A listed holding company has spent years raising nearly a billion pesos from the public, chasing what it called a historic first — large-scale offshore black sand mining in the north.

The pitch was compelling to Nosy Tarsee, who is aware of the hundreds of millions of metric tons of iron ore deposits just beyond the shoreline.

The company acquired first-mover bragging rights in a country sitting on untapped mineral wealth.

A massive share offering in 2021 pulled in close to P1 billion. Government credit lines followed. Vessels were acquired. Equipment was deployed. Press releases were issued. Then… nothing. Or close to it.

The typhoons came, as they always do in the Philippines. Tugboats got damaged. Permits were delayed. Covid arrived. Geopolitical tensions in nearby waters added another layer of complication.

Then more repairs. More waiting. More announcements of imminent breakthroughs that never quite broke through.

Critics say the company has yet to ship its “first gram” of commercial ore, years after the money was raised and the hype was loudest.

The stock, once buoyed by excitement, now trades in centavo territory. Shareholders who rode the wave are mostly underwater.

The person currently running the show inherited a stalled project and a skeptical market.

To his credit, he’s been trying to pivot, exploring blockchain partnerships and signing new mineral agreements in other provinces. He’s also apparently done voice work in Tagalog anime dubs, which may be the company’s most productive output in recent memory.

The latest mineral deal, another massive tract in yet another province, gives management fresh reason for optimism. But the script is becoming familiar: expansive acreage, enormous potential, early-stage exploration, permits still pending.

At some point, though, a mining company has to stop selling possibilities and start extracting minerals.