Member Info for goingunderground

Lovely to hear that

I'm not "saying" anything. Just presented some facts. Interpret how you wish. You'd be always advised to DYOR and dig deeper. In fact doing any research would indeed be goodly for you Safetymam, any at all.

Furthermore. Mastermans holding is being diluted just the same as everyone else. YES he has taken place in placings, but at 10%. So its mathematical logic that if you once held 17% but only buy into new placings at 10% then you will be reducing your holding.
The WRES investor page on their website has not been updated since April, which is shoddy in itself, as it does not take into the account the close to 50% dilution that has taken place since then. It shows 80m shares in issue when there are actually over 117m issued (Text from recent holdings RNS - Following Admission, the Company's enlarged issued share capital will comprise 117,506,851 Ordinary Shares with voting rights)
https://wresources.com/investors/shareholder-information/ This is dated April 14th
Since then Masterman has added 3.1m shares so his total will be around 16.5m or 14% or the total issued.

Actually MM holds a percentage around that mark in his own name. His other holdings are held under investment vehicles. (Such as Symmal)
Troajan has his own agenda and lacks an understanding of such things. If only he could be bothered to look at the page Stevebt was talking about, he could stop making things up.
I forget who the poster was that provided a brief answer explaining beneficial ownership, but, Troajan should read it a few times

It also states "Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 75.4%."

Trojan. That is not what it says.

Ownership Name Shares Current Value Change % Portfolio %
8.72% Michael Masterman 10,248,525 €743.0k -23% no data

Masterman is 8.72% the -23% is the change in the year that the figures relate to.
You will know that he holds in other names too (Companies) FeX being one, Symmal , copper gold resources plc......

Ownership Name Shares Current Value Change % Portfolio %
8.72% Michael Masterman 10,248,525 €743.0k -23% no data
5.68% HBOS Investment Fund Managers Limited 6,671,456 €483.7k 0% no data
4.77% Thesis Unit Trust Management Limited 5,600,000 €406.0k 0% 0.05%
3.47% Barclays Bank PLC, Wealth and Investment Management Division 4,074,295 €295.4k 0% no data
3.25% Santander Asset Management, S.A., S.G.I.I.C. 3,814,182 €276.5k 0% no data
2.9% Jarvis Securities plc, Asset Management Arm 3,409,396 €247.2k 0% 0.01%
2.65% Renta 4 Servicios De Inversion S.A, Asset Management Arm 3,112,052 €225.6k 0% 0.5%
2.38% Byron Pirola 2,799,628 €203.0k 0% no data
2.19% A J Bell Holdings Limited, Asset Management Arm 2,577,516 €186.9k 0% no data
1.37% HSBC Global Asset Management (UK) Limited 1,604,691 €116.3k 0% no data

Utterly pointless, but there you go

Yes Savvy, I can print it

Steve. I assume you mean this:
https://tinyurl.com/yr8uh2yf

Stevebt "Just been looking at big firms that own shares in wres and Barclays, Halifax and Santander all own shares and Halifax is next biggest holder after MM."
That's the funniest thing I've read in a long time. Have you found some fictional storybook somewhere. Can you post the source of this gem ?

OK Amitshah...... Nadda chance

A poster called InstantExpert posted pictures of the water to a WRES Nun gardening facebook group as requested by one of the "club" here.
He was called out for being a liar, people stated he had never been, but he had and posted the evidence. The people that suggested he was lying, have neither apologised nor corrected themselves. Isn't that right Kev.
They are there however, in the message string of the last post on that board.

Amitshah -"Commodity prices are key to profitability"
You just don't get it. Production is key. Without "stuff" to sell, the price is matterless.

The aim of this company and the basis that investors bought into this was the promise of 2700t or W Concentrate and 400t of Sn Concentrate per annum. Starting from at the end of 2018, which became 2019, then 2020, then 2021 and now its 2022.
Its about production. These are the numbers the FID was based upon and from which Blackrock loaned them the finds.
The commodity prices are higher than they were last year. This is a good thing, but the underlying metrics of this are based on production numbers.
A couple of points -
When 7 day working arrives the July figure would uplift to a minimum of 95.3t (40% increase in working time)
How do you get from 95.3t per month to the FID numbers of 258.3t per month (225t W and 33.3t Sn)

Ref Q2 Production. I know it was on weaker ground, but back of a stamp calculation. If 200000t (It was actually 230,000) produces 106t of W Concentrate. , Then 2 million tons (Annual ROM from FID) would produce ten times that which is 1060t W Concentrate. FID states 2700t from 2Mt ROM Now that is a BIG gap

Amitshah. Which one pf those statements have anything to do with the commodity prices ?
FWIW Turner pope were using a projected average of $300mtu. Tin price was $19000 so yes, that is much higher. The point was that statements in these marketing documents produced by brokers, are just that, Marketing. Often used by rampers to portray a situation that is not real.
You do understand that marketing is to try and sell a product don't you ?

Just to be clear. TPI are the other joint broker with Shard for W Resources.
I post some extracts for balance and evidence that what is written in these documents is not to be relied upon. None of these statements have come to fruition.

"La Parrilla is a large-scale, low-cost, long-life tungsten and tin project, located approximately 310km southwest of
Madrid. The project is fully funded and T2 development work is expected to be completed in Q3 2019 with ramp up to
large scale production comprising 2Mtpa of ore, producing c2,700t of tungsten concentrate and c400t of tin concentrate
per annum. La Parrilla has a JORC-compliant resource of 49Mt grading 998ppm (0.01% WO3) and compliant reserves
including dilution of 29.8Mt grading 931ppm (0.01% WO3) supporting an estimated 11-year mine life"

"Given that La Parrilla is fully funded and ramp up production is expected during Q4 2019 we believe there is limited risk
in terms of additional funding and execution"

"The La Parrilla mine project’s total estimated capital cost is US$48 (£37m) spilt into US$27.8 (£21.4m) for the T2 Phase
and US$20m (£15.4m) for the T3.5 Phase" (Note this is currently still T2 and debt is around $60m+ More then 200% of planned US$27.8)

Not quite the closing words in the document, but certainly important.

"This document constitutes a minor non-monetary benefit. This document is a marketing communication and not independent research. "

My forward thinking view is that when the next placing hits he will be putting in 10% of the value of the placing. Funny how he does that, its almost as though its conditional, oh errm hang on

Stevebt -"Troajan, thanks for explaining that but if production ramps from 50% to 100% it doesn’t mean that they will mine 50% more but it will mean the Ebitda will go up by over 50% as more staff must be needed. Are the staff that are laid off still willing to come back and if mining is taking off won’t that mean wage rises?
Also to increase production 50% won’t more plant be needed so therefore increasing the dreaded Ebitda. "

Just to clarify a point. EBITDA increasing is a good thing, not a bad thing.
It is profit before you start to take off Interest on loans, Any Taxes due, Depreciation on equipment and other assets.
Just to put some context around this, the interest due to Blackrock is around $500k per month.

Steve.
I hope it's becoming evident that some people on this board are not actually knowledgeable about things they know little detail on. Getintheres explanation of EBITDA is correct. Troajans posts are as usual just garbage displaying no grasp at all of the situation.

I'll pose the question again
When 7 day working arrives the July figure would uplift to a minimum of 95.3t (40% increase in working time)
How do you get from 95.3t per month to the FID numbers of 258.3t per month (225t W and 33.3t Sn)

ROM is not known for July, and there's the rub. How much dirt was processed to deliver the July numbers. Hopefully Discopablo will get a reply from WRES.
Troajan, best you ignore this message, Its not really your bag.

In Q1 we produced 92.9 tons combined an average of 30.97 tons per month ( 3 day working for 2 weeks and 5 day working for the remainder. It was shutdown for 3 weeks of 13)

In Q2 we produced 130.2 tons combined an average of 43.4 tons per month (5 day working and It was shutdown for 2 weeks of 13)

In July we produced 68.1 tons combined. ( 5 day working and It was not shutdown at all)

Hardly a surprise that its increasing.

When 7 day working arrives the July figure would uplift to a minimum of 95.3t (40% increase in working time)
How do you get from 95.3t per month to the FID numbers of 258.3t per month (225t W and 33.3t Sn)