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There is your news Roger. Someone lent them enough money to pay the wages for another year : -)
I thought news was due last week. Another delay? Surely not? How surprising.
CHRI5P I think the PEA will be impressive - so much achieved since EUZ's version in 2020. Hopefully the new numbers will give potential investors the metrics required to envisage what our % is likely to mean at each stage of the JV. That's what's important now, everyone must have their own opinions as to why we're down here, certainly it's been endlessly discussed over the years but for me and I would imagine for anyone else who thinks it's worth sticking it out it's time to look ahead.
I realies I painted a very rosie picture and a lot needs to happen. However, considering where we were 12 months ago we are in a far better place. I am convident we are worth much more than 3p now. I think when we get the PEA a huge spike like 3 years ago to 15p is very possible and we would still only be worth £14 million with no iminent placing to stop the rise.
Ha ha yes emotional. Thankfully some of us are still human
Whether its emotional is neither here nor there ,lets look at this objectively, then the money spent is real, the remuneration, the SP, the historical facts, the lack of volume are all real. You cant say they had bad luck with a single result from the field work or from cooperation from business and university/ local junta .They had backing at every placing.
The fact is big names looked in like Bird and that banker guy that we know about. there was probably others along the way , but none of them stuck around , even LR walked away
I still say this could and should have been 25p now with the results from Toral and the funding in place but its barely a tenth of that ......
Explain ? and dont get all emotional on me :-)
Crikey I agree with Highside - I also find the negative posts loaded with subjectivity. Not surprising I suppose if you've finally capitalised losses to look at the situation emotionally rather than objectively. The fact is we have existing empirical technical reports that suggest that 49% of Toral will be worth multiples of the mcap on Option 1 with an enhanced PEA and similarly with 20% after Option 2 with a PFS. As ever I happily admit I have many gripes with the way this has played out, who wouldn't with the SP where it is but I do firmly believe looking objectively at the JV plan that there is a credible path to realising value in Toral. Given the disappointment we all feel I don't blame any ex investors for expressing their subjectively loaded opinions on here but you're not getting back at the management by doing that, a bit of catharsis perhaps? Understandable.
Its quite common Props , you dont need any real qualifications to be an AIM CEO and pay yourself £100k and a lot more, you just need the Spin.
Highside, I would urge you to compare EUZ with SML - a similarly huge devaluation exercise by the BoD after they had spent a lot of money on two potential company-making assets in themselves, but lacked the nous to monetise them.
Thanks Bricks for actually reading my post and viewing it subjectively, thats quite rare these days :-)
FCR/EUZ is dragging so much baggage its hard to se why people would risk their money in EUZ to get to Toral ?
I have never criticized Toral or the work or speed of progress. What i have said on numerous occasions is you can be the best Geologist or project manager in the world and that doesnt mean you have a clue how to run an AIM company....as we see.
This will bounce on financially positive news but it will bounce from 2.5p and it should have been bouncing from 25p
Poor funding strategy and mixed messages and mostly an attempt apparently to keep the SP down has come back to bite EUZ ? Who can forget when we got our first Corp investor in DB and there was a total radio silence, not a word from LR, it was just swept under the carpet ?
The BOD of directors past and present completely F'd up here and it will be down to Denarius to rescue the mess.
Ask yourselves how a management can inject nearly £12m into a project and end up with an asset in Toral worth £2.4m with funding secured to complete the project ?? The buck stops somewhere ?
Yes I agree with EUZ it’s not a straight forward equation….too many ifs and buts. Likewise with Denerius. Maybe Newco (JV between EMI and Denerius) will break away and list on Spanish stock exchange….who knows but anything is possible with this lotto ticket.
Anyways..thanks for getting back and I honestly hope it comes good for you. Squeaky bum time with MLA ….:-) GL.
Thanks Bricks for your best wishes, and CJ for stepping up to corroborate my account of 'that' day the SP spiked. As CHRI5P alludes to it is way too simplistic to suggest that if you want to invest in Toral you need to be in Denarius purely because if all goes to plan they have 80% and we will have 20%. IMO it is a case of looking at mcaps and your own judgement of what 49% might be worth with a PEA and MLA, and what 20% might be worth with a ML and PFS. It's ridiculously simplistic to say Denarius are the better investment option because they potentially will have 80% of Toral. Denarius have huge spending commitments on their flagship license in southern Spain but also possible near term income in Columbia, it's a more complex equation. I've never pretended that I hadn't hoped for a better deal but I do recall dire predictions that we'd get washed up in insolvency and the licence get snapped up, but we achieved an orderly transaction that provides a pathway to a hugely enlarged resource, a PFS and a credible route to development, as ever I'm not happy about everything, not least MC pitching up at the Spanish office being worthy of celebration on Linkedin :)
EUZ share price is about where it was when the deal was announced. Denarius's SP is over 50% down with an institutional placing causing dilution and if you had not taken up the rights issue and the huge number of warrants now outstanding you would have lost 70% of you value. So the market did speak.
I think Shed is spot on and you need to think about what the NPV is when the PEA is done and when the Option 1 is complete. At £250 million we have almost £125 million to our name but Denarius are likely to complete the PFS and we receive £2 million in cash and like other miners (GGP) the actual resources in the ground increase at PFS stage massively because even more drilling will we done to get the block model in place and the NPV could increase to say £400 million. So we now have a share of a value of a mine worth £80 million at PFS stage, £2 million in the bank and a value that can be used for our £20 million tax losses. If this were to come true Denarius might want to offer us £100 million to buy us out.
Toral is not the only mine Denarius have and they will need to raise huge sums for all their projects and so to compare 80% to 20% with EUZ is very unrealistic.
CB with GLR spent £400K on 32 licenses in the May 2020 in Botswana and sold 9 licenses to SFR for £4 million in Jan 2021, SFR are required to spend another £4 million on the 9 licenses and if the JORC is high enough GLR will get £80 million so there are exploration mines to be bought especially in Africa.
IMO if the resources are their at Toral in abundance then EUZ will be take over by Denarius eventually at a much higher price than 3p but we will need to be patient.
Sheds…trust you are well. I thought I would pop in to wish you luck with the MLA.
If you really want to invest in Toral you need to buy Denerius shares. I hate to say it but Highside has it spot on when he says we were invested in EUZ and not Toral. All EUZ will do is take the money and buy another exploration license somewhere and rinse and repeat. Myles I am afraid has never added any value to EUZ and it’s gone one way since Moonlight days. Good luck though with the MLA but I think the market has EUZ sussed and I don’t see any major shift in the SP even with a mining license as EUZ is not part of Newco and will own 20% which no doubt will be sold for peanuts again.
Hi Shed, i remember sellingca few at tjat price just before LR's speeding ticket RNS.
More important is how we get back to trading around that level and above. For me the equation is pretty simple and assuming both options are executed the question is what will 20% of Toral be worth with a PFS. IMO you only have to look at the figures in our PEA then make a guesstimate about how enhanced they might be in the new PEA and ask yourself will it be multiples of the current map? I think so but Myles needs to do a much better job of communicating how and why. Detail of the enlarged mining area can't come soon enough also.
If you're talking about the rise post consolidation, I sold some at 25p and remember getting quotes to sell some more as it moved back towards 20p but decided against it (unfortunately). I know of another LTH who sold between 25p and 30p, I'll give them the choice of corroborating that without naming them, they post here but informed me away from the board. Anyway whether you sold then or waited for 3p in my experience there was plenty of Mm's willing to take them on that day.
Roger
I still dont see where the money will come from ? If Toral is really an investment surely you would do better to invest in Denarius with 80% than EUZ with 20% ?
The real problem here is you are invested in Europa metals "not" Toral as such, the future here is whatever the BOD buy next. I suspect that the BOD will sell their 20% to finance a new project and Denarius will look to purchase it before the SP gets too high. This thread was forecasting an SP of £1.50, then a £1 ..the same people are now hoping for 10p ? but the reality is the SP is now lower than ever before in its 11 year history and still falling. Every day they can drag this out now is another days wages IMHO
I admire your hope shed. Not sure these clowns calling theirselves company directors will ever deliver anything. They have failed at every level and every step of the way so far but been paid handsome salaries for the motor God they do so why bother changing? I’llalwaysblook back on this investment with massive frustration. The one time it peaked - when the sp in SA rocketed - I couldn’t sell a bean until it had collapsed right back to where it started. Total manipulation and corrupt. Perfect example of AIM rubbish.
Maybe they have been preparing the new PEA based on the Nov 22 JORC upgrade. Bearing in mind our own PEA had 3.8 Mt of indicated a new one will have 7Mt indicated even without the latest drilling. Add to that the ore sorting and improved grades and we should see the numbers going in the right direction.
The ML was initially to be applied for with a PFS and then it changed to a PEA. I have not read that they can apply without either unless Denarius have reported this. To apply for the ML we should have enough data on resources and will make no difference to Denarius unless they a wanted a boost to the SP to make a further placement. Unless, the Junta have said that ML can go in which could be 6 months until it is granted but a PEA must be in place before it will be granted.
CHRI5P are you thinking that the new PEA will be needed for the MLA? That was my thinking originally but I now think that Denarius will want results from the initial work programme to go into their PEA and clearly now that won't come in time.
Sounds positive that things are moving, the main worry is that if this gets to 9p most long term holders will be hit the sell button. Still think we're 2 to 3 years from that so happy to check in occasionally and hold.
D day is around the corner. Could we get an RNS this week on the ML, PEA and the assays. We have 2 weeks left to get the ML in.
Myles has retired from his directorship at KAT a few months ago due to commitments.