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Https://www.londonstockexchange.com/news-article/TUN/convertible-loan-note-update/16255471
£1.8m drawn on Tranche C, presumably the remaining £200k in new year. Mining ops restart drifting to mid 2025...
No permit this side of new year.
Feasibility update required.
Bit of an exhaustive tone to the RNS, company doing all it can to satisfy the EA but still no permit. Shame, why would anyone want to invest in UK when its regulatory bodies are so slow and obstructive.
Wres,bought the spirals,about 4/5 years ago.....i can remember it,in an rns
Https://www.telegraph.co.uk/business/2023/12/15/china-weaponised-dominance-critical-minerals/
@itsa - Interesting, wonder what they sold as most significant assets were security against the notes according to charge on co house. Noticed the XRTs only part paid as well so any monies on them would thought be owed back to supplier in lieu of final payment surely.
Yeah 2 billion shares represents 90% dilution, which is staggering, "still" some upside but this needs to get confirmed.
I believe they have sold some of the equipment they had bought vital to the restart of the project
Half year numbers will be due soon - would expect liquidity update then however still amazed they have dragged working capital this far. Unless they have drawn the third tranche but I would have thought this would have been announced.
Oh they sent someone to the parish meeting in November. Nothing interesting from minutes other than "TW hope to have the permit prior to Christmas and additional application for secondary aggregates in the New Year".
A little ambiguous as not clear if referring to the MPF permit or the application on the Aggs to change the volume restrictions. The latter useless without the MPF permit anyhow - unless they wish to turn the mine into a quarry.
they've announced the creation of 2 billion shares - an educated guess is that those shares are being given over to the loan note holders to keep them from defaulting the company. this of course means that the control of the company is moving away from current share holders as the dilution is enormous. we should get informed of this as once registered this should appear on the company financial reports in some visible manner. the d&c ea are a shower of ****s.
I've emailed them twice asking for an update on whether November liabilities were covered and how the business can continue until permits are approved, we are already into the first week of December and I think more people should email and phone in asking for details, how can we invest even a penny without knowing if they aren't already insolvent?!?
In which case they are trying to sell it all before it hits insolvency. I did think that they would save this. It looks too good to let slip through your fingers, but who the hell knows what back room dealings are being fixed up to allow ownership to move to stronger hands. The asset is worth billions and billions and billions, there is no way its just going to be left as a hole in the ground.
Theres basically a care and maintenance team left at the mine there is no one left there of any technical use to the project
Quite right @tunx. Both James McF and Mark T did seem enthusiastic, confident and knowledgeable about the project. The VSA capital vids etc all seemed very genuine to me. However when Nigel W quit it set off a big red flag for me. Alongside the NEDs all walking en masse.
Re the new CFO. I always remember a few years back a mate of mine was in a similar position, working as an executive director for an AIM listed Co as CFO. When the £hit looked like it was about to hit the fan (another gov stitch up) he got out quick smart. Just quit. Zero notice . His reasoning was not being associated with a 'listed' failure and the detrimental effect that may have on his future career prospects and reputation. Hence the reason I'm questioning how TW have managed to recruit a new CFO and indeed a CEO... willing to run the gauntlet .
It's all a bit odd to me. More to this than meets the eye imo. Probably to the detriment of pi.
Anyway a lucky escape for me here. I actually applied for a job with TW a few years ago. About the time of the ipo. In hindsight glad I didn't get it.
GLA. As I've said before, I think it's needed in bucket loads here sadly.
ATB LB
I guess you’d need an FC whether project is in care & maintenance or fund raising on the back of new permits?
But I’m surprised it’s almost Dec and no news on liquidity given the sentiment in the last RNS, they must be on bare bones staff which makes me wonder how they’d even get through any external DD with all that lost knowledge on the project. They can’t have many technical people left…
Maybe. Not sure how much cash is left. Just seems odd though to appoint a CFO. Especially if the Co was on its absolute knees. There's also a recent job ad for a permanent financial controller.
https://www.linkedin.com/posts/tungsten-west-limited_new-job-added-permanent-financial-controller-activity-7133387686802804736-AFKq?utm_source=share&utm_medium=member_android
Who knows. Comms have turned off recently.
ATB LB
if no approval is given, then no funding can be raised and its over; unless those 2 trillion shares and the vast majority of control of the company got gifted to strong hands, and as of yet no one has been informed.
i guess all will be clear by thursday , friday latest.
critical resource my ****, lol!!!
Any way of buying options on the AIM?
This is either worth hundreds of millions or zero
I've spent about 2hrs dissecting all the information available about TW and the comments on this board are very informative as well, what I've understood is they run out of money around the same time they expect an EA decision but they're potentially a very highly profitable business that can sprint into production very quickly after necessary approvals, as most of the minining site is already built.
So this is definitely one to watch, I'm fortunate as I have no funds to gamble before January when most of the issues here should get resolved or we find its in administration!
Gl all.
I couldn't find any evidence of them attending on the official website as a speaker. Not sure if they went as an attendee/delegate. Certainly no exciting news on developments has been shared as per the linkedin post.
Very disappointing.
ATB LB
Were TUN at 121 this week? Seem to remember seeing a company comms saying there would be exciting updates around the time of the conference implying they were attending.
I did wonder about a conspiracy and the potential reason for one. When a critical resource is involved, you might want the company handling it to be solid and making good decisions consistently. TUN is on the brink of bankruptcy, better a stable company take ownership and secure its future than a company who's stock price has been dropping since it went public.
Just a thought, hope I'm wrong as I have shares, but... I'm almost certain they will drop to 0.00
There's another parish meeting tonight with hemerdon update on the agenda, be interesting to see if its no show again, shame they don't stream online, will have to wait for the minutes next week.
Shocking! Its enough to make one wonder if there is a conspiracy to stop the mine re-opening.
TUNGSTEN WEST Mineral Processing Facility permit, dates of meetings held
18/10/2023
16/10/2023
11/10/2023
10/10/2023
05/10/2023
04/10/2023
25/09/2023
21/09/2023
19/09/2023
11/09/2023
10/08/2023
02/08/2023
27/07/2023
27/07/2023
20/07/2023
13/07/2023
06/07/2023
05/07/2023
29/06/2023
19/06/2023 - site visit
15/06/2023
13/06/2023
01/06/2023
18/05/2023
04/05/2023
20/04/2023
20/04/2023
19/04/2023
06/04/2023
23/03/2023
21/03/2023
17/03/2023
13/03/2023
09/03/2023
15/02/2023
06/02/2023
01/02/2023 - site visit
31/01/2023: public consultation on new proposals closes
26/01/2023
15/12/2022
12/02/2022: public consultation on new proposals opens
02/12/2022
December 2022: Permitting officer changes from Paul Barker to Jake Walker
17/11/2022
07/07/2022
21/04/2022: applicant pauses development plans
23/02/2022 meeting hosted by Planning Authority
11/02/2022
03/02/2022
01/02/2022
25/11/2021
18/11/2021
05/11/2021
29/10/2021: Public consultation closes
01/10/2021: Public consultation opens
17/09/2021: Application duly made
31/08/2021: Application received
Thank you for your request dated 16 October 2023 in which you make a request for information which we are dealing with under the Environmental Information Regulations.
You have asked:
“In relation to "We hold regular meetings with the applicant to ensure they are aware of progress, understand issues to be addressed and when further information may be required. "
Could you list the dates of the meetings at which the progress of the MPF permit was discussed, and who were the participants, since the original application was submitted.”
We are able to share the attached information.
To note:
Unless otherwise stated, all meetings were virtual via Microsoft Teams.
For virtual meetings, we have included the numbers of invitees from Tungsten West but it may not be the case that all those invited were able to attend each call.
We have also included dates when public consultations were carried out, and for other developments significant to the determination timeline.