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Uhm 4 mins in or so Greg is asked to clarify that Sheffield is ONLY funding 50% of development project.
Am I confused? But that was not my understanding, I thought it was 100%. SO now we need to raise 50% of the development funds?
"A significant recent development is the strategic partnership with ASX-listed mineral sands developer Sheffield Resources. Sheffield has taken a 10% stake in Capital Metals with an option to increase to 14%, and is in discussions to potentially fund 50% of the project capex to earn a 50% interest in EMP. Sheffield's involvement provides a strong endorsement of the project and adds significant mineral sands development expertise. It also opens up the potential for an accelerated development timeline and expanded production scenario."
Looks shifty
Listening to this guy Greg I'm getting a little uncomfortable - it could be his style but he seems unsure, changing things previously said, or just plain doesn't know some things.
I wonder how much he's actually been involved - may be unfair, but he's not inspiring my confidence.
Can't see the interview yet but doesn't that just mean the initial capex which is about 50% of the overall capex with the rest coming from turnover/profit later?
JF have a listen when you can but it sounded to me like 50% of the initial $37m - let me know your thoughts
Sheffield only funding 50% of the project, with CMET funding the other 50% would make no sense. That would be like giving them their share of the project for nothing gained in return really other than bringing them in as a partner for their expertise. So I think it's Sheffield funding the initial capex to get into first production (producing concentrate), and then the project itself will pay for the remainder.
Ive had a listen to the relevant bit - not sure thats how I understood it, think its just clumsy wording, but I might be wrong. Greg answered a question from the interviewer that said Sheffield "funding 50% of the project" - He didnt clarify either way what it was 50% of, neither did Greg. Greg then said "discussions about a FULL funding agreement". Im not overly worried. We'll find out soon enough anyway.
He says around 13 minutes, same as before, give away 50% to get the project funded
Agreed LW - plus Im sure Greg was talking about an expectation of not having to come back to market again for funding in the last interview.
As JF says might just be clumsy wording but not good, this guy should be clear not muddled.
Oh yeah - 13 mins in I think he's pretty clear - give away 50% in order to get it fully funded.
It’s just Paul being a fanny again 😂
@smkr lol, yes probably. I'm just so used to things going wrong here.
Deal looks very much like it will be concluded. Both parties appear to have agreed the stages involved.
I thought it was interesting what he said about the potential size of the resource too.
Not 200m tons, I think he put it in a range 50-150(?)m tons potentially, currently 17.5m, so really not ever going to be one of the worlds best resources volume wise, but decent grades. It does cap the potential of the project.
Hey Irish Demon, where are you ?
Remember the other day when you called me pathetic and a 'market ignoramus' because I simply expressed my concerns about the lack of trades and said something is not sitting right with me.
Well look at the sea of red as the market also appears to share my concerns.
Disappointed that things do not appear as rosey as they seemed to be as I am well under water but the man at the helm has not inspired me since CMET began trading on AIM.
I'll get back to my lego bricks you muppet !
ATB
The interview raises more questions , Lots of sells going through .
He says the exclusivity period with Sheffield ended yesterday which would date this interview to the 16th May .
Also says sheffield can't make a financial Investment decision until they have a PFS and that will be q1 next year . What a shipwreck of an interview.
Just listened to it in full and it wasn't the best interview to be fair. He didn't come across well at all. At one point, he said that CMET were not giving away anything when you consider the upside, and in the very next sentence, he said "we might give away the upside to get the deal done." Really naïve to be saying that in an interview, and how does it help CMET in terms of negotiating its deal with Sheffield, to hear that it's leader is willing to give away the upside just like that?
Do wonder whether Sheffield are going to get this on the cheap, and who is in the driving seat.
You are clearly a very troubled and sad individual. I feel for you - sort of !!
LW
Yes I was very put-off by his words - who the hell says we'll 'give it away' FFS!
I got the impression he's not that invested in CMET, he seems way too close to the guy at Sheffield and your fear about them getting it on the cheap feels uncomfortably realistic.
Paul - maybe sell up and go dark. I don’t think this reaction to one person selling their £28k stake in 4 mins is OTT.
I wouldnt be bothered about a few sells and the SP dipping at the moment, although i dont think these boards hold much sway with buys/sells, it wouldnt surprise me if those sells were based on some of the comments made on here. Its what we find out next week that matters, and Im not sure anything has really changed despite the views of how Greg might have come across in that interview.