Member Info for goingunderground

First trade at 5.00

Frogman(Troajans mate)
How close do you want it to Be.

Exactly Stevebt, it’s abysmal

Some extracts from the marketing document that WRES paid to have produced.

. Plant maintenance issues and supply chain bottlenecks associated with the above challenges have led to lower plant availability. Consequently, WRES has adjusted down its full year production guidance for 2021 to between 650t and 750t of concentrate, c.25% lower than the inaugural guidance of 880t - 1,000t of concentrate. Current concentrate production YTD 2021 amounts to 415t which would have required a big Q4 (min 465t) to meet the lower range of previous guidance. Whilst WRES expects Q4 production to be greater than Q3, it does not expect to hit the target T2 production rate (2Mtpa ROM, c.2,500t concentrate) until Q1 2022. This looks achievable but will require a continuation of the high tungsten recovery, better plant utilisation d and a big push in ROM tonnes as the T2 rates implies quarterly ROM throughput of 500kt

We have updated our model to reflect new guidance. We now assume 622t of concentrate production for FY21 (down from 882t) and have conservatively elongated ramp-up which pushes 2022 production down to 1,600t concentrate (from 2,500t). We have also tweaked down tin recovery assumptions until further clarity emerges. This results in a reduction in our estimate of fair value to 19p/sh from 23p/sh, based on a blend of NAV and forward EBITDA. There are still reasons to be optimistic; the European APT price continues to nudge higher (now in the $315-$320/mtu range) and the tin price remains strong (LME spot $38,950/t). The transition to profitability is in sight if WRES can maintain production without interruption, push throughput and manage any interim funding requirements. Operating costs are not disclosed and remain difficult However, challenges remain whilst the operation is still in a fledgling state and the stop-start nature of unplanned plant maintenance and optimisation is a fly in the ointment that has stopped La Parrilla having a straight run at ramp-up. Torrential rain is still causing some grief and a silo is being constructed to provide one week’s worth of dry ore feed. Power outages also adversely impacted plant utilisation during the quarter and a water treatment plant is being leased to improve water quality feed to the process plant. Tin metallurgical recovery still appears to be well below target and this will require further focus going forward.

Troajan, Its rather telling that you don;t post the updatyed July Shard report

https://wresources.com/wp-content/uploads/20210715-Shard-ARC-WRES-Q2-Production-Broker-Note.pdf

Its even more telling that WRES have not made available the Sept Broker note update on their website. Probably because it paints a somewhat darker picture.
Some might say its disengenous or misleading not to.

Sleveen " get that sorted and we can put 2021 down to a transitional year with 2022 the year of substantial production growth and cash generation."

Well thats a hope for you. Some might call it wishful thinking. I would say that's akin to "This time next year" and even I know how many times that has been said here ;-)

Can't see that Sleveen unless its part of a cash raise to pay some money back to Blackrock. We still await news on debt servicing penaltys . I suppose if it was a placing then Blackrock would get CITB at the expense of diluted shareholders but they are a shareholder too.....probaably a bit like a reluctant landlord IMO.
MCAP is now £6.9m (Thats after the £750k placing and the 72% dilution since March (excluding warrants) ) The Interest bill for the 12 months non payment of interest will be about the same amount as the MCAP. Hmmm Go figure

As I'm sure you know L200. There are only 2 MM's that start with a 5 now.

It appears so.

How ironic. I missed your irony.

You are looking at a 20 min delayed feed vs reality. Surely you know this ?

Prepare for disappointment. No blue smidge

I think only holders are invited to AGM's.......
I don't think I would enjoy the experience. I like fact not fairytales
Enjoy your evening

Safetyman "How rude"

Me or K3VMC. Fickle.

K3VMC "TMW You could achieve the same level of monotony without the word count.."

I will say if that was directed towards Safetyman, the leader of long monotonous mumbo jumbo, you'd be spot on. Sadly being spot on is not your strength.

Like the last "High" A dead cat bounce.

Stevebt. Are you saying you couldn't sell them ? Thats not good. (If you wanted to)

L200 "buy back at around the 5p mark."
Is that a typo. Did you mean 3p ?