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Thats what i said 11/1 two weeks ago

In June 2021, Wardell Armstrong International appointed as PFS Manager. I wonder why we needed a PFS in June but not 4 months later ?

Actually when i say get a grip on the PR i realise i have been saying that for 4 years and i might be flogging a dead horse there :-)

I know its a daft question but you have to wonder if LR really understands that if you hold back the metallurgy , delay the PFS and start a new strategic direction that means you are actively looking for another project...it sends out the sort of message that means your SP might fall from 9p to 4p ? :) Time to stop doing his Boris Johnson impersonation and get a grip on his PR ;-)

I think if you have some that say shut up and get back to us via an RNS when you have something to say and others that try and follow him daily via social media he is damned if he does and bla bla bla.... :-)

I agree you cant hire an fire according to the work load but thats the point of a project manager, he basically sub contracts core analysing, drilling , hydro and so on. that way you employ who you need when you need. Staff and payrolls are a luxury afforded to companies with an income.
I dont think a project manager would be over worked, i think thats basically what LR is and notice i have not criticized his work load today but i suspect he does 75% of the work here for 20% of the wage bill.
The real problem is that the rules require a BOD and we probably dont need one at this stage..Lets see what the expenses review turns up if we ever get to see it.

I expect a good project manager and a half decent PA could pretty much handle anything that needs doing but I am sure you know better :) Hey lets run up 4-£500k per annum in wages instead. Never mind that we have no income :)

Well dont list a load of out sourced work and tell me "they" are busy then :-).

OK so its not "abandoned" as that implies it will not go ahead one day but the fact is its not funded so work will have to stop before completion. Abandoned or just shelved, its the same result in the medium term. JV partners would be normally be expected to asses the financials based on a PFS or BFS, they wouldn't normally have to carry out the PFS/BFS themselves unless of course they come on board at a very low price to offset the risks of not having completed financials.

I stand by my point that they have very little to do. what work that is be done will be outsourced like drilling and geotechnical drilling even the PFS...lol Do you really think the BOD get up in the morning and pull on a pair of wellies ?
What do you think they do all day ? all those guys sitting at computers in the offices above the 100s square yards of warehouse space of core samples that could be packed away in a container at a fraction of the cost.
the drilling is probably half a dozen guys at tops who are subcontracted and nothing to do with EUZ.

It would be interesting to see how many hours a week MC , EK and DS really put in here on a daily basis.
these are important point all the while we are expected to pay for this and are kept ill informed with no sign of an end date.
As i have said before , the BOD and shareholders are at odds here because share holders interest is Toral and the BOD interest is EUZ.

I wish i had your confidence they haven't abandoned the PFS Bricks. the fact that its no longer even funded when in the mining world its a basic requisite in the process of proving up and valuing speaks volumes to me.
The problem here it seems to me is the Company has nothing to do, its chosen to look for and progress a new project to make some work IMHO but it cant fund this. Its pay roll has increased over time so its overheads are increasing. Its employees earn money but the Company doesnt so share holders are basically paying the wages by constantly devaluing their holdings.
We await the "strategic review" on expenses and remuneration however its going to be a compromise.
Ideally the company should just finish up its perimeter drills and suspend while it try's to sell its lease. but the company seems to have been side tracked to promote its own preservation. The problem is the company's whole reason to exist has been put on ice while it tries to reinvent itself but in reality its track record with Toral is so bad that its lost the trust of investors. Basically it crossed that fine line between a serious speculative punt to a life style company for the BOD.

AIM gambler
Please let us know when its on its knees so we can all buy :-) Its been falling steadily for 10 years and I doubt very much its about to change a habit of a life time :-)

I see this a a rather damp firework now., We all stand around wishing we were somewhere else, its fuse is spluttering , expectation of anything spectacular is falling and eventually it will go off with a disappointing phut and a puff of smoke and probably fall over :-) we will all stand back and think well that was a bit of a let down :-)

I dont wish to pee on your fireworks but they are just shortening the spread to try and make a market
tsbs....They can raise till the cows come home if its not challenged at the AGM and people still want to buy. How do you think we ended up down here in the first place :-) Remember this price is consolidated, reality is they have issued 30 billion shares which are worthless in groups of less that 500. Quite frankly however the BOD justify this to themselves, truth is its a shambolic disaster....unless of course you are on the pay roll :-)

Obviously that should be stated not started :-)
one other point is we dont know how much they had in the bank at the time of last raise. My suspicion is that the raise was more about getting in before the AGM when that years permission to raise expired, than an actual shortage of cash. That would mean they could raise again as soon as needed after the AGM again. That would be important if a new acquisition was made as they would most likely need to raise again before the next AGM.
The truth as always is , we dont know and will not know until we have the financials by which time they will again be 6 months our of date :-)

They started that they were financed for 12 months Without an acquisition. It would be company suicide to get that wrong after all they have got wrong in the past. We should be ok for another 10 months.

I think this is all part of the problem Bricks, People like you and me who have been here a while remember the delay in announcing the scoping study. We were fed a load of BS about wanting to expand the results of the study for greater impact and so on but really they just studied an area they didn't actually have a lease for. Now we have another delay and people rightly think, what have they ****ed up this time. I'm sure they think they are being very clever with what they feed the punters and the "cards up their sleeves" but what it really does is simply put people off as volumes now show.

Grappa
I dont think its a coincidence that the SP has stabilized at around 5p give or take the MM's playing with the spread since LR shut up. Of course you could also say thats its stabilized at 5p because thats what the company valued itself at when the SP was running at around 9p :-)
Either way for a company that has had a falling SP trend for 10 years any stabilization is good news.

castle2012
A shortage of stock really doesnt matter when you have a shortage of buyers :-)

Its a telling fact that there is far less damage done here when LR keeps quiet. long may it continue. If its worth saying then issue an RNS so its official and not just the usual social media spin.

whats god got to do with it ? dont tell me he is in this as well :-)

A couple of points
Its unlikely they will raise that soon. The last raise was probably only to get in before the "right to raise" needed renewing at the AGM. That said with no news to the contrary it would be a brave man that believes any excuse like we will look to find non dilutive funding in future ..lol
We dont know what they earn TBF with bonuses and what currency . With most self employed expenses usually contribute quite a bit :-)
On a slightly different tac where does it say in the RNS the PFS will not be funded ? i want to clarify why they hired Wardell armstrong then abandoned the idea ? I wonder what that cost ?

Bricks
At the same time they also said there was to be a costs review ? how long does it take to find out you are overpaid for underperforming ?
I also note in the year review of the same date they said

In June 2021, Wardell Armstrong International appointed as PFS Manager. I wonder why we needed a PFS in June but not 4 months later ?