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Hi Franny
I hope you are keeping well mate.
Never used CAPITALS Oldie. You are one superior human being and I have no time for you. Don't need to justify myself to you. Good luck as with your investments...not that you need luck. Ttfn
K3. Glad you are doing well elsewhere.
Franny. Nothing. Why am I not surprised.
Have Hbob and Troajan left the building? Langtro, who called all with a contrary view, has gone silent. Where is Geng with his charts?
Regarding the last RNS on the draw down. My thoughts are that WRES applied for the money before the update. Given there isnt a lot coming in, if anything, I am expecting a further drawdown in the next couple of weeks. A further 500k draw down is coming, the signatures are probably drying as I write. I cant see how the next draw down wont take place, the grant could delay it but that is spent many times over. Little coming in, 750k (more like a million) going out every month. The 500k is keep the lights on money, and he is already using candles. The kit doesnt even work yet, will it ever under WRES? No, I have no intention of buying in. This is gambling as it sits right now.
oldskool, I can see your points, but I still see this coming good.
I have no reason to doubt the LP JORC, which only covers part of the property. On top of that, we have Regua and Sao Martinho resources to add in.
I admit that I expected more from the plant / plant suppliers in terms of delivery and fitness for purpose. How the blame gets shared out between them and WRES doesn’t really bother me, as long as it gets sorted and we start to kick out metal and cash.
I’m happier now that Snr Diaz has been parachuted in to sort out production. His experience Will be invaluable.
With perfect hindsight, I would have bought gold bullion and not bothered with undoubted pleasures of this chat board, but having so much invested, I’m certainly not selling and have bought several times in the past few weeks. I would have preferred greater transparency from WRES, so I could have been buying at these levels, rather than in the mid 0.2s, but I’ll just have to suck that up. At least I stopped focussing on WRES for the past few months and made money elsewhere, so I can afford to average down.
From here, I’m thinking of it as a recovery play. IF it works, then it works big time.
ATB
Franny. Perhaps you could provide an investment case to neutralise the negatives/concerns rather than a weak personal attack on a person you do not know. I look forward to reading your investment case and how you have come to that investment case. Or dont, just write in capitals with an exclamation mark at the end, you know all shouty like. A good old shout when there is nothing left as a personal attack failed. I shall check in after lunch, looking forward to reading your research as I could have missed something here.
K3. All about the money. Fell in love with the story here. Learned. Moved on. Stories are not for investing, sadly. RNS tracker lights up with WRES as it does others. Have a look in on the RNS. Still huge amounts of wishing, dreaming and hoping here. Not investing. I think this is now a spent force. I still think BlackRock will pull the pin in their own time, the debt (as it stands) is totally out of control and unsustainable. WRES is not even paying the wages without borrowing, let alone the interest and debt. This red flags on debt alone, a huge red flag. It would not pass my initial screening. Crunch some numbers of stockopedia for fun if you are bored. I know the story here and like to read the very vague RNSs. A great learning opportunity. Like me suggesting that WRES had drawn down the money when the RNS said he hadn't drawn down in Q2. He didnt lie did he? It is the skill of a car salesman. Why even mention it? You cannot trust a thing he says. Always lessons to learn. I am enjoying all the references to tin and it's rising price. Is this not meant to be a tungsten mine? The plant is a mess. How long has it been 'ramping up'? Where is the compensation? It is not happening. I think the ore is the issue hence no come back on Allmineral and co. I reckon MM has tried a cheeky one there and been booted out when shown the T&C's that refer to grades etc. I could, of course be very wrong. For those on the cusp of losing lots of money I hope I am. Even a basic 'learn to trade and invest' book would warn a newbie off this. If it didnt, you need an alternative book as you clearly picked up a guide to Monte Carlo casinos More red flags than a CCP all you can eat buffet.
Boring as ever Oldie. It must be great being you.
oldskool, nice to see you still taking an interest in us.
:-))
Getting a finance facility means that someone did some due diligence before agreeing to it. So there is someone that makes decisions that thinks it is a reasonable investment. Getting that at a time when the world is in chaos and seemingly without solution on just about everything that’s not bad going. Not having to use the facility for four months snit too bad either imho. Making sure it was there ahead of time was a good move. To be able to sell production at this time is good. Getting Regua going will be a good thing. The yet to come grant will go nicely towards paying some debts off. So seems good management to have a facility, quite a good thing to me. Would like to see more production of course, who wouldn’t? I am sure we would all want that.
Goingunderground. You are wasting your time with real and present figures here. K3 will give you some great numbers and loves the very made up EBIDTA (could add 'c' at the end for Covid - surprised MM hasn't). Ask him about his figures for 2018 and then 2019. Dont you dare mention that MM continues to take his consultancy fees. Fairy land figures. Fairy land. My very very, conservative 750k a month out goings appears to have been way too conservative. Yes, a million a month seems fair for keeping the lights on with no debt repayment - interest payments only. Not forgetting the charges that BlackRock will be adding to all the adjustments. Ouch. Now there is some further financing, MM has experience of death spiral financing. This is not investing, but I wish all you gamblers well.
Ok. The exchange rate was a favourable €1.20 - £1 back then.so €5m(£4m) + £756k(Placing not loan) + £500k = £5.26m.
For completeness €3m was used to pay off an earlier advance from Caja Rural
$5m £3.9m) was also advanced from Blackrock on 18th December following a €500k(£400k)
So in 8 months thats a total of £3.9 + £0.4m + £0.5m + £0.75m + £4m) = £9.55m throw in the convertible directors loans in Jan and you have a total £10m. Deduct the repayment of the Caja loan of €3m (£2.5m) and you have a nett £7.5m over 8 months. (don't forget about the rolled over interest payment too that was added to the debt)
So my original statement of almost £1m per month is correct
goingunderground
“£6.26M has been loaned since Feb 18th“
Are you sure about that?
As I read the RNS's your statement " after several months of Covid crisis only requiring 500K ain’t too bad. " does not make any sense. This £5m was pre-covid (Feb 18th) Since then in addition to the $5m
There was a £756k placing on 10th March (Pre Covid announcement also)
Then on 30th March, the announcement of the $4m atlas facility of which £500k has being taken today, so strictly speaking your statment was correct, but £6.26M has been loaned since Feb 18th. Thats a requirement of almost £1m per month ignoring the advance today.
For up to 5 million was arranged prior to needing 500K. There is a point of view ( well mine actually) that making sure you had that to call on was shrewd business, after several months of Covid crisis only requiring 500K ain’t too bad.
Getting Regua up and going is wise thing, some money spent there should increase production nicely.
MM doing an interview is not of much help unless As Kev says; we have some production to boast about.
Gold $2040, having dibs on a gold mine resource must in itself have value. I agree with MIB On the expectations on that. Metals generally up to day, And still interest in buying, SP held up after the RNS.
Now if we could just have a coconuts in bags Going up the road RNS, most excellent imho.
.