Member Info for colline

It says the commencement date in the RNS - 16/01 started. Bi-monthly billing is not unambiguous - bi-monthly normally means every two months ( which i suspect is what is meant here ) , but it can also be used to mean twice a month. Once invoice is issued, the customer has apparently agreed to pay within 15 days. so in summary , if the deliveries started shipping in mid Jan, then the billing should occur around mid March, and be paid around end of March (and every two months thereafter) . Should be around $325,000 every 2 months - assuming 2,500 tons per month @$65 per ton. This is on top of the sales made without this client, which had been running in 2023 at around $260,000 per every 2 months,so sales could be as high as $500 or $600 every 2 months ie say $3.3mm per year.Not sure what the margin/cost is , but assume operating profit is 60% of sales , would suggest Cobre delivers between $1.75mm and $2.0mm to SML. If the other new client materialises , this could easily become say $3.0mm per year . Cost of SML ( listing/nomad/auditors etc and of course our BOD) is perhaps $1mm per year , so its easy to see how this is a profitable company. HOWEVER the key is making sure that the surplus is used to advance Redmoor - and not to pay the BOD bonuses!! If we do that succesfully, this company could be really rather interesting . However the BOD have been in place since 2015, have owned a stake in Redmoor since 2016, have paid themselves in excess of $4mm in that time ( based on annual reports) and really havent moved forward sufficiently. Can a leopard change its spots? I dont know!

Sympathise with you Sammy - at the current SP by definition ALL shareholders are offside , and many of us significantly so. The question that needs answering though is : is this a case of a good investment case messed up by a lousy bunch of directors , or was it a case of a bad story which all along had no hope. ie if by a miracle the SP rallied to say 0.5p , would you bale out and cut your losses, or would you continue to hold, esp if you could do so with different ( and less incompetent ) people in charge? FWIW I still like the story - esp in Redmoor where it is really shocking the lack of progress - esp on the funding side , but would struggle to remain invested with these guys running the show. This seems to be a view more and more shareholders share, and its not obvious that there is a route for this BOD to recover the markets confidence. JP has been in charge for 9 years now - we have had the NZ coal fiasco, the Hanns camp fiasco , the Brenda fiasco , multiple dilutions, ridiculous pay , and NO real progress on the projects that do have potential . Time to GO!

Interesting to see that our Chairman is the retiring Director at this years AGM, and standing for re-election. I wonder how many of the people on here who have been so critical will actually use their opportunity to vote against his re-election. I suspect not many!

Croutom,

I dont doubt that your frustrations are shared by many, and i also dont doubt that your intentions are honourable. However, with great respect, your current plan is bonkers!
1) You seem to want to ditch the CEO and appoint a new one - PW . Have you even met PW ? Normally when you appoint a CEO you would do a proper search of the market, create a short list , interview and appoint the best candidate . You have seemingly selected a new CEO without meeting ANY candidates (including the one you would wish to appoint).
2)The last time you released the vote count , you laid claim to around 100mm votes - ie around 5% - that may indeed be enough to get an EGM , but you should only call such a meeting if you are confident of winning it - which to be honest is not the case . PW and JP have 80mm shares each, RAB has 80mm , and the Manners family has 90mm - any one of these can more or less cancel out your entire vote.
i would suggest that you need to think rather harder about how you might win the vote , and what you propose to do if you do win a vote - otherwise you are wasting SML's precious resources in a pointless excercise.

Quite right Lupidog... There has been no update on Redmoor in Cornwall in 6 months other than to say they had applied for a grant from the council in December. BOD need to demonstrate that they are actually doing something to merit their absurdly high pay. JP is paid more than you would expect for someone who actually goes to the office EVERY day and puts in a solid shift. We dont even have an office, and i would be surprised if he was anywhere close to full time worker..we need to have a deadline after which JP in particular has to go , and someone else can try and move it forward. Currently we are not succeeding in every single project - Cobre ( reduced sales) , LC ( no funding) Redmoor ( no grant and no progress) , Litigation ( looks most unlikely, so JP has wasted the legal fees - bet they come to well over 50k ) etc etc.

Not being funny Lupi, but if you do want to sell at current market cap, why dont you do so? Don’t need a takeover to assist you. Its quite simple really ……

Hi Croutom
When it talks about remuneration in point 3 it is the remuneration of the auditors - not the directors. The compensation of the board is set by the remuneration committee - ie themselves !

Who can explain this to me please? In the accounts there is a section on directors pay , comparing 2021 vs 2020. there are 3 sections for each director - Salary , Consultancy Fees and Share based payments. My understanding is that share based payments is related to the grant and exercise of options - is that correct?
Assuming ii is correct , then we are left with Salary and Consultancy Fees being essentially what the board charges for its services. On this basis John Peters received in 2020 $139/- for consultancy fees and $12/- for salary - ie a total of $151/-. On the same basis he then received in 2020 $13/- salary and $193/- consultancy fees - ie a total of $206/- which by my reckoning is an increase of 36%.
So my questions would be :
1) What exactly did he do to deserve an increase in compensation of 36%?
2) As the big increase is in "consultancy fees" presumably he has billed the company for these fees. Who has verified them and signed off on them?
i notice that the total is by a great coincidence almost exactly the same in both years. As the share based payment has reduced ( because no shares/options awarded or exercised) the consultancy fee has increased by almost exactly the opposite amount. The consultancy fee has increased by 40% - presumably it is billed on an hourly basis - are we to believe that he spent 40% extra time working for SML in 2021? If so , doing what exactly , because nothing much seems to have actually happened...
Maybe someone who is going can raise this at the AGM..

with just over 2bn shares issued, and a sale of 5mm at just over 0.22 this morning, it gives a market cap of only just over £4mm . This is clearly absurd - Cobre on its own is worth more than this ... $3mm annual sales with a 60% margin means almost £1.5mm per year profit from Cobre alone. This gets swallowed up by the BOD and corporate overheads, but it suggests that Cobre on its own is worth more than the current share price. Add in LCCM and Redmoor , both of which are certainly worth something and possible claim from Brenda and you have to conclude the current share price is way too low. However it is there for a reason, and the market is never "wrong" - the reason is entirely due to the credibility of the current board, who are seemingly much keener on awarding themselves excessive salaries , bonuses and share options than they are on progressing the company/projects. This has clearly led to a total loss of confidence in their ability to execute one of the major projects , If either LC or Redmoor was moved significantly forward the SP would obviously me a multiple of where it is currently - ie PEPR, Financing, JV etc etc, but nothing happens ..... so what can/should shareholders do?
well we submitted the PEPR on 05 Jan , and at that time the RNS said the board was confident of getting a positive reply before the statutory maximum of 3 months . Well 3 months is 05 April, which is 3 weeks from today, so already getting close to what the BOD declared the maximum delay. If we do not receive approval by 05 April , and have funding lined up, then my view is that we should surely consider making changes to some or all of the board and let someone else make the necessary advances - we simply cant go on for ever like this surely? The BOD only account for well under 8% of the shares , and surely no non BOD shareholder can be happy with this situation, so should be quite easy to get rid of them with an EGM. Just need someone to get he ball rolling...maybe the Manners family?

Well he's surely not buying cos he thinks they're too expensive and going to go down ?

I understand that your upset Fira , but not v helpful to keep posting about your personal grudge ... You have complained that the board does not invest their own money, and now you seem to be complaining that they have invested. Which is it?
JP did not have to spend his own money buying shares - the fact that he has done so would surely indicate that he believes that 0.3p is too cheap

Is it not the case that when forming a judgement over SML's value , we have to ask two questions :
1) Are we positioned in a good space - well i think you would struggle to convince anyone that being in Copper (LC ) and Tin and Tungsten ( Redmoor) was not the perfect spot to be in. You only have to look at the interest in Tungsten West , Cornish Metals etc , and the price move in Copper and Tin in the last 12 months to know that we have a GREAT possibility here. so the answer is emphatically that we are in a great space.
2) Do we have the right BOD to deliver us these projects . Here the answer is clearly that we have had almost no indication of that so far,and the jury is very much out.
However , it is better to have the right space and the wrong people than the other way round. We can aways change the BOD , but we cant change the space we operate in very easily. The clock is surely ticking for this BOD - if they deliver the PEPR and the funding for LC , and make material progress with Redmoor pretty soon , then fair enough and they will deserve their rewards. If they do not, then in my opinion, it wont be long before they are removed and someone else can have a go . What they are needing to do is pretty basic stuff - get the right permits in place to start work at LC ( totally normal for a mineral company) and raise the funding to do so , without diluting us any further ( there has been WAY too much dilution already).
V nearly time to put up or shut up JP!

Fair point Prop, but one might think he would consider buying the whole project/company and getting rid of the BOD who were of no use to him …BOD of no use , but asset could be very useful !

Not sure which way to jump on this one…..should I be thinking that it’s great cos TW is valued at over £100mm , so Redmoor should be valued at higher than the value currently ascribed by the market ( ie pretty much nothing) , so that is a positive…. Or should I be thinking how utterly inept our BOD is that several years into it , we are still plying around doings little infill drilling projects paid for by small govt grants, rather than getting on with it and driving it forward. Bottom line is that JP is a banker and PW is a fund manager , and neither of them have any experience or credibility in this field. We should get in someone who does have that pedigree , and if they can drive Redmoor value to £100m, they will at least have earns all the money they have made out of this company , in contrast to the current management……losing patience here tbh.

Ummmm… March 2022 is in first quarter of 2022, so how has that slipped DVH? Of course the delays have been excruciating, but it’s important that we maintain accuracy surely?

RNS out for LC - funding progress and PEPR

Only problem with your post Bitcoin is that its clearly wrong , or else DVH would have been obliged to issue the company with a TR1 notice of holding above 3%.

Copper price continues to fly .... over $4 per lb now, yet the market clearly does not believe that current management have the ability to deliver on Leigh Creek. PEPR allegedly lodged , noise from Mining dept allegedly positive , so just need funding sorted and we have a second income stream and share price is al least half of what it should be , and potentially much more... but still no interest. BOD v happy to just keep drawing salary so appear to be in no rush, PW tweets multiple times most days but usually about MUST or GILD ..... what is going on here? AGM coming up in June , and at least one director must retire and be re-elected. Is it not AB turn this year, as Jeff Harrison was last year? Maybe people should start to think about a change at the top if no progress pretty soon? Projects ( LC and Redmoor) are both great projects but lack of delivery and lack of urgency is appalling. JP is paid well over £100k base salary plus substantial bonus. For that price we should expect full time commitment , and substantial urgency, and if we don’t get it , we should have someone else take over ....

For all those who don’t believe in coincidences...... RNS today for Mustang shows that Richard Corsie has declared a large stake in MUST. This is presumably the same Richard Corsie who bought 7% of SML in early 2015 , only to dump it in late 2015... so who is he connected to ? PW /AB /or is it just another fishy coincidence, and what exactly is going on?

https://www.proactiveinvestors.co.uk/companies/news/935698/strategic-minerals--700k-raise--clears-way-for-true-potential-value-ahead--935698.html