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Roger, it's a fair point. Eua is down 18% in 6 months. FTSE 100 is up 15%, FTSE 250 up 22%.

But obviously the value here is the sale that should have landed by now. It's an opportunity cost worth taking.

It is the minority view on here, but it does seem the chances of a full co sale are diminishing. Mining easily offers shareholders the best value long term.

But will mean the bubble of overnight millionaire dreamers will be popped..

Not too strange really... easy to sell a piece of land with planning permission granted no?

Mark, what's your thoughts on the outcome based on the last couple of rand's?

opto-pessimist how is the externally referenced, independent report misleading. What is misleading is the 100s of one sides posts without alternative views tolerated.

Eua, chose to go via fsp. They didn't have to. And in reality if they didn't a deal would have been long done and dusted.

This was posted by someone else and would be a better barometer of the market than some of the one sided facts:

Only 21% of FSP were successful last year. Surely the 79% failures had advisors and legal teams on board desperate to do a deal so UBS, VTB, DLP doesn't mean anything unfortunately.

https://www.pinsentmasons.com/out-law/analysis/formal-sale-processes-now-key-uk-public-ma

Mac your point is lost. 18 sep RNS said they will not pursue the resolutions because funding has been met.

YET things have now changed and they ARE NOW PURSUING the resolutions via an EGM. Its impossible to argue that they are not considering funding. Either for negotiation or developments.

Absolute nonsense mac and you know it. Begs the question why have the egm at all. Maybe mac needs to tell the bod the errors of their ways.

Thanks for sharing aston.

Eventhough it seemed clear it was possible given the 10m raise, many here were brushing it off with fake news.

I haven't read the articles, but 14 days for egm notice. So we still have a few days to add resolutions if an offer runs up.

Sounds good in theory. But eua or any potential buyer are 3-5 years away from any meaningful production. At which point post manufacturers will be majority ev. By 2030 many manufacturers have committed to stop ICE cars, the primary users of pgms.

The real winners from the current boom in prices are the ones already producing.

What many fail to understand is that on paper assets alone do not command the valuation many are looking for. Eua need to demonstrate sustained commercial and economic mining.

The current ncap is to a large part underpinned by a bumper sale. That's why any rns that gives glimpses of anything else does not boost the sp. Comparing to the likes of HOC, POG, CEY eua is years away.

Yes bumble I agree. Investors could take equity, provide debt and forward buy. Forward sales are a few years away. But it maybe cheaper and help with equity/finance negotiations if we can raise cash via shares. That's my view.

Totally spot on. Multiple bidders fighting over a single asset would ensure a deal is done over the odds and quickly.

Its clear that with the rising metal prices the intention changed at some point and the bod seriously switched to mining with "other structures". This would explain the length of time, rosgeo deal and the recent rns with the need to maybe raise cash.

Caw you say
"Or binding offer relies on us having x amount of cash in the bank"

Seriously... a buyer will pay multi billions for eua... but need 50m odd to be raised separately. Heard it all now.

Posted this previously. Rosgeo are prolific with the JVs its their model. They explore and JV for taking to production.

Obviously the polymetal deal is for a different asset. But the terms are identical. Only difference is polymetal disclosed the amount they paid for the licence. Whereas eua didn't. This was imo the one of the reasons the last rns didn't make the sp pop. Many still think they will be free or or only cost 500k.

Right issue are on a pro rate basis for all shareholders. Can't be selective.

But this is only an option. Nothing more. But without this resolution they can't raise cash.

Rags what's the source? Would seem incorrect given a placing of 10m in August while in the FSP.

Anyway, its lining it up. Not necessarily going to happen while in the FSP and could be initiated after it is closed. Or could never happen.

Could be possible and they add any additional resolutions to the egm

Personally believe the big update will come after the egm once funding option is up the sleeve and any final negotiations are completed.

Rags how does the institutional placing of 10m in aug figure into this.

Nttg. Read the 18/9 agm results. Or extract below:

Due to COVID-related delays in processing the votes held in nominee accounts, special resolutions 8 and 9 have not been passed and

the Company does not intend to pursue these resolutions

having fulfilled its funding requirements

as announced via RNS on 18 August 2020 (General Update and Institutional Placing at 22.5p).

That's correct Ian. But the previous rns in sep clearly links this to funding requirements.

Any before anyone throws accusations. My view if we do mine we can expect a significant rerate to multi billions. But I don't think the same level will be achieved quickly with a sale.

I suspect the bod have a similar view from the gist of the last 2 rns.