Member Info for Lupidog

PW states in his interview re: LCCM “lower start up option”, “the copper price is actually more than 15% (one five percent) above our feasibility price”.
This would mean that when we purchased LCCM he original presented cost start up option was higher and the copper price was lower. In fact even using our “lower start up option” according to Peter’s statement. It would mean that LCCM has not been feasible from mid July 2018 and only became feasible mid October this year, due to the increase in Copper price.

And the early sell looks more like a rollover

Sammy. We currently have nothing to invest in. We should only expect to attract speculators. When we have a proven commercial product, that is when the investors arrive.

A loan of any sort has to be paid back. If LCCM is not producing then the loan would have to be covered elsewhere and we all know what that means as they just raised to keep the lights on. Funding should already have been secured in principle dependent on the PEPR. If it has not, then the argument for financing LCCM is not strong enough for investors or a JV and that means it is also not strong enough to continue pursuing.

Now lets see if it produces nice results

Thank you colline, I had not seen this. Another excellent video from PW. If what if finally says comes to fruition, he sells SML as a Strong buy now. I hope new investors pick up on this and invest.
For some of us (having heard it all before over the years from other BoD members), it is hard to throw off the distrust in part of our leadership.
I am onboard with PW for now, but I wont unpack just yet. I will give him a chance to be proven one way or the other.
Nice interview, no lets see if it produces nice results.

Set a miserable 1p for Warrants expiring the end of 2022 at a share price we were sitting on 4 years ago. This again seems wrong. An mcap of £17m? That is not exactly promoting that we will have any production.
Either:
The 1p is realistic. Then it will only have taken 6 years to get from 0.4 to 1p. Then we may as all well sell and move on now (again that may be also planned, keep the sp low and buy up what they can).
The 1p is so different to the many earlier targets. Are they actually being realistic for a change?
Is the 1p is so low based on expectations, that they will reap a massive profit once again?
Is the 1p is designed to make us think accepting a much lower offer from Mustang is the way to go.
We should not be below 1p, for them to be able to set warrants at 1p. Are we being played?

Makes sense really. SML is dead in the water but has income from Cobre. BoD are unlikely to turn down a paltry buyout offer from themselves in Mustang while profiting greatly due to their increase in share holdings. Seems good business if you can get it. They sell their company and get to keep it and the money.

I posted about that a while back asking if Alan Broome intended to use Mustang to buy Redmoor back from himself in SML after selling it to himself from NAE.

So is the tweet wrong or the RNS incorrect?

Where did that Twitter person get the idea that equipment at Cobre was being upgrade? "issue primarily for upgrading Cobre equipment " This is incorrect and would lead people to believe that upgrade means more output. Also it is not the primary use (unless someone knows more than the shareholders). Just another pump ramp.
The RNS states "The proceeds of the Placing will be used primarily for the renewal of equipment at the Cobre magnetite stockpile and for the ongoing development of the Company's two other projects: Leigh Creek Copper Mine ("LCCM") and the Cornwall Resources' ("CRL") Redmoor Tin Tungsten project"

Nero or Twis?

A JV or funding update would be acceptable. Show us why this is worth investing in or why any of us should stay?

Yes we are. With more and more shares in issue. We do not have Copper, Tin or Tungsten in production, nor the money to produce. We do not have Lithium.

What will be next. Mega placing? Consolidation and Mega placing? De-isting and "tx guys".

We have a common focus, that takes our money and does not focus on us. The BoD should be reassuring us, but they would rather we used each other to vent our very real and warranted (no pun intended) frustrations.
We paid for all of the below:
Lack of credibility
Lack of information
Rewards for failure
Cronyism

You mention Brenda, DVH. We all could not understand how our BoD were taken in by her. I am now looking at myself and wondering how I could have been taken in by our BoD. How long is a garden path?

"What equipment do u think they need". Probably just a new kitchen.

You almost reached your average DVH. Maybe 2021 is your chance before we hit 3bn shares. I don't remember marrying SML. Yet we must be married, for them to expect to roll me over and **** me whenever they want.

I don't see any positive in it.
They had to raise because they could not afford to pay them normally
They didn't use their bonuses for terrible performance to cover the salaries
They paid them selves around 15% under asset value meaning they paid themselves effectively 15% more than they were due
Warrants issued to reap massive rewards not promote the company
We get almost 2bn shares before xmas as predicted