Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Maybe that’s what the 8th of may is for ?!
Pwlx, if we have sold some or all of the WK concentrate surely the bod should have updated us on that. They know we’re starved of information and this would have provided a bit of relief to shareholders in knowing that we are able to sell it as it’s been sat around costing us storage costs, never mind price fluctuations
Paul, why even waste your time responding to someone so far gone in his own head? Guy is a full on loser, always has been. Just ignore it.
Posting on here is sometimes difficult with all the screen movement.
I hope all are well while we await news.
Mining at WK looks encouraging,it should keep the company solvent until the buyers decide to fully commit.
Roll on sale news.
GLA holders.
I hope
& it remains to be seen how much those [supposedly] one-off costs have actually made a significant & positive difference to EUA’s mining economics. …. those developments fit with EUA as a story stock, but the real numbers are MIA.
Pwlx, that’s the point we don’t know how much is left what the one off costs were, it there a plan to survive past end of year based on what has been disclosed so far, the one off costs would have to have been £3.7 mil for us to break even on the value of the extraction, and there has to be transport and processing costs still to be added in.
? do you actually have any public domain, independently verifiable figures to show how much the annual extraction rate has been increased, and similarly evidenced figures to show what the economics of production & sale are now? - or are you just whistling in the wind, by any chance?
@spikeyj - utter nonsense. Shown I’m happy to answer sensible questions about the resolution proposition but not going to respond to people clearly just trying to be disruptive.
… great, so they can lose money even faster : )
@Offler - yes I have. And how much do you think was spent on power lines, electric dragline, and mine infrastructure which is now operational at WK and doesn’t need to be spent again? Which also vastly increases the annual extraction rate…
Pwlx, have you looked at the 22 accounts, £7.2 mil loss including one off costs, concentrate mined gross value £3.5 mil, that’s without processing costs.
@Wolfe, no I don’t know what it was sold for per ounce - as there’s no way of knowing the quantity that was sold until and unless the company tells us.
Pell - Do you have a ballpark figure of what you think the concentrate sold for as per your in KK’s accounts comment
Pwlx, Thanks for the response, I’ll give the idea some thought but it’s time the bod were prodded
@spikeyj, this is simply incorrect.
It costs ‘em more to dig the stuff up and process it than they can sell it for - if they restart mining there, just means the company would run out of money even sooner.
@cryptochump - good questions. Taking them one by one:
Looks like at least £1m worth was sold by the end of 2023. Impossible to say beyond that as accounts only cover to end of last calendar year. The point is if they’ve sold £1m worth, they can sell the rest. I should point out the line in the accounts that shows this is ‘the sale of products, goods, works, and services’ so they could’ve sold something that isn’t metal, but the most logical explanation is some of the PGM stockpile.
Mining at WK can generate significant revenue, millions of pounds per year. Exploration in Russia is cheap. That revenue could keep WK running nicely and upgrade reserves at MT too.
If they have sold some PT, then it stands to reason that the difficulty in selling PT has now been overcome and while selling the 2022 stockpile has taken an age, this should mean selling future mine product in the current environment should be easier. Appreciate this is an assumption.
As I said though, right now this is just about getting the matter on the agenda for the AGM, it isn’t about voting yes or no to it. Once we see the annual report the company will address the resolution and (presumably) explain why they think we shouldn’t vote for it. At that point we’ll be able to decide with all the information the company are prepared or able to give us, whether to support it or not.
Pwlx, interesting idea for sure although I also understand the concerns that Offler has highlighted.
How much concentrate from WK do you believe we have sold in monetary terms? If we start to mine in earnest at WK I’m still not sure we generate enough to make progress with MT, especially considering how long it has taken to (potentially have) sold some or all of the stores concentrate.
We could drawdown the Sinosteel facility as you say but this to me appears like it’s the boards last & unwanted route to take. CS has told us he wants to retire now, I can’t see him wanting to mine in any shape or form
Yes I am suggesting that Offler. The accounts for KK are publicly available, you can see how much money they have for yourself, and compare that with how much they had last year. This tells you enough.
In any case, the beauty of the resolution is it’s left open to the company to decide what ‘continued development’ entails. I would obviously never ask them to spend money they don’t have.
@Amers - thanks for your support - at present this is just an effort to get the resolution included in the AGM vote, so you’ll need to email the company in order to add your support for that. When the AGM comes around we’d then have the chance to actually vote on the resolution.
Stretch been waiting to see since you started posting in August, think you need to be right once before I believe anything you say
I doubt anyone is remotely interested in this , so long as Putin is in Ukraine. It'll move lower still. Tilly not around to tell you guys?
Sorry you are suggesting we spend money we may need based on “you believe” and there has been no confirmation of mining at WK.
Pwlx If you need further shares to support you cause, I hold over 300K shares. I will vote for your case.
Alternatively, if the company were to proceed with mining at West Nittis and Loipishnune, the EPCF agreement covers expenditure through to production.