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Probably a lot more than 150k MM because if they actually wanted to sell they would get way under the bid for any quantity.
I have hope..The only hope is Bennelong only reason I haven’t completely sold currently they are £150,000 down on their investment DBA majorly down and still backing a supposedly dead project by naysayers. But having seen what Bennelong do we could be the next Alien Metals.
This other project isn’t out of the equation yet IMO and I believe they may forward sell some metal in order to achieve the next goal. Dilution IMO is not an option this time.
If you can’t sell or JV a project of this scale in the current market there’s issues. How I wish we still had the ironore project now
Please dont come here blaming sentiment of holders...lol .. Quite frankly ,who believes and who doesnt here is completely immaterial because if the SP rises or falls it will not have anything to do with current holders sentiment, in fact whatever the sentiment, you have current holders to thank that this is even still alive. Most LTH have been diluted 4-5 times and thats for Toral now , not Moonlight 5-10 years ago. The SP is nothing to do with holders sentiment its to do with the sentiment of prospective buyers, we have all pinned our allegiance to the mast already. Its prospective buyers that look at the chart, read the accounts, try and find a clue to when they might get their money back and decide to sit back a watch.
Sentiment is almost entirely down to the fact we are about to run out of money and a placing would not only dilute everyone 50% it would raise barely enough to probably wind this up and settle the redundancies.
For that reason the long promised non dilutive funding is now imperative.
MM you might also believe still
There's no denying we have a great asset and I hope all LTH get the prize. Personally I think we only have a months worth of cashflow left hence why I think its going to be close. I'm not sure the prize would cover my average of 11p to 13p but anything above 9p and I will be very very happy.
If we end up RTO who knows, like I said based on past experience the SP can be volatile.
Grappa you did believe 2 years ago when you invested and so did HSide/BB, Bricks, OilTap, Lor 9 and many more but hardly anyone does now. So will the majority be right and we are doomed or will the few get the prize. The 900 m drilling is the key for the few.
Chri5p,
not sure if you're trying to ruffle feathers but your statement below is utter nonsense:
"Apart from me, Shed, CJ and T72 no one is looking at what we have they are looking at where the SP is and what the SP's been doing for the last 10 years"
I initially invested a few years ago in believing in the asset and it's location. I'm sure many others did too.
The reason we are worth £2.8 million is down to excessive admin costs, delayed PFS and very poor communication from management - it is not taking into account the good news at all. In Autumn last year we announced an increase in the grades which confirmed an increase in resources which would improve future profitability. The SP fell the next day and kept falling for 4/5 weeks until we had the placings which turned into a melt down and we are now worth £2.8 million. Absolutely nothing to do with the resources in the ground but all to do with sentiment and armchair PI's selling out and not wanting to have their toes burnt again. Apart from me, Shed, CJ and T72 no one is looking at what we have they are looking at where the SP is and what the SP's been doing for the last 10 years. So I don't think any resources in our current JORC are factored into the SP. Institutions do not look at companies worth less than £50 million so it is about convincing PI's to invest unless it is a discounted placing (because a rights issue costs too much) and so yes dilution is likely down the road. The AIM exploration market is full of loses and a few multi-baggies and very few normal investments that you see on the main market because they are impossible to value, they're ramped and de-ramped, they have no income, expiring licenses. Time will tell but I believe EUZ is very cheap due to extremely poor sentiment.
I also think either of below scenarios will materialize in the next 4 weeks hence me harping on about an exciting September.
If we don't get a JV then I'm not opposed to an Aim rule 15 shell. If we did RTO it's unlikely the new company would take any interest in the asset in the ground and may not even be associated to mining. I've found from past experience the SP before Aim Rule 15 can become volatile (both drastically up and down). However its better than the stagnant 3p to 4p we've now been at for a long time.
It would be a shame for the asset to be mothballed and forgotten about but hey a new chapter under a new company could be exciting times.
I think if you spent the last 5 years trying to prove up a zinc, lead and silver resource and it comes down to needing to find copper in viable quantities to prop up your original target then we have a problem. Of course its a bonus if you do have Copper but at this stage it really shouldn't be about copper and in my view it isn't. It doesnt really feature on the recent updates or the jorc. EUZ needs or at least should be able to stand in the market a a zinc,lead,silver resource which is what it set out to do. I dont think it makes sense to say a copper deposit would push the SP up 400% ? what does that say about the zinc/lead/silver deposits..
Bricks I think we will need to agree to disagree because IMO EUZ being worth £2.8 million is valued at the amount someone would pay to use the accumulated loses to be put against your tax gains or a shell company like Grappa mentioned. There is no value attributed to the data we have showing that we could commercially mine Zinc or Lead. So if we were to show that we have enough copper then this SP will increase by at least 4. Cobre have had drilling results showing copper is present and have gone up 600% and they are now worth £41 million, no JORC, PFS, DFS, JV. I said this 12 months ago, copper is a sex god and zinc is not.
Hi Chrisp…I have no doubt there is Copper and it will be mined at some stage. As you say it’s the volume and quality that is important for Cu to be added to Jorc. Not so sure whether this event will actually move the SP significantly though as Cu is built into the current price…although in small volume….I was actually hoping for Gold as a by product …now wouldn’t that be a ball breaker !!
Yes Bricks you make a very good point. However, that is the reason we are worth £2.8 million and not £14, million. Going deeper is to show that we might also have enough copper to add to the JORC. Cobre just announced copper from their drilling and are up 4 fold. This deep drilling could be the answer to a higher SP and a placing at a good price like in August 2020. DYOR
perfect summary Highside !!!! question is.... how long is the road that they are kicking the can down...
The tragedy is the only reason we are even discussing these possibilities is because once again we find ourselves with no idea of the plan, if there is a plan, no idea of the bigger picture, why Bennelong got involved, why LR jumped ship, why the broker change, whether they are looking for a new CEO, why they want a new project, Why they hired that banker last year or why they hired a company to oversea the PFS then said a PFS was not funded. You could write pages on it but bottom line is we dont know, we will not be told and consequently the SP has been plummeting for 5 years :-)
Even shed is sulking in his shed :-) Time to forget about this now IMHO.
Ha ha, dont get me wrong Bricks, i personally think just one more placing will be catastrophic in fact I would rather see it wound up than stagger on another couple of months while those in the know go into damage limitation and the rest of us are left with nothing. a small placing , because thats all they could do, might raise enough to pay off wages and redundancies before they fold anyway.
IMO I think they were hoping to have the results to increase the SP. I do believe this could be huge and remember they have been testing the drills through this so someone will know the results before we do. There’s always someone in the know!! WHI have indicated this in their report market undervalued. The stock market is also due a come back Q4 this year.
I will be very happy to be proved wrong Highside….but as explained previously…we have never predicted correctly here before as the opposite always happens :-) Let’s wait and see but October is just around the corner and I honestly do not think they will leave it to the last minute.
Best D
I think its very easy to be cynical Bricks and i am more guilty of that than most ( you told me so on many occasions :-) ) but the timing of the issues says they are mostly at a point when they predicted the cash would run out, e: last October they said they were funded for 12months so whatever the SP i expect they will need funding by this October.
Last years funding was different in that they got in with weeks to spare before their annual allowance of 50% dilution expired.
Of all the **** ups here i dont think shares for mates figures strongly, i think they are bloody lucky to get these placings away at any price given the history here. As i said the other day i very much doubt people like Bennelong go in with just £350k as a purely financial move, especially when at the time there was £1.5m worth available.
Chrisp…history has taught me with this share that fund raisers are always done when the SP is at its lowest…as .that’s how they let their mates in and deals are done behind closed doors. LR was very angry with me when I accused him of doing this the last time and understandably so. He had the option of raising at a higher price a few months before but rather strangely held out and was forced to raise funds at the lower price the last fund raise…and this after telling us they were looking at anti dilutionary options. We were all sucked in with this statement…And somehow there always seems to be a spike in the SP before they drop the bomb shell.
This is no different imo except it will be MCs mates next time around.
We are worth £2.8 million which is absolutely peanuts so any sign of enough copper to mine and you will see a 4 fold in price. This happened to Cobra last week. Anyone selling this start of a rise could miss out big time. It is all speculation so DYOR.
If this 900m drill brings significant resource EUZ could be a monster. WHI already said well under valued
Maybe those who have seen that EUA has run its course are looking elsewhere MM :-)
Yes a chunky buy - surprised it did not mover the price!