Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Bombshell! LR doesn't turn the drill bit by hand, we never knew :)
OK so its not "abandoned" as that implies it will not go ahead one day but the fact is its not funded so work will have to stop before completion. Abandoned or just shelved, its the same result in the medium term. JV partners would be normally be expected to asses the financials based on a PFS or BFS, they wouldn't normally have to carry out the PFS/BFS themselves unless of course they come on board at a very low price to offset the risks of not having completed financials.
I stand by my point that they have very little to do. what work that is be done will be outsourced like drilling and geotechnical drilling even the PFS...lol Do you really think the BOD get up in the morning and pull on a pair of wellies ?
What do you think they do all day ? all those guys sitting at computers in the offices above the 100s square yards of warehouse space of core samples that could be packed away in a container at a fraction of the cost.
the drilling is probably half a dozen guys at tops who are subcontracted and nothing to do with EUZ.
It would be interesting to see how many hours a week MC , EK and DS really put in here on a daily basis.
these are important point all the while we are expected to pay for this and are kept ill informed with no sign of an end date.
As i have said before , the BOD and shareholders are at odds here because share holders interest is Toral and the BOD interest is EUZ.
Bricks the PFS has not been abandoned. I would suggest folk refer to CJ's notes from the AGM where they clarify that we are not funded to complete the full PFS but aim to progress enough workflows to satisfy a partner who can fund it. The work we are undertaking will still be central to a completed PFS, whether that will be done by EUZ, EUZ+partner, or someone who completely takes it off our hands is open to debate.
Where have you read that the PFS has been abandoned Highside ? WA has been appointed PFS manager and until RNSd otherwise it is still happening imo. Best D
"The problem here it seems to me is the Company has nothing to do", okay I know morale is low here but let's keep it a bit more real. From 13th Dec:
"Our work relating to hydrogeology and the local environment is ongoing, but this study supports our decision to press ahead with the planned 2022 drilling campaign. This campaign will commence in the New Year and involve both resource drilling and a series of shallow geotechnical drilling". Doesn't sound like Toral is being 'put on ice' to me.
Yes not being funded for a PFS after another raise is a massive disappointment and of great concern to me given that IMO we need it to get fair value for Toral. There will surely be an update soon and while I'm not overly confident of an instant turnaround exaggerating the situation is not going to help any investors old or new.
I wish i had your confidence they haven't abandoned the PFS Bricks. the fact that its no longer even funded when in the mining world its a basic requisite in the process of proving up and valuing speaks volumes to me.
The problem here it seems to me is the Company has nothing to do, its chosen to look for and progress a new project to make some work IMHO but it cant fund this. Its pay roll has increased over time so its overheads are increasing. Its employees earn money but the Company doesnt so share holders are basically paying the wages by constantly devaluing their holdings.
We await the "strategic review" on expenses and remuneration however its going to be a compromise.
Ideally the company should just finish up its perimeter drills and suspend while it try's to sell its lease. but the company seems to have been side tracked to promote its own preservation. The problem is the company's whole reason to exist has been put on ice while it tries to reinvent itself but in reality its track record with Toral is so bad that its lost the trust of investors. Basically it crossed that fine line between a serious speculative punt to a life style company for the BOD.
Some of the shortcuts that didn’t work…..Highside will have more I’m sure.
Produced a Scoping Study with financials based on inferred resources. This is not allowed under Jorc rules. In order to publish financials the resources needed to be indicated or measured. Now being an exploration company they didn’t seem to know this….rather strange indeed.
LR is on record saying he doesn’t care about the SP and the end game is what is important….so in effect saying he is not interested in shareholders day to day value…..If any other CEO of a public listed company said this he would be removed immediately.
Fund raising seems to be done as a last minute add on with this company and non of them have taken place imo at the correct time. Always when the SP is at its lowest and great discounts are offered to buddies and DB…..not a good practice at all and I expect more of this before PFS is produced.
They obviously tried to sell before PFS is produced. This is not normal practice imo.
Mets with no deleterious testing…..a suite of them and we still waiting for the last batch….4 months and counting……
Yes I’m sure you have done your homework aimgambler but don’t pump here when you haven’t got a clue as to what is behind this BODs intentions. All I know is that given their track record we need a lot of luck. Best D
@ Aimgambler. Good luck and I hope you are correct….however my gut feel says at least until PFS is delivered…..and this will take another 6 to 9 months. Why have the Mets not been published ? You seem very bullish about what exactly ? Another pump and dumper ?
ah chief stale bull, mr bricks, i'll be sure to remind you of my 400% winnings here when these top 16p and you are still nowhere near breaking even having sold at the bottom in order to be so wise, ha ha
Thanks Jed’s.Appreciated and will check them out.
From EUZ perspective I retained about 40% of my holdings and sold the rest.
I still have hope though that something will happen here even though by all accounts a deal with a prospective suitor fell through. Whilst we all say the value is in the asset….I still have this niggling feeling that something is not quite right here as with the value of our indicated and inferred resource at todays price….the big boys should be lining up to buy us…..and bidding against each other quite frankly….but alas…this is not the case and for the life of me I can only guess that this project is not quite ready for a sale. Maybe another year or so. In the meantime I will look elsewhere to make money and will pop back in ..in the next 6 to 12 months. Best D
Hi Bricks
I know you keep checking in like I do, and also down alot like me. This is a tip for you where you may choose to recover your losses. Canadian Overseas Petroleum Limited. (COPL) Read their RNS, read twitter, read the board. This is probably your only chance to get in at this bargain price.