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Don’t tell him your name Pike!!
Funny old daytrader
Bulent,
Rude to me. You called me a Lying C the other day. Remember ? I'd never even heard of WRES until the week before last.
Now that's all I have to say on the matter. Let's move on.
@ Blitz...rude?? To whom ? Resigned, sacked doesn’t seem to make a difference as there seems to be some disgruntled individuals with no vested interest attackingbtgis project on a day to day basis ( sundays included)... me on the other hand an VERY AWARE of the jobs and importance to the mine. I pumped £230k into it so please vent your anger at the people talking about dilution and better for ten mine to stop operating... this is where the divide on this board lies.
Goldhanger,
Re:"when you look what this mine will produce over the next decade and beyond.....at least £1 billion. Of course well before then there is certain to be a tie- up with the Redmoor Mine plus an announcement before the end of this year regarding other minerals at Drakelands which are commercially viable. "
Redmoor ? Where did you get that notion. Wolf missed the boat there by not stsking a claim earlier.
Other commercially viable minerals ? Such as ? Some quartz aggregate ?
Next 10 years and beyond ? Can someone tell me please what the current reported mineable "Ore Reserves" are and divide them by plant feed/annum.
Just what have you been smoking my good man ? I'd love to see 20, 30 years left but it's a fact that such ore reserves have not been reported anywhere to date.
You have now answered my previous question to you Ophidian. I now know who you are talking about. Thx.
Bulent74: I KNOW both Ex and current Wolf employees. Please don't be so rude. It's not called for.
For the record, I wish nothing better than for the Drakelands project to be a success. A lot of jobs around here depend upon it being so. Let's hope that there's enough time left to pull it off.
But there have in the last 15 months. - And it take s little while to take a good look at an organisation and then implement a change programme.
Ophiidian
Bulent74
Nothing more to talk about apart from information on shipping quantities and APT prices weekly. Thx
The biggest and most important problem you have is vast, unserviceable debt and inevitable dilution, but I can see why you want to ignore that.
No elephant in this room!
To be clear - I am not now nor have I ever been employed by Wolf Minerals.
Ophidian
There has been no new staff taken on board that are directly involved in the issues discussed here. Not in the past 12 months. I believe there have been some resignations. Thx.
Mining isn’t like production... it requires flexibility, resourcefulness and innovation as you are faced with good and bad obstacles on the way... topped off with ore prices fluctuations adds to this... it requires in short the right people with right mindset... it seems the plant has had machinery problems which are evedently over and staff problems which also seem to be over and the figures reflect this. YES where has $4M AUD gone? The question has been posed to the top honcho and all will be Revealed in OCT and I have been told it is all on the up. Nothing more to talk about apart from information on shipping quantities and APT prices weekly. Thx
So we obviously have old and current staff on this board now.... the old staff seem disgruntled that they are being blamed for the mine failings and new staff are more up to date with current goings on in the plant... in any business it’s the same story... everyone thinks they are in expendable, everyone says that the worked there knackers off. Everyone says that if I leave the business will fail... well let me give you some insight.... DOESNT HAPPEN..
Like the rest of the WRES board, I want the mine to succeed, for the employees and the country. If they had delayed the start of the mine until the W price recovered, like WRES and had bought top of the range kit, like WRES and had a decent management and geological team from the start, like WRES, then the mine could also have succeeded for shareholders, like WRES.
As you point out, this WLFE v WRES thing was a creation of the two account person, who also thought it was ok to be abusive to anyone who disagreed with his ramping, or refused to believe his reports of private conversations with bod members.
He can, of course, post whatever he wants, regardless of truth or accuracy, but he must expect to be corrected, if that is the case.
Kev,
The ludicrous Wlfe vs Wres scenario only exists in the head of that poster. It is never mentioned by anyone other than in response to those posts.
That in itself is a give away to the identity of that poster regardless of which log on he uses.
I see the other account has logged on now to continue the diatribe
Bulent74, you are correct. WRES has current funds of EUR17m, plus a future GRANT do EUR5.3m. It has a loan from Blackrock for USD35m. This compares to WLFE, which has next to nothing in the bank and owes GBP140m.
WRES has more than enough cash to get to profitability at the opex level in January 2019. WLFE has to beg for money at regular intervals, just to pay director expenses and keep the lights on. There is NO certainty that WLFE will EVER be profitable at opex level in the near future and NO prospect of it EVER being able to pay off its loans, hence the savagedilution to come.
As for a honey trap, I have no interest in WLFE holders buying into WRES. None whatsoever.
:-))
Misleading DJKEV the money you mention in the bank is debt owed to BLACKROCK.... wres is NOT producing and has changed its set up date to 2019 from 2918 and potentially longer.. any which way wres has a debt and no income now, or the forseable future so right now WRES is a pipe dream... why don’t you and your rappers come back when WREs is up and running rather than trying to get people to waste money on a honey trap !
Daytrader13, I would not say that £140m is chicken feed, but it is certainly less than $1bn.
I also agree that the financial advisor has until 28th of October, when even the emergency bridging money will be exhausted. To find a way of keeping the plant alive.
What you fail to see, is that RCF will own the plant after the £140m is converted to WLFE shares.
WRES is fine. No need to worry about WRES. No clay, new plant, €17m in the bank plus a €5.7m grant, paid after the first concentrate production in January, 2019.
WRES will be profitable before WLFE, that much is certain.
Enjoy the rest of the weekend. :-))
STV, it was obvious from day one. He was permanently banned for being foul.
You can hear the effort he has to make to restrain himself.
That is definitely dayrader13
So, total debt is senior debt of £63m, plus bridging loan of £65m, plus unpaid arrangement fees and unpaid interest.
Somewhere between £130-140m. Maybe a bit more.
WLFE still needs about £90-100k per day in net profit, just to service the debt, which is bein deferred and added to the principle. NB this simple sentence from the RNS.
Once established, the Priority Bridge Loan does not include any conversion terms and any future convertibility would need to be agreed between the Company and RCF VI.
Since the company has RCF as a majority shareholder, agreement should be swift.
I have posted my opinion, as any poster is slowed to do. You are a wild optimist for WLFE. I would not like anyone else to be sucked into losing money here, because of your ramping.
If you can answer my points, then we can have a civilised debate on the basics. Investors in WLFE ignore the basics at their peril, as in every other share.
Obviously, you have no answer to my points, hence your personal attack.
Daytrader13
Like you say kvcm your guessing which is a pointless exercise.
Not guessing. Approximating. If you know the total debt figure, please tell us and we can use that figure instead.
If RCF were going to do that it would have been done before now and they wouldn’t push in further short term lending .
Why would they do that now? WLFE has nowhere else to go. They are on a hook. RCF can reel them in, any time they choose.
Could you tell me how many shares are on issue with WRES ...to the nearest billion as a matter of interest.
Five billion shares. There will be a consolidation with the first dividend. Regardless of the number of shares, the mcap today is less than the ebitda predicted for 2019.
Shouldn’t think much scope for dilution at wres so where they will get the 100,000000 from I do not know.
That may make sense in your world, but not in mine.
Mines not even built.
At least you got that right. Mine completion is scheduled for the end of 2018.
Anyway I hope it all goes well there even with Brexit looming.
WLFE is and Australian company, with a mine in the UK. La Parrilla is owned by Iberian Resources, a Spanish company with assets in Spain and Portugal, so again, you make no sense.
WLFE is heading for a 9:1 dilution, which will make a WLFE share about 0.2-0.3p. Don’t believe me. Just look at the mcap and the debt.
Take £150m as a rough guess? What is the interest rate? I know the later loans are 15%. Were the earlier ones much lower? Let’s say 10%
So WLFE has to make £15m net profit, to account for the interest repayment. I know it is being capitalised, but it still ha to be paid. £15m net profit, just to keep the lights on. Year after year. £15m.
Of course, the debt is mounting daily, by AT LEAST £100,000.
This level of debt is not sustainable. Something has to give, and that something is existing shareholders.
Current mcap is £23m. RCF has 56% of that. WLFE owes RCF £150m, for the sake of illustration. RCF then either makes the company insolvent and picks up WLFE for a couple of million pounds, or asks WLFE to issue £150m worth of shares at the current sp. RCF used to own 56% of WLFE, but with the £150 debt swap now owns 94% of WLFE, while WLFE shareholders (other than RCF) now own 6% of WLFE.
So dilution from 54% to 6%, roughly.
You can discuss $4m missing revenue all day long, but that is NOT your problem. Your problem is massive dilution.
MadDave - go back and check the Appendix 5b from the preceding Quarter as well. You will see that costs for the Quarter just reported at 10433 were projected to be 16000. Might I suggest that production costs came in significantly under estimate because of the extended downtime associated with bad Weather in March. And by extension suggest that the increased estimate for next Quarter to 21000 is in fact very good news as it is indicative of more Plant run time and thence higher production output.
Ophidian
At the end of the day it doesn't matter what the money will be used for. What's important is if it happens as anticipated, the company will run out of funds sooner rather than later, yet again. Even if RCF was to continue to throw good money after bad, at some point there will be a debt to equity swap and that's what shareholders other than RCF should be really concerned about.
In the last quarter the payments for production were A$10.433m. In the current quarter they are estimated to be A$21m.
Why has it doubled?