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I dont wish to pee on your fireworks but they are just shortening the spread to try and make a market tsbs....They can raise till the cows come home if its not challenged at the AGM and people still want to buy. How do you think we ended up down here in the first place :-) Remember this price is consolidated, reality is they have issued 30 billion shares which are worthless in groups of less that 500. Quite frankly however the BOD justify this to themselves, truth is its a shambolic disaster....unless of course you are on the pay roll :-)
Obviously that should be stated not started :-) one other point is we dont know how much they had in the bank at the time of last raise. My suspicion is that the raise was more about getting in before the AGM when that years permission to raise expired, than an actual shortage of cash. That would mean they could raise again as soon as needed after the AGM again. That would be important if a new acquisition was made as they would most likely need to raise again before the next AGM. The truth as always is , we dont know and will not know until we have the financials by which time they will again be 6 months our of date :-)
They started that they were financed for 12 months Without an acquisition. It would be company suicide to get that wrong after all they have got wrong in the past. We should be ok for another 10 months.
The main reason I desist from plunging my money into our ever-bigger hole for finances - for a new venture, PFS, drilling, wages, and other matters - until LR proves he can put a plug in it to ascertain what level of finance be necessary for a strategic plan that places tangible value-event milestones for shareholders.
Even an update to let us know they’ve started drilling would help we had the same in an RNS about this time last year..However since the raise 3 months salaries end of this month directors alone will have had £85,000 so 1.5 million could go very quickly. Might have to join the BOD at the number 10 house party lol. Another 2 -3 months we will need to raise again unless they are signing an acquisition then we will need to raise a month after. Time is money tick tock tick tock..
Smoke and mirrors from LR and co. Time for an update on whatever strategy they are working on - surely not that difficult: either plough remaining money into advancing Toral to a PFS,;or procrastinate on it by digging ourselves a hole in another as-yet unknown location and commodity, with more raises to fund it.
I think this is all part of the problem Bricks, People like you and me who have been here a while remember the delay in announcing the scoping study. We were fed a load of BS about wanting to expand the results of the study for greater impact and so on but really they just studied an area they didn't actually have a lease for. Now we have another delay and people rightly think, what have they ****ed up this time. I'm sure they think they are being very clever with what they feed the punters and the "cards up their sleeves" but what it really does is simply put people off as volumes now show.
This was posted in the RNS dated 1st Oct 2020. The Company will also utilise the bulk sample obtained during the recent drill programme to undertake a new phase of metallurgical and waste testing via Wardell Armstrong International. It is intended that ore sorting analysis will be conducted on the large bulk sample within the upper zones to complement its 2020 work. In addition, further ore sorting testwork will be utilised to determine the potential recovery and concentrate production levels from the lower, carbonate zones.
Laurence Read, CEO of Europa Metals, commented:
"With an approximate 55% increase in the Indicated category to 5.9Mt @ 7.1% Zinc Equivalent (including Pb credits), sitting within a total resource, open at depth and to the East, of 20Mt @ 6.3% Zinc Equivalent (including Pb credits), this independent resource update represents a significant advance for the Toral lead, zinc and silver project.
"By formulating and implementing a highly targeted drilling campaign, our team has achieved this significant result in a highly efficient manner, in an area of the resource that should directly impact the early future production years of the Toral project. We are now progressing to a new phase of metallurgical testing in order to determine the most efficient production routes for the upper zone including examination of ore sorting. The overall focus continues to be on proving up our well established lead, zinc and silver resource area and continuing to de-risk the development profile."
Does anyone else think that WA are sitting on information that shareholders are entitled to see as soon as it is known ? It’s now over 4 months since the assays were completed. Sorry guys but I find this very strange….No ways should it take so long to complete the Metalurgical testing after assays were completed last year…Unless of course it never panned out the way they thought…..Excuse the pun. Best D
Grappa I dont think its a coincidence that the SP has stabilized at around 5p give or take the MM's playing with the spread since LR shut up. Of course you could also say thats its stabilized at 5p because thats what the company valued itself at when the SP was running at around 9p :-) Either way for a company that has had a falling SP trend for 10 years any stabilization is good news.
Grappa, I watched the most recent proactive interview in December and there was a lot of taking about water flow and drains etc.(not really what shareholders want to hear) The previous interview in November sounds very promising and i look forward to seeing what asset we might be about to take over.