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Of course i am researching the facts, thats the only reason i am here :-)
Will you chastise MM for under playing the money raised by £2m ? no of course not, far more fun to have a go at me for being a couple of hundred ks. out... Might i suggest in future you do some research then you will know how much is raised and will not need to rely on erroneous BB posts for your information :-)
Still not going to apologise because your original posts made out that the company had been spending £2,000,000 a year for ever which it had not. However, it is good you are researching the facts now. So thank you for that.
x2 0's (again).
I will just repost what I put up on Monday in support of the possibility that the arrangement with the CDTI was to cover this years drilling and associated R&D costs, I would reword this to fit with today's posts but in a rush, hopefully you'll get the idea..... "Thought I'd try and get a handle on what we might have spent on the six month drill campaign and found an interesting old FCR RNS. I was really struck by the amount of detail about the contract with SPI compared to more recent 'Secret Squirrel' announcements. JT wasn't particularly popular but at least he was transparent about expenditure in this example quoting €80/m for the campaign in 2017. Okay it's likely to have gone up like everything else but we also had a longer campaign this time so perhaps some benefits from economies of scale, so let's go with a conservative guesstimate of €100/m. We completed just under 3000m of drilling this time so stick on a 0 and that comes out at roughly €300,000. If that's anywhere near correct it would suggest that allowing for likely additional costs related to gathering the drill deviation data the CDTI grant / loan would appear to cover the 2021 campaign, coincidence? Must admit €300,000 seems low and doesn't quite fit with the MC comment "0.5m bucks for a deep drill" which would be considered beyond the 1000m horizon. Still the €80/m figure was RNS'd in 2017 so maybe the CDTI award was negotiated in conjunction with SPI (who have a stake in any resulting software) to cover the drill campaign and associated R&D. The ballpark figures based on the 2017 quote are remarkably similar IMO".
"No apology your posts were poor and missing the facts over a reasonable period "
Unbelievable. :-)
The amount of cash raised pre the last couple of years is totally irrelevant seeing as the operation has expanded since then. You have to base the expenditure on the ave of recent figures.
Cash flows used in operating activities
Exploration and evaluation expenditure (1,507,897) (1,387,317)
Payments to suppliers and employees (828,272) (1,337,373)
Net cash flows used in operating
activities
2019 £ 1,994,700 ($2,724,648)
2020 £1,703,403 ($2,336,166)
Likely to be higher in 2021 as you have had an extended drilling campaign and increased costs.
I will write to the BOD to tell them their figures are misleading for you lol
MM I think the tweet is simply showing interest in Spain and no more can be read into it. It also states that they are a mine, something we are a million miles from. Could be us in 5 years time I guess .
https://twitter.com/LtdEuropa/status/1440982367406014464
Lokking at twitter is this a cryptic clue? Are we going to enter in some sort of similar deal?
sorry I think we have had 1/3 of the grant but the other will come
Looks like the downward spiral has temporarily stopped which is a good thing. I really thought we would be in the 6p's today. GLA
Thank you MM - it might have been Trade UK who sent the post. Remember we have only had 2/3 of the grant so far.
No apology your posts were poor and missing the facts over a reasonable period - don't do it again . However, thank you for the 11:10 post.
The fact is it doesnt matter because the general consensus is the £2m raised just over a year ago is probably near exhausted.
If its not then thats great news.
Well one of us cant add up :-) where is the £1m raised on the 30/9/19 ? and what about all the warrants ?
12/12/16 550,000
9/6/17 225,000
8/9/17 193,000
2/11/17 185,000
20/3/18 1000,000
27/7/18 563,000
29/3/19 960,000
4/9/19 65,000
13/9/19 41,000
30/9/19 1000,000
10/10/19 16,000
24/10/19 41,000
19/8/20 2,000,000
19/10/20 400,000
£7,239,000
OK its less than £2m a year but these figures include cost going back to pre drilling and extra staff and warehouse rents etc. The cost recently have been £4.5m in 2.5 year so not far off £2m a year.
Feel free to apologise Crisp.
@chrisp Been back through the RNS since acquiring Toral and Cap raises etc give or take the last one on the grant and exchange rate this is what i have
12 Dec 2016 £550,000
9th june 2017 £225,251
20 mar 2018 £1,000,0000
27 Jul 2018 £563,516
29 Mar 2019 £960,000
24 Oct 2019 £41,667 Warrants
19 Aug 2020 £2,000,000
19 October 2020 £400,000 Grant
£5,230,434
Highside, please, please can we have facts - just because EUZ raised £2 million last year dose not infer that they spend £2, million a year - this is the second time you have spouted this crap. MM did a post on the total cost raised since 2016/17 and it was not £2, million a year. If you still have that post MM could you re-send it, please?
Sorry i thought end of year was April
End of year was June. The last raise wasnt done until end of August we are 13 months after 2.1 million raise if you include the grant
If you read the announcment for the grant
Europa Metals will draw the Grant monies down in up to three tranches, with the prior agreement of the CDTI, with the initial tranche, comprising an amount of €163,380, to be received by the Company imminently. The second and third tranches are scheduled to be drawn down over the next 18 months subject to certain, defined, operational milestones. The core objectives of the Innovation Programme are to retrieve and process data from the Toral drilling campaign in order to develop algorithmic software for use in exploration campaigns to correct drilling deviation. Biannual repayments of €21,822 begin in 2024, running for 7 years until 2031, with a fixed interest rate being set by the currently prevailing Euribor rate of nil per cent
It says 18 months. Take into consideration that grant wasnt until october we have to be cashed up.
Unfortunately i dont see the accounts being a great help as they will be nearly 6 months out of date and EUZ is cutting it close to the wire now although i am sure they were fine 6 months ago
Sometimes its better to be left worrying than to know the truth :-)
Historically EUZ has used about £2m a year. drilling has stopped but rents and wages, farmed out reports etc have gone up i would imagine. They have been using £166k a month, £135k will not last 3-4 months, i doubt it will last 3-4 weeks TBH.
They were pursuing it so they hadnt recieved it as of 2 weeks ago. £135,000 will cover wages and rent bills not going to set the bank account on fire. Europa have 10 staff members we know 2 of them get 12k per month between them cant see many others getting paid more than that. One of them is a unveristy graduate aswell. Certainly enough for wages and rent bills etc there for 3-4 months IMO
You say they must have cash or why would they give a grant ? Have they given the 2nd part yet ?
https://comunicacion.jcyl.es/web/jcyl/Comunicacion/es/Plantilla100Detalle/1284877983627/PrevisionInformativa/1285094198126/Comunicacion
Maybe LR could take a note from the spanish government
The vice president, spokesperson and counselor for Transparency, Spatial Planning and Foreign Action, Francisco Igea, appears at a press conference after the Governing Council.
LR is now at the slingshot stage IMO its either over the line or raise thats if he can raise. The only positive we have is we arent going bust until the all the major components of the PFS are complete upon until that announcement that they are all complete we have assurance we are cashed up. The announcement 2 weeks ago said we were waiting on stage 2 of the grant therefore up until the 3rd stage is drawn down we certainly must have the cash otherwise why would they give a grant?
I hope LR reads myfirstmillion post. It reflects what 99% of us feel right now. I'll be honest, I'm panicking
Myfirstmillion, a great post. Spot on.
I'm very confident that the PFS will be a success. Bara recommended in the PEA that we advance the project to a PFS and the intersections have exceeded expectations so barring a nasty surprise from the deleterious elements I can't see anything derailing the PFS and I fully expect WAI to recommend moving to FFS. The problem is coin.