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So that’s bi-weekly then not bi-monthly. Why cant the BOD say what they mean mean what they say?
Just wanted to draw a line under this one. Have asked PW directly and we are billing twice a month.
The return of the major Cobre client will have bought the BoD a little more time here and take the focus away from the lack of progress at both Redmoor and LCCM. More pay cheques for JP (and maybe a little bonus this year too lol)
25 Jan 2018 RNS regarding our LCCM 'asset' ('early cashflow' lol). We should be celebrating the 6th anniversary tomorrow of this momentous purchase! What have we produced in 6 years!?
Highlights
· Binding contracts exchanged subject to conditions precedent
· Final settlement expected in approximately one month
· 24,900 tonnes of JORC compliant resource copper metal acquired
· Offtake Agreement for 100 per cent of production is part of conditions precedent
· Outlook for copper prices very strong, with current prices at or near 12 month highs
The Board believes the Project represents a near-term, low-capex copper production opportunity with the potential for early cash flow generation. Additionally, the Project will allow the Company to significantly expand its current resource base
Great thanks , any others ?
Colline, i picked up something different from the interview, the missing customer has signed a contract for 30k tonnes across the year and the new customer has already started to take magnetite but is not yet under any contract, pay as you go if you will.
So i would expect your upper estimation to be the closest.
Also I would add that the BoD's have taken bonus's and money when times were better, the last bonus was agreed but not paid prior to brendagate, yes they could have refused it but unlikely.
They did also set options that in my mind were lofty & greedy but had they been hit i dont think anyone would have complained, clearly they never got these which demonstrates they didnt see the bad clouds closing in.
I hope this is a turnaround for both the company and BoD's....
It says the commencement date in the RNS - 16/01 started. Bi-monthly billing is not unambiguous - bi-monthly normally means every two months ( which i suspect is what is meant here ) , but it can also be used to mean twice a month. Once invoice is issued, the customer has apparently agreed to pay within 15 days. so in summary , if the deliveries started shipping in mid Jan, then the billing should occur around mid March, and be paid around end of March (and every two months thereafter) . Should be around $325,000 every 2 months - assuming 2,500 tons per month @$65 per ton. This is on top of the sales made without this client, which had been running in 2023 at around $260,000 per every 2 months,so sales could be as high as $500 or $600 every 2 months ie say $3.3mm per year.Not sure what the margin/cost is , but assume operating profit is 60% of sales , would suggest Cobre delivers between $1.75mm and $2.0mm to SML. If the other new client materialises , this could easily become say $3.0mm per year . Cost of SML ( listing/nomad/auditors etc and of course our BOD) is perhaps $1mm per year , so its easy to see how this is a profitable company. HOWEVER the key is making sure that the surplus is used to advance Redmoor - and not to pay the BOD bonuses!! If we do that succesfully, this company could be really rather interesting . However the BOD have been in place since 2015, have owned a stake in Redmoor since 2016, have paid themselves in excess of $4mm in that time ( based on annual reports) and really havent moved forward sufficiently. Can a leopard change its spots? I dont know!
I am excited!
My apologies I completely miss read the detail.
I wonder from what date the shipments restarted?
Barno 61 we don’t get paid every 15days we get paid within 15days of the invoice, which is every 2 months.
I always feel them small either low or high trades are the MM's sending messages to each other, might be a conspiracy theory, but if you were to send a message you would want it to stick out....
in any case that trade is nothing to be concerned about
A .60p trade takes the share price down to .12p.
Only very light trading again today with the chart heading south.
With news on 15 day payments for shipments already send and sold surely the price in no way reflects the company position.
With the investors’ longed-for resignation of Alan Broome, the share would multi-bag.
Lol @Prop, no. 6, heck i would buy some more if no.6 comes home.....
v happy to chat. i have 30 m shares (split over a couple of isas/jisas).
my email is mineinvest********** (mineinvest at yahoo dot com)
Feb 2016 0.11 – Jan 2017 0.445 - May 1017 3.125
We have the Cobre licence until 2027 and an uplift in takeoff (worth millions). An AIM company with profitable income.
This time we have the Redmoor licence to 18 October 2037. If we prove up the minerals, the licence will be worth millions without progressing further.
LCCM was still a wrong move in my book and has proven to be a liaility not an asset. I want to be proved wrong, but I don't want it to become a moneypit for the Cobre income. It already owes us millions. It we have to cut it loose, I wouldn't lose any sleep.
With one piece of good news to start SML’s New Year’s resolution of publishing positivity to its despondent investors, another three could follow:
1) Another big Cobre customer
2) Cornwall grant for Redmoor
3) Joint-venture partner for Redmoor
4) Leigh Creek approval (can’t remember for what - it’s been over a year!)
5) Joint-venture partner for Leigh Creek
6) And last, but not least, the resignation of the wage-sucker that is Alan Broome
With even two of the first five - number 6 is a pipe-dream - the share-price will shoot up.
Good luck, folks - let’s hope that patiently suffering the years of decline heads us into the 2p-plus territory: with some of those materialising, 2p-plus would be more justifiable than it was at that price - years ago.
I defer you to KOD: a company without any turnover - and with mining dreams in the distant future - valued at £70 million.
First payments for magnetite will arrive probably late this week. And every 15 days after that 😁
JP and the current BOD have a very short window of opportunity to build on yesterday’s RNS with the promised further good news in Q1 . If not there are other people willing and able to deliver the potential we all know Redmoor has . Either way 2024 will be at last a good year for the long suffering SML shareholder IMHO . Anyone with private messaging who wants to discuss further let me know .
The management is the problem, brave man to top up. Every RNS they fail to deliver on. What makes this time different. It's a pure gamble but I will not put another penny into this company. As I've said before this is an expensive reminder to never trust a board that hasn't proven themselves to be capable and a reminder that AIM is filled with charlatan executives.
SML has an operation, Cobre that should turn over a minimum of $4mil per year, with a strong profit margin, SML also own the rights (100%) to Redmoor one of the leading undeveloped tungsten/tin mines and then LCCM which has lots of copper easy to get to just no funding to get this going, again 100% rights.
Its held back by confidence in management currently as otherwise this should be at least 3 x the Market cap. If they can deliver then this will fly, but and its a big but, a customer coming back and a new customer taking magnetite is not a management success just a happening and i think the market sees this, hence the undervalue.
Still I do think there is brighter future for SML and yes before anyone asks i did make a little top up today.
Preston
I worked it out as $87.72 a tonne in 2023. So income for 30000 tonnes would be $2631600, if they buy at the same price.
Understood , makes it hard to communicate in a confidential manner .
JP still on this board, obviously not liking what you said.
I remember a podcast when sp was below a penny JP said his brother did alright, he got out at over 2p.
Quite a lot of posts disappeared from last night as well