Member Info for GETINTHERE

Troajan

A look back to some drill results shows :-

Hole IRC1-44 located 25m to the south of high-grade Hole IRC1-40 has reported assay results of 40m at 0.496% WO3 and 0.112% Sn while Hole IRC1-41 has reported 11m at 0.126% WO3 and 0.02% Sn.

Hole IRC1-44 shows continuity and very high grades of both Tungsten and Tin from surface in areas previously categorised in the mine plan as waste.

Michael Masterman, Chairman of W Resources commented: "It is clear from these initial results that there is a large lateral extension of the La Parrilla orebody to the south. Hole IRC1-44 following on the heels of Hole IRC1-40 drilled in 2015 has exceptional grades of tungsten and tin from surface at over 4 times the grade of the orebody.

Bdog

They said that they are expecting to get started on the high grade stuff in early July, so then or just before then must be when they are expecting to have the water problem resolved.

2cvguy

Morning mate, yes they definitely gave that impression, and if Q2 and Q3 are, as all of us invested here hope, showing significant increases in production, then by mid October it would be feasible.

Fingers crossed ;-)

I forgot to mention that the question was asked about refinancing and it was stated that whilst we obviously needed to have at least 1 (but in my opinion more likely 2) quarters of increasing production, that Pablo was already in discussions with local / regional Spanish banks (plural).

I presume that they are unlikely to get one single bank to do the refinancing as the amount is to large, but that smaller loans from a few regional banks, who’s individual exposure would then be within their individual risk limits is likely to be the way forward.

Refinancing is essential, but is achievable providing we get the production levels up sufficiently.

Dreamy

They were asked about the gold and they are progressing a deal of some sorts, it was not clear (to me at least) what type of deal.

They were also asked about Regua and said that they had put in the application for a full mining licence and were awaiting approval, which for all mining projects in Portugal at the moment was taking longer than usual thanks to the effects of covid.

Dreamy

My glass was half full and yours half empty, now my glass is a third full and it would seem yours is two thirds empty mate.

It’s clearly going to take sometime before I get back to break even, but I still firmly believe that I will and that I will end up with a good profit further down the line.

Safety

And, as tungsten recovery is now above 60% and tin recovery is also improving, production and revenue are going to increase.

Safety

And, as tungsten recovery is now above 60% and tin recovery is also improving, production and revenue are going to increase.

Bdog

Atlas have another £250,000 that they can convert to shares.

It was stated on the Q&A in response to a question about further funding and wether we were going to need to draw down anymore from Atlas or donany further placing, that WRES would not now need to do so.

So, the final £250,000 when it happens, which is likely to be soon, given the ridiculously low SP, should be the last of the convertible loan notes - thank goodness !

2cvguy

I meant to post this earlier but had to go out, again its from the Shard report as you can see tungsten recoveries in February we’re above 60% :-

“But some reasons to be optimistic. Despite the disruption and stop/start nature of Q1 it appears as though the previous issues with the plant have been rectified. WRES reports that tungsten recovery during February was >60% and tin recoveries continue to increase. So, what’s the route to getting back on track? Clearly, La Parrilla needs a solid quarter without production disruption to bring the rejuvenated plant to account. Maintaining throughput at target grades with high plant utilisation will hopefully allow recoveries to build. The high recovery rates achieved in February highlight that the plant is now technically capable but now we need to see the ramp up. The final component will be the company’s planned move from 5 to 7-day working in Q4-2021.”

He / they have posted 5 times this morning, that’s how many green boxes I’ve got.

I absolutely have no problem with anyone who is invested and who posts that they are annoyed with what’s gone on, such as Dreamy, but as for the non invested individuals who post nothing but negativity many times a day, every day, there’s no doubt in my mind that the filter is a godsend.

Dreamy

If it helps, the question was asked regarding if April’s levels of production had continued May, and Pablo confirmed that it had mate.

2cvguy

Hi mate, as you say Q2 will be impacted by the water level, they are not expecting to have shifted it all and to be able to recommence mining in the high grade area until early July, but the recovery rates have doubled from circa 30% to circa 60% from the low and medium grade ore that they are processing, so, Q2 will nonetheless be better than Q1, as they stated in the Q&A.

PH did say that providing we achieve our production targets that the company and importantly the SP will be in a much better position in a years time, and I’m certainly hoping that is what happens ;-)

“2022 -

$34,300,00 of revenue derived from 2672 tons of combined production = $12,836.82 per ton”

The above figures are based on tungsten being $260 per mtu and tin being $23,000 per ton, tungsten is currently about 5% higher per mtu and forecast to rise, and tin is currently 40% higher per ton.

WRES need to hit T2 production levels by the end of this year, if they do and if the current metal prices are maintained, or, better still, increase as is forecast by many, then the future is bright.

“Move to 7-day. WRES plans to increase the number of working days at the operation from 5 days to 7 days by Q4 2021.
? Recoveries. WRES reported that concentrator plant recovery for tungsten in February was greater than 60%. This is a huge step forward from the historical sub 30% recovery range. It suggests that plant improvement works have been immediately effective at increasing metallurgical recovery and that the 72% recovery rate as per the Final Investment Decision Report (Aug 2017) looks to be within sight for the first time.
? Grades. Access to higher grade ore towards the end of the quarter resulted in an uptick in production. Assuming that the water continues to recede as warmer weather returns and a permanent solution is introduced, WRES should no longer have restraints on ore access. The company estimates that high-grade portions of the orebody will be fully accessible as the year progresses. This is particularly important given that recovery rates appear to be back on track.
? Concentrate spec. The grade and specification of both tungsten and tin concentrate continue to meet target requirements demonstrating that even during a period of lower recovery and head grades the plant still produces saleable concentrates.”

“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.”

Wow, it seems that this site agrees with the London Stock Exchange who also had yesterday’s close at 8p.

No doubt one or more of the individuals I have filtered will come up with some explanation for why this board and the London Stock Exchange are wrong and they, of course, are right, I’m just glad that I won’t have to read it.

I wish all genuine investors a great day ;-)

Golfpro

You are correct there was no plan for a 50% dilution, there was no expectation of the massive flooding that occurred in February thanks to the unprecedented rainfall, had the rainfall not happened, the work would have taken place once WRES was producing at T2 levels and would have been paid for from income rather than from the proceeds of a placing, but the reality is that the flooding happened and the work had to be done now, which left them with no option but to raise the cash.

Dreamy

Someone did ask if they could have done a temporary fix, but that was impossible the volume of water was / is, massive. It was intimated that they were intending to do something permanent anyway, my impression was that they would have done it later when they had the cash from production, as they needed a larger water supply for the plant going forwards, but that the unexpected flooding forced their hand.

OMR

How did your appointment go mate ?