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Step forward, the most-incompetent chairman that a company could wish for: Alan Broome, whose involvements in the Cobre court-case debacle, selling Redmoor to SML, and the purchase of LC - see his inimitable accomplishments elsewhere, with a quick Google search - leave us with a share-price lodged at the bottom of a deep well, to which we have been steadily sinking over the past few years; the question is, is can JP and PW haul us up, so that we can on one again see the sunlight that they promised us, many years ago? A few recent tugs of the rope have moved us up a few metres, but we still await - in the dark - for the tug-of-war pull that catapults us to the top.
The bond was known about. It was part of the approval process. The approved PEPR is a watered down version of what was originally applied for. We had to settle for a diet version to process our “shovel ready” oxide heaps. Which would give us income to do remedial work and afford a larger bond. That diet PEPR was approved a long time and we have done nothing with it. No promised oxide production.
The second PEPR is the main PEPR resubmitted to allow mining. This is delayed because (fill in the blanks). We have no idea if the BoD are asking for the delay or if it is being delayed by as gov. We are kept in the dark.
I would love to see the due diligence reports on LCCM and the sign offs. I always was of the opinion that it was a terrible idea and it has been a money pit. It is a current liability to the tune of millions and needs to repay us. There is no culpability for some really bad business decisions and no apologies for destruction of shareholder value. The only asset is Cobre for as long as we have a licence to remove the magnetite and customers to sell it to.
Based on the company’s poor performance over the past six years, should we err on the side of caution by presuming that Cornwall council will not grant us the grant - after all, it’s had more than a year to assess its validity? Or should we fall for the BoD’s media-friendly enthusiasm that it will arrive - soon? Moreover, company-making news should have materialised on Redmoor and LC in the first quarter; yet, here we are, nearly a third through the second quarter - and none the wiser.
What is the second pepr for please
I know there was alot of anticipation a few years ago about getting one through.
Having done that it doesn't allow us to mine??
Have the bod always known about the size of the bond but have not shareholders in on it??
So, we’ve had a ‘shovel ready’ copper project in South Australia for about 3 years with an NPV of over £30m. Copper is more or less at an all time high, but seemingly there is no interest in the project which is very strange??
Additionally, very poor communication by our BOD in respect of this project. Presumably they think that it’s ok not to give shareholders an update on the second ‘copy and paste’ PEPR which was submitted for approval about 16 months ago??
And Alan Broome has yet to explain why he has a negligible investment in this company.
You should correct that ShS to 2x Directors with skin in the game and a Chairman with no confidence to invest. The Chairman has unlimited visibility within the company and has a token holding which certainly gives the impression that he has no faith in the company.
The company is self financing with a bod with plenty of skin in the game.
Certainly a good start, hence the buy button pressed
Going forward, lots to play for unless this is just another lifestyler
They have always been happy for the copper price to fall, because they couldn't afford to buy the promised juggernaut to move all the extra cash :-))
No excuses from the BoD on an unfavourable market for copper and tin, this time round - as has been their go-to excuse over the past few years.
I do think.....freudian slip....
Yes Lupi, i think this will recover, i dont think the BoD's having so many shares will push them to deliver.
Given that copper is now just off its all time high and some charts indicating it could well go a lot higher, someone will close on LCCM IMO.
Trying to raise an old issue ShS. We have known about this for a long time. The bond is what it is. The mcap does not reflect LCCM as an asset, but rather a liability until such time that it becomes an asset or is proven/sold or removed from our portfolio. We do not own any land in Cornwall. Just the mining rights and deals will need to be struck with landowners, if that time comes. The income is Cobre and that has just improved greatly. We are currently and recently "in profit" thanks to Cobre and the income is what sets SML aside from small miners with zero income. There is a chance good news will send this the right way now that we have income to do something again without bleeding the already drained LTH. The BoD raised us up and then dropped us deeper than when they took over. They can do it again this time with more income or they can lifestyle it. Many of us are not here to regain losses and a light has just started shining at the end of the tunnel. Still plenty of time to get it right or wrong.
Well money is quite safe as long as the site is maintained.
A bond partner to stump up the cash to get this going, quite an element of risk for them, that's going to cost.
What do sml have to put into the pot?
Leasing the equipment?
The bid is still rising, now at just over 0.24p
The bond was indeed a chunk, thats why a partnership is being sort so the partner can see to that. With all metals going up as they are it should be getting easier to complete
From what I read, private investors not been told the bond would be multi millions of dollars??
Where's that coming from, dilution at this level??
What was the bonus for??
now we have not had confirmation our copper is economically leachable . just the say so from the seller to jo on a past video clip .
we do not have the environmental bond to use leaching
nor the permit
it’s a **** show of the highest degree
If I understand this correctly, sml have a shovel ready copper project and copper prices are going through the roof
What gives?!?!?
I would love more than anything for sml to come good , but decisions taken by the bod for things like pay day loans are nothing short of embarrassing .
Come on would you pay 12 per cent on any debt , it shouts desperation .
Neither member of the bod have what it takes to progress sml
New bod new start
Slurm, He’s entertainment value, if only for his child-like - yet smile-making - posts.
Bitcoin, you have gone from ridiculously positive to the boards doom and gloom, yet now than your positive period there is actually stuff going on and way more hope for recovery. I dont get why you were so positive when things were bad?
mms have no appetite for these shares... look at todays volume.....
the next rns will be another pay day loan to pay alan brooms bonus for introducing his loan shark mate to jp..
**** show... the price here is manipulated £10 k of sales and it will be down to 15p.... another £10k and 11p...
Prop is clearly on Drugs.... good on you .. LSD I expect no jumping off cliffs