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Safety,hope so recover some losses
I totally Agree on the two new management Apponitments. I had already expressed my view that they were needed and add that in the case of Pablo he is himself invested- so as local business man with all that goes with that, he keeps his buy in to the company and now adds his time and effort.
Also note some buying today, are bottomed? Are we going to go up? Is there positive news in the wings? Certainly hope so.
Jaffaman/dreamy
I agree the JORC being that far out is not likely at all, so it’s just down to sorting out the kit and hopefully the two new guys can do that very quickly.
My reading is the same as Yours. In addition why would two highly experienced people join a company that can’t afford to pay them a huge salary if they see the Jorc and technical details on the ore are bad. It wouldn’t make sense because if they are bad then the company wouldn’t survive. Alternatively, if they see the problem is the lack of good management in LP, then they come, save it and get paid handsomely for their efforts in the form of shares.
IIRC there is comment in recent RNSs that the grades being delivered to the plant are as expected. Therefore the JORC seems fine, but the plant not up to it for whatever reason. Hopefully, we're now someway on our way to it working as intended!
Dreamy
I can’t disagree with anything you have said mate, although I don’t own as many shares as you my investment is 20% of my net wealth and whilst I still believe it will come good, I can’t any longer rule out that it might not.
It is now simply a matter, as I have said before, of wether the kit is at fault and has or can quickly be sorted so as to extract the tungsten, in which case we will be fine, or, wether the JORC was wrong, and the tungsten is not there in sufficient quantities so as to make the mine viable, which whilst very unlikely is none the less a serious concern, as we would then be reliant on getting Regua up and running and the higher grades from there through the la parilla plant.
Oh well we will have a far better idea at the latest in mid October, and hopefully we’ll before then.
We could certainly do with some good, clear, concise news !
Sorry last message was littered with typos and grammatical errors but lack of sleep and multi tasking whilst prepping the message (any reference to email should have read message). It is a case of the hostage (me) just being fed up with his captor (MM). If I sell it will be a huge loss, but doesn’t make it less painful sitting here and watching amateur hour when it comes to messaging. Plus having two major things go wrong with the brand new plant we bought (one was pre with the Aluminium and now with the Mill) makes me seriously question the competence and capability of the EPC contractor on this turn key project. August is a month where perhaps the most important skill will be messaging and we have a leader who gives us interviews like the last two with proactive (Remember end of June when he described our Abysmal Q2 results as “nothing fancy”. If those numbers were nothing fancy, I dread to see the numbers if he was to say “not good”. I don’t know Pablo but at this stage will be happier him giving updates on.
That’s GIT, I fear I did Arthur Daley a disservice by comparing MM to him, Arthur May have been a little dodgy but he wasn’t sloppy. If it is as you and I suspect about the June quarter payment as referred to on April 17th, then why the hell does he decide to chance the reference to May payment. Any CFO worth a toss would know consistency, to avoid ambiguity and uncertainty is imperative. The idea of an RNS is to share information in as clear and consistent Manner, if you refer to something in one email then don’t change it n the next to cause people to have to stop and think and question whether you are being a smart ass, the problem is sometimes MM thinks he he smarter than he is, allow me to illustrate;
17th April
BlackRock Financial Management Inc. ("BlackRock") interest payments were made on schedule during the quarter and BlackRock has agreed, subject to documentation, to allow Payment in Kind (or roll up) of June quarter interest payments.
The critical part is “...blackrock has agreed, subject to documentation, to allow...”
So we can assume that it just required documentation to be sent across. However, it has taken 3 months to get on 23rd July;
· Documentation is advanced to allow Payment in Kind ("PIK") of the May 2020 interest payments totalling US$1.6m to BlackRock Financial Management Inc.
The critical part “Documentation is advanc3d to allow PIK of May payment...”.
Two things come to mind, first, did it take 3 months to get the documentation to them (would be worrying if it took that long but as there was no prior announcement that it had been done and Blackrock had accepted we don’t know). But more critically, just because we advanced documentation doesn’t mean that it has been accepted by Blackrock.
Last August he was more clear that Blackrock had accepted those roll overs (was for the first two payments of 2019).
Who prepares and reviews these RNSs?
Dreamy
Yes I noticed it, I came to the conclusion that the May payment must be the June quarterly payment mate, from recollection the payments are due in February, May, August, and November, which of course adds validity to your other comments regarding August being a very important month, as we will either have to be able to pay black rock, or get agreement to PIK this quarters interest as well as the last one.
Given the Shipped figures for July (up to the RNS) and presuming that most if not all of that was produced in July, then it would appear that production has improved and if so, we should be in a position to have sold enough tungsten and tin by the end of August to be able to make the August (this quarters) payment.
This is as you say an important month, this is a very important quarter.
17th April;
· BlackRock Financial Management Inc. ("BlackRock") interest payments were made on schedule during the quarter and BlackRock has agreed, subject to documentation, to allow Payment in Kind (or roll up) of June quarter interest payments.
23rd July;
· Documentation is advanced to allow Payment in Kind ("PIK") of the May 2020 interest payments totalling US$1.6m to BlackRock Financial Management Inc.
I thought payments were quarterly and the 17th April Rns refers to Roll up of June quarter payment so where did this May payment come from, or is it just another example of the sloppy amateurish way our Pound shop CEO manages communication?
Also please note, he needs Blackrock approval to Access the Facility, so it maybe that they didn’t sign off on it as opposed to him simply not calling on it.
Either way, we are starting a perilous month for many of us in deep losses hoping they finally get it in their thick heads that silence is not golden when it comes to a PLC communication strategy with their shareholders.
As to speculation as to news. My line of work I advise the businesses of the possibilities of events occurring. Normally split int four buckets, below 25%, 25%-50%, 51%-75% and above 75%. For The month of August;
Grant news - below 25%
Gold -zero (have never been so sure in my life)
Licences ( any for anything) - below 25%
Regua opening - below 25%
The above is in part due to covid still messing with us and in part as it’s holiday month. But it’s critical, so we don’t drift lower, that Wres speaks with us, let’s us get to know Pablo better. Tries to keep our spirits up and us engaged. I appreciate this may divert half a day of their time but given where we are I don’t think it’s unreasonable for them to realize they are a PLC and act like it.