really got to go.... these since the last post another 5.2 million. This isn't PI's punting IMO.
27.02.23 10:08:05 2.98 GBX 500,000 14,900.00 Off-Book P LRGS XLON XLON
27.02.23 10:06:52 3.00 GBX 500,000 15,000.00 Off-Book P LRGS XLON XLON
27.02.23 10:01:53 3.06 GBX 650,000 19,883.50 Off-Book P LRGS XLON XLON
27.02.23 10:01:23 3.09 GBX 750,000 23,167.50 Off-Book P LRGS XLON XLON
27.02.23 10:00:30 3.15 GBX 536,833 16,910.24 Off-Book P LRGS XLON XLON
27.02.23 09:59:52 3.02 GBX 736,870 22,253.47 Off-Book P LRGS XLON XLON
27.02.23 09:59:41 3.08 GBX 500,000 15,400.00 Off-Book P LRGS XLON XLON
27.02.23 09:58:19 3.04 GBX 500,000 15,200.00 Off-Book P LRGS XLON XLON
27.02.23 09:53:13 3.03 GBX 600,000 18,156.00 Off-Book P LRGS XLON XLON
2023-02-24T17:27:43.000 GBX 2.616 500000 13080 Off-Book XLON N LRGS XLON
2023-02-24T17:28:02.000 GBX 2.601 500000 13005 Off-Book XLON N LRGS XLON
2023-02-27T08:00:38.053 GBX 2.71 500000 13550 Off-Book XLON P LRGS XLON
2023-02-27T08:01:08.457 GBX 2.77 500000 13850 Off-Book XLON P LRGS XLON
2023-02-27T08:04:49.830 GBX 2.71 500000 13550 Off-Book XLON P LRGS XLON
2023-02-27T08:07:31.823 GBX 2.662 500000 13310 Off-Book XLON P LRGS XLON
2023-02-27T08:41:58.230 GBX 2.72 670000 18224 Off-Book XLON P LRGS XLON
2023-02-27T09:03:13.923 GBX 2.703 500000 13515 Off-Book XLON P LRGS XLON
2023-02-27T09:35:32.540 GBX 2.899 862366 24999.99034 Off-Book XLON P LRGS XLON
2023-02-27T09:38:48.420 GBX 2.889 647634 18710.14626 Off-Book XLON P LRGS XLON
2023-02-27T09:45:49.637 GBX 2.99 635451 18999.9849 Off-Book XLON P LRGS XLON
2023-02-27T09:46:29.423 GBX 2.916 500000 14580 Off-Book XLON P LRGS XLON
Nearly 7M now - 1m delayed from Friday - as I write another 600k has popped up.
if you take the previous ones last week and subtract Lang's extra 3m ... by my reckoning there's close to 19M (5.5% of the cap) unaccounted for in TR1's
Got to dash now but I'll tot them up at the end of the day.
ATB LB
These fellas are back, someone was up early.
27.02.23 08:00:38 2.71 GBX 500,000 13,550.00 Off-Book P LRGS XLON XLON
27.02.23 08:01:08 2.77 GBX 500,000 13,850.00 Off-Book P LRGS XLON XLON
27.02.23 08:04:49 2.71 GBX 500,000 13,550.00 Off-Book P LRGS XLON XLON
27.02.23 08:07:31 2.66 GBX 500,000 13,310.00 Off-Book P LRGS XLON XLON
Just keeping them all in one thread so they can be totted up if needs be.
ATB LB
@neilin
Great post - Much appreciated!
I did a bit of reading today and deduced that there are multiple keys to to this puzzle - the makeup of the reagent (the compost) being the big one if I've understood it right. You have to have all the keys in the right sequence to unlock the secret, so the overall code is a hard one to crack from a standing start. Even if you have clues to each part.
My reading kind of lines up with your post so thanks for the analogy, makes perfect sense.
On to the second half. Hope you don't mind, I did a bit of stalking of your post history, and found the one in question. It must have passed me by as I don't recall seeing it. Out of respect I won't relay it, I'll leave that to your discretion, but that's ******* mind boggling!!!!
With both feet on the ground... I presume your eluding to number 5 ?
In the room tomorrow?
I truly hope there's a good outcome here for everyone concerned, but especially the original crew members who have waited YEARS for this to turn round. If you're anything like me, been sat on a 80-90% loss. I get all the hype and excitement from the newbies, but some of us endured some very dark times - the BOU delist period was a particular horror show for me at the time. Could have been lights out and good night.
Good luck to all - it's seems to be getting some positive movement finally. Fingers crossed.
Cheers again. You've helped a lot.
ATB LB
Morning folks.
As a reminder. I posted this a couple of weeks back..
Back in April 2020 the company issued this statement around C19. Seems they were prepared to tighten their belts with only £0.6m cash and survive for 12 months. WK output was much lower back then.
'The Company has assessed the impact of Covid-19 on the business, and has decided to be prudent and will aim to maintain its cash position of £0.6m which, along with existing operations, should allow Eurasia to continue to trade without using the Credit Line for at least 12 months, even if there are interruptions in production. '
https://www.lse.co.uk/rns/EUA/general-update-2v4nogg7jxdqz4q.html
The plan does rely on refining and selling some sand. Not sure if a sanctions risk is preventing this.
ATB LB
EIE01
Sorry. It may have been misleading from my post, I was referring to the additional 10m spend since interims. ***
Dec 2021 cash = 22m
Jun 2022 - interims - cash = 14m (-8m)
Dec 2022 - corp update - cash = 4m (-10m) * * *
@ PaulB 13:29 - I have also pondered this. Official direct JV spend is about 500k.
Perhaps the Wainwright money was directed elsewhere because sometime between Oct21 and Mar 22 the impending expiry of the Nyud licence came to light. Hence the reapplication. There was a CPR produced and the project had been running for months. Bit of a ****er that.
It's my guess the BoD realised their first JV project was a problematic and going to take longer thus switched focus. Likely towards boosting WK.
ATB LB
Evening Cizzlers. What a week!
Thanks for the summary @Neilin.
Has anyone got a handle on how much of Dawn's research is published via scientific papers? I know there is a patent (or two) but are there any key elements of the technology out in the public domain that anyone knows of?
I've spent an hour or so on google and found a few she's published, one particularly on Ciz1, but my cell biology is non existent so I don't mind admitting I'm totally out of my depth. Give me some drilling results and I'm all over it but I don't understand a single word of this :-)
I appreciate it's taken decades of research. Just pondering if there is any reverse engineering risk and how 'copy-able' the technology and techniques might be especially given the almost infinite resources of big pharma and the Chinese connection.... the resourcefulness of the latter is not to be underestimated!
Given the mind boggling potential of this product I'm just trying to asses if there is any risk attached. Maybe worrying about nothing. Maybe also not understanding the process.
Saying that - my lay understanding is that with new innovations in medicine, like our test, it's basically a race to market and potentially licencing out thereafter. Any opportunity to shorten development time and secure the secret formula early on is worth paying for to win that race. The big boys are much better resourced to adequately protect the product once approvals are awarded and it's production ready.
I can see the potential for a big player offering a fairly substantial sum to get this head start if this product proves to be a goer. Guys like AZN and Pffizer etc basically have elastic pockets. I'm pretty certain it won't be at our current Mcap of £9m.
Many thanks in advance for any pointers/reassurance on the initial topic.
ATB LB
Hi eie01.
I'd seen those calculations. They are dotted about in other forms in various rns publications. I'm speculating on the spend from 22m (Dec 21) to 4m (Dec 22). Or 13.6m (June 22) to 4m (Dec 22).
Broadly 18m in a year. 10m in the 2nd half. Next set of accounts will shed some light and itemise this period.
Cash burn isn't necessarily linear and CapEx intensive projects may be completed now. Including the costs associated with the DFS and Travyanaya licence.
Running the 24km power line through remote undulating forest and sticking a sub station on the end must have drawn a large proportion out of the total. Additionally there are 6 hook up points on site and a movable temporary bridge (~250k) to get the drag line over the Tylai creek.
WK is now self sustaining and ready for the 23 season.... Just trying to counter some of the blanket statements that all the spend is on inflated wages and inefficient operations.
I do concede that cash is running down. If we're not selling product it will eventually reach zero.
The options are sell WK product. Sell an asset or raise.
ATB LB
(...PT 2)
I personally think WK is currently a much more saleable asset. Hence the cash that has potentially been diverted to it.
Anyone wanting access to PGMs would (now) get a fully functioning production asset with large flanks attached and an attractive LoM. Plus it's operating so there's real production data to back it up. There's already a DFS in place! Year round stripping and up to 6 wash plants. Dragline/Gingham table cloths etc :)
Other than total value, WK could be objectively viewed as the most immediately cash generative asset. It comes with a mine operator, workforce, equipment, improved ESG credentials and a ~£6m stockpile. Transport links are good by rail. Northern China and Sakhalin are accessible directly via the Trans Siberian link. BRICS / Japan?
No idea on value. I think I've seen other posters saying about 4p per share. So about the current mcap of £100M. Take out KK's split and it leaves £68M.
A cash injection from the sale of WK wouldn't be enough on its own to make us or the BoD rich. It could be put to good use in Kola or better still securing other diversification assets outside of Russia cutting the single country geopolitical risk.
Some posters have raised the valid point about a potential roadblock getting the cash out. I'm on the fence I don't know enough about it. This is where Simmons could help as they are specialists in this field.
But a fairy good interim move
No dilution. No Raise.
Downside - it kills any future revenue stream completely.
My thinking is that Monchegorsk + JV is all a bit messy and chaotic but WK is actually a relatively stable and clean bundle. Lower intrinsic value but an easier asset to market and sell - quicker and potentially to a wider audience.
Perhaps getting the electric + dragline running is the final key here. Perhaps the stockpile is for the potential buyer to process using their own sub contract streams and part of the deal.
Like I say the above is all guess work
AIMO DYOR. Take it or leave it.
ATB LB
All just my take on the situation...FWIW
My view is that if other JV areas were taken up (c.350k a pop) we'd of seen an RNS and new sub (s) would be set up like OOO Monchegorkskoe. The mention of such subs (plural) for other JV sites has been mentioned in an RNS recently. Interims or corporate update I forget which.
Again it's a guess but cash in my view has been diverted almost entirely into WK development - save for the MT DFS and NKT licence. Some additional WK drilling, the dragline (leased or bought? not sure) and WK electricity supply. The latter has cost a fair penny in my view.
- - -
'Through the course of the 2022 season, a 35Kv powerline has been installed from the village of Kytlim to the mine site over a distance of some 24 kilometres, following the route of a line operational in the 1970's. The work involved clearing the route, installation of 286 powerline posts as well as construction and commissioning of a dedicated sub-station and hook-up point.'
- - -
The JV framework is another subject entirely. I don't get the logic or valuation at all if I'm interpreting it correctly. As per the last post.
RosGeo were reported to be struggling financially a while back. EUA paid $500k to get Nuyd up and running at the 75% level. Not exactly a huge lifeline to an organisation of that size. Why did RG 'sell' their assets, or a stake in them, for such a low valuation if it's so blisteringly good? Don't get that.
Weird to me too that Rosgeo offered it to EUA and not to a indigenous company on the doorstep. They even offered to help with the geology. NN could have taken this up by having a whip round in the canteen (figuratively speaking) and been much better financed/resourced/connected to bring it to production quicker.
Wainwright raises totalled about £27m (ABOUT!).
VERY SIMPLISTIC F a g packet calcs : 9 JV sites at say £2m each based on Nyud = £18m, Leaving £9m (£1m per site ) for Armstrong to do the JORC CPRs and tie everything off. Hence 'Fully funded for the JV'.
Definitely fully funded to take the initial 75% as the JORC stage is optional. This could have been done for a lower down payment of around £3m. Again if it's that great why didn't EUA do it at the start of the JV.
Little of it adds up to me. Unless the BoD realised it was a bag of worms part way through and realised it would take way longer to set up in its entirety.
Whatever has happened, the £27m has gone somewhere in about 18 months. Need to wait for the accounts later this year to be sure.
(...cont)
@OutofReach 14.53
Not sure if this helps or hinders. From the last audited accounts P62.
'In 2021 the Group entered into a framework agreement with Rosgeo, .....
...By 31 December 2021 the Company had invested RUB37,180,000 (£367,464 at a prevailing exchange rate at the reporting date) out of total RUB169,000,000 in respect of the Nyud license and project. Discussions with Rosgeo regarding the project’s development are ongoing concurrent with CPR compilation including JORC compliant mineral resource estimation and NPV computation by Wardell Armstrong International, Engineering and Mining consultancy firm. The Nyud project is being used by the Company as the template for the remaining assets, which will only be evaluated after the successful conclusion of the Nyud project.'
- - -
Note - RUB 37,180,000 paid so far out of a total RUB169,000,000
RUB 131,820,000 left - About £1.45m
https://www.xe.com/currencyconverter/convert/?Amount=131820000&From=RUB&To=GBP
I read it Nuyd alone was up for grabs for roughly £1.8m. 367k spent to get 75%, full buyout is another £1.45m. Other JV zones, if taken up, require further buy-ins for an initial 75% share.
£1.8m is absolute peanuts for a supposed tier 1 asset. A proportion, either 1/9th or 4/9ths, of the 9 mine JV portfolio. JV total is allegedly 104Moz Pt equiv (~$100bn)
So either it's an absolutely stonking bargain of the century or it's not quite what it purports to be. CPR should clarify
..if we ever see it.
ATB LB
Has anyone got a handle on the actual cost of operations or an AISC figure for West Kytlim ?
As its the only revenue stream currently its quite important rather than guessing. I'll try and look tonight.
Also wonder what the deal is with KK. Have they contributed to the cost of drag line and running the cables? Do they just continue get their 32% by sitting on their hands with no outlay. Bit one sided if this is the case. EUAs spent big there recently.
ATB LB
Not sure vii. Plain rock falls off the end for crushing. Ore bearing chunks are flicked off into a chute and onto a separate conveyor for refining.
This animation explains the process if you've not seen it. Very cool tech.
https://youtu.be/ysXaeLhALTo
But that previous LinkedIn video is actual Devon rock from Hemerdon being trialed at Tomra... "ore sorting is achieving some of the best results in the industry"
Bodes well.
ATB LB
Hemerdon product being trial processed at Tomra. Slow mo video of the sorter doing its thing...
https://www.linkedin.com/posts/tungsten-west-limited_ukmining-miningequipment-miningtechnology-activity-7034790650986295296-w-tb?utm_source=share&utm_medium=member_android
ACF research note. Appears to be USA focused but interesting observations and statistics. Apologies if already shared.
https://bit.ly/CancerBacklog2023_BiotechRescue
ATB LB
I think so personally. Highly likely.
Lang added 3,502,206 shares between the two TR1 declarations. But there's been 14million (4%) of these off canvas trades recently.
Lang has got 9%. Up by 1% Someone else (maybe plural) collectively holds the other 3%
Could be a group netting them and trying to fly under the radar by staying below the 3% reporting threshold. (10,410,000 shares)
Something is afoot here. Keep saying it. Multiple lrgs trades like this day after day after day is odd.
ATB LB
oops cut short
link
https://www.londonstockexchange.com/stock/CIZ/cizzle-biotechnology-holdings-plc/trade-recap
ATB LB
someone still at it.... 3 in a row.
22.02.23 08:52:54 2.21 GBX 700,000 15,477.00 Off-Book P LRGS XLON XLON
22.02.23 08:51:26 2.21 GBX 600,000 13,266.00 Off-Book P LRGS XLON XLON
22.02.23 08:40:24 2.14 GBX 608,942 13,007.00 Off-Book P LRGS XLON XLON