On the Brenda front. We have nothing to "get back". We may get some contractual compensation as awarded uncontested in court (although the last RNS seemed to tone down the rhetoric.), but we are not a creditor.
We have no money to do anything except keep the BoD in the lifestyle we deserve with our money.
It is either funding outside of equity or equity fund raising. We cannot maintain the current status quo financially.
You may wish to reappraise getting shot of Redmoor to push LCCM forward. Bredagate and LCCM are why we are where we are. Did you research the asset value of LCCM when it changed hands in 2013. Did you noticed how much it cost Resilience? Do you know why PNX paid to get rid of LCCM? Do you know who did our DD for LCCM? Did you read the statements from JT when MD of Resilience when they were trying to sell it to us? Did you ask why JT became our PM for LCCM after selling it to us? Were all parties involved as independent as stated? Do you know what we were told as to why we purchased LCCM and how much it has cost us in financial and also shareholder value? How long were we told Cobre have left to produce when we purchased LCCM and yet years later we laud a 5-year contract renewal at Cobre? Why would LCCM have any more value now than when we bought it, or worse when Resilience procured it?
Just my opinion, but you may want to reappraise selling Redmoor to fund LCCM.
We had the same asset when copper was high. We had the same asset when copper was low. Our problem is we only have inferred copper. Not real copper. Until we have production and proven resources we have what the market is pricing us at.
What is our borrowing position for either finance or a JV? Are we trying to borrow £8m (1.4x our total mcap) against one of our assets,LCCM. LCCM is a fraction of our total mcap. Venture capital is usually for a minor stake in an asset or company. We are looking for 1.4x the company as a whole, for one asset. A standard loan would require more collateral than we have. A CLN should be possible, but many have seen what that brings.
Or are we trying to get a JV with a partner who will have to fund £xm to try to bring LCCM to production. The £xm is very important. Because I would have thought they will want their £xm back plus a share of LCCM (asset or profit). IMO at least 50% of the return plus their original money back. Because why wouldn't they? They take all of the risk financially.
So lets have some sensible responses please. We are all seeing the same information. We should be all adult enough to visualise the position we are in. I would like my money back.
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to RNS Number : 2908U Fri, 22nd Nov 2019
Feasibility study updates for LCCM
This was done on a copper price of 6,614. Copper is currently 7,212.
Nearly 3 years later and copper has been above that feasibility study price the whole time. Why are we still waiting on finance?
Today's RNS read like a script for a Biden speech about how inflation is everybody and everything else's fault except him.
We are not here because of the Market. We are not here because of the commodity price and we are not here because of Covid. We are here because of the BoD and no one or nothing else. If we has a buck left, it should stop with the CEO. Other opinions are available.
£5m mcap. Cobre income underpins this. Nothing else is taken into account IMO. Somebody please buy us. Can we also adjust the renumeration packages to suit a very small £5 company and base any bonus in performance.
anything positive in the RNS?
LCCM: "fall in copper prices have impacted sentiment" and no mention of finance at all. Or is “impacted sentiment” telling us all we need to know about finance?
Redmoor: " At this time CRL's drilling plans may be deferred until this situation changes". Really? This is the real reason? Nothing to do with little money left in the bank?
Cobre: "June quarter and annual sales of US$0.7m and US$2.4m respectively, slightly weaker than in previous years" and "the current increase in transportation costs and recession concerns have moderated expectations accordingly."
CV claim: Generally prepping us for no pay out as they can't spin a pay out any longer IMO "Receiver has indicated they are likely to prioritise, in this case, equity claims over creditors".