Member Info for Dubliner

Thanks for the info Min and to SDG for info on Concrete week - I have to admit it did not spark much interest in the office when I mentioned that!!

Let's hope we hear a bit of info this month eh....

Oh and rep from Auditors and Nomad in attendance...

1. Oops sorry thought I said this. All 4 of the BOD in attendance but I did not speak to David, Roger or Colin. Seems they had a Board meeting prior to the AGM itself so killed 2 birds so to speak.

2 and 3. Pretty sure he meant into CS / New Perl, I think Divis not likely here for the foreseeable but that is my bit of guesswork. If things come off here it will be Capital increase rather than income we are looking at for some time yet.

4. Takeover no but read again comment in today's RNS ref possible future Customers and Partners. Maybe there is something in that statement. Gave me a little shove to buy few more when I read that.

Apologies I really should proof read before posting..
The point starting 'Time period from mine ready' was trying to say that when we have mine Permit and Offtake deals that funding options other than continued share placements should be possible.
He did say there is not a huge amount to do from mine ready to Production...

Met several of the office staff, coffee & biscuits so those who did not go need not worry about me chomping on their hard earned!
Met Patrick and chatted before and after and I also got to ask as many questions as I wanted.
There were only 4 shareholders there, one chap arrived late and shot off. Had a chat with another chap from Leeds who was very pleasant and we even shared a cuppa afterwards - safe trip back to Leeds.

Patrick ran through the voting stuff and then the presentation which SGD linked earlier - cheers.
A small number of points in no particular order and these are as I remember them
.
-Permit still on track for Q3. The Company have been 'finessing' the Plan of Operations and it has not yet been submitted but believe other things need to happen first so this is not delaying things.
-Still not 100% certain the shorter permitting route (just environmental assessment) is what will happen but this is what is expected.

-I asked what bigger risk factor is and PC said that the Company is able to sign the various deals (Offtake) with Customers but things are looking promising so far and the closer we are to permit the more likely it is that deals will get over the line.

-Seems like the low cost options will be pursued an mobile equipment is readily available for crushing etc. There is a 30% yield only for this type of crushing circuit to produce the horticultural grade as a lot of fines are produced which will feed back as Pozz.

-The 'Investment options' (more sophisticated processing plant) not likely to happen until stage 2.

-It seems there will be hardly any waste material generated in the first 3 years (stage 1). The mine plan staging is due to the reclamation bond which would be a little over $1M if we just went for a single stage plan so having a much smaller initial stage / plan dramatically reduces that bond.

-Contract mining would probably been done in batches with mining only maybe 2 to 3 months in the year.

-Time period from Mine ready (effectively this is having permit in place) would be only a 'couple of months', e.g need to fence of the mine area and guess put up portakabins etc. Patrick agreed that as/when we get funding and one or more offtake agreements that alternative (i.e. not just share placings) are possible.

-That are other areas of Perlite at CS Project that have not yet been drilled.

-Bit of discussion about the Diatomite Project. Diatomite can also be a Pozzolan but it can have a high water demand so that is a disadvantage.

-I asked what PCs priority would be for funds when we are up an running and generating profit - PC said he would look to re-invest in the Minerals projects.

-Ref today's announcement about ready-mix Companies, they have done the 28 day strength test and will want to do further testing.

Hope above is of interest.
I am still very positive here but of course we need that Mining permit and then the off-take deals to get over the line.

En-route to AGM and saw the RNS. Grabbed 3M more at .1175 or thereabouts. Feel sure it will come good.

Cheers SGD, hope to feedback something of use.
Regards Transport costs I am somewhat conflicted on that as invested in HUR so a higher oil price is needed for them!

Heyup SGD, good notes and I plan to ask a general question about expected timelines as of now.
Fingers cross that there will not be any return to shutdown of government in US, think Trump realises it is a vote loser for him. Our friend Angela will be disappointed.

Agree about asking questions that are likely to get an answer.

I feel / hope your profit calcs on Pozz are on the low side. I would personally hope for $30 per tonne profit as think the contract mining costs will be low and value per tonne is rising.

As for Perlite I think the real upside (and this has been mentioned by PC in the past) is if we can somehow get into the value add downstream side... eventually. I read that Mexico are likely to be legalising Cannabis so that could be good for us.

Right off for early pint now - update later in the week - probably late Thursday or early Friday as hate doing stuff on a mobile..

Teeny correction to my post below.
An SP of 1p would equate to a Market Capitalisation (MCAP) of £27.4M
An SP of 2p would be £54.8M MCAP

Hi Rodster / Mineralex, hope you don't mind me butting into the discussion on the 10p and well above Share Price query. Before I got out of bed I had a look back at Min's posts from late 2017 to present. I reminded myself that Min is from a mining background (particular knowledge of Fluorspar from family Business and tie in to South Africa) and is over 70 years old so has been around a bit and knows his onions about mining.
Min must have had real mining experience in US and Nevada as his old buddies spotted the movement on CS Project around bulk sample time. So I take everything Min offers about mining on board and consider it very valuable including all the info about Pozzolan and it's uses.

I think Min 10p to 15p comment was from April 2018 and he suggested was our value in a Fire Sale. Respectfully I cannot see that for one moment, it would mean we had a value of at least 200M (whether pounds or dollars is a moot point). Just maybe in the longer term if we hit the numbers PC says as a going concern there is a chance but not in a Fire Sale scenario IMHO.

So I repeat again Min you are a great poster here, one of a very few with tangible mining knowledge, and very much appreciated by me and pity won't get to see you at the AGM.

So what might the S.P be worth in the future. I paste again some fag packet calcs I did back end of last year. I can easily argue a case that we can hit 1p (minimum and maybe double that) S.P in 12 to 18 months (MCAP would be circa £20M based on current shares in issue. Great if you are buying now at around .11p but less so if you were invested here for some time you would still sadly be out of pocket.

Fag packet numbers based on the October RNS / latest Presentation and old Beaufort research note.

Perlite output starting 20K & rising to 100K tpa by end year 3 / start year 4.
Based on $100 per tonne at the mine gate (SRES latest presentation)
$2M per annum revenue rising to $10M per annum

Pozz output starting 100K & rising to 300K tpa by end year 3.
Based on $65 per tonne delivered (2017 Beaufort – guessing now on the low side)
$6.5M per annum revenue rising to $19.5M per annum

Together the numbers are $8.5M rising to $29.5M per annum revenue.
Minus costs for contract mining, processing (?), delivery, G&A costs, convert to GBP… who knows what the bottom line might be…

I should add this is AIMHO, DYOR / calcs etc.

Cheers for the posts Min, much appreciated. Yes still have 22M holding.
Bit nervous to add more until we get some concrete news (see what I did there)..

I am attending Thursday (early train from Shropshire) and will report back anything noteworthy.
Never been to an AGM in my life (ok my Crown Green bowls doesn't count) so will be interesting.

If some of the more sensible posters here are going be nice to say hello.
Enjoyable weekend to all....

Sorry correction to 4th line of my post. He says first production 2020 - not 2019.

Angela, dilution via share placements prior to income affects how much upside investors can hope for. Point is once revenue flows then a different ball game. Traditional forms of debt possible as we will have income to service interest payments. As PC said a £10M processing facility becomes doable but if we do that it better increase upside or why do it!

Any way GLA

Ref the new Research note. I read it a few times as it was not making sense!
Eventually I realised the guys date format is based on the SRES Financial years (Oct to Sep) rather than the standard Tax year of April to March.

He reckons first production will be Q1 (Jan to March) 2019 but odd that on page 1 he shows revenue for the current SRES Financial year of £200K. So where does that come from then!

He suggests one minute a target SP of .41p and then says on page 7 a fair value is £8M (MCAP) and notes we have 2736M shares out after the raise.
Multiply 2736M by .41p and I get £11.2M.

In other words I shall take some of the info in this note with a pinch of salt.

He is also saying we need £600K by end Sept 2019 even after the raise.
This seems a tad on high side given we had £200K at end Sept, raised £350K (less costs) last week and according to the research notes spend around £900K per year.
My view if we get to end Sept 2019 with the permit, offtake agreements in the bag and one more raise of around £350-£400K we will be in very good shape.
Assuming I attend the AGM I will try to clarify some points..

Angela, I read your post.
Yes of course the 'Trump shutdown' will affect some government bodies - how exactly that will impact us on permit dates remains to be seen.
My hope is we will get the permit worst case in Q3 (July to Sept 2019).

You are suggesting delays from mine ready to when we start producing.
I don't think these will be long if we do go down the contract mining route.
Once we have permit and off-take agreements then I believe we can fund any Capital spend (Patrick already said that will be minimal in recent Proactive interview) with a modest loan/s against the off-take.

Finally I note you keep talking about SII (Shares In Issue) and how that will impact our ability to fund raise.
We have 2.7BN shares in issue after the raise - by comparison Vodafone have nearly 10 times more shares in issue than that. The only thing that is a factor (and you correctly pointed this out yourself) is that we cannot raise below the ordinary value (face value) of .10p. I see nothing else about SII is valid with reference to placings - if you know different please explain it more clearly than you are now.

Finally you say you were surprised about the recent raise when in earlier posts you said we needed to place huge amounts of shares. You hint that you got this info from the Company (or some close connection to it) but I sincerely doubt that.

In short. We own 100% of CS Project. We are in a great mining jurisdiction, we have two great products, a very simple production process, minimal Capital requirements, no current debt, minimal outstanding warrants, an experienced man at the helm and (it seems) a very good market for our products. That does not even mention our other projects which must be worth something. Got to be worth a punt for a possible 10 bag.
AIMO and DYOR

Daz, not sure you are correct ref drilling through strike means there is nothing below.
The drills are inclined and set back from expected intercept hence why the RNS says true vertical depth is shallower.
Only if there were several closely spaced true vertical drills would your argument be valid.
AIMHO and could be wrong.

Thanks Min, those pics are new to me - I had seen Sam post the link to Jackson but no pics when I last looked...
No issues if you want to post my holding - 22M right now.

I am sure a post must have got removed from our site in last day or two. One enthusiastic poster suggesting that some were calling for rest of projects to be sold for £15K and that they were 'Richard Heads'. Glad that got removed as it completely misrepresented a recent post that I had made about our Block Energy holding.
For the record here. My opinion is that for SRES we are pretty well all in on CS Project (and the new Perlite ones too) - these have got to work coz really can anyone see us being able to continue with raise after raise to start drilling on one of the precious metals projects?! For me CS or bust and if it fails then I will be writing off my investment here. I do though expect CS Project to be a huge success for us.

Hi chaps, it's nice here innit lovely views and no eejits 'yet'.
Funny how quickly things can change, not long ago PC bought these under .10p and this week buyers at or around .15p. So we now have around 500K ish in the pot so hope PC can get us a long way with that.

Any of you guys aware of HMI, I was in there for a while but escaped with a small profit. Interesting comparing with our SRES. Their product has suffered getting required certification and seasonal aspect of sales but nature of our Products is different so believe (hope) we will be able to move from permit to decent sales quickly.

Thanks Rod and Sam for nice comments on other board to me this week, had to google da bomb though!

Hoping for a great year here. 22M holding.
Oh final thing, odd how we apparently got extra VR shares but not a peep on VRs website about drilling commencing. They seem to be keeping it very hush hush. Hope that is a good sign.
Have a nice weekend you chaps...

Those old enough to remember 'Are You Being Served' and Mrs Slocombe etc will be thinking of the jingle and the little song 'going up' bap de bap bap bap (or similar).... next floor permitting, offtake and revenue bap de bap bap bap...

Done successfully. Minimal discount and no consolidation required per the scare monger predictions.
Should be enough to get us to the permit and beyond.

Angela you are going to need to get the donughts in again coz you spouting more inaccuracy. Sres dropped Cue Diamonds not Bakers Gold for which I paste below update from very recent annual results which you seems to have missed dear;

The Company intends to maintain its interest in the Baker's Gold Project where a small programme of exploration during the year has enhanced the prospectivity and value of the project. Mapping and chip sampling of gold bearing quartz-stockwork veins in the Dicky Lee open pit, which was developed in the 1980s for production of specimen gold-quartz nuggets, has returned gold values to 32.1 grammes/tonne gold ("g/t Au"), averaging 1.7 g/t Au, and infill soil sampling at DRL4 target has confirmed a 500m long gold-in-soil anomaly, increasing its tenor and enhancing its definition as a drill target.