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Afternoon Fira, I just hate this delay in bringing LCCM into production as we need the cash to pay NAE (June) and to get Redmoor exploration moving forward. BUT, I would hate dilution of shareholders at this sort of level (1.4p last June seems good value now lol). Seems we're in a bit of a bind....
Agreed Prop, why would they place when the share price is this low and they own 8% of the company? We do need some cash and urgently to get Leigh Creek into production. Any arrangement with our offtake partner is going to have an impact on future earnings/profits but I'd still prefer this to raise the $3.5m capital required to get into full production. Then there is the small issue of Redmoor payments to NAE (and possible dilution!) by June and the work/funds needed to monitise this 'asset'. Come on (ex) major cobre client pay up!!!
JP says PEPR to be submitted towards the end of Jan - after Australia Day (seems implausible that the unfortunate fires will affect what amounts to following a local-government process for approval); as for funding production, it would surprise us all if they raised it via a placing, based on previous interviews.
Maybe we should sell something - HC, Redmoor? Neither are contributing to keeping the company afloat!
No not "required". Its SML's plan that it will need that cash to start up SML 2Mil working capital and 1.5M capex. IF we have to raise thats a 33 % dilution, to get it up and running and payback in a year.
Yes JP explained it on proactive video. 2 months since the interview and said he was quite close with a few parties. Pepr to be done. Not sure how the bush fires have effected things but I imagine there is some disruption. They anticipate approval in June. I can't see funding being secured before that in all honesty so expect a placing in the interim. Maybe the Manners have deep enough pockets and an interest to pick it up without massive discount.
Payment to NAE due this week and covered by the tax rebate. Do you think we are trying to raise c$3.5m, referenced in the 22 Nov RNS, to get LCCM up and running? Would there be any other associated costs?
We will get news this week I'm sure on redmoor payment, they've announced every payment. Hope fully cash balance update to clear up we can make April payment. Or of course they may pass up payment and renegotiate terms. Arbitration and funding is the most likely news to get this moving again. To be honest I'm resigned to a placing if it means we can get lccm moving. Although it would be a hefty dilution for the money they need. Have thy submitted the pepr yet...
There's an automatic share agreement in place if we cant pay, but don't forget Alan did say NAE have stated they could be flexible.....
Don't believe we will get a placing to fund LCCM preparation for production, more likely an arrangement with our offtake partner or debt finance (imo) but I struggle to see how we can avoid such a course of action regarding the final Redmoor settlement in June (interesting timing given we had our last placing at 1.4p the week after the AGM!!). Any placing this time won't be at 1.4p!
Don't forget that although copper has dropped so has oil, which makes recovery cheaper
Looks like someone's having a bad day!
Where's the Optimism BigAsk?
If that's your opinion and sweeping generalisation of AIM stocks why are you wasting your time commenting here.
The BOD along with the brokers have milked the shareholders since the 3.6p highs. They are no different to another BOD's on aim. Dilution is imminent. DYOR
seen so much uncertainty with my investment here and hoping that (positive) news will be delivered by the BoD very soon. Renewal of our annual licence with Freeport to continue selling our magnetite would be start. Confirmation that we have an actual date for arbitration with our (ex) major cobre client. This has been a very slow process to date. The BoD says it has been exploring various financing options to support our plans to move LCCM to full production. Hopefully we start producing some decent cashflows/profits later this year. How are we going to meet the final payments due to NAE in June? What options are on the table? Are shareholders going to get diluted again? Tin/tungsten look to be attractive resources looking to the future. Shame about the price of copper. Fingers crossed....