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This article is a good read about what has been going on
https://www.interregeurope.eu/fileadmin/user_upload/tx_tevprojects/library/file_1581332292.pdf
Spain, Castilla y Léon, Valladolid (20 – 22.03.2018):
• Role of administration as catalyst
• Marketing&institutional – knowledge of the value chain,
by the real society, in the raw material sector
• The real implementation of the policy
• The foundation of good collaboration has to be based on trust
and communication of good practices
• Found a one word, one language that make sense and a good lobby
• Political decision
• R&I can be divided in lower or higher level
• Smaller companies are working for big companies
• Small companies can be attracted of EU projects – the problem for them is the long term of the project
• The exploitation from R&I projects is difficult for small companies because the marketing is working different sometimes and the research activity could be successful or not
REMIX Interreg Europe . Action plan
17
Back to Contents
UK, Cornwall (16 – 17.05.2018):
• SMEs collaboration to tackle large contracts – membership subscription and R&I projects to find alliance
• Combination of membership subscription and commercial
projects to find alliance
• Local needs for raw materials
• Link to innovation centre
• Policy alongside mine development
Regions with successful R&I activity manage to attract substantial national and EU funds, spend it wisely and show results.
A lot of what LR has been going on about
Well, they three’s a crowd ;-)
Ha ha Props I was wondering about Crowdfunding but the problem is you need a crowd first :) Bricks I think there could be other catalysts in the nearer term but yes the PFS is obviously critical as you say.
At this rate, we’ll need a Justgiving fund…
I think it’s already been stated by Highside …the PFS is a pre requisite to open many doors….possibly even including the grant/funding….this SP will be stagnant for a while as we have no liquidity with only 50m out there….so it will be a stalemate until the event happens I guess..
The Just Transition fund is funding the retraining program for coal miners…..perhaps the funding for production may come from here as well….just my thoughts.
For the benefit it will bring the region Bricks, I would have thought there just has to be a case for some kind of support from the recovery fund. I'm convinced bringing the Cu more to the fore is linked to this, we might not have a lot at this stage but it improves our profile as an energy transition company, fingers crossed for now!
In the bigger scheme of things….$80m is…..peanuts. :-)
Ha ha yes hopefully the EU will slip us the other $79m to build it :)
Now you got me thinking we may even be fully funded all the way into production…..:-) I wonder……GL
Thanks, and I certainly hope so Bricks it does seem to be rational to assume that the drilling and R&D would have been packaged up with all interested parties - EUZ, CDTI, Uni & SPI, it would be in nobody's interest for us to run out of money and not complete the R&D. I still think the £2m has got to stretch a very long way though and there is a question mark remaining over this now notorious "Certain key components" comment. Hopefully he was just being characteristically cautious.
That’s a stunning find Sheds…well done. So effectively what you saying is that the CDTI grant coverered the complete drilling campaign….I tend to agree with you on this…so we are then imo fully funded for PFS…..I also think that when LR stated we are funded for certain key elements of PFS….what he actually meant was that we are funded for the unfinished key elements of the PFS….don’t forget how much detail the SS went into…as well as latest Jorc as well as latest yet to be announced Mets ….all the key elements of the PFS are already completed.
This being the case….we are fully funded until end of PFS imo.
Well if we can assume that the €80/m figure from 2017 is a good working number and it should be - same company, site and drilling contractor then I'm just encouraged that it looks like the CDTI deal may have been based on an estimate of anticipated drilling costs and related R&D. I had worked off the MC quote before to get an idea of costs per metre but thinking about it drilling must get progressively more expensive per metre the deeper you get, more power and time as inertia against the drill bit increases would be my layman's assumption. So I'm encouraged that at least it appears that drilling plus R&D should be ring fenced by the CDTI deal leaving the £2m for all the other business expenditure. Of course we can only guess how much that has eaten into the raised money - record pay roll, hydrology, fees to ALS, WAI, AMS, office and core sheds rent, vol-au-vents for the Mayors etc.
Shed, A good observation - at this rate, I’ll be saying this time next year, ten years from now.
So where do your calculations sit now with the £2m raised and the stg1 and 2 of the grant over the last 12 months
Contracted out office work will have gone up a bit and staff levels have increased. €300k is about £250k leaving £1.75m + grants.
Prop's I find a perpetual 12-18 month time warp seems to envelop most of my AIM exploration stocks :)
Sorry x2 '0's.
Thought I'd try and get a handle on what we might have spent on the six month drill campaign and found an interesting old FCR RNS. I was really struck by the amount of detail about the contract with SPI compared to more recent 'Secret Squirrel' announcements. JT wasn't particularly popular but at least he was transparent about expenditure in this example quoting €80/m for the campaign in 2017. Okay it's likely to have gone up like everything else but we also had a longer campaign this time so perhaps some benefits from economies of scale, so let's go with a conservative guesstimate of €100/m. We completed just under 3000m of drilling this time so stick on a 0 and that comes out at roughly €300,000. If that's anywhere near correct it would suggest that allowing for likely additional costs related to gathering the drill deviation data the CDTI grant / loan would appear to cover the 2021 campaign, coincidence? Must admit €300,000 seems low and doesn't quite fit with the MC comment "0.5m bucks for a deep drill" which would be considered beyond the 1000m horizon. Still the €80/m figure was RNS'd in 2017 so maybe the CDTI award was negotiated in conjunction with SPI (who have a stake in any resulting software) to cover the drill campaign and associated R&D. The ballpark figures based on the 2017 quote are remarkably similar IMO.
Before this time next year, then - LOL
Was in his presentation with zac so we’re 3 months in. But who’s counting LOL
How many months ago did LR say about an exciting twelve months ahead? I’m hoping for only another six months to go…
@grappa I don’t believe LR will let this go for anything less than 5-10 bags. Now copper in the mix it adds a whole mew spin. For the hard work that’s been done £50,000,000 is nothing for this project. I’ll look forward to the updates resource I think TP will be valuing this more at 70-80p per share. Watching closely as LR said exciting 12 months for EUZ
Grappa I genuinely don't think that is where this is going but other mechanisms may give you the opportunity to exit at 15p if that is your objective.
If a TO came in before Xmas offering 15p a share I'd be happy :)
Blimey incredible amount of funds Mm's, I would consider it a result even we were allocated a relatively small sum to complete a full BFS, anything that would help with the subsequent CAPEX then dreamland! Okay I admit to optimism bias but could the silence on how we plan to move the ball forward corporately be down to us waiting for a decision on a grant application (good or bad)? In other words imagine if we signed over a % of the asset to a partner only to find out later that we could have advanced the project independently to a point where our bargaining position is strengthened. The downside being if a hoped for grant application is unsuccessful any suitor or financier would be in the box seat to play hardball.