Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Highside I didn't want to elaborate as I've been over it before but I look back at the SS not as the only reason we are where we are but more as the blow that put us on the back foot ever since. We were never able to raise at advantageous levels and the news flow and regular need for funds became too predictable, I say that in retrospect, hats off to those that anticipated it 2018 / 19 and bailed. Having said that I'm not in despair and I'm convinced we have something significant to work with, I'm nervous about the metallurgy as I just feel we can't afford any disappointments, when it drops I will be skimming straight to the impurities, there will be some it's just about how they are handled, I'm confident the recoveries will be good as they have incrementally progressed them through the various phases. Also need these drills to hit obviously.
whats happening in dogsville . Seems to be fair few posts to go through but as the sp nears going through the 3p barrier iLL CATCH UP :-)
ah i see what you are getting at.
when i said its always been make it upas you go along, that wasnt a criticism, as you say all options had to be left on the table without a commitment to one in particular. I was just saying that way forward, however necessary has not helped us.
I know what you mean re: the SS but for me i was the" grown up company thing" and consolidation when we all knew the real reason was they couldn't place any more at fractions of a penny.
I think for the new holders it will be the "need another project" when they had no real idea how to fund this one.
I expect others will have their on peeve :-)
Just to be clear I'm far from happy with the situation here - who would be? Given the disappointing SP I guess we're all bound to come up with our own panaceas for why we have been unable to advance the mcap, even if we don't post them. I have my own thoughts starting with the SS, I won't go over it all again you'll be glad to hear :) We have however had some solid work delivered here in the field and IMO that gives us a very good chance of getting out of this with a good outcome. Let's hope that continues starting with some imminent metallurgy and hopefully news of a successful first resource drill soon.
Putting the new projects stuff to one side which I agree is really confusing, the strategy has always been to de-risk and then transact on Toral in whatever form that may take, possible options have been mentioned earlier. I don't really see how promises on specific corporate timelines could really be made with any degree of sincerity, a transaction is dependent on another party and that is beyond our control as are other op delays like the rig going AWOL for two months. Promises might be a comfort blanket for us invested or even attract some new money but until they know for certain what the best course is, best to play their cards close to their chests, I think we were reminded of that with the value event.
I am simply saying the plan is up in the air and has always been pretty much open ended. I am not debating the rights or wrongs of that, just stating a fact. Of course you dont shut doors before you pass through them I'm not sure what you are saying. If we are looking for a future path or a reason the SP is where it is and the lack of interest in this from day one then the fact that its always been up in the air with an open ended time scale is one reason. I am sure there are many more but....
Once we have a clear target, a clear goal an achievable objective i am sure people will be more interested, One thing this stock has made clear is people need a medium term exit strategy before they dive in and anything else is probably best left to pension investors and policies.
I don't really understand what it is you want as the corporate end goal could never have been completely predetermined. In fact I'd be very concerned if they ever closed off options right up to the point of signing off on whichever outcome they decide is best for shareholders. Look at the possibilities you list - EUZ plan to take this to a mine (currently completely unrealistic due to no BFS so for me it would be a huge concern if this was our sole stated strategy), EUZ continue to de-risk with a view to complete sale (what if in the meantime someone comes in with a good JV offer perhaps as part of these energy options?), EUZ continue to de-risk with a view to JV (what if someone comes in with an offer for the entire project, would you want that option ruled out?). I just think it is the only prudent and practical course of action to keep all options open until the optimal outcome is (hopefully) reached. To be fair nobody here invested on a promise of any specific endgame so nothing has changed and we'll have to endure the uncertainty until Myles (again hopefully......) has something concrete to propose to shareholders. Total depth on TO-35 soon?
I mean a plan as in to build a mine or prove it up and sell ...or JV to finish the proving up.
I agree there have been specific work streams as i said however the end goal was always (and still is) up in the air.
I don't agree with that Highside, LR was always very clear that the strategy was to progress the various work streams in order to de-risk the asset. There's no way they could be explicit about what corporate outcome that might lead to as it wouldn't be in anyone's interests to rule anything in or out. I'm perfectly happy that this objective is still being followed under Myles but do feel that we need some clarity on the energy project which is emerging on Linkedin.
To be fair i dont think we have ever known what the plan was or is. Its always been make it as you go along. Yes there have been strategic directions and work paths but the bigger picture has always been up in the Sky. will we find out now ? I dont know but the day must be getting closer.
I'm all for it if it helps with funding. It would also improve our ESG credentials which could have grant implications but I'd like to know the plan rather than piecing things together from Linkedin. Teaye I wouldn't worry about the IP, it's got 18 months to run and in any case we're only funded for this current campaign.
They did say this quarter they would know exactly where we are going.
https://www.cogeneurope.eu/knowledge-centre/what-is-cogeneration
Read the link above and below. LR did say there was a bigger picture working with EU
https://www.cnbc.com/2022/05/24/spain-paints-itself-as-the-answer-to-europes-russian-energy-problem.html
Sheds - I agree... it's almost as though there's a parallel governmental project/initiative which the ES team are all working on on the side. What happened to just drilling, completing the PFS or getting us a JV partner before our license time runs out?!?!?!?!
Time for Myles to provide a little more transparency.
I think it's about time we as shareholders are brought up to speed officially as to what the strategy is here with all this energy stuff. Unless it's all just for fun they're clearly pointing Toral towards being part of an "upcoming innovative project based in cogeneration of energy". We had the geothermal post the other week stating that this was a viable power resource for Toral now this suggesting that they're looking at a bolt on energy project so I think we are due a statement from the top.
Just because it’s bank holiday here Spain is still working update exciting news??
Linked in!!
Yesterday we were hosted and received by Ignacio Sánchez, from @miteco together with Ana Díaz of Innovation of the @ICE in a meeting where we showed our interest in participating in an upcoming innovative project based in cogeneration of energy, within the CINEA - European Climate, Infrastructure and Environment Executive Agency. Excellent organization of the event, and so productive exchange at the info day. JCyL motivating, supporting the industrial fabric of the community.
One other small point crisps
If the risk of dilution is high ? why not sell and buy back at half price after ?
The answer is you should know that they can only place 50% of the current total in issue and with a discount based on previous that would not really be worth the costs.... or might buy then 4-5 months tops.
Not often i vote a shed post up :-)
Crisps
10 years ago, we invested in an iron ore mine at a time when China was crying out for ore. We had a proven resource, government backing,, an offtake agreement, infrastructure sorted and a funded PFS....And you wonder why people invested ?
Those off us still here from those days were mostly on a free ride as FCR went to the wall and our shares were dumped into Toral, had then ot they would have been lost
Once again you display an alarming disregard for facts and what has gone on here seeking to blame a few when you yourself plainly got in way too early.
CHRI5P to be fair most 'long' LTH's couldn't have predicted that they'd make a horlicks of the first SS. I remember thinking the market must have overreacted but I guess either sellers back then got lucky on instinct or experienced investors in this sector correctly predicted that it would put us on the back foot for the inevitable string of equity raises that come part and parcel with explorers without revenue. We also had a promising iron ore asset in SA which got sold for nothing with FCR citing an obstructive regime for business, Bricks might remember more about that. Anyway we are where we are and I'm cautiously optimistic that in the current environment Toral should be exactly the sort of asset being fast tracked for development. I'll be a lot happier when I know for certain that cadmium isn't going to be a problem and in true EUZ fashion it looks like they're going to keep us waiting on that front a while longer.
Good to hear from you BricksSA. Yes the exploration game is a very risky business and placements after placement are normal. Hence, why we are worth only £3 million. My view is the exploration licence end date only matters if it is us requiring more drilling. I believe the next lot of drilling will be our lot. The important thing for the next 6 months is being able to demonstrate what we have and that it worthwhile someone taking it to the definitive feasibility study (DFS) not the PFS but the one that guarantees the loans to construct and the start of the mine. The silly thing is why on earth did people buy these shares in August 2020 at 25p (I sold some). I say this because today the data of what we have looks much better and price of zinc our largest resource is at 20 year highs. Why did people like BB buy shares 10 years ago when we were so far off the proving of the asset and the resources price lower. The answer is not about what is in the ground that is the same but we are actually much more de-risked now and we have much more data. My point is we are either cheap now or at absolutely total insane valuations in August 2020 or 10 years ago. I think we're at a bargain price but the risk of more dilution is also very high. Time will tell.
Bricks has that come from Mining Sense, Jesús' company? Jesús isn't an employee of Europa Metals, I think they use him on a consultancy basis.
What I find very strange is they are working under an “exceptional extension” and LR is on record saying they want to further prove up the resource before applying for a mining license….when time quite frankly in proving it up is being wasted…..In addition when lodging the application for an exploitation license we will need development guarantees…still plenty of risk here ito timings….which we have very precious left I’m afraid. Worst case scenario is not lodging for exploitation license by my reckonings June next year or heaven forbid we will forfeit Toral back to Spanish Government I suspect.
Here you go Sheds….from my archives :-)
EXCEPTIONAL EXTENSION OF THE TORAL RESEARCH PERMIT
Europa Metals is pleased to announce that it has received an Exceptional Extension for three years for the Toral Research Permit, of which it is the holder.
During this new period, valid until November 15, 2023, Europa Metals will prioritize all the work necessary to finalize the design of a sustainable mining project with development guarantees for the Toral project and present the documents that accompany the Concession application. of Exploitation, in the shortest possible time
Europa Metals expects to be able to announce soon the update of the conceptual study of the Project, carried out independently by the Bara Consunlting company for Europa Metals and based on the data collected in the last months of work, especially in the areas of metallurgy, resource estimation and geotechnics. The conceptual study provides the most relevant economic data of the mining project, as well as the key elements to develop to increase the certainty in the project and produce a Pre-Feasibility Study (PFS).
The Europa Metals operations team is finalizing the program of re-estimation of the resource and metallurgical surveys, with which, in addition, the parallel research and development project will be launched to correct the drift of the wells and supported by the CDTI, with an initial aid of € 163,380 and which was announced on October 19. In addition, progress is being made in the hydrogeological and geotechnical fields, as well as in the environmental and waste management aspects. In response to the progress of the COVID-19 pandemic, Europa Metals will continue to put the safety and health of its workers and contractors above all other considerations, incorporating the protocols and recommendations indicated by the health authority to prevent infections in the environment of the company and project.For this reason it is possible that changes in the work plans will be produced, which will be communicated for the public knowledge.
Jesús Montero - COO
Grappa I think it will only be op milestones on the drilling, so 035 complete (hopefully), 036 commenced until assays perhaps 3 months away and JORC maybe 4. Like Highside I think equity raising has run its practical course, we haven't progressed the SP (to put it mildly) but at least we own a valuable asset that we have successfully progressed. Hopefully that means we can bring someone in on reasonable terms with the muscle to put funding to bed once and for all, another puny equity raise will just erode shareholder value yet again without solving anything long term. Let's see if the final mets pave the way for that process to begin. Just my best guess how things should progress.
I'm still feeling positive. I suspect we may receive some good news via an RNS on drilling updates but followed by a raise to continue work. I think a fund raise is looming but kinda accepted that.
Hi Teaye I would hope by the time Toral is producing the energy crisis will have settled down. I see Zinc took a tumble from the smelter crisis highs but has now found support, hopefully driven by more stable fundamentals and is trading way above the average used in the Bara report. I can't find anything to quantify how much ore might have been stockpiled as a result but looking at the spot price it doesn't appear that the market is expecting a glut. Bricks I don't remember the last IP being issued as an "exception" but perhaps I've missed something? Personally I believe the current drilling is the last we'll conduct with 100% ownership anyway, once the final metallurgy is announced to the market I think there will be corporate news to follow. Whether it is before the drilling ends I couldn't say but to get the all important resource numbers I reckon it could be another four months at least. Perhaps I'm being optimistic but I think it is the final metallurgy that would present the biggest risk to a major investor, once the optimum recoveries are announced with proof of low smelter penalties it should clear the way. The current resource drilling is much lower risk in terms of the project being viable IMO.