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Armadale Capital (ACP) has announced an exploration programme targeting an increased life-of-mine and improved project economics for the Mpokoto gold project and has raised a further £0.21 million of new equity “to progress the commencement of this exploration programme ahead of anticipated initial gold production”. Hmmmm.
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Comments
alcira16247
Tom
Can’t help but think Armadale is yet another of these tiddler jam tomorrow explorers that so clutters Aim.
Destined never to actually dig up a piece of gold nor generate revenue let alone ever make a profit instead offering its brave shareholders a death of a thousand cuts of ever ending dilution.
Armadale’s record so far is pretty unimpressive and follows the familiar path of a minnow gold explorer.
It took them an age to even completing the DFS and I’m betting it wasn’t quite so bullish about prospects as the company was hoping!
Despite offering punitive interest of 12% plus a charge over the asset, Armadale has still been unable to secure forward funding. If the proposition of developing Mpokoto is really such an attractive investment, surely funding would have been secured almost immediately? Again, maybe the risk reward is not quite so compelling as the company would have investors believe?
Even if and when funding is secured, the whole operation will still be fraught with high risk, resulting with a continued need for more fund raising before a single ounce of gold is mined!