Member Info for GETINTHERE

Kev

I agree, demand will massively increase over the coming few years and that can only mean higher prices when all of the other known factors are taken into account.

The futures bright the futures tungsten!

Whilst the current price of tungsten is depressed the outlook is for higher demand for tungsten but reduced production from the current producers and therefore higher prices:-

https://roskill.com/news/tungsten-project-development-continues-apace-despite-price-slowdown/

Kev

ORM really are in a difficult situation, but if we look at the costs of production, many others are in as bad or a worse state and cannot survive if tungsten stays anywhere near $200 per mtu for long.

I’m just glad that I’m invested in the lowest cost producer in Europe !

L200

You have not included the amount we will get for the tin.

You have not included Régua coming online in the first half of next year.

You have painted the worse possible scenario by presuming $200 per mtu for the next 9 years ! And that isn’t going to happen for one very simple reason, if the price stayed that low for one year, whilst we will survive because of our low costs of production, most other tungsten miners will stop production and many will simply cease to exist because making $50 part mtu is sustainable but making a loss on every mtu is not sustainable, and of course if other companies go under and more still stop production the supply will be much less than the demand and the price will go up !

You need to keep a balanced and broad view mate, WRES is a low cost producer and as such will survive this temporary downturn whereas others may not, that is the further reality of the situation.

Of course if you really, really believe that we not make any profits for mire than 9 years, then you need to make a decision as to wether you should remain invested, but that’s a matter for you.

Geng

I don’t have a live link but the last price I saw was 195-205 in Rotterdam which was down due to Fanya looking too or actually dumping there 30,000 tons in China sales, but once that overhang has gone prices should start to recover, however in my post earlier I purposely looked at the worse case scenario and used an average of $200 ie the current price

Kev,

I have no doubt about their skills and knowledge, but it was MM that got them on board was it not ?

MM is the architect of the project and they bring their own skills to assist

Mogwhy

We are getting closer and closer to full production and will see a much higher SP going forward, albeit that I doubt we will see a massive one off rise, and are more likely to see a steady increase in price over the coming months

Langtro

Indeed, but in addition to the more obvious trolls, there are those that lurk in the background at first appearing to be quite reasonable but eventually showing their true colours!

Fortunately for us none of these individuals has succeeded in making any of the long term holders sell up (or at least I don’t think they have) and those of us who have held, and bought mire as time has gone on, will reap the rewards

I have for some time been a trifle annoyed at some of the posters on here who constantly deride Michael Masterson.

Having recently read back through dozens of RNS’s and particularly those relating to placings and warrants etc. What is clear shown is that MM has suffered massive dilution as the project has gone on, he originally held over 43% of the shares but now only holds 18.5% of the shares, this means that along with many other of us who are long term holders he has been diluted, in his case by approx 57%.

Anybody who thought that getting a mid tier mining company up and running from scratch was going to be a quick and easy thing, that did not involve a significant amount of dilution in order to raise the funds necessary for the project to be delivered, was naive, and whilst I am the first to admit that I had expected us to have been up and running somewhat earlier, I had not factored in delays caused by contractors who ordered the wrong steels and delivered some of the plant late, but all of that is now behind us.

We really are now on the cusp of turning a significant profit (even at the current low tungsten and tin prices) with costs in the first full year of production being, as shown in the 2017 presentation, $110 per mtu, and even if we presume the worse case scenario that APT remains at $200 as an average throughout the whole of 2020, we will still be making $50 profit per mtu plus what we get from the tin, WRES is a money making machine.

And just imagine what our profits will be, if as most people expect tungsten increases in price, by $50 or by $100 per mtu

MM has put in a massive amount of his own money, he has bought into every placing, many of which were at levels way above the current SP, with the highest being at 1.4p, WRES was and is his idea, he had the knowledge and the foresight, he is the one who has got us this far and he is the one who will deliver significant profits for all of us going forward.

None of his detractors would have a clue how to do what a MM has done, they are armchair sitting, moaners, whereas he is someone who has achieved in the past and who is achieving now.

Some people will argue that black is white

Some will argue that they know far more than everyone else and the CEO

Some people can’t back up anything they repeatedly say with any facts

Some people are trolls

Some people are deluded

It’s a shame that some people are like this but they are

The good thing is that no one who has done any due diligence takes any notice of some people

It’s interesting to note that if you take my figures for EBITDA, multiply them by 5 then divide by the shares in issue, that you end up with a prospective SP of almost exactly the figure quoted in the last brokers note

What you do not get as some people have been posting, is delisted !!!!!

RNS out

I have just taken a look back at the 2017 presentation and it shows for year 1 (which will now be 2020) production of 184265 mtu tungsten and 125 tons of tin which using $245 for tungsten and $ 18500 for tin gave revenue of just over $34 million with an opex in year 1 of 18,784,000 this gave an ebitda of a little over $15 million.

Note that this means that the year one opex was $102 per mtu after the tin credits.

If we take the actual current prices for tungsten of $200 and tin of $15825 the situation is that at 80% we would receive $29,482,400 for our tungsten and $1,978,125 for our tin which totals $31,460,525 of revenue minus our opex of $18,784,000 gives us an actual EBITDA for year one of $12,676,525

So, as you can see it’s still a very profitable business even at the current tungsten and tin prices which will not remain this low forever

Does anyone know if Burford have funded any of the numerous cases against Johnson and Johnson?

Probably Michael !

Kev,

Agreed, news is due and in my opinion will happen soon.

Safety is correct when he has said that not much happens in August in Spain, and also that news in September re completion of all of the plant and commencement of the final commissioning is due.

I have a feeling that MM is intending a raft of positive RNS’s over the next 6 weeks with the last of those being the quarterly report

Yep agreed more muddying of the waters.

The fact is that 18 brokers believe that Burford is worth between £18 and £24 a share and if, as seems likely each of their independent teams has come up with that conclusion it seems somewhat unlikely that MW is right and they are all wrong !

The first quarterly report is for July, August and September and will therefore be published in October before then we should get info on the other stuff and there’s nothing to stop that from happening

From what I can see, The rules relate to trading before scheduled reporting so it would seem that there is no problem regarding the publication of an RNS on other issues such as for instance plant completion etc.

https://help.stockopedia.com/technical-guide/insiders/directors-dealings-disclosure-rules

S7 and Yorkshire

I have no doubt that the MW research and comments were not a true reflection of Burford.

Next week should be interesting