The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
errrm, there is no making my mind up required. As a long term holder, I am hacked off that shareholders have had nothing but dwindling share price to show for it over the years. I am not going to take someone making a quick £10k profit because of insider information, whoever they are and however they got it, lightly. It reeks and I'm having none of it.
Well here's the link for those that want it;
https://www.fca.org.uk/markets/market-abuse/how-report-suspected-market-abuse-individual
We've not been made aware of anything regarding Covid. The limited working week as I understand was to manage costs (salaries?) as much as anything.
...I wouldn't want to be out of this over the weekend.
Rinse and repeat x30 odd weeks.
Cheers Tro, will take a look!
Probably thinking money would work better elsewhere as there will be no upward driver for this for months now.
Thought had crossed my mind of selling and moving it elsewhere for a few months and then buy back in.
But a) probably not worth the hassle and i'd just put some new money in elsewhere if I wanted and b) I'd not doubt time it badly, miss the get in point, and end up in effect crystallising my current losses.
Pretty sure "Not fit for purpose" has a particular legal significance. Could well be we're considering legal options and hence the relative radio silence on that aspect. Glad we're at least looking in to it and not just taking it on the chin.
And that's all folks!
Key themes;
Mill plant delivered by the contractor not fit for purpose (a phrase used repeatedly). Whilst cagey, it does sound like discussions are ongoing with regards compensation for this.
Better recovery is being achieved when we move out of the weathered material. Sounds like recoveries are improving albeit a long way to go.
MM happy to answer all the questions which appeared to be presented as was. Also wanted to see us all via video!
Overall feel was that whilst we're not in a place anyone wanted to be, it is at least stable and improving. Next quarters results won't blow anyone's socks off, but they ought to be an improvement.
Q) Will moving area being mined affect JORC.
A) Area being mined was not within JORC so unlikley to affect the JORC. Will review in several months time.
Q) What can WRES do to provide shareholder confidence given we're going to be -ve cashflow for a while and avoid dilution.
A) MM: Best thing to do is to get cash generated from selling product. Next is funding from major Spanish banks - low cost and non-dilutive. Facility with Atlas, provides a buffer, source of funds to tap into. Blackrock allowing roll up of interest payments into debt provides some protection. Trying to navigate difficult waters to get to a better position.
Second Q) Has Spanish bank liquidity been used up?
A) Complicated - short answer seems to be there are a few bits and pieces left and some facilities are still in place/ongoing.
A good number of share holder questions asked, uncensored warts and all.
MM happy and comfortable to field live questions.
Can't keep up now so have missed a few.
San Martinho - going through regulatory approval process - taking a while. JV discussed again.
Renumeration committee and MM's consultancy fee - there is one that meets and discusses these things. MM is not on the committee.
Atlas Drawdown. Can't comment on when we might need to drawdown again. Looking at other facilities too - referred to recent support from spanish banks. Actively looking for other support in relation to Covid.
X Ray sorters. Doing some test workers in the background but not focus at the moment.
Update on the grant. Pablo - Affected by Covid. Frustrating as they've followed the requested steps. Only now that the local government is fully back and starting to get through the process. We will get the money but dont know when.