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I'm with you oily. There has been a total overreaction to the 3mt issue which was not part of the mining plan, anyway. It was a surveying mistake made in the past (by whom and when, we don't know). The company picked it up, late yes, but not to have done so could be classed as incompetent. What they did was a basic management/business head-in-the-sand mistake and not announce it immediately (as they should have done as per JSE rules). That way it would have been a temporary blip. Again, with the ASX rules, they should have done better to manage expectations. It's all about communicating the bad and the good.
In September there were 16mt and everyone was happy with that. It's still there and there's more to come. If they want, they can negotiate for a mining licence for the 3mt, but, really, it's an irrelevant sideshow of no value to anyone else.
The mining plan to pick the low-hanging fruit is a good one for fastest returns. Once/if a mine is in place and the capex paid for, the mine can be extended at no extra cost, so it's got 20 years+ ahead of it. They need to get to that 60% of the planned mining area fast and make the financial case.
We apparently still have the drilling results due this month so LR has clearly stated.
Dont entertain justsaying he just deramps purly on management with EUZ mistakes have been made i agree but your just deramping for no reason. The bottom is hear or very close expect this by April tome to be around .1 again and onwards the metal just needs proving up now. He sounds like all the other derampers on my other shares spouts the same rubbish over and over and doesnt consider future or facts. Just wait and be patient with this one an over sell has happened and if you look at the sells there not huge meaning independant investors. We need big business to buy not individuals so once the next placing is done and metals moved to indicated we will be bought out.
Anything around 0.0515 or above is a buy printed as sell as it’s below the mid price
£850! Ain't exactly crazy offloading.
When will this bottom out, people still selling off.
Think I read in the latest update that in order to release any numbers at least 60% of inferred has to be able to be moved to indicated - I know they’re hoping that further drilling will allow them to do that later in 2019. If there are no more problems then could be interesting as a very speculative play, but only once the funding issue is out of the way. Just my personal view though
Certainly not going to knock the company for trying to get this sorted out early, just suggests to me that it might not be as straightforward as some think, especially given that it is Spain! Just looks to me as though funding is likely to be needed before anything comes to majorly drive the SP upwards, which at this market cap won’t be great for existing holders. To be fair to Laurence I know he is approachable and will answer whatever he can, within the bounds of not being price sensitive, just not a great time to be low on cash as a junior miner - a good scoping study would have offered a great chance to raise funds at a decent level
My main point being that even if successful this is all going to take time, which is something that isn’t on the side of this company given its financial position... I certainly can’t see them being able to sell the asset with no confirmed right to mine and only inferred resources in place.
From the latest RNS: ‘Land-use Designation The project area covers the municipalities of Carracedelo, Sobrado, Borrenes, Carucedo, Villadecanes and Toral de los Vados although none of these villages are in the mining lease. Three of the Toral Project area municipalities currently designate the project ridge area as protected forest and change of land-use will therefore be part of the permitting requirements. The process to convert the land use designation to allow full mine development has been initiated by the Company and discussions with the Junta of Castilla y León have led to an agreed course of action. A specialist consultancy, MAGMA Soluciones Ambientales SL (MAGMA), has been engaged to progress the land-use applications with the three municipalities concerned. MAGMA has a proven track record of successfully modifying municipal planning instruments for natural resources projects. In summary, this process requires an initial review of current land use with submissions to each municipality, followed by a series of studies and reports presented at municipal, provincial and federal level. The process is estimated to take approximately 18 months. The work programme for the environmental permitting will run alongside the change of land-use applications. By way of a precautionary note, permitting could require a long lead-time, as permitting in Castilla y León can be very protracted, especially where additional studies are stipulated. It is critical to ensure continuous engagement and discussions with the environmental authorities and local stakeholders to agree the ESIA's terms of reference and constantly update them on its progress and findings in order to pre-empt the demand for lengthy additional studies following ESIA submission.’
On 13 September 2018, the Company announced that the Board had decided to initiate the Change of Land Use processes needed for the potential full future development of a mine at its Toral Project and had engaged a specialist consultancy, MAGMA Soluciones Ambientales SL, to initiate and progress the requisite applications across the three distinct municipalities overlapping the project's licence area. The process was estimated to take approximately 18 months.
Just a pity it is on protected forestry land which is controlled by several different municipalities and change of use could be problematic - or at best will be a very long and drawn out process!
Ahem. They've "proved" nothing.
Hi all (1st post B.t.w I'm in at .12 :-( ).
I'm not going to incriminate myself and say anything silly. I do however wish that I had bailed when the £30k + traders with the crystal ball did last week.
I'm hoping that when they buy back in it will be just as obvious so it's a sign for everyone to top up.
G.L.A
A 65% drop in share price?
0.517 is a buy
The present mining plan is for 500 000t of high-grade ore a year for 10 years at about 10% ie 50 000 tons of zn/pb and some Ag.
Looking at the price I am Being offered all those red sells are buys, they match my offer price
This is just another bump in the road to get to where we need to go so im not worried too much we just need to get on with proving this up. Even if the mine sold for £30 million its still 10x now and i know its worth a lot more then £30 million
Dollars
Here's my sum ..... I have over estimated on Operational costs as I took a shortcut !!! and yes it will definitely be more.....
1 608 000 000 Zinc value
1 080 000 000 Lead Value
221 000 000 Silver value
Estimated Total value 3 000 000 000
Divide total value by 10 for 10 year lifespan of mine = 300 000 000 for 1 year
Divide by 2 for overheads
150 000 000 USD per annum approximate profit per annum….
Assume 50 000 000 pa operating costs…
1 000 000 000 pa profit
8% of 1000 000 000
About 80 000 000 NPV
Thanks Oiltap
I worked it out to be about 80m $ .......am I close ?
Our scoping study has been a complete shambles in terms of license area, delays and keeping the detailed figures from those who paid for it. Our sp is testament to this. That is now behind us and we need to move forward.
We now need LR to lead from the front and turn this situation around, right now seems a great time to begin.
There is a fabulous asset, and we are all clearly still interested in making the most of it. I agree that there is a compelling argument to continue and look forward to seeing it progress.
Numpty
I am blaming JW for being disingenuous! No dount him and the cronies sold on the spike at 0.15....