Member Info for GETINTHERE

Dreamy

I agree he is no damned good at PR, and, to often so bad at it, that his comments actually cause further negativity.

I still believe that we will get there because fortunately his skills in terms of the fundamental business of mining, are very good and will in the end, by far outweigh his lack of skills in PR.

Dreamy

I can only presume that given the amount of shares that you have bought in WRES, that you have many years of investing history, so, I am sure that you understand that when there are very low volumes of shares being traded, and particularly at a time when the company has recently announced figures that are a long way off of what was expected, and when all of that happens in the middle of a pandemic (something that non of us have previously experienced) that the SP is quite likely to fluctuate wildly.

I was in no way being flippant with my comments yesterday, I was simply being honest, despite the fact that I am currently sitting on a paper loss of circa 70% I am far more concerned about the pandemic and people than I am about a drop in the SP.

The situation with WRES is very simple, we have started the ramp up, it did not go well in the first quarter, but the company has introduced new kit and undertaken modifications, they have also explained that they are imminently introducing further modifications, BUT, until we can show that we are producing we are not likely to have queues of people lining up to invest here, particularly with the pandemic ongoing and the unknown consequences of that.

We are in limbo, I am a pragmatist I accept the situation for what it is, I’m not happy about it but I understand it.

L200

Why would he need £500k, Blackrock have as already announced agreed to roll up the interest payments for this quarter, so we only have the basic operating costs.

It is possible that the next RNS will be to announce that all the modifications are completed, and that the plant is fully operational, however it’s more likely to be an RNS to provide the last years results combined with news on the plant modifications.

Mullins

All good here mate, notwithstanding the SP of course !

I hope that you and yours are all good too.

Keep safe and let’s hope that at long, long last WRES is really starting to get to where we all want and need it to be.

Mullins

I listened to that interview last night mate.

Did anyone pick up on the fact that he said that WRES had shipped 20 tons of tungsten and 20 tons of tin in April ?

BMR

The last RNS made it clear that there’s nothing going to happen with the gold until at least the end of the year mate.

L200

It’s a lovely sunny day here.

The death rate and admission rate to hospitals is reducing across Europe.

The UK has seen London’s death and admission rates decline and the rest of the UK seems (fingers crossed) to have plateaued.

All of the above are far more important than the SP dropping on what is a tiny volume of shares being sold.

Have a nice day.

Significantly lower number of new cases and also a lower number of new deaths.

Let’s hope that they are past the peak and that opening up the economy doesn’t lead to a second wave of the virus.

Wow

Below $15, I never thought I would see that !

The following is directly from the WRES website:-

“Production at La Parrilla commenced with the new plant in November 2019, moving to 24-hour operation in late December 2019. Tungsten and tin production will build substantially throughout 2020. The project is a large, low-cost mine which is expected to deliver significant earnings growth in 2020.”

We have only had one quarter of 2020, during which substantial improvements were made to the kit and additional kit aimed at increasing production was added, quarter two should see a big jump in production and providing we reach 100 tons per month by June we will be well on our way to profitability.

Time will tell, however I believe that we will significantly improve production, everyone just needs to realise that a ramp up phase is always going to be the time when issues are found and resolved, they found some issues and they have been resolving them, it’s only to be expected.

L200

He told us from the outset that he would give us quarterly production figures and he had done that, there was never any intention to provide revenue figures other than within the annual report.

Forget the nonsense posted by the devil this is a fact it’s in the RNS, he just wants to forward his own agenda which is and always has been to knock the company, he is a troll :-

If you take a look at the production table it shows you the following:-

Tungsten concentrate Q4 21.4 tons Q1 58.9 tons that is a 175% increase

Tin concentrate Q4 7.9 tons Q1 23.3 tons that is a 206% increase

Combined concentrate Q4 29.3 tons W1 82.2 tons that is a combined 181% increase

Not all of what we produced has as yet been shipped / sold we actually sold in Q4 48.8 tons of tungsten and 20.2 tons of tin a combined total of 69 tons.

Final part:-

with the Extremadura government sensibly focussed on the COVID-19 crisis.

Continued:-

Key initiatives implemented include the construction of a pre-concentrate stockpile area to allow continued operation of the concentrator plant when jig or crusher plants are down, the installation of deslime cyclones ahead of the fines circuit and a hydrosizer ahead of the shaking tables which are complete and operational. Work is underway to install cyclones ahead of all spirals to improve density control and desliming which should materially increase concentrator plant recovery.

· Tin production was a highlight with higher grades delivered from the mine and high metal recoveries through the process plant and 12.1t of contained tin metal produced up from 3.9t in the prior quarter.

Shipments and Marketing

· W Resources is shipping all its Tungsten and Tin concentrate to customers but the volatility and changes in COVID-19 regulations in Spain and Europe have led to longer lead times to organise and effect delivery.

· The Company shipped 48.8t of Tungsten Concentrate and 20.2t of Tin Concentrate in the March quarter and to the date of this report.

· Market prices for European ammonium paratungstate ("APT") remained at 240-245 USD/mtu throughout the quarter.

· LME tin prices decreased from 16,850 USD/t to 14,591 USD/t during the quarter.

· Supply disruptions appear to have reduced Chinese exports of APT to Europe and the US providing some solid support to prices.

Tungsten and Tin Projects

· Mining operations commenced early March 2020 at the Régua tungsten mine in northern Portugal with the commencement of mining in the first of two adits with skarn ore zones intersected in the initial development. Following an extension in Portugal of COVID-19 related restrictions mining activity has been paused.

· Plant design and procurement activities are near completion in advance of construction activities which have been rescheduled to later in the year after the COVID-19 crisis has hopefully passed.

· An application to extend the period of the trial mine licence as a result of the COVID-19 emergency has been requested to the Portuguese mining authorities.

Gold and Tungsten Exploration

· The application for the São Martinho gold trial mine licence continues to advance towards grant with the issue of the licence expected in late 2020. New expenditure on this project is pending grant.

Corporate

· BlackRock Financial Management Inc. ("BlackRock") interest payments were made on schedule during the quarter and BlackRock has agreed, subject to documentation, to allow Payment in Kind (or roll up) of June quarter interest payments.

· A £4m facility was put in place with Atlas Capital Markets to provide a strong buffer of funds to W Resources.

· W Resources has applied to four banks for Spanish Government guaranteed loan facilities and expects to receive feedback during April on these applications. Timing on receipt of the existing approved

Continued:-

Production and export of both tin and tungsten concentrate through the purification FME circuit continued during April in accordance with the Spanish Mining Authority guidance and allowances for export operation under the State of Emergency. Following the expiry of the restrictions, the crusher and jig plants are now in operation and the full concentrator plant circuit will restart imminently following installation of cyclones on the spirals.

"We are mindful that production levels are not where we or our stakeholders expected them to be, however we are still very much in the early stages of the ramp-up and the team is well set to achieve significantly stronger results in the June quarter as a result of the improvement initiatives implemented in Q1. The increase in tungsten and tin production demonstrates progress in a very difficult external environment and we remain focussed on the works in hand and are confident of making the solid progress needed in order to reach design capacity."

COVID-19 - Spanish State of Emergency

· With the spread of COVID-19 in Spain, operations in Q1 2020 have been challenging with the priority being the safety of our employees and contractors.

· The closure of non-essential services which limited operations has now been lifted.

· In early April following clarification from the mining authorities, W has, with a limited workforce, focused on processing existing tungsten and tin intermediate product to produce shipment tonnages and revenue. In addition, the team has proceeded to install cyclones on the spirals to enable greater density control and increase concentrator plant recoveries.

· The plan (subject to Spanish State of Emergency restrictions) is to restart the concentrator plant operations imminently on completion of the key works.

· No W Resources personnel or contractors have been affected by COVID-19 and strict workplace procedures remain in place.

Operations

· Strong safety performance continues with no Lost Time Injuries during the last 12 months and a total recordable injury frequency rate (TRIFR) of 16.1 which is well below the Spanish mining industry average of 45.2.

· Mining and processing operations expanded during Q1 2020 as the ramp-up of the La Parrilla mine progressed and plant enhancement modifications were completed.

· Mining operations continued at low-strip ratios (waste:ore) averaging 1.07 to 1 during the quarter, well below budget levels and the mine is delivering the required grade to the plant.

· Production was lower than planned during the quarter as a result of unplanned downtime with mechanical issues with the jig and the crusher plants and planned shutdowns to implement important production improvement initiatives.

· Key initiatives implemented include the construction of a pre-concentrate stockpile area to allow continued operation of the concentrator plant when jig or crusher plants a

17 April 2020



W Resources Plc

("W" or the "Company")

March 2020 Quarterly Production Report

W Resources (AIM:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal announces its Q1 2020 quarterly production update for the La Parrilla mine in Spain and an update on its tungsten, tin and gold projects in Portugal.

· A total of 274,000 tonnes ("t") of Run of Mine ("ROM") ore fed to the La Parrilla plant in Q1 2020

· Tungsten ("WO3") metal production increased 242% to 3,306 metric tonne unit ("mtu") (33,060kg)

· Tin ("Sn") metal production increased from 207% to 12.1 dry metric tonnes ("dmt")

· Combined Tin and Tungsten contained metal increased 232% to 45.2t

· Mining costs and the strip ratio remained low and below the budgeted mine plan with grade in line with the plan

· Shipped 48.8t of Tungsten Concentrate and 20.2t of Tin Concentrate to offtake partners from January 2020 to date

· Full-scale operations were put on hold in late March due to Spanish State of Emergency COVID-19 shutdown which has now been lifted for mining operations

· Crusher plant and Jig plant are now in full operation and the Concentrator plant to be restarted imminently following installation of new cyclones on the spirals to improve density control and desliming which should materially increase concentrator plant recovery



Production Summary

La Parrilla Production Summary

Q4 2019

Q1 2020

Var %

ROM feed (wmt)

113,322

273,656

141%

Strip ratio

0.56

1.07

91%

Jig plant feed (dmt)

105,579

240,926

128%

Concentrator feed (dmt)

32,042

98,726

208%

WO3 concentrate (dmt)

21.4

58.9

175%

WO3 contained metal (mtu)

968

3,306

242%

Sn concentrate (dmt)

7.9

23.3

195%

Sn contained metal (dmt)

3.9

12.1

207%

Total concentrate (dmt)

29.3

82.2

181%

Total contained metal (dmt)

13.6

45.2

232%

('dmt' - dry metric tonnes, 'wmt' - wet metric tonnes, 'mtu' - metric tonne unit (1 mtu = 10kg of metal)

Michael Masterman, Chairman of W Resources, commented: "Production at La Parrilla is building, albeit not at the pace we had anticipated due to early stage plant challenges having an impact on production levels for Q1 2020, as a result of a combination of unplanned downtime with mechanical issues with the jig and the crusher plants, which have now been resolved, and planned shut downs to implement important production improvement initiatives.

"The mining and processing operations expanded in Q1 2020 with key initiatives implemented including construction of a pre-concentrate stockpile area to allow continued operation of the concentrator plant when the jig or crusher plants are down, installation of deslime cyclones ahead of the fines circuit and a hydrosizer ahead of the shaking tables which are complete and operational. Production and export of both t

If you take a look at the production table it shows you the following:-

Tungsten concentrate Q4 21.4 tons Q1 58.9 tons that is a 175% increase

Tin concentrate Q4 7.9 tons Q1 23.3 tons that is a 206% increase

Combined concentrate Q4 29.3 tons W1 82.2 tons that is a combined 181% increase

Not all of what we produced has as yet been shipped / sold we actually sold in Q4 48.8 tons of tungsten and 20.2 tons of tin a combined total of 69 tons.

So, we new that the first quarters production was going to be below our original expectations and it is, that was priced in following the last two RNS’s, we now know that most importantly none of our staff have been infected with Covid-19, the spirals are being installed, that the mine is up and running again, that tungsten and tin is still able to be shipped, that Blackrock were paid their interest last quarter and are allowing scroll up of interest in the second quarter, and hopefully that we won’t need to draw upon the £4 million, as if we get the concentrator upgraded our sales may we’ll be sufficient to make any draw down unnecessary.

All in all that’s a good RNS

Kev

They don’t need a concentrator mate, their top supporter bumps his gums so much, that he’s offered to chew threw all of their output ;)

Of course they will have to build the rest of the plant first !

Kev

Not too well they have liabilities of 103,666,000 Canadian dollars (fact) and troajan has discovered that there tungsten is 100 metres underground !

It makes you wonder why a supposed tungsten expert would have invested there and why that same supposed expert keeps posting his nasty little comments on here doesn’t it ?