Member Info for Highside

Looks like there were 784,000 sells on Friday and Monday Cjen and 8,000 buys (LSE)
thats why todays 280,000 buys has not dented the SP

Ok so going on what we know, the plan might be to buy another project because Bennelong's involvement with EUZ might mean they can generate cash from Toral, one way or another, probably by a disposal so they need another project to " add share holder value" as EUZ "is" currently Toral ?
this would explain why they are looking for a project while not actually having any money to buy or progress it
It might also explain why LR upped sticks if he didn't agree with this change in direction or losing control of Toral.
It might also explain why the cost savings seem to have been shelved ? and why at this stage we dont need a CEO until the nature of another project is decided ? maybe another project will come with its own CEO for example ?
Maybe however ....i am way off the mark ?
Either way as cash runs out we are going to find out pretty soon IMHO.

Now you mention it the guy from Bennalong did look like Fletch from Holby City :-)

Would EUZ be so busy looking for another project if Bennelong were likely to advance Toral ?
I suppose its a long shot but EUZ could be looking because A/ they know a deal will be done for Toral and B/ they will then have funds for another project in fact they will need a project as a reason to exist....

As much as i would love to see Bennelong's involvement as a real positive i just haven't seen any sign of that yet. i cant reconcile the search for another project as an advancement of Toral or a positive sign that Bennelong is pulling any strings ?

I expect you are right however i see the PFS at the moment as like trying to build and engine knowing however much work you do on the crankshaft and cylinder head you have already announced you cant afford the pistons :-)
I hope i am wrong, its just a point of view and i am just throwing thoughts out there as to why the Companies last RNS had near nothing to say about the future of Toral and seemed to place it second to the ongoing search for a new project.. ( thats my interpretation)
As you rightly point out we have made great advances to get the Toral project to the PFS stage, scoping, metallurgy, hydro right up to appointing WA to oversee it less than a year ago but now we cant afford to finish it ...but we do have money to diversify in a different direction and all this at the same time the Captain abandoned the Ship...
Maybe its just me but i would have liked to see an explanation. If they really think they can buy a workstream that will finance Toral why not come out and say. People will not invest in companies which suddenly change direction after 5 years and having lost £10m and suffered a 95% crash in the SP without putting up a business plan IMHO. The only reason any of us are still here is because we got in to deep and were doggedly sticking it out till the end, taking the huge costs on the chin.....and now , they are directing funds to a new project ???

I appreciate what you say shed but my point ( not very well put ) is that the next step to de risk is a PFS following on from the Scoping study. As that has been ruled out i cant help thinking the current work is "needed" but not really de risking as such.

At this stage i dont think the immediate future revolves around the price of Zinc or whether investors think this is a dog..
Most of that is a given and has been for many months/years
People want to know what they (BOD) intend to do about it. I read the last RNS again this morning and fair enough , it was a review, but there are basically 2 lines talking about the future.1/ they raised £1.5m gross to "with the net proceeds to be utilised to further progress and de-risk Toral "
And 2/ "too further business development by acquiring another project", or at least spend a lot of money looking for one.

Its hard to see how much further they can de-risk Toral without at minimum a PFS so what exactly do they intend to do to de risk it over and above what's already been done? More work doesnt necessarily de-risk.
I had hoped that the search for another project would have left with LR however my guess is as its still on going and warrants a progress report i the last RNS it could be why LR suddenly upped sticks? Maybe he like most of us wanted to concentrate on Toral and not introduce an expensive distraction on the side ?
We shall probably never know however it bothers me now that the couple of lines in the RNS about what happens next are not specific Toral but something completely unknown.
As always with this company its shrouded in mystery, smoke and mirrors and does absolutely sod all to reassure its investors or attract new ones, in fact it seems to actively drive its SP down with its total lack of transparency.
Bottom line is this is down to its CEO, the last one left us in the lurch and the interim seems to be a CEO with even less of a clue than the last one.

On past records 1m Aus dollar is about 3 months. Firstly you have plucked 1m out of thin air, secondly on past record 1m is about the time they need to raise.........

Bricks
I dont think you misread the script, i just dont think there ever was one, its more like one of those improvised live shows where they make it up as they go along :-) I just hope they can write another act before the curtain comes down :-)

Wish i was only £36k down Grappa :-) you got off lightly :-)

The proposed acquisition doesnt have to be a mine or Mining related , in fact it could be anything anywhere such was the lack of focus and direction in the proposition.
Lets face it, they dont appear to have much idea what they are looking for, what they are going to do to fund Toral or what the future holds, They haven't come up with any cost savings and while they seem to want to keep Toral ticking over they haven't explained how they will fund that.
i dont see a shred of hope in today RNS, i think the message was pretty plain.

You can set up a lemonade stand at the end of your drive and make money Grappa :-)
I'm just going by what was said for the reason to look for another project in the original RNS. TBH i dont see they have much choice, they need an income to continue.

Unfortunately this RNS just raises all the issues i pointed out in the last RNS just before LR went.
Given the imminent shortage of money i think they have realised they cant progress Toral at anything like the speed they need too to keep it afloat and a stop gap project is needed to carry Toral.
It just doesnt stack up that if Toral is anything like as good as they say it is, no one is interested , i think it needs to get past PFS to even pop up on radars now if its going to attract even a fraction of its real value.
I just hope they find a project that will generate an income that will allow the continued development of Toral or we are sunk.
No mention of the cost/savings review again ?

Problem is Bricks, we all jumped off the cliff and we are waiting for "someone else" to build the wings :-)...not a great idea on reflection :-)

Just making the case that millions do the lottery with no hope of winning realistically but that doesnt stop them and thats how i see those like me still hanging on. ;-) there is always that nagging doubt that if you sell it might be a mistake and eventually your stake becomes so small you might as well let it run. If i still had 65k in this i would be out like a shot but its now about 12k the gamble is considerably reduced.
My point is that to be invested now for some of us is not a sign of optimism, its more e a sign of...eh....resignation :-)
Its all academic now anyway, its out of our hands and the unknowns more than trump the knowns "c'est la vie :-)".

Its a cliché to say if you didn't think there would be a positive out come you would sell. If that was the case you could say as there is a chance of a positive outcome you would be buying more. If there was a realistic chance of a positive outcome maybe we wouldn't be in this mess and other people would be buying but I hadn't noticed any new faces on this or any other forum. ADVFN has had 12 posts this year, 6 of them by the resident loony :-)
You hope to see a positive outcome so you think there might be one because its easier than just excepting you have done your money. Most here are like me, in to deep to ever break even, probably so far down its not even worth selling because the less you have at stake the less the impact of losing it so dont confuse holding with a positive outcome. The odds of this coming good are about a million to one but then thats about the odds of winning the lottery and millions try that every week :-)

Its hard to know now what the answer is MFM.
DB and Bennelong have actually had a negative impact on the SP. we were near 9p when they got their massively discounted shares and they haven't been able to hang on to 5p since. Having a million + cash in the bank didn't help and neither has the demise of LR. No news however good has ever reversed the trend of a falling SP and i expect if you were to divide the current SP by 500 we would be at a near all time low..
We cant afford a PFS, we cant even really afford a CEO and money must be running out so what's the answer ? probably either suspension or a JV where we have to give a large portion of the "asset ?" away to stay afloat..
a placing is unlikely i would have thought as if discounted from 4.5p i doubt whether even 50% would raise a worthwhile amount given their £2m a year history.
we haven't heard any more about the cost savings ? Obviously paying people in shares doesnt really save anybody anything other delaying the need to raise cash for a while. Those shares still have to come from somewhere and the companies past view that dilution is free money is coming ack to bite them now.
Come on Highside, what about the positives ? :-) well eeeerrr...ummm how about we progressed Toral by £11m that the next company that picks this up for £400k wont have to spend ?

:-)

Its pretty pointless directing most of the questions here this weekend at the Forum. The only people able to answer will be the BOD.
A spot of deja vu but in 2015 FCR hired a guy to oversee the BFS on Moonlight and they required $12m to see it through....

https://uk.advfn.com/stock-market/london/europa-metals-EUZ/share-news/Ferrum-Crescent-Ltd-US-12m-BFS-Financing-Agreement/66701179

Someone at EUZ needs to explain why the predicament Toral finds itself in today is different from the predicament it was in 7 years ago and how it intends to make sure the same thing doesnt happen to Toral as happened to Moonlight.
Once they address these concerns maybe someone might invest in this. At the moment its still dragging a lorry load of historical baggage behind it and seems to have learned nothing from past mistakes, re: investor communication and PR..

There is a pattern here
I say something, its immediately dismissed because i said it.
After a while someone else says the same thing and its greeted as a revelation.
I point out that i said this ages ago
the same poster will then say....huh we knew that all along :-)

Shed...some on here went great to pains to tell me that the PFS was not necessary and listed other tickers that didn't have a PFS, those same people now say the PFS is the hurdle. I know you cant stand the fact i get things right but sometimes its probably better you hide this and keep quite :-). your constant sniping at everything i say does you no favours. :-)

did it ??

I dont think he had an epiphany. dont forget that he employed WA to manage the PFS only 8 months ago then a few months later said the PFS was not being funded at the next raise.
Maybe he knew as i have been banging on about for ages... a PFS is a major and important step. Maybe he saw a diversion project as the only likely way to finance it and once that was off the table, that was it.