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pants interview will be under 5p soon
Yep I’ve sold a few more on that interview he’s not the man for the job. He wonders why the SP is where it is and the answer is because of him and can’t communicate.
The only people that are backing this are DBA only hope would be they do what they did before so they bought about 4 million at 12.75 and about 2 million at 6p so 18.75 wouldn’t quite be halved but they possibly have an average of 10-11p to get a return they would possibly pump to 15-20 on news
LR doesn't do interviews. That is clear.
L2 looks grim. Almost unanimous BID (6 out of 7) at 5p. But someone is still buying quite large blocks of this. Which is equally concerning...
Highside, your thoughts on the interview are spot on. No reassuring messages for investors, no REAL acceptance that there are big issues here. No direction, just ambiguous waffle .
In a nutshell he's not fit for office. Change needs to happen because put simply LR is not going to change.
MoneyM
I watched that interview, he lists all the commodities he likes, Gold Copper ( had to laugh at iron ore) He lists all the countries he likes and all the uses he like for those commodities.
To be frank we could all do that.... but did he say when we might get a PFS ? if its was fully funded, where Toral is going or why he is " refocusing" the company in a different direction ?
I just despair at the way he manages to chat away without really saying anything ?
He says he is disappointed by the SP ? so what's he going to do about it ?
He comes across, very laid back, happy in his job, looking forward to new challenges and doesnt seem to share even 1% of the frustration, concern, or financial worries of the shareholders..in fact he comes across as totally detached from the financial mess that is EUZ. If toral goes the way of Moonlight, no worries we have another great project in the pipeline.
Jeeeez
The general consensus seems to be concentrate on Toral before other explorations. This is simple business, especially if we're supposedly close to completing the PFS. LR on the proactive interview this morning spent 50% of the time discussing other geographies, why?
It doesn't make sense. Yes he mentioned a JV or buy in but all that means is that someone is going to get Toral on the cheap at this current SP (Mkt Cap £2.81m) or more likely when we a sub 1p with a mkt cap of way less than £1m. Just like Anglo American did with Sirius. Different scenario same outcome, someone will get us at a nice price and we will be out of pocket.
Gam2 and Roger had this right all along.
https://twitter.com/LtdEuropa/status/1453283585121787920
Interview out
I believe the director were thinking that the good news 4 weeks ago would have increased the SP massively but it didn't.
Newbie with respect let's try and keep our heads here - there are no mysteries about what's in the ground.
https://www.lse.co.uk/rns/EUZ/updated-resource-estimate-29cdeyqt4wfj0z1.html
Props I have absolutely no idea how they can plan to diversify on current funds, they can only mean after some kind of partnership with us bringing someone into Toral in return for funds, but I would rather they got that over the line before raising the prospects of new projects.
Newbie
I see where you are coming from but the RNS 4 weeks ago gave an update of increased resources so what your saying does not make sense and why would II's invest in a company with no resources ?
That is not a lot of cash to cover a lot of cash-sapping activities, for example, pursuing another project in itself will consume a lot more than £1.5 million: operational costs, more discovery and analysis, proving up, staffing, consultants, PFSes and DFSes - rinse and repeat; get Toral funded and done, with a lot more cash in the bank, then pursue diversification.
LR’s interview does not instil much confidence in me in his direction for the company - for example, he mentioned that despite the good operational news over the past twelve months, the share-price moved downwards; well, perhaps he regrets declaring that he is uninterested in the short-term share-price.
Teaye72, I have to say that I agree with the majority of what you said. However, I think that they’ve already had a heads up about what’s in the ground and it’s probably underwhelming so have now had to panic to raise cash, diversify and try to salvage something. Only my opinion based on nothing more than life’s experience. But why else have they had to raise money at such short notice.
Jam tomorrow, Pete
Depends how you read it Mr T
I read LR comment
With the support of the Company's Shareholders, our refocused strategy going forwards is to seek to generate value via a potential transaction(s) to augment our asset portfolio whilst continuing to further de-risk and progress our Toral Project.
To me a refocused strategy that requires buying another project is not something you do if the project you have is even 12 months away from any sort of financial return. I would rather the refocusing was on what we have.
Let's not get ahead of ourselves... we aren't ditching Toral and going shopping for something else... The evening RNS clearly states what the money MIGHT go towards and there are multiple options:
*****
The net proceeds of the Fundraising will be utilised to progress the Company's refocused corporate and operational strategy and applied towards:
· Pursuing and assessing appropriate additional projects and potential transaction opportunities: to support the Group's corporate and strategic development as the Board seeks to create shareholder value, via:
o Seeking a partial sale/earn-in/JV or similar third party agreement for the Toral Project;
o Potential acquisitions with near term production/revenue or value realisation point; or
o Potential low cost project acquisitions prospective in high demand commodities such as copper, lithium, gold, iron or nickel in regions including Europe, Australia, North America and select parts of Asia, Africa and South America;
· To further progress and de-risk the Toral Project: initially pursuing further geotechnical drilling to assess key areas for future plant location and potential tailings storage facilities and to compliment metallurgical and waste analysis work (impacting future early years production profile) and ongoing environmental impact assessment;
· Optional deployment: to be used at the Board's discretion on the assessment of potential acquisitions for corporate development or further work including metallurgy and associated Toral Project studies; and
· General working capital: it is anticipated that the net proceeds of the Fundraising will provide approximately 12 months of additional working capital for the Group excluding any expenditure in respect of potential transaction opportunities.
*****
We needed cash, clearly. And IIs were happy to provide it.
DB hold over 11.83% alone prior to the placing as they own all but a handful of the shares in the Lynchwood nominees account. I think the Directors are in the Jim Nominees account, which is 17% but for instance MC only holds 0.5% (before placing). Not sure what DB's % will be after this placing but I guess we'll hear soon. In the last presentation it says Spreadex hold 3.82% (for what it's worth). Don't quite get that because as far as I can tell the last holdings RNS relating to them was going below 3% - can't find the RNS saying they went back up to £.82%. Suffice to say PI's do hold the majority but it can't be over 90%.
A question might be why shareholders have been pretty much forded by dilution to fund another project when the first is still not funded or showing a sign of return ? Was anyone here actually asked if they wanted to fund another project having poured near £10m in to this one and not even got a PFS ? let alone a BFS.
Nice one Highside! or maybe "Rinse and Repeat" the share that fades your hard earned bank notes effectively. Cillit Bang the dirt is gone! or EUZ your money is gone LOL
Also LR and Myles did take part in the last CR at 12.75p aswell. Must be something in it for LR and myles
Cjen
Dont start us off on new names for the company :-)
How about
Placings "R" us ? or MSI (money sponge Iberia) ;-)
Maybe the work undertaken so far on Toral PFS has thrown up some negative findings and its not viable as we all thought. Could this be the reason for looking at other prospects in North America, Australia and Asia as mentioned on the Proactive interview. Maybe Toral is simply a dogs dinner after all?
Teaye72
It does say 12 months but on past experience they have been using about £2m a year. With the possibility of an acquisition and not knowing what that will cost or need, with further drilling and increased warehouse space and increased staff i dont see how its possible to know what the cash burn will be. We still dont know if the PFS is funded ? I would suggest the cash situation must have been desperate to raise at a 5p when the SP was at near 15p in April.
and there is the Rub, with the BOD they simply show no signs of how to run a listed company to the advantage of investors.
I have said a dozen time here. they will be a pay-out here in the end but it will be a fraction of what it could have been if the SP had been managed as well as the asset
Hghside, surprised PI's make up the majority but you're correct the hard part is getting everyone on the same page working together.
MM, we may have money for 12 months but it doesn't stop the SP crashing.
Anyone listened to the proactive interview yet. Didn't fill me with optimism.
Gappa
"Since PIs only make a small percentage of the votes. "
PI's probably hold a vast majority, prob 90%+
Your problem is getting them to work together
Perhaps a second motion could be tabled to change the name of the company to Europa Metals ( Geological Explorations and investigations) Plc. At least then it would say what it does on the tin.
@grappa it does say the cash will be for 12 months so can’t see it being no Q1 2022 I’ve sold a few this morning.