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So watch out for the RNS coming!
Hi Goldhanger,
Have you received any response from Wolf yet?
will not download
I take your point pastyman. Low radiation is what that article says.
https://mmta.co.uk/wp-content/uploads/2016/08/165736_crucible_january_2016_final_online.pdf
No - ex Daytrader 13 and Goldhanger I say are the same person, a statement which has not yet been confirmed or denied. Bulent 74 is your sidekick.
Your problem is that you are very good at dishing out abuse to members on this and other boards, but when you get some of your own medicine back you are unable to handle it.
You can keep your alleged RL replies to yourself Goldtrader 74, just keep throwing your toys out of the pram and having hissy fit tantrums, it's all very amusing.
DW you truly are a pathetic relentless Barclays banker.... your Disciples/ other accounts are even sadder than you...... again I say that I believe profitability will be reached by the final quarter of the year that is about December 2018 IF NOT EARLIER BUT NOT LATER... too much online banking is killing your remaining 5 brain cells DW... slow down !
👍👌😎
Good stuff MadDave and Hartlepoolbob - Goldtrader74 will soon be heading towards viral status!! I haven't laughed so much since the UK voted for Brexit or ex Daytrader 13 and Bulent 74 predicted Wolf would be at break even by July 2018 and almost split my colostomy bag. Sorry joke in bad taste to all those who endure a colostomy bag, my sincere apologies.
All you WRES posters take note there is a new kid on the block - Goldtrader 74, who is the alter ego of ex Daytrader 13, combined with Goldhanger and sidekick Bulent 74
Afternoon adavies,
Thanks very much for your accurate figures on shipments to GTP, demonstrating that what may have been shipped to WBH could only have been a very small percentage. Your and Wolf's 4 quarterly totals give a tight range of what to expect.
Agree with your view on why income is down this quarter compared to production and income for previous quarters. With Wolf obviously having a big push in June to try and maximise their yearly output to make it look better compared to 2016/17 quality control may have stumbled downwards. A pity the Activities Report could not be accurate if these are the real reasons.
That is not what you posted Bulent -
30th April 2018 'profitability will be in next quarterly report' That is end July 2018, and Wolf have not confirmed profitability this week in the Activities Report. Nameplate by end of year (If you meant December 2018) remains to be seen.
30th January 2018 - Q2 Report ' Break even and profitability by Q4 latest' Q2 is end January so Q4 is end July 2018, again Wolf have not confirmed profitability.
I have not advised people to take your financial advice, I urged them not to base their investment decisions on your posts.
You should stop twisting words in an attempt to get yourself out of a hole that is deeper than Drakelands Mine.
Blitz01, good point re arsenic, I think.
If you read the Northland Capital research on WRES, you will see a bar chart of opex at about 20 tungsten mines worldwide. WRES was where i expected it to be ranked, at about $94/mtu, but i was shocked to see Drakelands at the other extreme, being over $550/mtu! The author is a top analyst, so i do not think he would make a mistake with that, especially since it sticks way out over every other mine.
I still hope this comes good.
I thought they were currently using clean water from the mains to wash the material as there is so little water available? That's got to be expensive I'd assume if true.
I'd say that in that case there may be a bit of creative accounting going on at Wolf, however I wouldn't credit the current COO with the intelligence by all accounts.
It would take at least 4 rather large shipments to explain the gap! Sn grade mined during Q4 was 0,03 whereas it was 0,04 during Q2.
Richam you are getting warm.
1.I hear there was a significant shipment returned without payment due to very high arsenic content recently.
2.Mining and processing costs are through the roof compared to the feasibility study.
3. Wolf have a major cashflow issue now.
4.Tin grade in plant ore feed is dependent upon where in the pit they are mining during a particular period.
You also need to consider the mining operation and not just the process plant. Plant will probably be on last water dregs by now also.
Excellent point re improving quality! With regard to stockpiling... why on earth should they do that?
1. Prices are in striking distance to their 4 year high.
2. The company desperately needs cash
3. GTP deliveries increased significantly
The only conclusion one can draw is the companys does not stockpile any product.
BTW, Q2 deliveries to GTP alone amount to AUD13,7M. Even with zero revenues from WBH and zero revenues for tin, there is money missing!
Re the “missing” A$4m revenue.
The latest QAR mentions ‘the final concentrate quality improved by +4% WO3 grade in the Quarter, providing a higher net realised value on a rising tungsten price’. So it can’t be a quality issue triggering penalties with the offtakers – unless the concentrate consignments were absolute garbage at some point in the quarter but offset by improvement later in the quarter. Rather unlikely I’d say.
When we are in a position where concentrate quality is improving, output is increasing and the tungsten price is rising but revenue is falling this begs the question: are they not selling what they are producing? Are they choosing to stockpile for some reason and if so why?
I cannot come up with any other plausible solution.
results out early
554k tonnes treated (6,155 tonnes per day)
42,314 mtu tungsten (WO3?) produced
At head grade 0.20% WO3 recovery is approx. 38%
Great analysis Richam - that missing A$4M might have an explanation but it is incumbent for WLFE to provide an answer - the decline in tin production also requires explanation. With the begging bowl knocking again for more funds is another dilution strike against the PIs who supported this venture - really disappointing for those of us who saw this as a UK first and have supported the company throughout the teething stages. Sad, sad days, sorry to say.
Think you need hiring Richam as an Auditor - the detail you have uncovered is astounding. Thanks again.
GLA to the Wolfers on here.
WD43
However, however I will be asking later on today why the extra funds are needed ?
Up 22% on last quarter Up 67% on YTD Yes very deveatatung....your happy to say these are Devastating figures yet praise a company that has. No production and nothing but debt... you are all a bunch of plonkers as I have always said.
Devon, I think it has become perfectly clear who has all reasonable arguments on his side. And there is a perfect explanation as to why Wolf was (and still is) unable to lift output (and therefor "recognized" numbers, LOL!) as one would expect when crushers, screens, etc. run 27% longer. As I had explained time and time again, the backend of the plant (the part that actually produces W concentrate) was running on a 24/7 basis already. It just sourced its input from the frontend for 5,5 days per week and from stockpiles during the other 1,5 days. So basically W production was "on" 24/7 way before year end thus output did not make a leap forward as one would expect when all machinery runs 27% longer than before..
Let's compare Q4-2017 vs. Q2-2018 and you'll see what I mean.
Q4-2017: Production 43.498 MTU in concentrate, average APT price USD288, -> W revenues ca. USD10,0M. (20% discount concentrate vs. APT)
Q4-2017: Production 125t tin in concentrate, average tin price USD19.900, -> Sn revenues ca. USD2,0M (20% discount concentrate vs. metal)
-> overall revenues = ca. USD12,0M. Average AUD/USD rate = 0,77. -> overall revenues = ca. AUD15,6M.
Actual receipts from customers as reported in the quarterly: AUD15,8M. Perfect!
Q2-2018: Production 42.314 MTU in concentrate, average APT price USD337, -> W revenues ca. USD11,4M (20% discount concentrate vs. APT)
A2-2018: Production 70t tin in concentrate, average tin price USD21.000, -> Sn revenues ca. USD1,2M (20% sicount concentrate vs. metal)
-> overall revenues = ca. USD12,6M. Average AUD/USD rate = 0,76. -> overall revenues = ca. AUD16,6M.
Actual receipts from customers as reported in the quarterly: AUD 12,7M. WHAT???
Are you kidding me? Almost A$4M are missing! This discrepancy is mind-boggling but left completely unexplained. I am perfectly sure shareholders deserve an explanation for A$4M missing! Did customers stop paying Wolf? Did Wolf deliver terrible quality that triggered mega-hefty penalties?
Why is tin production down 44% when throughput is up 14% and Sn grade is up, too?
There are more questions like these because the numbers just don't add up. I'll leave it there for now though.
Two other things became absolutely clear:
1. Deliveries to WBH DECLINED FURTHER as opposed to what the persistent board liar said.
2. The same liar told us Wolf didn't need further financing. In the quarterly report you'll find
"The Company is aiming to conclude the first stage of these [further funding] discussions and reach agreement shortly, in order that the first tranche of further funding (circa £2 million) IS RECEIVED BY THE END OF JULY, which is NECESSARY TO ensure that the Company has sufficient working capital to meet its short-term requirements to CONTINUE AS A GOING CONERN."