Member Info for JTS13

@Kev, inferring that 46M were yours?
Fair play. I was tempted to sell a few at .5, but with the spreads usually around 5%, consider wres too risky for trading. Once this 3M stops, this could shoot up quick

@Circumspect: makes a lot of sense. Essentially the ultimate hedging strategy. They'd have 1 year to see if everything gets' set-up per plan (the same year where most risk lies). Whilst unlikely, if there was a significant problem in plant construction, they lose nothing (having already achieved 50%+ on their original investment). If everything works out accordingly to plan, they multi-bag
Smart

Problem with the Warrants idea is that only 21.4m have been exercised. Hence the earlier discussion about recycling of shares

Does appear that there has been an admin hick-up somewhere. An overseas II where system in their own country doesn't require 3% notification (e.g. China, just the same as Hansource's Chinese owner had no idea that annual submission of confirmation note was required in UK to maintain a company). Or possible the warrants have all been issued and we're nearing the end of the sale.

Important point to add: almost all of us will be in here for at least the next year, i.e. first interims published which include some financial data. So whilst it's ideal for this seller to be gone asap, it doesn't really make much of a difference to most of us if it takes him just one week or another 6 months to sell-up

Morning JAN. I am focusing on momentum and trading ranges. HUM just entered into a new lower range (approx 24.5 - 26, giving a swing of around 5%). When entering into new ranges, there is usually a bounce away from the new floor or high, depending upon which direction the stock is going. In this instance, I'd recon anything beneath 25 as a buy...This is on assumption that gold is fairly muted and similarly trades within 1190 - 1210 range. When looking at gold on a weekly chart, MACD (3,8,3) and moving averages indicate a stablisation since mid-Aug

Given that trading volumes are low and that we had fairly large sell-off on the Interims, I'd safe to play within the new range

Otherwise, as mentioned, should there be a positive change in gold price (e.g. push over 1220), then I could see this moving towards 28 or 30 and return to its' previous range that we had in July this summer.

Hope this helps give an idea as to where I was coming from

Good summary @aw2414.
HUM MC less cash in bank essentially 67 million pounds. Assuming only just meeting production guidance (which would allow 75% capacity for Q3 and 90% for Q4), increase AISC to compensate for the production difference to around 850/oz and reduced average gold price for the period to 1150...that's still profit of $16.5M, giving a pokey wee PE valuation.
Fast forward to 2020, when production is up 25% with new crushers and gold stablised, SP should have rebounded pretty nicely.

Unless major negative news or drop in gold, short term trade to 28p (10%) within next month fairly realistic. Slight increase in gold to 1220+ and this should break 30p... Even without considering fundamentals, the technicals look quite compelling for a bounce.

Topped up 30k

Morning @dreaming,

Agree with your overall point, but just want to clarify on what you mean with regards to communication on the website and cameras being sub par.

WEBSITE: Note that the new website has already been online since the beginning of the year (the old one was terrible). Admit that info is not the best, but key points are there. e.g. stating that Regua will be in production at 1,300 TPA from 2019. A point people still question on a regular basis even though its been on the website for over 1-year now

CAMERA: that pictures/videos are being posted online on almost a weekly basis. Perhaps the time shot hasn't been provided, but showing a time shot of earth movements would likely create negative publicity. Average PI's don't get that 90% of site construction is in the planning, and then most of the remaining 10% is in earth movements and foundations. It will only be in the final steps before a good quality time shot could really be shown... and we're not there yet. So not quite sure what could be done better there

Otherwise, agree with your point.

Besides the news items you & bob mention, I'd additionally like to know about first shipment of the "trialing" at LP with our old concentrator and JORC plans for Regua. The latter should be included within the FID, but the former could be good catalyst for upward SP movemenet

Otherwise: jealous of your holding!

You're not missing anything @Franny.

Hansource is a shell, investing on a loan from another shell. Shanghai Luxiao Mining Co Ltd doesn't really mean much. Unfortunately, without the Chinese characters, this is not possible to search online and find out what they do / they're financial position. Otherwise the Chinese equivalent of Companies House would give this data.

Only reference online to the English name for this company raises a legal action against the company for fraud - relating to contract seals in an agreement with Yanzhou Coal Mining Company Limited (兖州煤业股份有限公司) last March

With regards to our Director friend, even his signature is borderline illegible. His surname "董“ can just be made out, but his first name is not clear at all. I just went through 89 characters for "Bo" to match to his name, but could find it.

This myseterious Shanghai-based company is investing with about a 1mill GBP loan from a Singaporean shell, Rambo International Investments PTE Ltd. A shell also registered by the same guy who's in Hansource and the Shanghai company.

Our solace is:
(a) Chinese are strapped for cash. Middle clash Chinese have no problem investing a million quid and then forgetting about it. So we have little worry on that side
(b) Related to above, whilst there're many shells involved, they're all owned by the same guy. This is why the loans are made at zero percent interest, so there's no pressure on Hansource to sell out at any time. My guess would be that each shell is registered at minimal capital and then investing on loans which are sub-loaned out to another shell. This allows Hanource to invest multiples of his original amount without needing to worry about SP fluctuations. Cause even if he lost a million quid, he'd not be liable for the money as the company is only limited to its' registered cap.

Understand that the above might sound manipulate etc etc. But having lived in China for a decade, can guarantee you that this is pretty normal business practice

There's a possibility that Mr. Dong might be an acquaintance of MM's, from his days' in HK. Who knows.

With HUM also being mentioned today, it's also worth noting that part of the SP drop there is cause an African II sold out their holding. However, as rules in their country were that holdings below 5% (or something like that) didn't need to be reported, they hadn't even reported the fact that they had greater that 3%. So nobody had a clue who was selling out for a couple of months. It is quite possible we've got a foreign institution who just didn't know about the 3% rule. Who knows. Quite a few scenarios. Main thing is that we want them to get it over and done with asap

Sorry for the drizzle. Just started typing then all this blah blah came out. Can't even remember the original point I wanted to make :o

Haven't gone back to look at my notes, but my memory was that we were going to process around 0.7T per annum and then grow into T2 via the crusher etc, prior to upgrading the concentrator to the T3.5

The first part got scrapped due to low commodity prices and we focused straight on T2. Then the upgrade part got scrapped and we decided to get the best kit right from the go... or something like that.

So the inference is that the concentrator could fulfil production requirements for T2.

Thats based on interpretation of docs which I haven't read for at least 3 years....

Thanks Kev and Mr. Happy. Let's hope he's happy to keep accruing for a while longer

@Seawolf, my understanding was that Companies House had previously stated that the Hansource issue would be resolved by 18th September. However, the accounts (filed on 13th) can still not be downloaded from the website. Any idea what's up here? They should be publicly available

Would expect the annual accounts to contain a balance sheet that should indicate their holding in WRES (and possibly others). They're also due to report on their 2017 FY within next 42 days. Micro accounts tend to be minimalist, but would be ideal to see if they mention anything about wres in that record

@Seawolf, my understanding was that Companies House had previously stated that the Hansource issue would be resolved by 18th September. However, the accounts (filed on 13th) can still not be downloaded from the website. Any idea what's up here? They should be publicly available

Would expect the annual accounts to contain a balance sheet that should indicate their holding in WRES (and possibly others). They're also due to report on their 2017 FY within next 42 days. Micro accounts tend to be minimalist, but would be ideal to see if they mention anything about wres in that record

@K3VMC

"There was a 10% shareholding representation there as well as an II who has been absorbing the Mr 3m sells."

Read through posts but may have missed if there was a clarifying statement on this. May you confirm if this was subjection (e.g. there's an II buying that coincidentally atm and absorbing the buys), or purposeful (e.g. an II actively strategically absorbing the sells to take comparable position).

I believe TrumptonTown had mentioned a month or two back that there was a rumour in the City about a US stock storting wres (or something, I forget specific detail).

Obviously, we're all at a loss and offering guesses, but if there was a meaningful statement about an II taking the stock, that'd be a welcome rest-bite

Had too many shared which multi-bagged (caza,hawk,eme,mosm,cnel, etc) only to walk away with losses cos I never sold but topped up as they rose.
So have focused on keeping level headed since and trying to avoid too much emotion. However, after a 5 year wait here for something which I was expecting closer to 1-2 years to happen, yeh... feels good :)

If I remember rightly, the additional 5mill US we got on Blackrock was to cover the development of Regua.

I'm assuming that this was for expenditure not including the concentrator though. Mgt may have always planned to recycle the existing one, but just didn't communicate it. Quite a KO-slap in the face to anybody who's short on WRES right now eitherway

Let's hope it doesn't stay silent for too much longer! Once the concentrator gets put to work, would like to hear quite a bit of noise about all those tungsten rocks coming off the production line

First production from LP looming any moment. Regua will certainly follow quickly afterwards. We'd been hoping for 6 months after LP, conservatively at Q3 2019. Now we're half hoping it'll be ready early Spring

C'moan the re-rate!

miningweekly[dot]com/article/w-boosts-board-with-madrid-based-directors-2018-09-17

Not very well written, and the closing sentence is both out-of-date (in terms of the meaning) and incorrect (in terms of the it being a contradiction...how can you sell off the copper assets to focus on copper?)

Anyway, that asides, seems like there's a bit more attention being shown towards WRES now

Catching up on the postings over the past couple of days. Some quality posts there following the site visit and want to pass on my appreciation to Hbob for the summaries. Comments on plant efficiency and the concentrator testing are very useful.

Additionally, Mogwhy. Great spot on the Hansource filings

Thought the guy on the left with white hat was MM for a moment... and then noticed that blue hat in the centre holding the white paper had top button down on his shirt. Dead give away lol

well... that tick-up just came through. But may still require another one or two to get that floor up. Then we're on to .51 as the next ceiling and close to break-even!

Unable to get a quote for a buy over 1 mill.
Yet very happy to take large sells at .457

Indicates that we could get further tick-up with just a few more buys, and that would clear us of this ceiling and give us a new floor