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Thank you for the replies to my question about completion time for the PFS. The end of this year or the beginning of 2022 is not so far away now really. I truly believe that with good results from the PFS this company will begin to materialise it's TRUE value.
Thanks all
I am sure you all remember LR saying whoever mines Toral WILL mine copper. Now the thought has just occurred to me….He has raised this more than once…as I also recall him saying a friend told him once lead and zinc live in the shadows of copper….in one of his presentations.
The possibility may exist that the EU have asked EUZ to further explore Toral as it is a very strategic resource in Europe…and Cu is possibly the pre req for further funding and it will be included in the Jorc ….?. If this ends up being the case ….then this strategy imo could have been RNSd a long long time ago. …anyways…may not be the case at all…but thinking out aloud ..GL
Hi CJ - I seem to remember the old favourite 18 months being mentioned following the fund raise last year. They were planning to start drilling before Christmas though at that stage so whether things have been put back due to that I don't know. As ever we're guessing, there are many other work streams apart from the JORC, will we hear about the metallurgy, geotechnical work, ore sorting, hydrological results from the borehole before the PFS or will it all land in the completed report? Obviously the updated JORC was always a central component of the PFS so it hasn't delayed it aside from the drilling going on longer than expected, much depends on how much work AMS have completed during the course of the campaign IMO but again we don't know if the other work streams are complete or not. In short I don't know :)
Once we receive the updated Jorc report it the PFS should follow within should 1 to 2 months….or about 6 weeks.
My understanding is its been delayed to allow for the inclusion of an updated JORC. I would guess majority of the work is done so once the JORC is sorted the PFS should follow soon after. No one knows when that will be but my guess is this year ?
I have been following EUZ for around three years, with its ups and downs. I am wondering if anyone can advise me when the PFS is supposed to be completed. I cannot seem to get a straightforward answer anywhere.
Thanks again BricksSA that makes good sense, i agree the goal must be to get this past PFS and then i think people will be watching very carefully as it goes to BFS. I agree that small amounts of funding at a time to clear hurdles is more viable until momentum takes over the SP on a favourable PFS/BFS.
Jus so as we are aligned….I have not seen the European Investment bank take a stake in any EU company they have supported in the past….and I doubt they ever will. All commercial agreements and that’s the way it will remain imo.
answered your question….
Hi Highside….my reasoning is as follows….
1. We have enough to complete the PFS. This phase is a pre requisite to the funding that will be in the form of a grant in order to complete the BFS.
2. The EU grant will be only enough to allow us to complete theBFS. I don’t expect it to be much but will keep us afloat until BFS is completed.
3. The BFS will be funded by European Investment Bank … and this I believe is why AH was on board. This will more than likely take the form of a loan which will need to be repaid…
The above is my view of the process that needs to be followed and I believe EUZ are aligned with it if one takes into account where we are in terms of the mining development lifecycle. GL.
The above is what all my research points to….this is my opinion only obviously but trust this has
what do you envisage this grant being for and how much do you think that will need ?
My worry is if they gave EUZ for example £2m to see it through another year they would effectively be taking a 60% controlling stake. I know thats an over simplification but the value of the company v the cash its using doesnt really make sense as it is.
This where the company policy of playing the end game might backfire because had they worked the SP to get it up to say 30p it would have been much easier to raise £2m for a £12m company than £2m for a £3.5m company ?.
And lastly I believe the PFS is actually a pre requisite to access these funds and I also believe we have enough in the bank to complete the PFS….the half yearly report due any day now should confirm this view.
And it comes directly from the EU….not a local politician….it clearly states will receive funds to complete their development.
How would you interpret this statement Grappa ? As more dilution ?
Regarding the fifteen projects that will receive funds to complete their development, it is expected that the European Investment Bank will provide customized technical assistance, with the challenge of advancing their financial or technical maturity and being eligible for funds in future calls.
Right ramp Sunday has been interesting to say the least. Time to chill and let's hope for news of some sort next week.
Sorry if there's a dilution I'll be busy selling but will call you out after lol
Bricks don't worry I won't :) brave statement to say they won't be a dilution. I'll be the first to congratulate you if we secure a grant. However I'll also be the first to call you out if theres a dilution :)
3 projects in Spain….. The aid is divided into two items, one of 4.4 million to help the development of 15 projects yet to mature - including three located in Spain - and a second item of 118 million to which 32 "small innovative projects" opt - -seven in Spain-, whose objective is to promote the introduction of low-carbon technologies in the market of energy-intensive industries.
Funding already arranged……. Regarding the fifteen projects that will receive funds to complete their development, it is expected that the European Investment Bank will provide customized technical assistance, with the challenge of advancing their financial or technical maturity and being eligible for funds in future calls.
And last but not least….I expect NO further dilution…..THINK BIG.
Europa Metals not mentioned….so don’t bother reading Grappa….lols.
https://www.europapress.es/economia/energia-00341/noticia-ue-compromete-primeros-122-millones-ayudas-proyectos-innovadores-descarbonizar-economia-20210727142301.html
The rest can read between the lines.
It’s in the 7th Sept RNS….:-)
I can't see where they say that in the 19th July RNS but I have only just re-skimmed it admittedly, I'm sure if they did say 'based on' they wouldn't have dreamt that anyone could possibly think the last 6 months of drilling wouldn't contribute to the PFS, the whole point of it was to beef up the early years surety, bring forward the payback point and so on. Whether copper is included is another matter, can we go from no JORC declared Cu resource to an indicated in one step? Maybe we have enough Cu from the previous campaigns to get an indicated resource, maybe not so I certainly don't know if we'll see Cu in the PFS, let's see what AMS say.
Thanks BricksSA exactly what i wanted to know.
This was in the last RNS…. Europa Metals is now assessing the impact of these final assay results on its existing global and indicated resource and commissioning a new independent updated resource estimate from Addison Mining Services Limited ("AMS"…..so imo an updated Jorc will be used for PFS….which of course could include copper ….GL.
Well as the RNS i quoted was 19/7/21 barely 9 weeks ago and they said it would be based on 17mt and thats 7.5 months after your quote of Jan 21 i dont think that was an unreasonable question.