In very basic terms, does this mean we have now purchased one of the nine mines in the JV with Rosgeo? We own 75% with the option to buy the other 25% at a later date. Excellent news, I wonder how much it cost and are we to expect any similar announcements in the next few days if we have any cash left from the recent placing.
I’ve no doubt that unfortunately the MM games will continue this week, the big question is will we get some more news from the BOD? They must be using the placement funds to purchase some of the Rosgeo JV mines, considering we don’t know the cost breakdown for each mine it’s impossible to guess how many we can afford at present (it’d make sense to prioritise the ones adjacent to MT) The asset sale news could land at anytime which would be appreciated by all shareholders, I’m convinced WK is part of the sale otherwise the BOD would have already released more details of the DFS.
I think/hope your right CAW1. 26 March Rosgeo JV announced, 12 May FSP announced, that’s around 47 days and they got a written proposal, it has to be fairly set in stone for them to throw away 10 months work on the FSP. 12 May to 28 June is around 47 days as well so plenty time to sort out the fine details.
If the BOD really wanted to I’m sure answering a few questions would very quickly see a change in the direction of the SP. We still haven’t seen the full details of the WK DFS, The Rosgeo JV is potentially massive, I’td be nice to see the resources & cost to purchase each individual mine. I’m assuming this is what they needed the placement funds for but how many can they actually purchase with the funds? The FSP ran for 10.5. months with several non binding offers. Surely now they can say how many they actually had, if any intended to proceed to binding and possibly the range of prices received. I can’t see how that’d breach any NDAs as it’d be generic! The new written offer received in May must be fairly certain otherwise why stop the FSP and possibly upset the non binding/binding bidders theyd spent the last 10.5 months negotiating with! Finally if we are such a great prospect, why the need to issue warrants to the private investor? I’m not expecting the BOD to give us any of the above information but FFS they must realise they need to conclude soon or give us some answers.
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I hope your right Mac, I’d hoped for the Annual Report & Accounts to give us an idea but looks like they are keeping things back till the AGM (hopefully) It’s going to be a long 27 days in the current circumstances.
Mac4671; I agree it’s great that WK now has 2 plants producing but have the BOD released any figures to let the market know how much? They are keeping all information to themselves hence the current SP. Horrible to watch but only news is going to stop the current decline.
No matter what anyone on here says or thinks the reality of the situation is none of us have a clue what’s going to happen until the BOD announce it in an RNS. Some people say we are worth £s, others 2p, not even the MM’s are sure on our true value. We had a high of 42/44p and are now staying in the 25/27p range. In my view the BOD could have released more specific information but haven’t, they must have good reason for this. This has led to continuous speculation from the rampers & derampers and now it is just constant abuse on here as we all wait on news. It’s frustrating but only time will tell who’s right. I’m holding my shares as I believe the prospects of EUA are very good. Just a shame we have so many unanswered questions which creates an opportunity for the doubters.
Loads of arguments on here today so maybe worth discussing something else while we wait for news. I think EUA target 68000 Oz a year at WK. I have a feeling we will continue to mine this to give us steady income. If my calculations are correct at current prices we’d get around $750 per Oz (after costs) which is around $51 million a year (profit) nice income every year to help develop the Rosgeo JV and maybe a small dividend to shareholders.
I’d love a 70p to £1 divi but I can’t get my head around why the BOD would additionally give the private II 50+ million warrants. That’s one hell of a sweetener as they are guaranteed to exercise them as soon as the divi is announced if it was at those sort of figures. Am I missing something?
I assume EUA will get the money from the placement immediately and use this to purchase some of the Rosgeo JV mines (no idea on cost but hope it’s at least the 4 next to MT). What is the need for the money from the Warrants issued which EUA won’t get until exercised?
I’ve got a good feeling about the week ahead, the placing on Tuesday will hopefully be very closely followed by news that EUA are taking up the option with Rosgeo for at least the four open pit deposits, which are located directly adjacent to Monchetundra. No idea on cost but I’d like to think we now have the finances to complete this part of the JV. I think the plan is to sell MT including the 4 new mines. Carry on mining WK and then potentially purchase the other 5 mines Rosgeo have gave us the options on. The only thing I’m not sure about is the warrants they have just issued but imagine it will be a very good sign when they are exercised that news is imminent.
Cheers Mac, appreciate your responses, just to be clear at no point have I said I’m selling my shares and will wait for the final announcement by the BOD as I do believe we will get a decent return on the current SP. I really hope this is the final stage and that it’s concluded soon.