Member Info for LUCAN

He is an entrepreneur, property owner and part time DJ. Apparently!

No problem.
You can't rely on LSE for sells as they can be delayed up to 3 days.

https://www.google.com/finance/quote/RMM:LON

The selling could be seen very clearly in real time on the google finance chart. Can't show you because yesterday's data is no longer there, but I assure you it happened. Also the price fell - did you notice?
More selling today, unfortunately. Possibly related to copper price weakness.

Less toxicity, hopefully.

No matter how you look at it,
1. There was significant selling after about 14.30;
2. We ended at yesterday's closing price, more or less, after losing the morning gains.
So it is reasonable to conclude that some people expected more from the presentation than was delivered.

Back to where we started this morning, actually.

Somebody not impressed, significant selling last 20 min s

It is frustrating to watch the share price slide while the company fails to meet its own delivery targets.
However, it is worth remembering why we are still in the game, while many much bigger companies have dropped out.
It is because our two scientists have always been very careful, and have been able to avoid the pitfalls that better resourced projects have fallen into. At this stage of the game, we do not want to rush into problems.

On consulting a map, I find Vancouver is on the other side of the continent.
Big country..

I hope we are nowhere near Vancouver.

Thanks for replies.
So, they will need something of the order of 100 million up front.
Not a negligible amount, for a £30 million company.
On the other hand, it's probably less than is staked by Irish punters any racing day at Cheltenham.

Not much kick on the buy side.
If it goes on like this, we will be into the 4s by Thursday.

So how much cash do they need to raise to finance the necessary initial drilling? As a minimum, to support a credible application to government?

Yes, you are correct, sort of. Principal repayments do not start for 12 months after closing.
BUT there is a 3% arrangement fee (of 20 million) payable on closing, i.e. 600k; and interest payable monthly at circa 10% p.a., I presume from closing, that's about 200k a month.
Whoever makes money, the financers won't lose.

Even with favourable copper prices and uninterrupted production, I suspect the finances here will be tightly stretched for a year or two, given the loan repayments. The difficulties in finalising the loan agreements would certainly confirm that view.
Hence it may be essential to release some capital through a deal on Little Deer etc.
Obviously it will be easier to make a deal when Rambler is no longer seen as a distressed seller.

There will of course be heavy loan charges initially.

Spot price for copper currently USD 9,850 per tonne.

These are Cornishknocker's numbers from 10 Nov., if I may plagiarise:
"On the cashflow front it's easy to calculate, assuming 1350tpd @ 2% Copper, with a recovery of 95% and 355 days production per year @ $9000/t cu price: -
1350 x 355 x 0.02 x 0.95 x 9000 = $81.95 million"
-- against a current mcap of £45 million.
Has to be a bargain, unless you think the roof is going to fall in again.

Current market cap a bit over £45 million.
A year's uninterrupted production will yield cash flow of maybe £60 million (see recent calculation by Cornishknocker).
How much of that is profit is a matter of opinion. Even if only 10%, we are still well undervalued.