRRP and have had a private equity group make an agreement & unfortunately after the removal of the popular MD have presided over a share price drop of epic proportions.Take heart though, through a campaign of contacting shareholders we built up enough support to outvote a recent special resolution ( as you know, Sp.Res. only need 25% of those voting toreject) this resolution was to remove the pre emotion rights of holders over the issuing of another 3billion shares! A 150% increase in share capital I posted this because you have fought a long battle here - plus you share PR & SP Angelwith us at nrrp. Will keep an eye on the company and if it comes to a turnaround point may well invest, Regards, and keep up the fight - others do appreciate the work.FLU.
sglossop
15 Jul 2015
The problem with these AIM stocks is the MM and the very weak holders. If this closed at .0018 and then you have the news, market price should gravitate to .004
citychap2011
15 Jul 2015
....and here's the 'Dump' [link] billion more shares and an additional 80 million options. NMG has no cash so expect further dilution in the near future.Non-JORC resource so unproved. The NMG bod have failed after 4 years to prove up their existing gold resources in Austria so don't expect them to make any more progress with the new acquisition. Hey as long as the BOD get their annual 18% fee increase and can top themselves up with extra shares and consultancy charged to NMG. Appalling.DYOR
sglossop
15 Jul 2015
Big news here. Little cash used all equity. Adding a good resource for small dilution. Should see some good SP movement.
citychap2011
14 Jul 2015
The 'Pump' before the placing (and 'Dump')? nm
citychap2011
04 Jul 2015
Getting concerned? Additional funding required. From the Final results released on 9 June 20152.4 Going concern (should this be "getting concerned"?)"In order to complete other exploration work over the life of existing projects and as additional projects are identified additional funding will be required. The amount of funding is unforeseen at the point of approval of these Financial Statements and the Group will be required to raise additional funds either via an issue of equity or through the issuance of debt. The Directors are confident that funds will be forthcoming if and when they are required. "The Directors are confident that funds will be forthcoming because the equity will likely be raised with "sophisticated" investors (read this as mates of the Directors) at an all time share price low.The Directors are not interested in the share price, which has fallen from 4p to 0.17p, or shareholder's investments for that matter. The Directors don't have any significant shareholdings. It is all about dragging this sharade on for as long as possible and continuing to reward themselves with 18%+ pay rises despite 18+ months of under performance and disappointment. The Directors have failed to make any real progress with firming up resource estimates to raise the finance to take forward any gold mining venture and are now desperately looking for short term opportunities in mining any old metal or mineral to keep shareholders invested and pay Director fees. The Directors, particularly Greg an Marcus, have failed and need to go IMHO.DYOR
citychap2011
26 Jun 2015
Dubious accounting practices? Disappointing that more people didn't vote against the approval of the Financial Report, Directors’ Report and auditors’ Report or the reappointment/renumeration of the auditors.How can shareholder's trust the Director's financial management of NMG when the management fees for the company are stated as £266,557 in the Cash Flow statement for 2014, but the Director fees for the company are stated as £239,733 in table 6 Expenses by Nature and £288,667 in table 18 Director's Remuneration. The difference between £266,557 and £288,667 is £22,110....."...concerning the placing and acquisition of Walchen, the Directors of the Company have subscribed for 10,731,707 new ordinary shares of no par value at 0.205 pence per ordinary share ('Placing Shares') raising £22,000 (the 'Placing'). The funds will be used primarily to advance the Walchen VMS Project.".......So looks suspciously like Director's rewarded themselves for their poor performance over the last 18+ months with higher fees and tried to conceal this by using their bonuses to buy shares in the company. What other horrors are lurking in the accounts.......DYOR
citychap2011
14 Jun 2015
Vote against AGM Resolutions 1 & 2 The Directors have been ineffectual and have underperformed for the last 18 months+.The auditors didn't notice or chose to ignore a circa £49K difference in director fees being reported in tables 6 and 18 of the final results.Vote against resolution 1 (Financial Report, Directors’ Report and auditors’ Report) and resolution 2 (Reappointment and Remuneration of Auditors) at the AGM Monday 22 June 2015 ([link] need to signal to the Directors a vote of no confidence and trigger re-elections.Greg has not been delivering and Marcus Edwards-Jones failed as chairman so why is he still on the board as a Senior NED drawing a fee? And why has NED Roderick McIIIree's fee more than doubled from £20k to £45k?Vote online or by phone tomorrow to ensure your votes are submitted by your broker. See voting broker by broker below based on voting guidance by the Range Investor Group.1) HARGREAVES LANSDOWN. • Log into the Hargreaves Lansdown website [link] • On the right hand side on the home page is ‘my accounts’. • From here you are able to send secure messages. Send a secure message stating your holding and how you would like to vote on each of the resolutions. At the end of the secure message and before sending ask for clarification that your vote has been received and cast. Hargreaves Lansdown 0117 900 9000 2) THE SHARE CENTRE • You can vote on-line via www.share.com. • Below your account summary you will see: “click here to see details of forthcoming company meetings”. • A list of all active meetings will be displayed – click on the on the right hand side to view the meeting details and resolutions • Record your vote and click on the confirm button to finish. The deadline for each meeting is shown; this is usually 4 working days before the meeting. The Share Centre usually updates shareholder meetings every Friday and makes all meetings available for on-line voting wherever possible. Check if NMG is already updated so that you are able to vote straight away. Your votes are recorded on the total number of shares held across all accounts (ISA, normal trading account etc.) under the same customer number - it makes no difference what type of account they are held in. If the meeting details are not available on-line or you are unable to vote on-line, please e-mail [email protected] with your clear instructions or call on 0845 6185180. Voting is “A simple exercise” according to our correspondent. 3) INTERACTIVE BROKERS[link] into Account ManagementGo to Message CenterCreate a New TicketSelect category Account Services and sub-category Corporate ActionsThen place NMG (AIM listed) in title and a brief message explaining that as a shareholder that you'd like to place your votes for the AGM.List the resolution and votes.It’s worth noting that Interactive Brokers doesn't have to vote small holdings and may refuse to register the vote. Some pressure can be brought by claiming that you will consider transferring shares to a broker that can assist in the execution of you basic right as a shareholder. Demand to know why it isn't automated and what the minimum holding is to be sure to have your vote registered. Create enough of a stink and they vote.4) INTERACTIVE INVESTOR[link] into your trading accountClick in secure messagingOn the left hand side there is a message facility which tells you of corporate action - in fact you can filter all corporate notifications.Send a secure email with the resolution numbers and your vote for or against and Interactive Investor does this for you.You can telephone on 0845 200 3637 between the hours of 7.45 am and 9.00 pm, Monday to Friday.Update with regards to Interactive Investor - message from by secure mail:We would require you to provide us with
citychap2011
13 Jun 2015
Headlines from Final Results 1) Noricum generates negligible revenue. £1,352 last year (Enough for a BOD Christmas party).2) £1.4m loss for 31 Dec 2014, plus £147k loss booked for this year so far.3) The loss per share has more than doubled from 0.06 p to 0.143p4) Rotgulden - drilling at the previously producing mine uncovered the complex nature of the mineralised structure (high level of multi-element grade variability). Rotgulden's regional potential remains highly prospective and considering the grades of up to 86.4 g/t Au and 1,011 g/t Ag received from rock chip sampling at the Altenberg prospect. NMG intends to drill the license in the future (valid until November 2018.)5) Schonberg (2.26g/t Au, 2.8g/t Ag, 0.8% Cu and 5.29g/t Au, 2.87% Cu, and 0.35% Bi). While promising, these results also indicated that we need to better understand the mineralogy, which to date has been challenging to locate despite the high gold and copper grades. NMG currently conducting a study of findings. NMG will not spend further money on drilling here until we have completed this review process. 6) Noricum doesn't and is unlikely to be able to raise the funds to develop Rotgulden and Schonberg and will need to find a farm-in partner or sell the assets, which won't be easy in the current climate.7) The Walchen acquisition has a poor gold grade of 0.5gt8) Director fees in table 6 Expenses by nature are reported as £239,733 for 2014 but in table 18 Director's renumeration they are reported as £288,667 up from £246,500 (another 17% increase.) Why was this not picked up by the auditors PKF Littlejohn LLP? Peter Landau crony director and former Chairman Marcus Edwards-Jones continues on the payroll as a Senior NED earning (£24k) a similar fee to our chairman (£25k). Why? As chairman Marcus failed to achieve the promised jorc resource estimates. And why has NED Roderick McIIIree's fee more than doubled from £20k to £45k?9) Heytesbury Capital Limited, a company of which Gregory Kuenzel is a Director and beneficial owner, was paid a fee of £15,333 (2013: £nil) for management and corporate consulting services to Noricum Gold Limited. Greg has started charging NMG for consulting services he provides through a company he and his wife are the directors of, a tip he has no doubt picked up from Peter Landau.The final results state ... "the Group's assets are not generating steady revenue streams, an operating loss has been reported and an operating loss is expected in the 12 months subsequent to 31 December 2014, the Directors believe that the Group has sufficient funds to undertake its operating activities over the next 12 months from the date of approval of these Financial Statements. The Group has financial resources which, the Directors believe, will be sufficient to fund the Group's committed expenditure both operationally and on various exploration projects for this time period. However, in order to complete other exploration work over the life of existing projects and as additional projects are identified additional funding will be required. The amount of funding is unforeseen at the point of approval of these Financial Statements and the Group will be required to raise additional funds either via an issue of equity or through the issuance of debt....."DYOR
citychap2011
13 Jun 2015
Noricum disaster Looking back through history reveals Noricum was a Celtic Kingdom covering most of Austria. In 171 BC an errant Roman consul on a crazed quest for glory enslaved neighbouring Celtic tribes weakening Noricum's Celtic Chief and ally to the Roman Empire. This was disastrous and exposed all of Italy to invasion.So how has Greg's quest for glory impacted on Noricum Gold?Blackadder: Baldrick, have you no idea what irony is? Baldrick: Yes, it's like goldy and bronzy only it's made out of iron. DYOR
citychap2011
12 Jun 2015
Re: OUT Good luck dsuds. Not sure we'll ever reach 18p even if we fired the Peter Landau crony BOD.
dont shoot u dont score
12 Jun 2015
OUT Got out 18p, feel lucky.GLA hope it works fro you but i rushed into this and after looking at the cash this company has i conly ony see more stories and fund raising.careful how you go.
citychap2011
08 Jun 2015
The effect of a new Board of Directors Interesting to see Range Resources Limited, a former Peter Landau company, is trading again today. With the departure of Peter Landau and his cronies (including Marcus Edwards Jones) and the ineffectual interim BOD, Range's new Chinese BOD has since secured new funding which is now in the bank. Sentiment and the share price are starting to respond favourably.Could it soon be time to ditch NMG's ineffectual board of Peter Landau cronies?DYOR
Tatty
07 Jun 2015
Re: Final Results and AGM due? Sadly I think the track record of Greg and Marcus says it all. I doubt they ever really intended to turn this into a profitable mining company. Just keep stringing everyone along while bleeding the company dry lining their own pockets. Classic AIM failure.
citychap2011
06 Jun 2015
Final Results and AGM due? Well we still haven't had the Final results and details of this years AGM yet. In previous years these have been published at the end of March or the end of May. Perhaps we will get further details next week. It is more than 4 years on since Greg Kuenzel and former chairman/current NED, Marcus Edwards-Jones (fired from Range Resources on 28 Nov 2014 for his role in Range's demise) started and NMG still hasn't established maiden JORC resources for our alleged "bonaza" graded Rotgülden and Schonberg assets. Hmmm.. are our Directors worthy of another increase in Directors Fees this year (18% last year)? What have they actually been doing and what progress has really been made over the last 4+ years. You decide and vote accordingly at the next opportunity.DYOR
