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A big shout out to you guys for attending the meeting, asking the questions and coming back on here to give your honest account of what happened in that room. Cjen, you should ask LR if you can have the job of communication director you’ve done a brilliant job, thanks very much. Would I put another penny in here - no is the short answer. Will I hold my shares, not a lot of choice really as I’m a good 65% down, that is unless I’m prepared to accept the loss, which right now I’m not. Thanks again to all of you.
ATB Pete
Thank you Cjen
So yes the value event was not the possible new purchase but Toral. I was wrong last year with the timing of the PFS but they did indicate it was around 18 months off last year which would suggest we would have one for the new year. I suspect the JV company that we were require the funding from 'value event' can move the goal posts or because of the good drilling news we need more drilling and proving which seems ever lasting. Yes the fund raising was a shambles but has I have already said their were no warrants attached to the funding for the funding to dilute us even more later on at 5p.
So the reason for the new investors and the reason DBA came aboard again is because the NPV is so much higher than the SP and that this will be a reason for the SP to multi-bag one day. The value event has not disappeared completely it has just been postponed for now. It is still all about Toral and it always was.
Cjen, a huge thank you really detailed & answered a number of unknowns. I think for me the surprise was that the PFS is a fair way off. But from my perspective, overall very reassuring. ie. Toral is still the focus. I have always been of the view, that a PFS is required to get rerated/ a partner on board.
Richard from Bennelong defineatly stated that they were investing £275000. This was in two tranches of £200 thousand and £75 thousand.
Please double check this with Numpti PI as he was sat beside me .
Surely they didnt spend £275k on 1.5m shares ?
High side
Thank you for pointing out the error on the CDTI grant. It is of course 140 thousand and not million.
Whats you quiriey on Bennelong ?
cjen
Bennelong will be looking to stabilise the share price and bring it more into line with the Turner Pope broker note and NPV. If this happens that’s 20-30 bagger from here I bet they are happy with their cheap shares. I would have a put clause in it personally
Amendment
The recent CDTI grant is 140000 euros. Sorry not million.
We have at least £1.5 million raised from the placing, plus the money from the CDTI which is circa 140 million euros . ??
They are very upbeat about Europa Metals and are themselves investing £275000.00 by way of share options. ( 1500000 shares ). ??
The BOD has stated that they would be open to adding to the Europa Metals portfolio of assets by acquiring a second mining project. No project has yet been identified as suitable and regardless of this the core focus remains firmly on Toral.
Answers to questions.
1. Since the end of year accounts show that there was more than $1 million AUS in the bank at the end of June 2021, why was the placing required so urgently, as we were clearly funded to the end of the year and to the completion of the PFS.
There were insufficient funds at the bank and the PFS is still some way off.
2. The completion of the PFS will further de risk the project and raise the share price accordingly, so why did the board decide to raise finance in October at a discount of 42% of the then share price without waiting for the completion of the PFS?
A completed PFS is still some way off. Europa Metals is not funded to complete a full PFS but is working towards completed key elements whilst working to satisfy the questions raised by interested parties.
3. Why have we appointed a second broker, W H Ireland, having only recently dismissed one. What was the need to appoint this second broker when we already have the services of Turner Pope?
This question was not asked
4. What if any deleterious elements have been found within the ore? and what are their impact on future smelting arrangements?
The Metallurgical work is ongoing, but to date no issues have been found
5. Why has the board failed to secure non-dilutive funding options, when by all accounts Europe is awash with incentive programs and financial grants?
Please see note 6
6. Did a deal to secure funding, JV, Farm Out or similar fall though in the summer and was this the Shareholder Value Event that was RNS’d earlier in the year?
A deal was being negotiated in Summer 2021 for a JV or partnership of some sort. It unfortunately fell through and no longer exists. This was the shareholder Value Event that was expected. Discussions are ongoing with other interested parties, but of course are covered by NDA.
7. What is the current bank balance for Europa Metals and exactly what purpose is this money to be used?
We have at least £1.5 million raised from the placing, plus the money from the CDTI which is circa 140 million euros .
8. Mr Laurence Read said as part of his recent Proactive online interview, that we would hear from the new investors (the ones in addition to Deutsche Balaton) . When will this happen?
See note 9