Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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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.
Does this run of money this month or next cos of the debt trances?
I cant believe what has happened to this company, I remember thinking it was cheap but never invested, I would like to create a small position at this price but I am worried it will go bankrupt
The British government should be helping companies like this gain approval
EA dragging their feet. Wouldn't be surprised if no permit issued before February.
We are all waiting for the EA and Council to decide whether the plant can operate and whether sufficient lorries can access the site. Clearly TUN offers the best source of a critical metal for the Western world, so it is surprising that it is taking so long to resolve these two issues.
..........
Nothing left to represent?
No TUN representatives at most recent Parish meeting, unlike previous several or so months.
Application(s) decision imminent? Or no suitable employees left able to attend and give updates?
Https://www.crowdcube.com/companies/cornish-tin-limited/pitches/by9wYb/discussions
Hiya Vii.
Yes. It was posted by TW. Sorry I recalled the timing incorrectly. This was posted on linkedin on 13th Sept. One day before "final results" rns.
SP dropped 50% on the rns.
Https://www.linkedin.com/posts/tungsten-west-limited_121mininginvestment-london-activity-7107734136462659585-bk9s?utm_source=share&utm_medium=member_android
"we are excited to be attending the 121 mining investment London in November where we'll be sharing some intriguing progress updates"
ATB LB
LB Good morning
Re "The bit I can't fathom is 24 hours prior to the horror show RNS ("project update" 26th Aug I think) there was a positive linkedin post alluding to exciting developments being disclosed at mining 121 in November. "
Who made the linked in post? Was it a company post?
@croissant
Apologies, no snipe intended, perhaps a little shared frustration in lack of updates and just eying on the pessimistic side in that I don't really expect to here anything conducive until the permit is granted or not granted.
In answer to some of your Qs, the breach I guess is a technical breach. Perhaps an oversight in drafting the CLN terms. From reading previous RNS and accounts the options available to the noteholders would not be productive to everyones end goal (permitting) so would not expect any unforeseen further dilution/calling in security/repayment.
Lansdowne are a note holder as this was disclosed in RNS. So are Baker Steel as they disclosed in their sept quarterly update.
The company did do an open offer at 3p to existing SH to avoid some dilution at the time of CLN docs, but only £200k was taken up. If the full £2m were taken up by shareholders then there would be no need for Tranche C.
In my view, putting aside the issue in how did the company get to this situation - the CLN was the only option available on the table. If the Board did not recommend the deal, the company would have had no working capital, and given the amount of liabilities on its balance sheet (lets not forget they likely still owe Hargreaves from the original acquisition deal (as per note 29 and IPO Doc), and who have security on the mine site until this is paid up(as per companies house)), the company would have been insolvent, which would have been worse for all shareholders. Bad deal, but only deal.
What are the consequences for breaching the CLN terms?
Again from those accounts
Note 35 Post balance sheet events
.....
The specific terms of the note purchase agreement which have been violated are:
(a) Clause 20.7 (Cross default): Certain liabilities under deferred payment arrangements in excess of £250,000 have not been paid when due.
(b) Clauses 20.8 (Insolvency) and 20.9 (Insolvency Proceedings): The company is unable to pay liabilities when they have fallen due: by reason of actual and anticipated financial difficulties the Group has suspended payments to certain creditors and has entered into negotiations with more than one creditor with a view to rescheduling its indebtedness. The Group has made formal arrangements with some creditors to defer or suspend payments.
(c) Clause 20.15 (Expropriation). The ability of the Group to conduct its business is wholly curtailed by the regulatory bodies who have yet to issue the Permit required for operations to recommence.
The Group has limited ability to cure these defaults as they are ongoing and the liabilities cannot be settled until full project finance has been secured.
The amount currently in default is £6.95 million principal plus £0.27m PIK accrued.
Under the terms of the Note Purchase Agreement dated 19 May 2023, the Note Purchasers, if directed by the holders of at least 75% of the Notes outstanding, may by notice to the Group:
• Terminate the agreement and cancel the Notes, and any unutilised notes will not be available for purchase;
• Demand the Notes can be redeemed / repurchased immediately at the Redemption Price, plus any PIK is repaid. The redemption price is a sum equal to two times the principal amount of the Notes.
• Exercise its rights to enforce security under the terms of the note purchase agreement and security deed.
This is an excerpt from the last publish accounts:
"The Group completed the issue of a convertible loan note facility and an open offer in June 2023. These collectively raised £7.2 million gross of fees. There is an additional facility in place to issue a further £2.0 million convertible loan note under the same terms dependant on investor demand at the time. The Board consider this to be sufficient liquidity to meet its liabilities as they fall due and to complete the short term strategic objectives before December 2023. Opex has been significantly reduced and all material capital commitments deferred until these objectives have been achieved. As at the end of August 2023 the Group had issued Tranche A (£3.975million) and Tranche B (£2.975 million) of the CLN and had £2.5 million in cash reserves. The Group anticipates issuing £2.0 million Tranche C notes in November 2023. There is not currently any commitment from existing or new noteholders to purchase any Tranche C notes. If the Group fails to find purchasers for the Tranche C notes, then, in the absence of other new sources of finance, it would no longer be able to meet its liabilities as they fall due in November 2023.
I think that tells us everything we need to know. The CLN holders will become the majority share holders when those 1BLN shares are assigned. They are the one's who might, if they care to, purchase the next tranche of such notes (they won't). They are also the ones who stipulated full employment as a condition of purchasing the last such notes, to bleed the company dry waiting for an EA decision that the company expects in December. The result is the effective transfer of ownership to the CLN holders who I THINK will take the company private, offering the creditors committee (us) face value on the shares bought (eg 1p), if we're lucky.
This raises the next question - who are the CLN holders? Any ideas?????
AND
What are the consequences to TW for breaching the conditions of those CLNs? More dilution????
AND
Why doesn't the company come clean to investors and offer another 200M shares @ 1p to meet the Tranche C deficit, to carry the company through November to allow tw to meet the ea decision deadline????
@Croissant.
I've tried making contact, several times, with various parties on this matter and got absolutely nowhere. At least you've had a response. Vague or not.. Take heart from that.
Personally speaking I appreciate any constructive action taken by other posters. Especially when they report the results (good bad or ugly) and when it's clearly taken time and effort to undertake. It's appreciated by me any rate. 👏👏
It's my view that things are looking very dicey here these next few months, and the MPU permit is one of the crucial critical path items . Last piece of the jigsaw so to speak.
If you read the historic noise reports (posted here a few weeks back) actually they were previously pretty close to meeting the EA thresholds. 3 specific locations were highlighted. The areas of higher population density were well below the limits. So some remedial action, alternations to equipment, shifts, plant layout etc and there's a good chance of meeting the criteria. Let's hope TW and EA truly are working together to move this on.
The bit I can't fathom is 24 hours prior to the horror show RNS ("project update" 26th Aug I think) there was a positive linkedin post alluding to exciting developments being disclosed at mining 121 in November.
So which is it? Does it mean ea permit is expected imminently ? Before November perhaps?
Who knows... Very mixed messages, which from previous experience is not normally a good sign.
GLA, think we need it. An 11th hour reprieve would be really good here for all concerned.
I sincerely wish everyone well.
ATB LB
yes i agree as a response it is long winded and virtually devoid of anything meaningful. i had no idea what they would disclose either, but the company does know the timescale for the ea to respond - that was revealed in this response.
does the company owe a duty of care to investors knowing when this deadline is, say, by raising additional capital with a share split generating funds which could never be sufficient to meet know timescales and causing unnecessary dilution?
they took on additional financing with these loan notes with stipulations that they would maintain full staffing , which they have breached - they had too because they were bleeding out so quick. those loan notes and the additional £1m mentioned are creating a 5.5x dilution, gifting the majority of the remaining value to the loan note holders. did they know the ea timeline when they executed those loan notes, knowing that due to onerous terms they would also be insufficient, thereby causing further enormous and unnecessary dilution?
you might not be interested as to what these directors and regulators have been up to but there are plenty of investors who are and if we don't ask questions of the parties involved in this **** show , we'll never know , will we?
now here's something else in their response...."we hold regular meetings with the applicant to ensure they are aware of progress". i wonder if we could find the dates, locations and who was present, as "regular" is a relative term, isn't it.
but don't worry i'll do all the running around, you can just sit back, relax and do f a , and snipe when i post some more. i'm sure it'll make you feel great about being you. atb
Thanks for your opinion and there is a fundamental error in the mineral process design that starts off with the Wolf circuit …. They have a dense medium circuit in the circuit but who ever heard of a dense medium circuit with a magnetic mineral !!!!!
The dense medium takes use of the mineral density but the magnetic properties of the Ferberite mineral are much stronger in separation properties at lower costs
The trials were done in the research center of OUTOTEC at Frankfurt , Germany in 2019 with samples prepared by the geological team of TWL … very good separation stages with low mass pulls to preconcentrate of 2% by weight
All information is available …. I was present at the testing as an observer / consultant of TWL ( see page 11) …
This is the moment ( 10/2023) to re-examine the process circuit and go the magnetic circuit using less screens and thus resolving the Low Frequency Noise barrier as well
England deserves that mine to be operative …and it’s value is in the WO3 reservas /resources so well drilled by the TWL geological team …. It just needs to modify the plant to the correct process and be in line withvtge environmental noise issues ….. someone needs to press the Restart button on the process design