Member Info for Alfe

I went to do some reading of some documents, including the Sinosteel EPC, which was also announced by Sinosteel in an RNS-like document. It's in Chinese but Chinese is my second-language so it helps massively. I am convinced that MT wouldn't be let go for cheap, anyhow.

I don't recall the EUA RNSes mentioning some of the specifics of the Sinosteel EPC, which are quite uplifting figures. On the Sinosteel RNS-equivalent, they mentioned the package would allow EUA's subsidiary Terskaya Gornaya Kompaniya to process 1.7 million tonnes of ore A YEAR. Using a conservative 1.5g/t PGM figure, that's 2.55 million g = 2550kg = ~80k troy ounces of Pd/Pt. Even if Pd/Pt combined price is ~$1k/troy oz, that's $80m yearly revenue alone. I don't know what EUA's production price estimate is, but even if we work cost to be at a pretty pricey $750/troy oz, that's $20m profit every year alone at the very least, if EUA intends to go it alone. If flanks are gonna up things by 7.5 times, and if production ramps up, that's $150m in profit at the worst case scenario when the mine is fully operated. EUA's current market cap in USD is $241m, which actually looks quite undervalued if EUA were to trigger the EPC contract.

Additionally, as EUA is working at an estimate of 28m tonnes ore WITHOUT the flanks (so West Nittis and Loipishnune alone), that's a mine life of 16.5 years, which would increase massively (and production would certainly increase as well) if the flanks were approved for.

I went to read some geological papers, and there is nothing that seems to suggest that MT (and by extension, EUA) is a scam. The Monchetundra/Monchegorsk region has significant mineralisation, and it seems to be continually attested for by geological papers written about the area.

Perhaps sensitive news (negotiations/who knows?) re: Monchetundra = most recent news largely about WK but not on MT?

I'm also more intrigued by this.

On the "About Us" page, under the "Board of Directors" section, Niewenhuys isn't listed as a NED. Is it just a classic Eurasia not updating their website problem or is it a sign of something else?

Indeed, I don't disagree that they are in the mix. It's just that the tone of the posts seems to make it a foregone conclusion that they're our Nomad based on their placement on the website, which has been there for a while and isn't indicative of anything.

GLA, and fingers crossed for an RNS today.

Before y'all get ahead of yourself, Grant Thornton has been listed as EUA's auditor since forever.

Go to the Internet Archive and check the snapshots dating back to 2018/2019.

y'all know investing.com has live prices for free, right?

I sold in early Feb after it seems like gold was a useless resource - money was better had elsewhere. We were still in the full swing of a bull market.
Post-COVID lockdown, GGP seems a lot more of a safer play, as gold becomes a greater store of value. I'm going to get a bit back in when market opens.

In the (I believe, unlikely) event that EUA delists from AIM, doesn't EUA have a secondary listing on the Frankfurt market?

Wouldn't that still keep it public?

It's a possibility. I don't know if it's a coincidence, but James Nieuwenhuys - the Lesego CEO that was appointed a non-exec director, has experience in Chinese investment ties (via Polyus, and Lesego being funded by Chinese private equity), beyond his knowledge of the Russian mining market (via Polyus).

Think EUA might be exploring multiple angles, a la GV Gold (who was also at the Rosnedra stand at PDAC). Chinese investment might be an avenue, but my postulation is that it'll go the way of a Russian mining firm - or a Russian or CIS oligarchs (a bit like GV Gold), that might want a foothold in the PGM market. There are more rich people in Russia than we think, that could bankroll such a purchase, beyond conglomerates such as Nornickel.

I think most of you know that the first suspension had to do with "pending clarification on relationship with CITIC". I agree that that has been cleared up now, and now the queries seems to be "why is the company still suspended?"

I posit that the first suspension - due to the clarifications with CITIC, was taken by the stock exchange (or any party literally not EUA), but this current bout of suspension is at the behest of the company. In the RNS this is conveyed as "The Company's shares remain suspended pending further notification.". Although it's not explicitly stated, it does sound like one of those suspensions at the company's request, except they don't have to list that explicitly since the share is /already/ suspended. That EUA has something big to announce in due course, that could affect SP.

I wonder if there will be an SP pullback, especially given it's an AIM stock. Case in point: GGPL, which did drop, has recovered to 5.15p - about the same as it was pre-COVID.

The RNS needs to be unpacked - there's quite a bit of detail in it and there are - as other have said - quite a lot not yet addressed.

This is of interest to me: "Progress is being made on further proposed board changes, including new appointments, with an announcement expected shortly." This is just a wild hope but - Chris Griffith is stepping down from Amplats this month. It'll be amazing to have him on board.

I stand corrected. Seems like a good development then overall - with the only potential negative on that positive RNS a non-issue.

As an aside, it seems like one of the contacts of the Nomad (Katy Mitchell), is going to do a part time Masters in mining in Exeter? Not sure if that shifted their decision to terminate as Nomad, especially if W H Ireland do not have enough people of expertise to continue serving + they anticipate more work as discussions continue at EUA with other parties?

As mentioned, it's in the RNS. EUA flouted AIM rule 13, and with WH Ireland downsizing, their risk appetite might not be as large to deal with EUA (which as we already know, are absolutely absymal in their communications).

I don't see the Nomad resignation as a value judgement per se. Would EUA write that they're close to appointing a Nomad if it wasn't the case? I'm sure WH Ireland (as the current Nomad) still has a right of duty to ensure that false declarations are not in the RNS especially on something that they should be in the know about.

I believe it's part of the Nomad's duties, even in resignation, to ensure handover, to the new Nomad (if it exists). They have to give effective notice as well.

117k shares. I need my coffee!

beyond the AIM rule 13 bit - the rest of the RNS seems positive, especially on Monchetundra and W Kytlim though.

117k in shares* apologies for the oversight!

New poster, but long-time lurker with 117k in EUA.

I think Nomad's resignation has to do with the loan facility.
"However, the execution of this Agreement was a transaction with a related party and was subject to AIM Rule 13 of the AIM Rules for Companies. The Company did not comply with the requirements of AIM Rule 13 in respect of this agreement at the time it was entered into."

Might also be an excuse for Nomad to decrease their exposure to AIM (and more regulatory work) in these coronavirus times as well.