Member Info for jaf1948

Kev,

I didn't ignore you on purpose. I have what some people called 'a life' outside bulletin boards.

Unless you are totally brain-washed, there is always more than one way to look at every thing , which my last post reflected. Obfuscation would more accurately mean I can see both sides of the WRES story, which apparently you cannot.

Archetypal MM RNS:
To the believer: Proof that the company is on its way to multi-bagging
To the disbeliever: Proof that the company still has a way to go
To the market: Disinterest

Kev,

I don’t need to say anything. The market is saying it for me.

By the same logic:

December is a month.

Quarter is three months..

December quarter is three months, starting December.

That should be -£2m not -£.2m

In February this year, WRES in their presentation quoted EBITDA for 2019 of $15.2m.
Six months later, Shard are giving an ebitda for 2019 of -£.2m.

Any CFO presented with figures like those would have a problem with cash flow and I cannot believe that WRES will be any different.

It says £12m for 2020 on my copy of the report (Income Statement - page 18)

mogwhy,

A valid point - so WRES must have lost £4m in H1 2019. Shard are showing 350t for the whole of 2019 (and only 19t of tin) in the Production table on page 18.

mogwhy,

'Shard have forecast 350t of concentrate production for H2 this year. Throw in 35t of tin as well, and at current prices that should generate £2m of ebitda for H2.'

But Shard also show ebitda for 2019 as minus £2,000,000 in the Income Statement on page 18. Which figures are more likely to be correct ?

Kev,

Not my figures - take it up with Shard. They say WRES will not have any cash by the end of the year. But you know better as always.

Kev,

The table of cashflow shows Free Cash Flow at the end of 2019 as -£3,000,000. That is not a healthy position.

Oldie,

True - I shouldn't have made a generalization. But the board was overwhelmingly negative to my comment.

When I mentioned that the interest rates on the Blackrock loan were punitive, all I got from this board was derision. Now Shard has said the same.

When I mentioned that cash flow is going to be a problem due to lack of income this year, I was told that WRES had plenty of cash. Look at Shard's figures for cash flow on page 18 which all but state that there will need to be another cash call in 2019.

Troajan,

As ever, wrong in both counts.

Sorry, that was a silly reply.

Clearly I didn’t if you feel you had to point it out. Please enlighten me.

Did you ?

Let me give you an example of why I cannot work it out.

The FID says that Management and Administration costs $5 per mtu. So that would mean when 200t (20,000 mtu) are produced, the Management cost is $100,000 for that month, but if only 10t (1,000 mtu) are produced, the Management cost is only $5,000 for that month, which clearly is a nonsense.

Troajan,

OK. What I want to know is how much will it cost WRES per month if it produces 10t, 50t, 100t or 200t - both fixed costs and variable costs. I can't work it out from those figures - can you ?

mogwhy,

Thanks for that. Yes, some figures but unfortunately not enough to construct an accurate model. In fairness, such detail would be very sensitive so I wouldn't have expected to find it in the public domain.

mogwhy,

That might be helpful - I don't remember seeing that. Is it available on-line please ?