Member Info for GETINTHERE

Discopablo

Thanks mate.

To me it’s quite simple, I can choose to believe Michael Masterman, who has a proven track record in mining, or I can believe non invested posters who’s identities and mining credentials are unknown. I choose Michael ;-)

Despite what the non invested posters on here would have people believe WRES is now firmly on its way with increasing production, increasing recoveries, increasing utilisation and increasing revenue.

I prefer to believe what Michael Masterman says :-

“Michael Masterman, Chairman of W Resources, commented: "We are delighted to report continued progress in production at La Parrilla in July, following the significant activity at the mine over the past months. Production for July is the highest to-date with tungsten concentrate production some 43% greater than June 2021. This is a trend we are seeing continue into August 2021 as we work towards reaching our target of 1,000t of concentrate in 2021; with a clear focus of increasing the production run-rate towards our T2 Target of 675t per quarter.“

Tin is at $36,395 today ;-)

That’s $13,395 above the figure expected in the Shard report in April or 58.24% ;-)

Safety

I don’t think we need the Regua ore to hit 225 tons per month mate, we just need the ROM feed and 7 day working, the ROM in Q2 on 5 days was 231,613 so just moving to 7 days a week gives a ROM feed of 324,258 which is 64.85% of the 500,000 quarterly rate that we need to hit full production, and we have improved utilisation since Q2 ;-)

Troajan

Remember what was stated by Shard in April mate :-

“We believe that WRES has passed its nadir. The major plant improvements are now producing tangible increases in metallurgical recovery and for the first time there is visibility on the ramp up towards target production levels, all coinciding with strong W and Sn fundamentals.“

Since April things have continued on an upward trajectory and we are now intending to move to 7 days a week a month earlier;-)

2cvguy

Yes mate I’m so far under water that any fast rise will give me the bends, but fortunately I have enough oxygen to last me a long time yet ;-)

The thing with a start up miner like WRES is that once they have the plant built and running correctly, sufficient trained staff, and metal prices at or above the levels targeted in the FID it’s all about the ramp up to full or at least close too full production levels.

200 tons a month is easily enough for us to be very profitable at current metal prices, because we will be able to refinance with circa 120 tons a month, the banks will be happy to lend to us just as soon as we have a few months or a couple of quarters of increasing production.

The future is bright mate ;-)

2cvguy

Yes mate I entirely agree, it takes time to start up and to close down a large mining operation, and once we are operating on 7 days x 24 hours that won’t be necessary.

We are finally at long long last on our way ;-)

Discopablo,

The ROM for Q2 was 231,613 tons, the FID expects 2,000,000 tons per year which is 500,000 per quarter or 166,666 per month, so, Q2 ROM feed was only 46.32% of what we expect to be able to ramp up too.

If we divide 68.1 tons by 46.32 x by 100 to get to what could have been achieved in 5 days with full ROM feed we get 147.02 tons, if we then divide by 5 and x by 7 to get what could have been achieved with full ROM feed in a 7 day week we get 205.83 tons and whilst this is circa 19 tons below our expected production levels, this calculation does not take into account any further increase in grades, utilisation etc all of which are expected to improve throughout the continuing ramp up.

Are you ok and still out there reading the board mate ?

I hope you are ok ;-)

I’ve posted the below again with a different heading just in case the previous thread gets deleted thanks to you know who:-

Having reread the Shard report it states that :-

1. Production = 910 tons for 2021
2. Tin = $23,000 per ton
3. Tungsten = $260 per mtu
4. Revenue = $11,500,000 for 2021

So, if you divide the forecast $11,500,000 revenue by the expected 910 tons of production then you get $12,637.36 per ton.

In July we shipped 80 tons and received (over) $1,000,000 in revenue which ties in perfectly with the $12,637.36 average.

If we achieve the 910 tons we will be on target and if we achieve 1000 tons we will be almost 10% above the Shard target.

For 2022 Shard are forecasting revenue of $34,300,000 (that’s £24,770,774) and if we achieve that there is no way that our market capitalisation will be £9 million.

Yes we owe a chunk of money, however increasing revenue will provide the opportunity for the company to refinance and once that happens we can look forward to a market capitalisation of at least 5 times revenue.

The wait continues but not for too much longer refinancing at some point in the next year will transform WRES.

Oh, and don’t forget that tungsten and tin are well above the Shard forecast levels, and that they placed very little value for Regua or Sao Martinho in their forecasting, so, if Regua comes online in the coming months that will be a big bonus.

Safety - I entirely agree.

Jaf1948 - I entirely agree with safety.

Gw123

Thanks for your comments, I believe in WRES and I believe that WRES will succeed.

I have certain posters filtered because the comments that they make are always negative, often nasty, and never balanced, if everyone filtered them then they would soon go away.

Time will tell with WRES the next 6 -12 months are crucial, but things are at last beginning to look good ;-)

Having reread the Shard report it states that :-

1. Production = 910 tons for 2021
2. Tin = $23,000 per ton
3. Tungsten = $260 per mtu
4. Revenue = $11,500,000 for 2021

So, if you divide the forecast $11,500,000 revenue by the expected 910 tons of production then you get $12,637.36 per ton.

In July we shipped 80 tons and received (over) $1,000,000 in revenue which ties in perfectly with the $12,637.36 average.

If we achieve the 910 tons we will be on target and if we achieve 1000 tons we will be almost 10% above the Shard target.

For 2022 Shard are forecasting revenue of $34,300,000 (that’s £24,770,774) and if we achieve that there is no way that our market capitalisation will be £9 million.

Yes we owe a chunk of money, however increasing revenue will provide the opportunity for the company to refinance and once that happens we can look forward to a market capitalisation of at least 5 times revenue.

The wait continues but not for too much longer refinancing at some point in the next year will transform WRES.

Oh, and don’t forget that tungsten and tin are well above the Shard forecast levels, and that they placed very little value for Regua or Sao Martinho in their forecasting, so, if Regua comes online in the coming months that will be a big bonus.

Troajan

68.1 tons in July, and a total of 290.7 tons up-to the end of July, leaves us with requiring a further 709.3 tons in the 5 months August - December.

If we presume that August daily production will be a little better but not too much as they will still be training new staff, and that September daily production will be a little better again, so let’s say 80 tons in August and 140 tons in September ( that’s 100 tons pro rata but we will be working 7 days a week instead of 5, so 40% more) that’s 206 tons more by the end of Q3, and a Q3 total of 288.2 tons.

That leaves us requiring a further 489.3 tons in Q4, which is an average of 163.1 tons per month.

However if we are to achieve T2 output by the end of the year we would need production levels in December to be circa 225 tons and if we manage that then we will easily surpass the 1000 ton target, and that will take a massive increase.

It’s still a waiting game and will be until mid October, when we should get a good feel for how things are progressing, and then mid January, by which time we will know if we are going to succeed or not.

Freedom

By my reckoning if the 80 tons we shipped in July was worth over $1,000,000 that’s at least $12,500 per ton, and if we hit the 1000 ton target we will need to produce another 709.3 tons x $12,500 = $8,866,250 in the 5 months August- December.

If the average price achieved all year was $12,500 per ton then 1000 tons would give us revenue for the year of $12,500,000

Mick

Ok mate, it will be interesting to see what the Q3 figures are in October, until then we just have to continue waiting.

Hi Tonlin

Niece to hear from you mate.

I think that we are going to be fine here moving forwards over the next year, it’s been a long time coming but we are heading in the right direction ;-)

Mick

Shouldn’t that be $56.6 ?

Bdog

I agree, increasing production significantly is step 1 refinancing will lead on from several months of good increases.

A cherry on the cake, and something that might help bring about refinancing somewhat sooner, would be if the Portuguese government got their finger out and issued the licence that we need for Regua: there’s no doubt that an influx of ore with 3 times as much tungsten per ton would be significantly beneficial ;-)

Having read and reread the RNS and the proactive piece, I suspect that the reason why our production was not as high as we expected was because:-

1. Whilst we gained access to the high grade ore areas in late June, we clearly did not start processing it until 6th July and when we did it was with stockpiled low and medium grade ore, it obviously took time to place the dynamite blow up the ore and then truck it.

2. We have obviously been recruiting and training new staff and continue to do so, this would slow down the operation for obvious reasons and coupled with having a mixture of low, medium and high grade ore as in 1. Above explains the low figures.

The more I think about it the happier I become, if we start on 7 day working in September, then Q3 will be significantly higher than Q2.