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Myles being paid 50% in shares is actually very good it suggests that he still believes. I remember EUA directors being paid in shares for 4 years before they multi-bagged by 100 times. EUZ in my opinion is priced to fail and the resources we have are not being acknowledged because if they were we would be worth more than 3.5p. This does not mean we will fail but that is what the SP is saying via the arm chair PI's many of whom have lost money on EUZ and not willing to invest. These arm chair PI's are not convinced that we will get a partner and a dilutive placing is around the corner, hence if we get a partner we will multi-bag. However, we have to keep proving up the project and making it worth more. We are de-risking the exploration but we are yet to de-risk the funding and that is required as soon as possible.
TBH Shed I'm not bothered, the only reason it came up was because you wanted to know the dilution of shares for wages and i was just calculating that for you.
As i said its probably a can of worm left well alone :-) anyway now we have the RNS today we know exactly what the wage is for calculation purposes..
When it was explained to me it all squared up. I’m on the go so can’t check back now but I’m sure Myles will explain it if you email him.
You could be right Shed but they shouldn't be listed as separate expenses in the accounts then for example £110k as a wage and £30k as a consultancy figure. If it was £80k wage and £30k consultancy figure totalling £110k i would understand.
Bit of movement on the JSE......
When I first saw the consultancy fees I wasn't happy. However having sought clarification I found out that the fees that went into LR's company were in fact his salary as it was legally tax advantageous to have his salary paid in this way. He later reverted to being paid on regular payroll in the UK. MC I believe currently receives his salary into his company Virico, they are not paid both as Directors and consultants.
Same here Highside if we can get 7 to 8p I would be still losing but happy to walk away with that.
MM
Accounts show MC was paid $187k AUD so about £110k
Of course accounts are always murky to anyone not trained in them so true income has to include "consulting fees" and "expenses " :-)
I think the share deal was just wages and consulting fees. I think i read LR's expenses were £35k last year? Presumably travel to and from Toral and trade shows /presentations etc. I doubt MC is doing this so this is also a saving now. then of course these guys are often paid directors of the consulting companies they use as well :-)
MC for example is a director of Virico Limited who received about £70k in consulting services.
Note
6. Executive contractual arrangements
Laurence Read – Chief Executive Officer
Salary £112,000 per annum
Term Ongoing
Termination 6 months notice period by either party
---------------
I dont know what the penalties for walking off with a few days notice were ?
TBH its probably a can of worms thats not worth opening other than to say I'm sure they all do very well out of this regardless of the outlook for shareholders. Personally given the money situation i think anyone now who came forward with a JV plan could pretty much call the shots and i can see 75% handed over easily. I would like to see this wrapped up now, its become more boring than lockdowns and conservative party leadership campaigns and has dragged on for longer. Life is short and mine is running out and i would like to get back even 25% of my money now rather than see this drag on and on
Well myles get 160k per year so half that 80,000 divide that by 0.03 2.6 million so 1.3 million would have been end of July. Not a lot really
Shed
i presume it will be £50k /4p at todays rate ? 50000 x 25 so 1.25 million shares ?
As i said at the time i doubt it will help shareholders because whether they are paid in cash raised in a placing or new shares it still dilutes us.
"Bricks the value will be based on what can be shown is in the ground, the 3 year average price and the estimated cost and ease of getting the resource to the market"
Yea but as the value and quality in the ground goes up, the broker valuation goes down. Recently from 32p to 11p, even allowing for dilution its gone from 23p to 11.5p............so presumably the cost of getting it to market has more than doubled on that calculation ?.
loses worth £10,000,000
Morning Bricks I was wondering what is the dilutive effect of MC and EK getting half their wages in shares - with the SP so low it can't be insignificant, at least there aren't two Exec wages I suppose. On the cost of exploration I remember LR once mentioning they had been asked to calculate the total cost of all drilling on the licence, we inherited something like 40,000 metres of drilling from Pennaroya & Lundin, imagine what that would cost today!
Bricks the value will be based on what can be shown is in the ground, the 3 year average price and the estimated cost and ease of getting the resource to the market. Historic costs are irrelevant because the company might have wasted money which BB used to say and I agree with when considering the admin costs. Although, the losses in them self would be worth £10,000 to go against future profits. All in my opinion. So Grappa's idea of selling as a shell company for 10p a share might sound plausible for the tax savings that could be made?
Sheds….just in case it is Lundin and I am fairly sure they are still in the frame…
Accumulated losses as at Dec 2021 amounts to (47,737,983)
Any JV or deal would have to take this into account.
Is it fair to say EUZ currently has 79,130,649 shares in the market and therefore each share should currently be valued at around about 60p ( assuming the books are in pounds and not Oz dollars ) if any corporate deal is struck ? This being the case why do the brokers only value the share at 11p? Surely the exploration done to date is an asset and in real terms it’s our accumulated losses. Just my thoughts….GLA
We keep proving up and proving up after every RNS and it doesn’t make a difference. We had Adam and he couldn’t commercialise us. We need to keep Myles for the technical but we need a Colin Bird or someone of that ilk to sell this asset. We need it very soon. In fact we need it by mid September at the latest. Come on Colin rescue us before it’s too late!
CHRI5P I think the market is pricing us on the history of 'drills - assays - JORC - mets - placing - drills - assays - JORC -mets - placing'. The big question is are we now in a position in which Myles can break that pattern? IMO if shareholders interests are uppermost in his mind, as they should be, he simply has to. I say that because any LTH who doesn't want to buy more stock, or can't afford to will be stuffed by a placing discounted below these levels. If an equitable partnership deal can't be hatched then LTH's might well be better served by a low ball complete asset sale. However there are multiple reasons that make me very hopeful that some kind of JV should be an attractive proposition for us and another party. Top of my wish list is a dual mining and renewable energy project. Lundin seem an obvious possibility despite protestations from LR & MC, it is unclear IMO if back in rights expired or remain with the royalties, plus they have set up a green energy company (Orrön) based in Scandinavia but with a declared strategy of expansion in Europe. In a way if something is on the table and it's a big 'if' I hope it isn't Lundin, not just because they may have leverage with the retained rights but they may take the view that as we've grown the asset so have their potential royalties without them lifting a finger. All guesswork but a bit of fun while we wait for our fate which reminds me of one of my favourite Youtube clips which might neatly summarise our predicament: https://www.youtube.com/watch?v=wGU5A0nPHsI
j74 agree with your moan on PR from the company when you compare with other AIM Explorers. Hillside I disagree with you and what WHI are saying makes perfect sense. WHI are saying that EUZ is a multi bagger in their opinion and the investment community are not seeing the full picture. Quite often in AIM exploration the value of the company via the SP is completely out of odds with the actual value - the market is mispricing massively (up or down) and when you take into account that the majority of the investors are arm chair PI's looking for soundbites it is easy to see why. We have no positive PR and so we are valued to fail which might actually happen but if we start to see a possible mine being a possibility even if we give 75/80% of the mine away like GGP did we will see the SP multi-bag but for that we need a partner to fund the rest of the research to the definitive feasibility study (DFS). By the way I am not saying that this is a given but having an RNS like we had on Wednesday is an important step towards that goal. Shed I am not saying we would give up 75% but even if we did it would still be a positive outcome for the SP.
Apology accepted :) I do agree that the PR is terrible. Since LR left they have almost completely given up bar the odd Linkedin post, usually something which leaves us guessing whether there is any significance in the fact they're attending a renewables conference or whether it's just a day out. To be fair we have had a very solid RNS but again they could have RNS'd total depth of 041 hitting mineralisation separately a week or so ago rather than it getting lost amongst the metallurgy, it's hugely significant as is the new target at 900m. So Jedster I do sympathise but this is all about holes in the ground, kind of comes with the territory.
Well we can see why the project is over looked, nobody cares about EUZ???? EUZ are crap at PR.
It is evident how crap EUZ are just by looking at 3 public sites Twitter , hardly any chat. LSE same regular posters day in day out including my occasional moan. ADVFM one message every blue moon and even then its negativity!!!
EUZ wake up read your own boring self pitying LinkedIn posts, reply when people send a reply to said posts.
Try promoting yourselves better, blow your own trumpet about your assets. Get some young blood in your office that know how to use social media, promote promote promote. Not bore, bore, bore. Do more than just drill holes in the ground.
Apologies Shed I have moaned again and not yet sold up!!!!