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15 Sep 2020 07:00 RNS Number : 8855Y
"As a result of the inability to locate an economically feasible deposit on existing tenements, the exploration assets were fully written off in the 2019 financial year and the Company has begun winding up the subsidiary."
- and then nothing. So did we sell it or are we still sitting on it?
Mt Weld and Hanns Camp. We certainly bought 50% of CARE in 2016 and the other 50% in 2017. We then sold the Gold tenements to fund Hanns Camp. It may well have been written off, but what happened to it. We owned it. Did we sell it? Nothing in the RNS's as I can see. Just that we sold the Gold prospective tenements. We carried on for a while afterwards surveying the Cobalt and Nickle tenements.
"After an assessment of the carrying value of the CARE, the book value of the CARE assets have been fully impaired ($1.122m) as at 31 December 2019. CARE remains part of the board's strategic plans, as noted in the infographic below, but in the near to medium term it sits behind our other three key projects."
This could be an interesting conversation.
Certain "non core " tenements of Hanns Camp were sold as we were not prospecting for the possible gold, back in H2 2018.
The Cobalt and Nickle Sulphide were not sold.
They didn't manage anything with LCCM when copper was $10,500 Prop. Its back up to $9,750 which is way past the $7k original plan.
"Shovel ready (Oxide PEPR approved 29 June 2022)"
"Copy and Paste"
"Negotiations on planned funding of the restart of production are at an advanced stage"
"expected re-opening of operations at Mountain of Light in 2023"
"respected global bank"
"The Company is confident that 2022 will see the recommencement of production at Leigh Creek"
"mobilisation and mining in the third quarter of 2021"
"will provide significant on-going after tax cash flows from 2020"
"an opportunity to start copper production potentially earlier in the first half of 2019"
"approved the Mountain of Light Program for Environment Protection and Rehabilitation on 20 July 2018"
"(27 Feb 2018) Production rate of over 200 tonnes of copper per month expected to be reached in approximately one year"
"The outright acquisition of Leigh Creek Copper Mine for an up-front payment of AUD $3m is a significant step forward for the Company"
Prop. I would opine that the Exclusivity and Prospecting Agreement with The Duchy of Cornwall carries some significant weight in Cornwall. I would expect it to be a factor in the decision making of the grant. The council should be more favorable this time around, given their input on the reapplication.
The bond was known about. It was part of the approval process. The approved PEPR is a watered down version of what was originally applied for. We had to settle for a diet version to process our “shovel ready” oxide heaps. Which would give us income to do remedial work and afford a larger bond. That diet PEPR was approved a long time and we have done nothing with it. No promised oxide production.
The second PEPR is the main PEPR resubmitted to allow mining. This is delayed because (fill in the blanks). We have no idea if the BoD are asking for the delay or if it is being delayed by as gov. We are kept in the dark.
I would love to see the due diligence reports on LCCM and the sign offs. I always was of the opinion that it was a terrible idea and it has been a money pit. It is a current liability to the tune of millions and needs to repay us. There is no culpability for some really bad business decisions and no apologies for destruction of shareholder value. The only asset is Cobre for as long as we have a licence to remove the magnetite and customers to sell it to.
You should correct that ShS to 2x Directors with skin in the game and a Chairman with no confidence to invest. The Chairman has unlimited visibility within the company and has a token holding which certainly gives the impression that he has no faith in the company.
Trying to raise an old issue ShS. We have known about this for a long time. The bond is what it is. The mcap does not reflect LCCM as an asset, but rather a liability until such time that it becomes an asset or is proven/sold or removed from our portfolio. We do not own any land in Cornwall. Just the mining rights and deals will need to be struck with landowners, if that time comes. The income is Cobre and that has just improved greatly. We are currently and recently "in profit" thanks to Cobre and the income is what sets SML aside from small miners with zero income. There is a chance good news will send this the right way now that we have income to do something again without bleeding the already drained LTH. The BoD raised us up and then dropped us deeper than when they took over. They can do it again this time with more income or they can lifestyle it. Many of us are not here to regain losses and a light has just started shining at the end of the tunnel. Still plenty of time to get it right or wrong.
Aye, they announce increased income and throw in warrants. Show us a picture of a nice shiney Cat with the first warrant money, but show us no proof of life of the $700k equipment bought for which we were handsomely diluted. Are warrants not simply delayed dilution?
Who knows? The last alledged signal was expect increase in volume, but keep moving sideways and there was and they did. Todays 400 is an alledged move it sideways signal.
Plenty of anecdotal evidence out there. People graph and track to prove or disprove it.
This may help raise a light hearted moment and see if they come to fruition or fail to produce. No more unreliable than speculating on misinformation. https://www.reddit.com/r/Superstonk/comments/u7iox3/it_is_time_to_talk_about_market_maker_signals_i/
"The Receiver has now confirmed the creditor claim of
Southern Minerals Group in the amount of $160,000.00, which negotiated amount
represents the claim amount that will be attributed to SMG for purposes of a future
distribution process when the Receiver proposes a plan of distribution to the Court.1"
Https://broadreachreceiver.com/uploads/1/3/2/9/132950887/2024-01-29_no._289_fourteenth_quartery_status_report_275813565.1__275814851.1_.pdf
"With the resolution of Southern Minerals Group’s claim—previously asserted
in the amount of $21,929,259.00—the amount of total claims against the
Receivership Estate has been reduced to $134,526,420.40, and the total amount of
non-investor creditor claims has been reduced to $65,152,650.87."