Member Info for JP2000

Copper's been range bound for the last 6 months, does anyone know what the upper break out price needs to be?

Q3 quarterly production results expected anytime in the next 2 weeks.

Re Profit: with copper at the bottom of the cycle, central ops closing, build and development phases of Tschudi then you wouldn't expect a profit over 4 of those 5 years. Further problems (water ingress and leaching times/rates) were not anticipated but more importantly they hedged as Cu started rising and got caught out (Orion were fully supportive of the hedges). Current hedges are favourable although unwinding over the next 6 months so they are expected to make a profit in H2 (YE 30th June) with decent profits in 18/19.

Scrubby, could you ask WTF did you not signal the rollover in advance and restate the 6th Feb message? We've witnessed needless hysteria today because of poor communications and it raises the prospect of more volatility IF the SP ever gets to 3p again.

Extract from RNS 6th Feb:"The Company is involved in negotiations with Orion to agree a long term restructuring of its secured debt facilities with Orion and to avoid the formal, quarterly amendments to its debt facilities." Cant understand why the RNS today doesn't mention this or why KE didn't set realistic expectations prior to the RNS release that it was going to be rolled over.

Hi Bob, I was more interested in the proportional of debt to equity and the interest rate for such a large deal and didn't look at the impact on Victoria's share price. Difficult to comment definitively, could have been over bought, perhaps the placing was too discounted or maybe the level of debt is seen as too high. The interest rate L+5% says this is lower risk than Tschudi. My personal view is Kitumba phase 1 is a +$200m project assuming an underground mine and reasonably simple processing route. The POX route seemed wildly ambitious and was undeliverable. A debt to equity ratio of 3:1 seems likely and I'd expect institutional rather than PIs to fund the project, probably in 18 months time. At this point WTI are waiting for Zambian authorities to sign off the deal so its unclear what the timeline are.

Give a flavour what an Orion Kitumba deal could look like: https://globenewswire.com/news-release/2018/03/08/1418183/0/en/Victoria-Gold-Announces-Comprehensive-C-500-Million-Financing-Package-for-Eagle-and-Continuation-of-Construction-Activities.html

KE mentioned time zones so it's not his decision to announce, they're working to NY time.

7am New York is 12pm London

Emailed KE, RNS will be either today or 7am Tuesday. There's a dependency on Orion (yes really) whether it's a decision or a public announcement I don't know.

Some will be crystallising WTI gains rather losses given the rapid SP rise over the last 6 months. If you bought in at 0.3p v 1.0p today and the holding wasn't protected by a SIPP or ISA then it might be prudent to take �11,300 of capital gains then buy back in at 1p (inside an ISA would be better). However your initial post about bargain hunting an oversold share is probably nearer the mark.

Lets not forget its the end of the tax year, the SP had risen very rapidly and stop losses accelerating the recent selling.

Historically WTI isn't leaky just look at the SP movements prior to the announcements in Jan/Feb, if anything the SP went down before some excellent production figures. Incidentally the rainy season's quite light this year plus they stockpiled 90kt/ore so Q3 could be relatively good when announced in 2-3 weeks time.

Would the new debt deal be contingent on Tschudi leach rate investigations which are not due until July at the earliest?

Jenny: its Kevin Ellis and the reason you spoke to him is he's the sole UK based employee, they have an office which is close to home for Kevin and useful for meetings but he could easily work from home.

The LOM is 8 years. WTI doesnt have institutional investors at the moment, its mainly suppliers who invested and PIs. Logiman 8% are sellers over 3p.Many of the major shareholders are in fact nominees for PIs.

Generally Orion finance mines rather than owning or operating mines so it would be surprising if they swapped D4E. Also shareholders would be better off handing in the keys to Tschudi and concentrating on CO, Kitumba and BA if there were a massive dilution.

Headly and TDT are both right. Debt repayment date 31st March (Sat) so news on around 29-30th March (next week). If repayments are simply rolled over for another 3-6 months then not a disaster just means the debt negotiations are taking longer though lets not forget Orion have sanctioned two acquisitions.

Could TDT & Patters85 check Bloomberg tomorrow if the update is 15th of the month. I'm more inclined to think the big Feb seller was a large PI rather than Logiman. Interesting to see Kevin Ellis holding 1m shares.

Thanks TDT & Patters85, amazing the % held through nominees. So who sold c30m shares around 7th Feb? BaronDT(AB), M Harris, Dr W. Martinez (only had c20m)