Member Info for Candlestick

LLNP -
Just to clarify, do you know if we have it written anywhere that we can get out of the swaps contracts?
Not saying you’re wrong, but would be surprised that it’s that easy (saying that, I have no knowledge around swaps)

COPLH - the RNS today said this…
“ COPL's net crude oil sales before royalties remained consistent at an average of 1,114 bbl./d as compared to 1,094 bbl./d in the fourth quarter of 2021 ("Q421") . Due to Cuda Energy LLC's ("Cuda") operating arrears liability, as a joint interest partner in the Wyoming assets, the Company has held Cuda's average production of approximately 477 bbl./d in the first quarter of 2022 ("Q122") and 506 bbl./d in Q421 to offset the ongoing arrears. Thus, in aggregate, the Company's total net average oil production in Q122 was 1,591 bbl./d as compared to 1,600 bbl./d in Q421.”

I read this to be that CUDA’s bopd is held by COPL and is aggregated to COPL’s own. So the bopd including CUDA would be 1591? Without it, it would be 1114.

R_Dunc - have a look at page 18 of the Quarterly Report, all the info is in there for the oil and butane hedges

Do your numbers include recent CUDA bopd? I didn’t think they were included in any hedged amounts.

If not, that’s looking great!

About PANR that is

Tbf, he’s right

You would think it makes sense to do it straight away, the price will go to it anyway so there’s no point hanging around.

Yup, fully invested with 500k shares. My rationale was more around having a nice increase with a lot of volume to really move the VWAP - I think we can all agree it’s a bit crap right now for volume.

There’s been a few comments around when the Term Sheet will be finalised. I believe it is already set in stone - ok, it’s not a legally-binding stone but, working on the info we currently have…

“The Term Sheet envisages:

-- Equity Financing: US$12.5m subscription for new ordinary shares of no par value each in Cora at the lower of (i) an 10% discount to the 30-day volume weighted average price ('VWAP') at the date that Cora announces achievement of the Project Milestone and (ii) the lowest price at which Cora has issued new ordinary shares in the 60 days prior to the date that Cora announces achievement of the Project Milestone (the 'Equity Financing')”

So, the equity side will be either a 10% discount to the 30-day VWAP prior to the DFS, or is equal to any equity fundraise CORA does within 60 days of the DFS.

So once the DFS is announced, we will know the price of equity.

I hope that’s right as that’s what I’m working on!

I’m also hoping the results come out shortly before the DFS to give the sp time to move upwards but without the time to slide back down.

I would say it’s nailed on for us to get drilling results before the DFS. They should be imminent and this week wouldn’t be a surprise.

The later it runs, the more I’m thinking the whole 7500m will be released in one go - the first interim last year was for 7500m, so it could make sense to do the same. I’d prefer good news to be announced gradually though.

Where the sp will end up by the DFS, who knows! Hoping higher but there’s been a real drag on the price over the past couple of weeks.

“2125.98 x 85% = 180,708 53 millions or 1.708 Billion .“

Illusion, not sure I follow this line. 180,708.53 is just over £180m.

Looking back at last year, they started the drilling on 1 March and the first update was when they’d actually drilled 7,500m (22nd April)

I would hope to get some interim updates, so expect some news pretty soon on progress

I don’t think it can be dragged on for months as it will either be 10% discount on previous 30-day VWAP (from date of DFS release) or based on any fundraising price from previous 60 days.
So, the second the DFS is released, we know the placing price. As long as the current term sheet agreement is still in place of course.

I guess that’s my whole point around “locking in” the shareholders who can take part in the placing once it’s implemented.

Make it so only those who are holders can take part, maybe if it’s pro-rata based on holdings the day before the DFS is announced.

That’s if any of us ‘retail’ investors will be able to take part, of course…

I would say it’s more likely that the DFS is the catalyst for the Term Sheet though? The December raise was designed to see us through to DFS.

Stoctow- not sure what you mean by potential placing. There will definitely be a placing to begin the mine construction.

How feasible is it for Cora to restrict “existing” shareholder participation in the placing to only those who are already shareholders prior to the announcement of the DFS?

Or is that a given?

Just trying to gauge what the reaction will be as we head towards DFS. If people can buy in once the price is known, and take advantage of the placing without any risk, that will surely put downward pressure on the SP before then. If you have to already be a shareholder (and your involvement is based on how many you hold), that will give the sp a bit of a boost, you would think?

“Lionhead acknowledges that Cora intends to undertake private placements to enable existing shareholders to subscribe +US$3.75m in the Equity Financing and +US$3.75m in the Convertible Financing such that Lionhead's participation in the Project Financing may be reduced by such amounts.”

This has been discussed on the Telegram group.

They’ve sold just 130k since last Jan (2021), the change is due to last years fundraise dropping them below 5%.

(I made the same mistake, crappily-formatted TR1)

I’m with you on that. As we head into Q2 we should see some trading money come in here prior to assay results coming out.

Tbh, we shouldn’t be sitting this low with the assets (and potential) we have. Wouldn’t be surprised to see some world-class g/t numbers come through.

There was a 1m trade a few days ago.

I suppose it’s possible that was a worked buy and the they wanted out with a profit?

Maybe they wanted to sell for higher but couldn’t. Not too sure, £3k profit isn’t too shabby in 3 days though, if it was the same person.

You called 16p?

I call BS

SO seems to be notifying every time he sells 2m shares. For those interested in patterns, he has notified at 11.0%, 9.9%, 8.8%, 7.7% - I guess his % holding will be 6.6% at the next notification.

Working on the average since he first notified he was selling in August, he’s likely only gone through 1-1.2m more since 3rd Dec (when he last notified).
So there’s quite a way to go to the 6.6% mark if he’s not concerned about what price he’s getting. And that will still only bring him down to holding almost 12m shares.

If he goes to zero without them going in bulk to a keen buyer, we have such a long way to go.