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I agree with you Ethio.
MM's gradually dropping the SP to let the ii's load up with shares from the weak.
Plus ii's going short and long.
Time to drop the bomb Eurasia.
TMS, Do not pretend to be some expert. Your history shows you are the biggest loser on AIM.
WK has lots of open pit soft rock and 2021 will be $$$$ now that the upgrade is completed.
No matter what happens with the share price, its worth remembering that we've access to 104.6Moz of in demand green metals + MT&Flanks + WK&flanks. I hope EUA stop the slide with proven reserve numbers from MT and Rosgeo JV. The sale process is taking longer than we all expected and the only thing that can see us go up is more info that the market can use to rerate us.
WINS keep depressing our share price. Peel and Jber had to go lower than WINS to get anything on the ask which dropped us. My guess is an II is loading. The whole act seems to deter buyers and encourage sellers/bedwetters and those share are being mopped up by the IIs. We must remember that an II took $20m at 26.50.
TMS knows everything.
But he plays a clever game, everything he posts to the untrained eye looks logical and makes sense, especially to the bucket load of people who FOMO'd into EUA without much research.
The timing of his posts and replies are tactical, and so is the content within them.
Those who really understand and have done their research know he's talking nonsense, the value of an asset is not based on what one individual assumes them to be or what opinion this individual has on the quality of these resources, they are determined by suitors willing to pay an amount of money based on information presented to them which is sometimes underplayed by officially stated figures.
Likely that a lot of these rainbow chasers are selling out at a loss, these shares are literally being mopped up behind the scenes, this is the only share that constantly keeps falling, dropping, in the red, but allows you to sell 1mil in one go.
Another session done.
The wait goes on.
Feeling the PAIN!!
HOLD FOR GOLD.
Longarsewipe33 doesnt need to hear the truth about anything he just posts whatever he thinks can do damage and leaves !
"Yes and hearing Anders has sold another load today" He will not respond to the question to prove where he got that info . Anders can tell you he hasnt sold any but Long gone33 will be posting some other bull like he has all week .
Every investor in EUA is buying to make a loss LMAO
$20M to make a loss LMAO yeh right
It will only be a loss if you wet the bed like TMS and the rest want you to do .
Stork yes you can as an overhead, and anyway it is not covered anywhere else in the P&L, if you care to look. You can't arbitrarily write down the value of a mining asset and not take it to the P&L somewhere. Not all the cost of sales are direct variable costs. Again, you know this.
Longtrader that 2m sell wasn't Anders. Your post is deliberately false and I think anyone can see that you are here to spread lies and misinformation. Anything you say cannot be trusted.
TMS,
TMS absolute rubbish on WK. As I have previuosly explained fixed costs are recovered by increasing production leading to profitability. In your scenario if you had no production you would save 200K, however the truth is that nil production loses your fixed costs as you have not generated any value. If this is an example of your business accumen, I suggest you look for a job as a traffic warden.
Hi TMS,
Do you have a more up to date report on in situ values for PGM resources.
The one you refer to comes from January 2019 when prices of PGM's had been falling to the point where some miners couldn't make a profit on mining them.
As you are very well aware PGM prices are vastly higher now which will have had a material affect on in situ resource values.
And this is coming from someone who has been green binned for being so negative regarding the company.
Anyone who thinks that WK is why investors were attracted to EUA at its current valuation is laughable. The game has always and will always be MT hence why it is called the company maker & the Rosgeo JV just makes it that much sweeter.
Osf: The reduction in carrying value most assuredly does *not* count as a cost of sale on the income statement. No idea where you got that idea from. WK made a gross loss in 2020; there's no way round that fact. If they had simply shut it down entirely for the year they'd be £200k better off.
And let's say that the increase in production next year *does* manage to make it produce a small net profit, heck, let's go wild and say it makes £2m net in 2021, at a time of record PGM prices. That *still* doesn't make its NPV any more than £10-15m. No matter how you slice it, WK is not going to get you anywhere close to even a tenth of the current mcap.
Well TMS reappears
TW must have been bashing the back off you for the last few weeks.
Stork - give over
Are you still peddling the lie that WK is not profitable, when if you actually look at the numbers every £1 of production generated 50p net contribution to the bottom line?
The cost of sales included the £650k accounting charge for the reduction in carrying value, as you well know. You also pointed out the reduction but failed - deliberately I suspect - to connect the two. Production was limited to c.1500oz, but had it been about 2200oz it would have turned a gross profit.
Triple the production, triple the loss - that was you yes? You know better than that.
I suppose I should also have added "...and without resorting to the tired old 'shorting conspiracy' nonsense". Seems like an obvious oversight on my part, since the bulls here resort to delusion and name calling at the drop of a hat.
Anyone care to actually dispute the figures and give a justified higher valuation?
Longtrader who are you hearing that from, because the man himself says he hasn't
stork…. ahhahahahah
Stork if you value it at 2p a share, why was Dmitry buying at 5p a share
Basically, you're frustrated that the future hasn't happened yet.
STORK you don't see anything -
JORC standard coming and if you think sub 2MOZ sale more fool you.........
The bulls in here have made prediction after prediction that have been proved completely wrong over the last 20 months of the company's assets being on sale, the result of said 'sale process' being £20m cash raised and 0p paid out to shareholders. How much longer before it sinks in that there is no payout of any kind coming?
I think I would like to respond to you once the dividend has been declared. That way we all know what the board sold and what value they achieved for it.
The market cap is being sustained by the carrot of a supposed mega dividend payout, however EUA's assets are not worth anything close to the current mcap, let alone the huge premiums dreamed of by punters who have been suckered in by the insane ramping over the last 20 months.
WK is not economic. It has lost money every single year its been operational and made a *gross loss* of £200k in 2020, despite high PGM prices. It is valued on the audited balance sheet at £3.1m and I see absolutely no way to justify valuing it higher, given that the figures in the DFS show it to have tiny reserves spread over a huge volume of gravel.
MT is worth very little. It has 1.9moz proved up JORC standard 2E resource. Undeveloped proved up PGM resources are worth a max of 0.35% of the spot price in the ground, per historic sales of similar assets. See pages 33-35 of this report: Https://www.edisongroup.com/sector-report/gold-stars-and-black-holes/23211/ making MT's resource worth a max of $12m.
You might say that's an out of date report from a PGM bear market, but:
a)Do we really think the value of undeveloped PGM resources in the ground has gone up by 5000%+ since 2019, as would be needed to make MT worth anything close to current mcap
b)MT is actually almost certainly worth far below average price anyway due to mediocre grades, hostile jurisdiction, lack of infrastructure, rouble weakness and, most damningly of all, *no DFS*. Without a DFS a mine cannot even be funded, let alone built at MT.
Realistically I believe MT to be worth at most £5m, and anything over £50m to be delusional. And don't bring up the 15moz speculative resource. Those are Russian P2 resources, which is a category well below Inferred. They are completely worthless in the ground.
So adding up WK and MT we get a realistic £8m or a balls-out-pants-on head fantasy of £50-60m. That equates to a maximum of 2p/share that the company could possibly pay out.
If anyone would like to dispute those figures using actual data rather than simple appeals to authority (UBS/DLA/board supposed expertise) then feel free, however I do not believe there is any way to get the assets to anything close to £500m, hence the fundamental problem.