Member Info for Croutom

He probably has access to the 'data room' to be fair

We need the full PEPR unfortunately bubble; the only way i see around it is:

- if we get the grant from the UK gov it could bump our SP high enough to request for a bank loan against the MCAP of the company which was the issue last time around, if we hit $10m we could probably seek a loan for $5m which should be enough to get started at LCCM

- Or Copper needs to reach a price high enough to reduce the risk/reward for a JV/VC partner enough to give us the full shibaz.

Either way; waiting game, fortunately i can't see that they'll seek to dilute again, I expect our RAB capital director would vote strongly against it (as he isn't earning a salary and is solely focused on the SP) and I don't think we could feasibly raise in the millions at current share price without destroying the company.

Big move from Cu today, hopefully the start of a bull; may sway a few deals LCCM's way

Have already lupi - don't need the sass

Ah that makes sense gorsuch. At least it's a fair reasoning in the JV/VC partners eyes as to why we haven't got the full PEPR (rather than being scared of having it rejected by the DEM).

It's a risk for the funding partner to pay for the bond which will grant them more favourable terms and us less favourable, but still better than our current situation.

I've seen copper start to tick up again, so lets see if a copper bull run entices interest from a partner. Lets not forget how strong USD still is - a lot of coppers demise recently has been to comparison to the dollar.

i would implore anyone who has ability to contact the BOD to chase the progress of this up - this will be the main thing holding up funding talks; it was expressed that it wouldn't take long and we need an answer as to why it hasn't been submitted yet

Although I'm not saying that doing nothing was a tactical/purposeful move from the BOD! Just that it has worked in SML's favour in the current market conditions

BOD have done nothing - cash balances have remained the same/dropped slightly and revenue has increased gone up (which should offset slight falls in cash balances)

Rambler, CUSN and Tungsten west - done too much, profits decreasing, cash balances falling share prices have dropped YTD on these three between 51% to 85%. SML YTD -10.7%

Appreciate doing nothing over this year can be seen as failing but sometimes doing nothing in the wrong environment/economic conditions is the smart choice; I am however with you on the PEPR, no action or commentary on it does seem silly and I will be asking for an update from the BOD - PEPR submissions don't even seem that costly looking on the DEM's website so I'm really unsure why it's taken so long, maybe waiting on certain lab results/contractors etc.

The stalemate they have is that final transitional PEPR hasn't been awarded - no JV/VC partner will loan on a 12 month production schedule if they can just wait for the second PEPR to be submitted & approved before funding; they could offer money but the additional risk would result in unfavourable terms - I really don't understand how this copy and paste exercise has not been sorted yet.

Only quick bounce we'll get from LCCM is a company bidding for the whole project in it's current state and this is very feasible! Cheap copper in a market where supplies are drying out, it's a very desirable bit of land

Definitely on the trend up - if prices go back up to $3.75/lb will be the start of a copper bull for sure

Just a thought - with windfall taxes affecting energy centric mining firms maybe VC partners will be looking to small cap mineral copper/tin/tungsten firms for growth

Matter of when we will start mining though - does specify that CUSN have been treated to a government grant; according to the last RNS JP has sent in docs to see if we're eligible for a grant /levelling up Cornwall, if we hear back before the end of the year could result in a further tick up.

I think mining given local mining/geologist centric universities would be a great benefit to Cornwall & makes sense given it's heritage.

The gov would be fooling themselves if they give grants to nail bars/local garages & call centres and not mining start ups; especially as technology/extraction methods have improved drastically since most of these mines closed at end of the 20th century. Would provide a well needed income stream post Brexit

Yeah I really don't think we're going to get much from the gov any time soon; it's so frustrating that Kwasi fudged it so badly, as he wrote the critical minerals strategy he would of been sympathetic to the cause.

If truss can hold on she might fight for her growth plan which could help, but after the market/pound bounced after Hunt's intervention I think she'll be ousted out before the end of the year. Tbf I can't stand her, Rishi's plans made so much more sense during the campaign

Yeah and petrol prices have started to decline a bit - US are tapping more into their oil reserves so transport costs should decrease again - this with increased revenue means that I imagine that cash balance will start to sneak up again. I'm still disappointed about no real clear movement on the PEPR, even if it was an update saying the second PEPR had been applied for - I really think not having the full PEPR is holding back funding

Tbf they are hiring a new senior geologist for Redmoor the applications closed last week so might just be confirming that new starter

Certainly a rumbling - Friday RNS maybe?

Coming in this morning

Have some money in and I'm just looking at other UK based miners - looking at performance YTD (understandably has been a difficult YTD for many stocks)

SML is showing a loss of 16.67% (i know this can be skewed by it's huge bid offer spread)
Rambler showing a YTD loss of 86.2%
Cornish metals is showing a YTD loss of 41.52%
Tungsten West is showing a loss of 64.10%

Appreciate that there has been little action from the BOD here but a lot of these companies are blasting money at progress, but are not getting anywhere because the current UK legislation doesn't allow for mining at present.

There was an article recently showing that Rambler is just chugging itself into debt; the low action approach (although frustrating at times) is keeping us from paying for expensive projects and exploration for the sake of it, which is keeping us out of debt (for now - so long as Cobre keeps the lights on - it looks like it still will as it looks like we haven't lost any customers following the recent price hike ).

A qualm for me right now however is the lack of second PEPR submission, although i think as per my previous post we're at a stalemate here of not wanting to pay for further applications and instead waiting for a VC partner and the VC Partner is waiting on full PEPR approval before investing; but I could be wrong

Appreciate long termers still have been stung and i hope they can average down to get a gain once this jumps, but it's been a difficult year for stocks (my scot mortgage trust shares are down a fair whack!) and it's nice to see some stability in my portfolio on the YTD from SML.

It's such a shame - someone who could of had such a great strategy for growth & using increased domestic supply to combat inflation came up with such a terrible budget; Cornwall supply definitely had a chance with Kwasi (although the UK is definitely better off without him) now I just think the Tories will be stepping on eggshells and just trying to maintain their standing for next election

technically the sun is close to the earth on the scale of the universe