Member Info for Lupidog

From the BoD.

It would be nice for the shareholders to get an xmas message from the Bod. Maybe an update just letting us know that we are still in discussions with the "major global bank", the PEPR conditions are moving forward and to thank the two geologists for their effort and that they have left the company. Also thanking us for our understanding over the total collapse in shareholder value and that we have a good xmas and new year. It costs nothing except a few minutes of your time.

Finance is likely. With finance, risk mitigation comes in the form of terms and conditions. We will certainly be offered finance, but at what cost?

Nothing fingers crossed about it Croutom. The funding unlocks the path to production. The PEPR is simply meeting set known requirements. With a current mcap of £7m and a loan facility of £7.5m, the mcap should at least double. When you look at what the funding releases access to, the mcap in real terms should be around£30m with the PEPR approved. The issue is the funding. Where is it? We were told "We will, of course, immediately update the market should we receive a Letter of Offer.". We were not told if we would be informed at all if we did not receive it. 9 weeks plus to do financial DD on a very small company is dragging the anchor somewhat. It is all or nothing. As Prop so rightly puts this is an asymmetric bet, with a spectacular upside if it comes off.

PEPR
"Information requirements are being progressed and expected to be submitted to DEM by the end of the year"
Funding
"We will, of course, immediately update the market should we receive a Letter of Offer."

I have no issue with the prefix "Potential" or "Possible", or any other such prefix which would suggest (taking into account the publicly available company information) that we are certainly being told that we are moving towards becoming a Copper Producer. But I must take issue with any statement in the present tense that we are.
Focus should be on finance. We should be getting news on the finance agreement with the "Major Global Bank" at any time now. If successful, we will look forward to a exciting New Year ahead. If unsuccessful, then the door just slammed shut behind us.

Except of course we are not a copper producer and would not be at £7m mcap if we were. If you want to use "copper producer" you need to put "failed" before it.

IMO You value Cobre to highly. It is a 12-month rolling contract and can only be valued within contract. Will we ever get the millions we have sunk into LCCM back? It currently fails to meet the definition of asset, but should become so if it is ever available to meet debts, commitments or legacies. Redmoor, is still undefined. The geological team has bailed, but the BoD do not think it is necessary for us to find out from them, they would rather we just got our information from outside sources. The current NAV is nowhere near the 1.2p (£24m) you are stating. I would say Cobre is £2m + and Redmoor has the rest. We have changed from a progressive growing company into a “one last roll of the dice” desperate gambler. Everything hinges on the loan facility. Having blown (for whatever reason) any chance of a JV, failed to produce when we had permissions and a buyer, been caught up in a scam, had Due Diligence which now seems questionable, etc, etc. We have asked for a minimum $10m usd (£7.75m) loan facility. This was (if I remember correctly), finance was to get LCCM up and running and fund Redmoor’s progression. It is now for meeting the PEPR conditions and getting LCCM running. What it is now saying is that we need £7.62m to get LCCM producing to a financially viable level.
If we get the finance we get to forge forward and hopefully produce at LCCM and should look forward to a massive rerate. Failing to secure the finance would leave very few options, one of which would mean a progressive raise of 3bn shares (1.5x current issue). But we would still have the same BoD who have presided over a collapse of shareholder value due to questionable decisions, a lack of culpability, terrible information flow and have shown glaring gaps in competency.

https://www.youtube.com/watch?v=F0BfcdPKw8E

Maybe we should all club together and buy Mr Broome some shares for Christmas. It would give the impression that he has some confidence in SML.

As SML holds about as much credibility with me as trade codes:
1 blue earlier - RNS Logged (the previous 1 Blue was cancelled by the 1 Red)
200 Red @ .3 - I need shares urgently but do not take below .3

since the last update on Leigh Creek. What is the status of the loan application withe the "top global bank"?

Haven't heard from AB in a good while. Unlikely to hear anything in the run up to Christmas. He must be really busy trying to cram in all of those Nativity plays. I would rather he went full time on our Copper play. Where's Wally or Mustang Sally?

I expect more than that here if we get the finance and full PEPR approval. The only problem is the "if".

just the spread widening on no volume and £1 trades or adjustments.

Just moved this mornings product from the processing area to the customer. I ate the snowman's head first. Draw down is still on schedule to finish this run towards the end of the 4th week in December. Adverse weather has not affected the delivery schedule to date.

My Hotel Chocolate advent calendar is producing more than LCCM. It appears to be a sound investment and has been producing since yesterday. I estimate another 23 days production before the strike zone is exhausted. I managed to raise the funds for purchase by diluting my bank account. I have depreciated the asset and do not expect to have to approach the main shareholder to raise capital. If this venture is successful, I intend to repeat next year, with additional investment in candied fruit slices if Due Diligence shows a plausible viability.

I understand the fundamentals as we have been told them DVH. It is just that the Market does not believe what they have been told. If it did would we be at this mcap?

I applaud your Xmas optimism.

Silence. Everybody must be busy putting up their Xmas trees.