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Ha ha just received an invitation to be the new EUZ accountant - they must like my work!
You have my problem this morning shed :-) i think you mean £320k -)
I think it was £320 cash to acquire Goldquest hence Toral, plus the historic royalties due to Lundin shouldn't be forgotten though I'm assured that these are baked into the economic report.
On a wider note folks the board has been pretty civilised given the recent disappointment so I think let's put the crowing to one side. Yes Bobby was always negative and cautioning about placements but we also heard about every single top up along the way. The same with Highside, constant negativity then news that they're in and then topping up so the disguise was a very thin veil, but no problem you had your fun with it let's move on, I've been more negative of late but have also been very bullish in the past so am happy to take my share of humble pie. We've been talking all year about the obscurity of only been financed for 'certain key......' (you know, I don't need to finish.....) so in the light of that and as the 'value event' comment became more and more flaky I have topped up and feel let down that it's the same miserable method of keeping this going yet again. To be fair to LR I have pressed him on what it meant and have never been told anything other than it is a statement of strategy and not a promise so my decision to top up, my risk, my mistake. That doesn't mean I / we also have a right to expect better from management. As I mentioned yesterday MC was talking about us having non-dilutive options as long ago as Dec 19 so we can't be too hard on ourselves for being guilty of optimism bias when on one hand we've been expressing concerns about funds and then being tempted to get in the market yet again. As most of us need the Board to find a practical path out of this, a less combative approach to debate on here might be more helpful so I'm happy to try and play my part in that having enjoyed a right old ding dong in the past. Lastly it seems there are going to be changes and the new investors will be visibly active, not sure exactly what that means as yet but it's ludicrous in the current market that we can't find better funding solutions for a quality asset so I guess this group must agree and see an opportunity.
"The insertion of value event in one of the previous rns should be investigated as it appears it was designed to keep lth onboard"
Totally agree and this is what suckered me in to load up more.
I think the vote of no confidence needs to be organised and pursued.
Sorry, my earlier post should have been, i was looking back to see how much they paid for toral was its £400k or ?
100% agree tsbs.
Highside, you kept that quiet lol about BobbyBeal. I have been accused of being BobbyBeal in disguise and always replied with I wish I could be that articulate. Thought it strange you disappeared LOL
bobbybeal now theres a guy
He was the one that said said to me what part of no placement of shares dont you understand a couple of years ago or words to that effect.
And here we are diluted to ****
The insertion of value event in one of the previous rns should be investigated as it appears it was designed to keep lth onboard
Quite clearly there is no value event . If there is going to be then the BOD need investigating by the authorities for giving very cheap shares away to certain individuals if not the NOMAD needs to take a hard look at themselves
I was looking back to see how much they paid for moonlight ? was it £450m or £650m ?
I came across this which made me laugh, almost the exact phrasing as we got this week
Since the beginning of 2016, parallel to the previously announced review and strategic refocusing of the group's assets and corporate structure, the Company has been progressing a number of new potential avenues, both independently and in conjunction with our existing partners and various third parties, to generate value for our flagship Moonlight project.
within the year that flagship was sold off for a nominal amount.
You cant say i didn't try and tell you Bricks both as Bobby Beal and Highside. Over the 10 years i have been following this there has been a pattern. I have not believed myself on occasions so i dont blame others for not believing me but for me its just damage limitation now.
Good points Bricks and I share your frustrations. The updates I receive from my other stocks are far better. Not always good news but they communicate cause and actions to rectify it. LR is incapable of that and to be honest it's because he's a geologist and not a business man. Also on other stocks I here from the finance person providing breakdowns of cash burn and income. Do we get any of that, no never. Who is the finance person? Who is making the finance decisions? They need to stand up at the AGM and explain.
And I urge all shareholders to make a concerted effort to attend the AGM this year. We need answers and clarity….not vague statements that mean nothing at all….seems like the devil is in the detail with EUZ.
Chrisp…I have for many years had a great belief in the asset…and I still have and I have absolutely no doubt it will be mined one day. The problem I now have is actually quite different. LR has now diluted us twice in 2 years at a price which I believe cannot be justified. It smacks of gross mismanagement and the BODs inability to raise non dilutive funding when it’s raining Euros in Spain ….again gross incompetence on their part. In addition I now also suspect they are withholding information from shareholders purposely. I cannot believe the latest sets of Mets are not known to them…it’s been months and no news on them. The annual report….where is it ?
These guys imo are cowboys and unfit to hold office in a public listed company. Their vision in addition is somewhat tainted and very unclear in my opinion…seems like the only hope we have is with a JV or far out or whatever they have no role to play moving forward. My guess is this fund raise is to carry EUZ for the next year and ensure MC,LR etc get paid for the next year… the JV will be newco…and hopefully announced soon. It’s our only hope I’m afraid. But I certainly will not put my faith in this BOD again having been shafted as a PI once again.
I think this also proves one very important thing. The backing of European funding isn't there. The money has been distributed and for whatever reason we have not met the criteria. I think this is what's happened, LR pinned his hopes on this and it didn't materialise and the pot was empty and hence the dilution.
Thank you Teaye72
Bricks I am sorry to hear that you are well into the red with EUZ.
0.011p I think was the price just before consolidation last years which would equate to 5.5p so slightly down since pre consolidation, much work done and lots of good news but 2 placings with a combined raise of £3.5 million.
I like you Bricks thought the PFS was funded but due to the share price uncertainty the warrants were never exercised to raise the £2,million we thought that we would get from them. The directors knew there would be a resources upgrade but it came too late, the damage to the SP was done and we had to raise money on a relatively low SP and company value.
Like Teaye I have seen this many times and I was hoping we would be funded to get the revised JORG out and the PFS and Shed to his credit was a bit more reserved. Management have tried to use twitter to encourage PI's to buy in and stop LTH selling out but the number of other 'AIM mining prospects' is quite high and we have just not been credited with a SP price which would demonstrate what we have and most definitely the buck stops with Management for this.
Time and time again I have shown comparisons of other mines where their value is massively over priced compared to ours but no one is listening and time for us like all AIM exploration is expensive.
I did say to BB a few times last year that placements come every year and that EUA had them every year for 2 decades in trying to prove up their resources until their time came.
I will say again I think we will farm out to a much bigger company. However, if we go it a loan and if we have to spend more time proving up the resources then there will be more placements.
I am still positive about what we have in the ground and yes this is definitely a high risk/reward share and I do think we will be mining one day but without a farm out I feel we might have many more placements if we aren't able to produce the PFS and then DFS to give the SP the rerate we all want and believe is only right in a timely manner.
Lets hope the good news arrives next month and one think we will all agree on is it will be about time if it does.
Grappa - again, I don’t disagree.
We are in the AIM machine and it’s what happens.
What we each are trying to foresee is when we miraculously meet current status with market need.
Outside of that, I don’t see much option other than to sell if you don’t like it.
I’m willing to lose everything versus bail at a loss. But that’s just me. I have a 6+-fig portfolio across 4 shares and all are currently down. But all are worth multiple times on paper.
We all make our own investment decisions.
Teaye, The problem is your high risk to high reward has just been halved and it will be halved again on the next rinse and halved again after that. Then no doubt when the SP is sub 1p it will be consolidated again to be a grown up company to then dilute more. I don't want more dilutions and consolidations and if Toral fails I hope the institutional investors stop bailing us and we run out of money for an RTO.
Either Toral works and soon or RTO for me.
MyFirstM - I’m not trying to convert anyone or persuade anyone. Just reporting the themes of our conversation (clearly avoiding betraying any confidences).
Take it or leave it.
But none of us has any power, individually, to change where we are today. And I don’t for an instant believe we have the full picture.
High risk is what we invested in.
I am waiting for high reward.
De-risked (as I thought) with a balanced portfolio. Not that has helped me recently.
Time will tell.
Teaye72, thx for that. Unfortunately none of that fills me with any confidence at all.
Highside - I don’t disagree. There are still many questions. But we will only know what we need to know per the rules.
Huge element of trust - or not - but not sure we have much alternative.
My take: we haven’t managed to get ink on paper with the partner we had in mind. Our SP is being played by someone or some entity. We needed cash to survive so we raised. We are bringing in some new blood through share ownership to help us push this over the line.
That’s what I think.
Thanks for that Mr T
However other mining companies might have other projects on their books but right now surely LR has a priority for our cash and his attention and its not on a undecided project in an undecided country.
Raising money for a new project when your current project and SP is at an all time financial low ( in the life of EUZ) needs a better explanation than that, quite frankly what he has said is an insult to our intelligence.
I get there might be reasons he cant tell us what's really going on so say " i cant tell you what's really going on" and dont try a fob people off with this nonsense.
You dont raise at 5p when the SP was near 15p earlier in the year for a project that...you dont know what it is ,where it is and is simply a pipe dream when you cant even properly finance the project you have.
Bricks - have to say I’m a bit surprised at the utter despair you’ve shown today. I’m not criticising it, far from it, I am totally sympathetic; but we all know how AIM works and what happened this week has happened a million times before. And will happen a million times again.
I am down 50% on EUZ now across various portfolios amounting to a few 5-fig amounts. Not inconsiderable albeit not 6 figures, as you shared earlier. I’ve been down 50% before but I’ve also been up at times… that’s just the nature of AIM. Risk and Reward.
My email chat with Laurence today focused on the SP. And to be fair to him, he is very much aware of it and resenting the fact that with every bit of good news, the price seems to go in the opposite direction. As it was the last time I challenged him about it a few months ago. He isn’t ignoring it and why would he: it’s the only thing that gauges how successful his company is. So of course it’s a concern. Regardless of what he says in video releases. It has to be. It affects everything from PI morale (which to be fair again he doesn’t necessarily need to are about) through to how he easily he can raise funds which IS critical.
He didn’t confirm why there was a raise this week (but I think we can all guess) BUT he did say that it had given the company an opportunity to bring onboard new investors (RNS’d) with relevant experience [my take, in mining exploration companies] and keeping the SP aligned with actual progress. No TR1 holdings but news might get out who is now involved.
Why mention diversification (RNS’d)? Again, the comment wasn’t a suggestion that TORAL is anything but the primary focus. It was an acknowledgement of the fact that many mining exploration companies ARE diversified versus just having a single asset. And I only need to look at other stocks in my portfolio to acknowledge that it’s true. Single asset companies are few and far between.
Anyway. I am down. Further. I can’t say I am happy at an increased paper loss this week but the asset hasn’t changed. And we have cash to continue.
Great comments on the board today and I feel everyone’s pain. This week I have seen red across all my portfolio so maybe I’m just feeling punch drunk.
High Risk, High Reward and I am holding.
A sale would mean would not need to raise as much and a JV would mean we would need to raise quite a lot which would now be difficult so for me it will be a farm out where you do not need to raise any more money until construction which is what GGP have done.
When in doubt do nothing i say. Let the dust settle, lets see the results and lets see if any new investor declares.
LR might realise he has opened several cans of worms and use the accounts statement to try and clear up a few points.
i think he probably knows where he is going, he just needs to fill in the blanks for the rest of us.