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Bricks, did you email or email mail? Would be interested if they reply…
Anyways…I have written to Strandhanson asking them to coerce our illustrious leader into making a formal statement about the so called value event that fell through…..
I dont see an obligation to disclose potential partners or interested parties unless an offer was made at which point it becomes a matter for shareholders. The mistake was probably mentioning any possible value event too early. there is of course a possibility that there is another potential deal in the offing ? That might explain this sudden financial ability to explore other options :-)
I have never read an RNS, tweet or even listened to hearsay from EUZ and come away any the wiser and i realise now thats not going to change. As LTH's we can maybe accept that but as far as informing potential new investors or attracting new investors its a huge negative as the volumes and SP of the last few years demonstrates. While i have little idea where the company stands at least now i know where i stand :-)
And quite frankly…I should not be questioning the supposed deal. stranshanson as the Nomad should be…..
Highside…if they cannot tell us who was involved in the supposed deal and why it fell through…..they must be lying…..surely the NDA is no longer applicable. Many companies post an RNS after any deals fall through….why not us ???
I said yesterday i had nothing to add but really...You cant publicly accuse the BOD of lying without some pretty solid info/facts
Bricks, i get your good intention and your upset but this is like when you wanted to report me to Interpol and legal offices for criticising the Company as a paid deramper. :-)
IMHO there was a deal, they put into the public domain as a "potential" value event and it fell through
The wisdom of that is open to question but as shareholders have been begging the company to try and talk the asset up, i think its understandable.
"could potentially lead to a major value event" sort of speaks for itself , unfortunately it didn't.
the most you can accuse the BOD of really is a lack of understanding ? experience ? maybe a naivety in their PR and the workings of a PLC but that is not a crime.
I think we have pretty much established from the votes at the AGM that LR is in control and we either go along for the ride or we get off at the next stop. He has not tabled any other options. He cant magic up a deal, He is not going to keep shareholders informed outside the minimum "need to know" and he probably could tell you more but me would have to kill you as well :-)
He is not going to let on who the deal might have ben with and i wouldn't expect him too out of respect for that party's privacy.
Basically there is no one here now who doesnt know the situation with the BOD, with the lack of PR and the new strategic direction the BOD has chosen. Its not a secret you will probably have to pay for it and, i suspect, even those in at 5p will be singing from out song sheet as us in a year or two unless there is a drastic change in circumstances, you either hang on for that .....or you pick up your petticoats and run for the hills :-)
I am actually a lot happy now that it looks like we are looking for a JV partner or a farm out with our 100% owned Toral. If we look at both GGP and UFO that is exactly what they did and the actual terms were not that great but both SP's went the roof initially and both did it well before a PFS or any actual indicated resources so it can be done with Toral.
Anyone who has Twitter handles please post my message on Strandhansons Twitter
All interested shareholders…kindly copy and paste this and send it to ….
info@strandhanson.co.uk
For att: Rory Murphy/Matthew Chandler,
It is with disdain and a sad heart that I put pen to paper to write this note.
Strandhanson as the Nomad for Europa Metals allowed two RNS’s to be passed and published about imminent value events for shareholders that were misleading and possibly fraudulent.
We as shareholders would like to know exactly who the supposed deal was with and why it fell through as any NDAs which possibly did exist are no longer in force with this company where the deal supposedly fell through.
Kind Regards,
Unless of course they are complicit in all the lies and a party to it ???
Exactly Chrisp….why do Deutsche Balaton accept mediocre and failure to deliver ?
Bricks you may well be right but no one will know for certain. However, they paid a banker to do find a JV and now the banker has gone so to me in the eyes of the EUZ Directors he failed.
Thanks Cjen….a very good report. Needless to say…I think they are not telling the truth about the value event otherwise they would have told you who it was with….think about it….the deal fell through….no need to comply with anyNDAs any longer….quite frankly there was no deal on the table imo.
Notes from the Europa metals AGM held at 10.00 am on Tuesday the 30th of November.
As previously stated, all Six resolutions were passed at the AGM with 70+% in favour in each case. Please bear in mind that any shareholder that did not vote had his or her vote cast for them in favour of the resolution. Only 20% of the company voted, which means 80% did not and by default then voted in favour.
Toral, owned by Europa Metals is a Geological mining project with the potential to become a mine at some point in the future, however the geological work done to date is formidable, with $1 billion worth of metals resource currently on the ground at today’s metal prices. To progress Toral to a producing mine of Zinc, Lead and Silver, Europa Metals will require a Mining Licence and $75 million of capital investment.
The Board of Directors said that they were in talks with interested parties about the progress at Toral and much of the ongoing groundwork and analysis is being carried out to specifically answer questions raised by these parties as they consider the proposal that Toral represents to them. All, work carried out moves Toral forward to ultimately completing a Pre-feasibility study for a future mine.
Europa Metals is funded, post placing, for the next twelve months, however, Europa metals does not have sufficient funds to complete a full Pre – feasibility study or indeed a Definitive Feasibility study. The objective is to complete enough of the key components to satisfy a JV partnership or some other transaction that will move Toral to the next level. The BOD is aware that the market has completely ignored the NPV of Europa Metals and the SP shows a complete disconnect with the asset. The current NPV is $156 million, the current market cap is circa $5 million.
Next Steps
More drilling will be taking place in the upper zones that represent the first few years of the life of the mine and this will be combined with ore sorting analysis. It is hoped that this will increase the percentage grades recovered in the early years of the life of the mine. The short-term objective is to;
• Further increase the Indicated Tonnage, which is currently 6 million tonnes
• Shorten the Cap ex investment payback point from year four.
• Increase the NPV
Hydro Analysis work is ongoing, but to date no issues have been found
Metallurgical work is ongoing, but to date no issues have been found
The Resource at Toral is open at depth and also open at the East, so the potential exits to further increase the resource from its current 20 million tonnes of which 6 million tonnes is currently an indicated resource.
Initial reactions from commercial lenders have been good, when discussions about the required Capex have taken place and it is not considered to be an obstacle to development once DFS and permissions have been granted, but of course this is some way off yet.