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My own opinion is that Denarius will want to increase the footprint significantly before they take up Option 2. Yes it will mean a huge amount of money to prove up for the PFS but it will be worthwhile because they will own 80% at the end of Option 2. Mean while we have £2,000,0000 + 20% of a much, much larger mine. I am very pleased with the progress of last year and these next 15 months are about enlarging the resource possibilities and getting the licence through to acceptance.
Sure, we have to remember that for roughly half the results period Denarius weren't shouldering the costs so looks steady. I have been disappointed that the enlarged mining area hasn't materialised in the last year but they have reiterated the intention "As part of the agreement the parties have also signalled the ambition to secure potential further concessions in the surrounding Northern Spain region therefore expanding the footprint around Toral", so I'm encouraged that the aspiration hasn't slipped off the radar which I always saw as a key upside of the deal but for market recognition we need something concrete.
They're increasing the area hopefully so Toral could be a considerable deposit. Cash burn reduced ďue to the separation of EMI.
Yes well done springboks
I have to say in my day as No.8 the call of "ball not straight" by the ref was common in scrums and you put the ball in for your hooker to hook back. I cant help thinking the modern scrum is just a device for trying to get the opposition to drop a penalty rather than a method of restarting the game .
If you are going to throw the ball in the side so it comes out the back without anyone even touching it ? well its sort of makers the scrum redundant.
Maybe I'm just getting old :-)
Thanks Shed !!! :-)))
....... to our JSE contributors.
Evening CHRI5P my only surprise is that Denarius want another campaign before the PFS, still it will only strengthen the metrics and after all they're paying for it! However nobody should be surprised at the ongoing exploration in general as that will continue as long as a resource exists to be defined. Exploration doesn't cease on most licenses even when production commences. We've had an economically viable resource for a while now but that doesn't mean you stop drilling, the more information we can extract the better the mine plan will be informed plus the more indicated and hopefully even measured the better the banking terms will be.
Bricks
They found gold seam a couple of years ago and have been mining it in secret under the guise of "exploration drilling" ever since. Didn't you know that Myles middle name is Bullion de beer ??
BricksSA I don't know what you're going on about. If you have read any of the RNS's about the agreement this was part of Option 1. When you have a MLA in it overides the expiring exploration license because the reason for receiving an exploration license is to complete an MLA. Additionally, you are now aware that you were wrong when you were adamant we would need a PFS first before the MLA. Everything is going to plan since the agreement with Denarius and may it continue.
Shed the extra drilling was a bit opaque in the agreement along with increasing the area but Myles confirmed on the podcast it was to increase the deposit for the PFS which I did take for granted.
19-Aug-20 19-Aug-20 Placing Myles Stuart Campion 12.75 GBX 78,431
Yes I agree and he should be telling the public how he will will get this SP back to 12.75 p again….which it was when he bought some !! But hey…he enjoys exploration so much he is going to drill again in what he and LR called Toral …. A pin hole cushion in 2020…..that’s how much drilling has taken place already at Toral…..yet alas….more drilling to come in 2024 and again in 2025……seems like he will get his wish….another exploration license extension on the cards .
We should have sold everything to denarius for a higher price.
If they had an asset for £15,000,000 would be a bargain IMO
Cjen
You may well be right but this is a company that took the original SP of 20p down to 1 hundredth of a penny. yes there are 97 million in circulation now but that's after a consolidation of 500/1
500 x 97000000 = ?
My point is private investors drive the SP up
Corporate drive it down ( as they usually buy at a discount from which the SP doesn't recover here)
Dont think MC is beyond another placing at a discount before this takes off to let DB and others bring their ave down. You have seen it before, money raised at times when it wasn't needed, at the lowest possible price. But they are fully financed you shout !! Dont worry they will find a reason like this long awaited new project they are "actively" looking into.....Maybe you think EUZ will just become a holding company for 20% of Iberia ?
One of the questions I was left with after the EUZ MLA RNS was whether we'd get a new JORC prior to the 2024 drilling. According to the Denarius announcement we can look forward to a new JORC off the back of the 2023 drilling, "Next steps include the preparation of an updated Mineral Resource estimate incorporating the results of the 2023 drilling campaign and then, after some additional infill drilling in the first half of 2024, we will commence work on the preliminary economic assessment for the Toral Project." So with all the assays bar one hole in on 4th Aug I think we can reasonably expect that imminently, particularly as I believe Luis is qualified now to act as the competent person, maybe Addison still independently review the JORC, not sure.
There are circa 94 million shares issued in Europa Metals (EUZ) and they belong to PIs that in the main have no intention of selling at 1p or even 2p. So where are all these 1p shares you talk about coming from. Market makers may indeed manage to walk the SP down to 2p. But nobody will be able to buy any in volume. The PIs, myself includef will just sit and wait.
Yes an interesting detail CHRI5P, suggests that the last round of confirmatory and infill drilling was to attain a MLA level of certainty in the current block model. Perhaps at long last they are ready to go deeper and to the east, as we know the licence itself is way bigger than the current indicated area.
MC and LR are on record as saying they had little interest in the day to day SP and were focused on the final outcome. Its little Suprise that the PR on this Co has been hopeless for years as they don't have any interest in the PI or the SP.
As many have said over the years they never seemed to correlate the day to day SP to raising money and were happy to raise at discounts aimed at corporates and friends but never the PI.
Now they have funding and the PI and i suspect corporates like DB are just a pain in the butt. He could post his updates with semaphore flags from the top of the Sharde , it doesn't matter any more as long as he is cuddled up to Denarius. :-)
Yes he is working hard for the final outcome but that's going to benefit those who buy in next year at 1p ( or less).. For those who stuck with this through collapsing SP's and 500/1 consolidations, endless placings and jam tomorrow rns you have done your money. its now a matter of what you can salvage from the mess.
I also herd Myles say that they are hoping that stage 1 is completed by the end of next year which would be a year earlier than what Denarius would needs to do.
Agreed Cjen. However, if you listen at the end Myles confirmed that we have basically just touched the service of the total deposit that was included in the MLA. Not an exciting Myles performance but there was promising detail.
I just watched Miles video on Proactive intestors. Not enough little effort is put into projecting the professional image EUZ deserves.
A dodgy internet connection, using a mobile phone and clutching an earpeice and mic.
I create a better impression using my laptop and teams.
Its very poor imo.
My view was there was going to be much more drilling to improve the resource area with attaining an exploration licence for Antonia. I was thinking that the PEA would be as much as a funding exercise for Denarius to complete Option 2. If the PEA comes out as expected or better then Option 2 is a done deal and Denarius will want and be able to fund the next stage.
"There is absolutely nothing confusing about 100% ownership of a subsidiary"
No of course not but if your entire SP is based on that 100% ownership and its going to drop to 20% ?
Thats your opinion and as i said its fine for the long term investor who has evolved with the deal and company but as you say the last notable investors were nearly a year ago and they are over 50% down.
I don't think its helpful to dismiss others, just putting it out there" suggestions unless you can come up with something better.
I would go as far as to say that daily/weekly volumes have collapsed "since" the Denarius deal which again, given the progress on the deal and the ever improving assay results and finance , points to the Ave PI just not really understanding the situation.
Of course if you have abetter idea ?
There is absolutely nothing confusing about 100% ownership of a subsidiary, nothing whatsoever. If it helps the wilfully confused (which I doubt) look at Denarius' announcements which state that their definitive agreement is with EUROPA METALS not EMI, why? Because EUZ is the ultimate holding company which owns their Spanish subsidiary. In addition this has not been ignored by investors. On the 'agreement' investors came in at a premium to the SP at 4.5p less than 12 months ago with 57% of the uptake being new blood. I'm clearly not arguing that everything is fab, the SP is dire, I really thought MC's performance today was on the wrong side of lacklustre and I hadn't anticipated more drilling before the new PEA but let's argue the odds around the facts of the situation not blatant obscurification of the 'Agreement'.
Possibly only because it’s only an application. But when this gets approved we will have a bigger resource as well. Im sure institutions will have their eyes and ears open for toral.
My point is that because people cant buy shares in Iberia it will be confusing. As Cjen says at the moment EUZ holds 100% or toral but to a prospective buyer here of Toral, they will need to buy shares in EUZ that will have a diminishing ownership of Toral.
You can all throw your hands up if you want but this is the news most have been waiting for and it barely recovered the amount the SP was walked down in preparation for this news last week. £5k really ?
If anyone has a better reason why this is ignored by investors both corporate and private please speak up.
Much still to do but a big step forward today. Hooray!
@shed.... 20% of "big" is big in my opinion and will do wonders for the EUZ share price.
Time to start accumulating as and when funds allow.
Good luck all.