Member Info for Cornishknocker

Thanks Mark that was what I was getting at, I'm struggling to believe that with the size of these trades someone hasn't crossed 3%. If they can wait say 3 weeks before issuing a tr1, they could build a fair bit in that time.

Thanks Debbie as well.

I would agree with all of that except the multiple minerals bit, there is many a miner who only produces one mineral who would certainly be termed mid tier.

So who is buying these absolutely colloidal numbers of shares these are purchases each of around 2% of tge total issued stock? Is it someone working towards a takeover? at what point does a notification need to be issued?

You're putting 2 and 2 together and getting 5 there. The move starts later this year, but it will take around 2 years to complete. There is a lot of complexity in moving a mineral processing plant.

It looks to me like stamp duty is being charged incorrectly as this is NOT a dual listed stock, so I will be submitting for a refund from HMRC.

Yes that is correct, last weeks raise plugged that.

Looks like another busy day....

Unfortunately SML aren't in the same position as CUSN where they own the mineral rights, so they can't get in on that gig.

My understanding of the grant project is it comprises of 3 phases (from an interview with Frances Wall the other day).

Phase 1 :- carry out geophys and chem surveys on the proven areas at Redmoor - I.e. can it throw up any clues to what the drilling showed.
Phase 2: - If it showed up anomalies that could have indicated the presence of the structures, apply it to the undrilled areas to see if it throws up similar.
Phase 3: - drill that area to see what lies beneath.

I don't think you've said an awful lot different to what I said there, when I said its a hypothesis and there's only one way to prove it, I certainly wasn't referring to Geophys or chem.

Anyhow, I get the impression you were around when the 1985 crash happened. This week has to be the closest there has been to the reverse of that, its been nuts.

It will be interesting to see if mine automation features in the selection of new equipment.

1p would value it at just over £100 million, don't forget the shares issued this week.....

In a mine there should always be exploration and definition drilling happening. Definition drillingbis essential for mine planning, design and grade control. Exploration drilling is essential to replace depleted resources - otherwise we end where we have in the past with large amortisation, depreciation and depletion charges on the end of year accounts.

The thought crossed my mind Oiltap, but the xar Park us pretty empty as well. Bringing several scoop trams and drill rigs to surface for a photo opportunity is a pretty expensive thing to do in terms of diesel usage and time - it would write off a whole shift.

For anyone in any doubt about how poor the condition of the mine was by the end of the year look at the photo at the front of the presentation and ask yourself what you see.

What I see is at least 13 pieces of underground capital plant sitting on surface?

What does that tell me? There was no (or very) underground production work going on at the time the photo was taken - it was essentially a mine on care and maintenance.

2021 IS phase 1 - returning to 1350tpd. So in October when the financing plan was put together it was anticipated it would take a timeframe to return to that production figure. Leaving an average production for the year assumed at 1325tpd.
In the end it took a further 2 months to agree the financing, with money becoming tighter and tighter, to the point that the bottom of the mine flooded.
With dewatering and refurbishment it has taken to now to get to the point that development workcan resume so we are not 2 months behind where we were in October, but four months.

Sorry James you are misunderstanding the situation, last year production had been reduced to cover nothing more than contractual obligations. Development stopped, diamond drilling stopped, staff were laid off, scheduled maintenance stopped, the bottom levels of tge mine allowed to flood. Essentially the mine was on life support.

To restore production from there is not as simple as flicking a switch, it will take months - I would estimate August to get back to 1350tpd.

Work on the ore sorting has started,but it will take nearly 12 months to construct.

On how you finance it, it is a question of strategy - do you take a chance on the metal markets remaining high or do you bank the current very high copper price levels and raise in a very bullish market?

If you gamble on the metal markets and something unexpected happens you find yourself with insufficient capital to complete the capital works and tge money spent on an incomplete upgrade is wasted or you gave to raise the finance in much more difficult circumstances.

If tge metal prices remain high, then at the end of the tear you have more cash than expected and you can accelerate the phase 3 plans.

Phase 3 is page 12

Hi James, there is a 3 phase plan.

Phase 1 - return the mine to its 1350tpd nugget pond processing capacity
Phase 2 - Introduce ore sorting (pre concentration) at the ming mine site, which will enable the mine to run at 2000tpd. (Page 11 of the presentation) - work to be completed end of 2021..
Phase 3 - Relocate the duck pond mill concentrator to the ming mine site, increasing capacity to 2400tpd, while reducing opex by removing the ROM transport element.

No I mean October, as in tge October presentation, which lays everything out very clearly. The plan is about 2 months behind schedule as the refining deal was late being agreed.

No in short. As I said, if you look atbthe plan from October you can see it. After last years restructuring, there was around $9 million left, going into this year there was an $8 million deficit in tge finances to achievevthe plan, this £10 million gas plugged that, going forward the company is self financing.