UK 15:27 Wednesday, 7 October 2026
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Doug Ware has talked of making Worthington (WRN) the new Hanson, an international conglomerate and a key division of this is its Mining Operation. Sadly the truth about this operation is that it is a total joke as I shall now demonstrate.
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Comments
hammer69
Tom,
It gets far far worse than that, see link!
http://nunaminerals.com/fileadmin/user_upload/pdf/Announcements/2015/Announcement_2015_04_Paatusoq_Geophysics_FINAL.pdf
Nuna has HANDED BACK for $Nil 87% of the asset on which it would have been free carried for a further 2 years. Virtually unprecedented for a listed entity to do that on off chance it comes good, so must think after the survey it’s a really crap asset!!
Therefore WRN invested $1.05m in GREP for a 30% interest in GREP which now holds an asset with a book value of $400k based on 2014 expenditure.
WRN beneficial value based on cost $120k, based on Nuna valuation $Nil. Loss of shareholder value – as close as damn it to $1m in < 4 months.
Where’s the RNS Doug (note a casual but positive throw away mention in his 30/01 blog)???
H69
McKenna
This “Doug” arselicking thing on the bulletin boards is truly bizarre. Everyone banging on like he is their best mate and some sort of metaphorical money tree for private investors. Will be funny to read the typical ghost-written cocksure rebuttal from “Doug” next week. No way this will relist and they know it.
VINES
i read the werther’s original i mean the original worthers RNS. amazing how much is just noise… reckon this wasnt doug’s first go, bet he’s penned a few pumpers on GXG
REEs are vital to some of the world’s fastest growing industries, not surprisingly demand for REEs is surging. REE’s unique chemical properties means that they find their way into many new products, from the consumer’s high tech tablet device, to mobile phones, solar panels, and even high performance clean burning engines.
hammer69
Tom,
To be fair re above, GREP should I guess still have some of the 2nd tranche of equity injected by WRN on its books as cash, but fact remains the asset/licence is essentially worthless so WRN s/holders are still well down.
H69
MrMoto
Nuna Minerals file for bankrupycy
http://www.reuters.com/article/2015/04/20/idUSFWN0XH00220150420
http://nunaminerals.com/en/investors.html
Wonder where that leaves the mining deal?!
Gsk
Curiouser and curiouser… Update is due TW?
TW - check out bearcast todayalcira16247
Tom
As the lucky holders of ‘golden tickets’ in Old Mother Worthington work themselves into frenzy speculating how many Ferraris they are going to buy, once the takeover and re-listing is accomplished.
However, its interesting to note that the RNS of 15 May2015 seems little more than a reworking of the plan announced on 1st September 2014.
We learn about Mr Patrick Newman ‘a mining and natural resources veteran’ heading up Greenland Rare Earth Projects Limited . Well if being a director of more than 16 Companies in 7 years, all of which have failed, then I suppose he is a veteran of sorts albeit not very successful one.
On the 15th May via RNS, the ‘offer’ and the discussions with Greenland Mining Management Limited, the sole shareholder and director of which is Paul Michael Patrick Newman.
Yep, he’s turned up again! The same bloke Paul/Patrick Newman. And I’m guessing none of his fine enterprises have got two brass pennies to rub together, either.
http://companycheck.co.uk/director/913403016
Call me an old sceptic but I’m going to speculate that things aren’t quite right here….. slightly fishy, old boy! Big red fluttering flags!
I think this chap and his career might be worthy of a going over with your expert eye, Tom. Sort of reassure those ‘lucky’ Old Mother Worthington holders they don’t need to cancel their new car orders, just yet!
Confuzed.com
Update on this and Nuna Tom? Might you fire Darren for still not restoring the Worthington articles and alledged fraud evidence you had to take down pre-injunction, something you asked him to resolve long ago!
TW - Good idea. Have not fired anyone for months.catempire
Tom as much as i disagree with much of the stuff you do do some of your work is cracking. Good stuff!