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Looking forward to the radio interview which is usually more lucid. Just one more thing on "alleviating" dilution, we've always known that if we could only get that indicated then funding becomes a different game, well we've got it now so maybe that's what he was implying.
Interesting little incremental step on the path to saying we're in talks. It's obvious that the passage about sharing the completed phases of the mets with the industry in the RNS allowed him to just go a little bit further than usual on that one. It's a question of when something will be announced, he's talking in the plural so it's not exclusively with Lundin. If there's competition maybe something will come sooner rather than later, as someone said earlier the new round of drilling could force someone's hand. Difficult to decipher but he talked about a "few more things in" to "alleviate dilution", it was wrapped up in talking about costs, could just be semantics but "alleviate" could mean all sorts of things.
OIltap, it was undeniably positive in his own idiosyncratic style!
At 09:41 he said (loved this bit) "........the project couldn't be better at this moment"...........it's very hard not to get carried away about this share now. GLA.
To clarify - not a specific partner, more the opportunity. He wasn't drawn on a JV (rightly so).
I may have missed it previously, but that's the first time I can recall him overtly mentioning a JV partner
"What we believe to be a low capex project with potentially highly attractive operating margins and a significant silver component."
With the majority of the intended metallurgical testwork completed, the programme is now entering its final phase, being the locked cycle testwork, which is expected to culminate in initial results demonstrating the potential recovery and grade of concentrate obtainable from the Toral Project. The Company believes that completion of such metallurgical testwork will be a significant step forward in de-risking and optimising its understanding of the Toral Project and provide a solid foundation from which it can progress the elements required to proceed towards a potential mine development application.
Laurence Read, Executive Director of Europa Metals, commented:
"A targeted additional drilling programme will shortly commence assessing at an area to the immediate west of the current Indicated part of the defined resource estimate at the Toral Project, which is host to a large amount of historical drilling. Whilst we look forward to the results from such further drilling campaign, the geotechnical and hydrogeological work programme, combined with the forthcoming metallurgical results, are both fundamental next steps for de-risking the mine development pathway for the Toral Project. In a modern day mining context, accurate assessment of hydrogeological issues are crucial from the standpoint of both best practice sustainability and operational viability. The metallurgical testwork is progressing well and once completed, and the results analysed, we shall use the findings to begin optimising what we believe to be a low capex project with potentially highly attractive operating margins and a significant silver component."
Well said OT
I agree with your general strategy BB and adopt the same. I have 10 shares that I am in and out of for 10% on a regular basis. When I see a small mcap/ tiny mcap, with a series of events that should increase I buy and hold until the target arrives then I sell half. Nowhere near that point here.
Use of Proceeds
The net proceeds from the Fundraising will be primarily utilised towards progressing the workstreams required for a Pre-feasibility Study in respect of the Company's 100% owned Toral lead-zinc-silver project located in the Castilla y León region, northern Spain ("Toral" or the "Toral Project"), following the forthcoming receipt of an updated Mineral Resource Estimate and JORC (2012) technical report for the project. In addition, the net proceeds will provide the Company with the flexibility to undertake new exploratory drilling outside of the currently defined mineralisation along strike and at depth, as well as deploying funds on the important mining engineering components to progress mine planning work. The balance of the funds will provide additional general working capital for the Group.
The Company believes that the work outlined above will enable it to apply to the relevant regional authorities for a full mine development licence for the project in 2020.
BB extract from the fund raising RNS
"In addition, the net proceeds will provide the Company with the flexibility to undertake new exploratory drilling outside of the currently defined mineralisation along strike and at depth, as well as deploying funds on the important mining engineering components to progress mine planning work"
BB they will always have to raise at some point to prove up the asset further or do an off take when the asset isn't fully known. It is a fine balance but I think we are clear until the new year at least for a raise. Further underpinned by the warrants still outstanding to be actioned.
Thanks Lloydy - impressive 'lingo', I'll try to digest later. Must get some flippin work done now!
all i know on the media is it is 'booked'
BB you must have known that surely? Someone mentioned earlier LR had indicated he was doing media, anybody know when and where?
Shed, the set up of Europa Iberia and the Spanish team highlight that the lot can be easily moved on, including the staff on a tupe agreement.... to look after shareholders (i think laurence is genuine on this) they should be looking at the following: Offtake/ Stream - careful balance of upfront investment/ full or partial offtake by % or commodity. ie a silver stream
Sale- a candidate is made public then a bid/counter situation could occur.
JV- Two private companies not disclosed- jv asset financing agreement with payback terms then fixed npv-% acquisition price (essentially motivating for sale completion for one side to take full ownership once derisked).
Or maybe Mr Montero , along with a gold plated c.v from EUZ will move forward with the project with whomever buys Toral.
It would make sense to employ somebody who is already deeply involved with the project.
It would take a couple of years to do a full assessment of all the technical data available if someone 'looked at it cold', so Mr Montero really could be a really valuable employee.
Gla
In the last round of media after the JORC LR was taking about Jesús Montero's enthusiasm to mine Toral, at the time I took this as a feint but has the truth been staring us in the face all along? Someone else might know the correct lingo to describe this type of arrangement but could there be a JV deal in which Lundin finance EUZ to operate this mine. We know they have a retained interest could we finally be about to find out how this will be exercised practically?
OK, that's the news we want. EUZ could find metals ore 20 miles wide and high but the market has to see a way forward and validation by a 3rd party of the project. Not trying to negative just realistic in Mapp's AIM market world
Dave if there was a JV we'd get a blimmin great injection of cash dwarfing our current mkt cap, but yes revenue from actual mining would be a long way off.
I agree. Gone are the days when news like this sent the sp of junior miners sky high. The market wants to see the money. The revenue stream from a JV is way off. This will go when the market can smell the money. IMO. Could be wrong and I'm here hoping LT
Having also had another read I think they've virtually confirmed that the mets are telling them we have economically mineable minerals. This is massive as it makes the impact of further additions to the resource all the more significant. This is total guesswork and speculation plus a big u-turn from me but is anyone else getting the feeling they don't want to give this up? It wasn't my preferred route but I'm getting a JV vibe, could this be a transaction that Joelson have been handling? Note the proposed wage rises, LR is never slow to say we're operating on low cash could there be something to justify and finance this at the AGM?
this latest piece of news..........all good IMO......just adds more credence to the whole project.......:)