Member Info for Lupidog

My point was that it does not need a "financial wizard" to approach brokers. The whole point of having vast financial expertise is that you use it for the company that pays you. You or I as a company officer (if we were) and without the vast financial expertise of JP could go to a broker because that is one of the main reasons you use a broker. For their expertise in finance. If you employ experts and they fail to benefit the company you replace them. Our experts do not come across as even average Managers or Leaders given the dire historical company performance and the rather pathetic attempts at securing a JV (as described in the RNS).
If the broker secures a loan, who takes the credit? If the broker fails to secure a loan who takes the fall?
This asymmetric bet (credit to Prop) hinges now on this finance. There is no mention of any further attempts to secure funding or a partner. What options are left? 67.5% dilution? The Asian financial markets just survived tomorrows looming Evergrande default. Maybe our luck is turning.

It may well be. If so why do we need a financial wizard at the helm. Anyone of us could go to a broker. What does JP bring to the party if he is not here because of his expertise? It is obviously not shareholder value.

We don't get funding from AETAS. We get funding through AETAS. They are basically a middleman that we should not need. JP is the business financial wizard and yet we pay him to instruct a financial company to arrange finance from a 3rd party? What exactly does JP bring to the party is he can't do the one thing he says he is an expert at?

Is a reasonable time to undertake DD on what is effectively a medium Business loan of £5.4m. SML is rather a small company with only an mcap of £8m so the focus would be on SML's ability to guarantee the loan as stated in the RNS. That is a large amount to have to guarantee for the size of the company. Debt service ability, assets and the credit rating of both the business and the individuals running the business will have a large impact on the approval and terms and conditions.
In comparison to many businesses, there really is not that much information to go through due to the size of the company. If AETAS Capital are doing what they will be paid for, the vast majority of information should already have been collated by them and available to any potential creditor. This would shorten the timeline considerably as this would just need to be verified rather than gathered. If the information in the latest RNS is correct, we are probably moving into the possible timeframe window. IMO I would expect a response before the end of November. Then we will find out the actuality of LCCM as a viable prospect. No need to ramp or de-ramp the company. All of our washing is being hung out for the world to see.

Which may be our one saviour Trojan. If only we can take advantage while this is current.

"One thing to consider - Have any of the board members put their own money into the shares? Have they earned their shares through the time they have put in?"
This is an easy one. It just takes a bit of time to check. Once done, the results are blindingly obvious. The Bod are along for the ride and we are apparently being taken for one. There is an area for some of the shares which could be open to conjecture as to whether they were purchased though remuneration from SML or purchased outside of that remuneration. I am sure we all have our own opinions once the total holdings and how and when purchased is reviewed.

The Chairman seems adverse to showing his confidence in the company through share holding and the apparent need to diversify into so many other companies.

I'll leave DVH to respond (if he wishes) to the sort of interaction you can expect from attending an AGM in person.

It is not difficult to have a positive dialogue when there is full and honest information flow. Businesses hit barriers and trip over unknown, unknowns. Pasting over the cracks and using partial or misinformation to give impressions rather than realities is the realm of bad Managers and not good Leaders.

@$10500usd/t and a Bank undertaking DD, at least we will finally know if LCCM is a milestone or a millstone.

DVH, like myself and many others were once ardent supporters of the Bod. It is just a shame that the BoD were proven not to be ardent supporters of us. The trust has been eroded away over the years by mismanagement, terrible public relations, ineptitude and apparent mis or incomplete information. There appears to be a constant mismatch between what we are told and reality. What we are being told now about LCCM looks good on paper only if the paper matches the full facts and not a woven fabric including enough fact to appear credible. We have been here before so many times and the narrative changes constantly. Yes, if we achieve a loan and a full PEPR we should see a significant re-rate. However, we were once starting production. We were once getting a JV. The Due Diligence failed to spot a most basic flaw. There is no culpability taken or apology given for devastating shareholder value. This can only be considered a "long shot" by anyone involve historically with SML and the current BoD. I do not expect this horse to win with this jockey and trainer. If it does, I will take the money and the very useful lesson learnt. They may be able to turn the company around, but they will never be able to replace trust from the many business errors and style of information presentation. If you want a forum for only positive information, you will need to find a company with a BoD that interacts positively wit it’s shareholders and takes responsibility for its actions and performance.

Most have been here on the premise that this will multiple over the next 12 months and have been here on that premise for a few years. Will we be here for the next few years waiting? We appear to stay on hope as we certainly do not stay on trust.

Copper is pushing $10k again. It can only help.

The "big fat No" would tell us the truth. Just as a big fat Yes would. A definitive answer would put the last 4 years to rest so we could all move on.

If a "top global bank" "has been undertaking due diligence", that can only be a good thing. We will finally know if LCCM is an asset or a liability depending on the success or failure of the application. Exposure to proper and thorough due diligence may well make or break SML.

Perhaps they could use their large contingency fund and buy Redmoor.

How can the current price be wrong? It is whatever the Market sets. No amount of opinion will change that.

You mean like buy? With their own personal money and not ours? Why would they do that when we hand them everything?

It is not undervalued. It is valued at exactly what the Market thinks it is worth. You may disagree with that, but the only valuation that matters is the one the Market currently sets. The news is a good step in the right direction, but only if what is stated actually becomes a reality. It is easy to understand the Markets reluctance, given the historical misalignment with RNS's and reality.

Totally disagree stew200. All they have not confirmed there will be no dilution, neither have they confirmed that production will commence and they have suggested that an extra 600t of copper may be available through the open pit. This is not de-ramping. Simply the reality of the wording in the RNS.

Agree Hoturritono2, updates are always very welcome and hopefully will become more commonplace. Information flow is the cheapest key to positive sentiment.

No matter the opinions are aired here, what matters is the Market response to the news. The Market appears to be withholding judgement until the funding is either approved or denied. It has also totally ignored the extra 600t of open pit copper. This is 100% on the BoD.

Interested investors will have enough intelligence to do actual research, rather than listen to the blatant ramping and de-ramping from strangers on a Message Board. A simple read of the LCCM saga is sufficient to warrant further historical investigation of LCCM prior to purchase. A simple search on Freeport-McMoRan will uncover much about Cobre and Redmoor is available for anyone to easily research on Cornwall Res website although deeper digging is required to uncover the time with NAE prior to the 50% JV and then full sale. People will have to dig a lot deeper to understand the intricate relationships involved with various individuals and companies. There is a lot of factual information to be found which stands above the opinions of interested posters. Then there is the Board of Directors. Just a little research goes a long way to show their various interests, remunerations, outside company interests and historical track record. Apart from the odd factual or investigative post, the message board is just a snapshot of the current (pi poster) shareholder sentiment. This can mean a lot of a little depending on an investment strategy.

Normally you can't move forward with the same leadership that caused the past.