Member Info for Lupidog

We have a PEPR for Oxide. Why are we not using the money from Cobre to mine and produce this, putting everything else on hold?

Put another way. SMG cannot fund The BoD, LCCM and Redmoor. It can fund 2 of the three and could fund LCCM (if LCCM is actually viable as a mine) if we were to stop work at Redmoor and reduce remuneration. We are overstretched financially and PW and AB show they have other irons in the fire and cannot give or even have to give SML 100%. We do not even need a loan. We need a focus on profitability and good business practice and less AIM lifestyle.

SMG is a profitable company being leeched upon by SML.

Even better this one from 3 years ago when the "expectation" of the PEPR was 3 months. Are we going to allow them to drag ths out another 3 years?
Fri, 22nd Nov 2019 07:00
RNS Number : 2908U
Strategic Minerals PLC

I was Just re-reading this one from 2 years ago and wondering why $2.2m is now $10m:
Mon, 9th Nov 2020 07:25
RNS Number : 6411E
Strategic Minerals PLC
09 November 2020

PW and AB have multiple other businesses to run.

I used to communicate politely. I no longer get a response. I do not believe I am alone in this.

We should be processing oxide. Why are we not? This would fund the rest. Prove the concept as it failed last time. This is not just about funding. IMO it is being made to be seen about funding.

Do what you are paid for and make a decision. Either do a U turn and accept that you only need to fund oxide production, which can in then in turn fund exploration or if you can't get finance, sell LCCM or mothball it. It is unacceptable to continue to spin this out for another 3 years on the basis that we get dragged along for your ride. I am guessing that there are more shareholders than just me no longer willing to sit quietly and fund your lifestyle.

To summerise:
39 claimants totaling $167.5m from a pot of $7.5m. The IRS wants $1.3m plus whatever evasion charges they eventually decide on and the receiver is far, far from finished chasing. So basically the pot goes to the IRS and the receivers fees and the scraps if any go to the 39 others claimants. So let us not pin too many hopes on this funding anything.

Given the Receiver’s continued investigation and pursuit of litigation, the
claims asserted by the IRS, the pendency of the Creditor Claims Proceedings and
need for those to conclude before any distribution can be proposed and order of
preference adjudicated, the Receiver does not have a projected date by which he
expects the Receivership to close.

In total, the Receiver has received and processed a total of thirty-nine (39)
Investor Creditor Claims and seventeen (17) Non-Investor Creditor claims, totaling
$167,592,497.23.4
The Receiver has prepared an Omnibus Motion for Order
Resolving Disputed Creditor Claims, which he is in the process of finalizing.

Kevin Dooley Kent, in his capacity as Receiver v. Larry Hooper, et
al., No 2:22-cv-01876 (D.N.J.): The Receiver filed the Complaint on
April 1, 2022. After engaging in settlement negotiations, the parties
reached an agreement to resolve the case. The Receiver filed a motion
to approve the settlement in that case on July 11, 2022 (ECF No. 8).
The exhibits to that motion were filed under seal. (ECF No. 9). The
Receiver thereafter filed a motion to seal the exhibits (ECF No. 10),
which was granted (ECF No. 11). The Receiver filed a notice of the
settlement in the main Receivership case on July 11, 2022. (ECF No.
201). The settlement was approved on August 29, 2022. (ECF No. 15).

https://broadreachreceiver.com/uploads/1/3/2/9/132950887/2022-10-31_no._213_ninth_quarterly_status_report.pdf

The website could do with updating. Maybe a new front page picture of LCCM with some of the preparation work done and something less rusty and a little more ready to go bar funding? Also a mention of the Oxide PEPR and imminent funding. A new front page picture of all of the shiny new equipment at Cobre for which we were so graciously diluted and a label showing everyone which person is Alan Broome. Maybe an update of the Strategy page to remove the "adding shareholder value" part and something on the Redmoor section to show how it was acquired. Maybe PW standing next to something with a sign saying "close" so that we can gauge his definition of "close"?

Did I miss the RNS about a new Director?

The BoD have nothing to play "hard ball" with.

Correct but no biscuit. We couldn't get finance when Copper was 5.02 earlier this year. Copper was 3.34 Oct 2013 and it is currently 3.41.

And therein lies part of any issue Bubble. PI's were sold this (in the words and publications of the BoD) as a relatively short term project. The spin could have come straight from the Kremlin.

"Clean TeQ Holdings chief operating officer Cory Williams said he hoped to turn LCCM into an economic operation.
They invested $20 million on the mine but it's a failed mine.
We have 50 years of Russian technology to make it economic.
It will be a scavenging exercise not a mining exercise."
and then
"Phoenix Copper is looking for a new buyer for its Leigh Creek Copper Mine subsidiary in South Australia following the withdrawal of purification technology business Clean TeQ from its $A1M acquisition.
CleanTeQ planned to use the mothballed mine to apply its advanced metal recovery technology in the field, but has told Phoenix that despite significant potential as a low-cost project it did not meet investment criteria."