Member Info for Lupidog

We bought something of zero value to the previous owners that was given away to our seller with a cash incentive to help them take it. We bought LCCM because we had the experience, expertise and cash to make it work quickly and profitably where other lesser beings failed. Then we find we didn't and we don't. Correct and thorough Due Diligence would/should have highlighted this before we purchased. You say "life is learning from everyday mistakes". Everyday mistakes should not be made by our most and highly experienced mining experts. Spending shareholders money on a project that doesn't live up to projected expectations because our experts "got it wrong", isn't something that should be allowed to be brushed under the carpet with a "hey ho" and said experts still be left holding the reins and taking the financial rewards as if all had gone marvelously. JP honestly believes the Market does not understand SML? The Market sees very clearly and prices accordingly. Even the pump and dump brigade couldn't work with this one (which actually goes in our favour). In a couple of weeks we should be expecting some news on Redmoor. It needs to show that Redmoor is not just viable economically, but also extremely attractive to potential partners/purchasers.

I agree income from LCCM would open the doors. But will the income outweigh the expenditure? Were we sold a Pig in a poke? I have never hidden my dislike of the move to LCCM and that was the one of the main reasons for me selling up at the time. IMO we rushed into it with over enthusiasm and a lack of sound business diligence. We did not need to run into buying LCCM then and (again IMO) it was a poor and rushed business decision.

Many articles on Wolfe in the press (devonlive.com/news/devon-news/new-owner-plymouths-tungsten-mine-3637517).
Reading this and many others it is easy to see why the Market is placing such little value on Redmoor. We need to prove a viable economic model before anything other than a nominal value will be attributed to our MCap. JP stated in the latest VoX that the Market doesn't understand our value. IMO the Market understand far to well what we have until such time as we prove otherwise.

WLFE was delisted.

Wolfe went bust in late 2018 and sold their mine for £2.8m to Tungsten West Ltd.

The offloading may not happen or just be overwhelmed if we can prove up one of our resources and have a financial plan/partner which will show either a profit or a workable resource value so high that it can't be ignored by the Market.

Bitcoin has been here a long time. Trading the ups and down a couple of years back and holding for the past 2. He appears to have found a new enthusiasm or just wants his money back.

I have listened a few times and the rhetoric is the same as usual, blame the Market for not understanding. It is simply the Market does not share his enthusiasm. Why would that be? We have hamstrung ourselves and we can't move without finance or a JV or worse finance and a JV. Until the Market sees what both cost us, it will price us exactly where we are. We have an outstanding resource in Redmoor and a x2 failed project in LCCM. They sort of cancel each other out until there is a plan set in motion to realise capital from one or the other. I have every faith that Redmoor will be worth a lot and 0 faith in LCCM. I am dying to be proved right about Redmoor and wrong about LCCM. My money here backs Redmoor, but I will take anything LCCM may provide.

Certainly sounds good.

As long as no one suggests we do more drilling, Prop.

Certainly when you read that RNS it seemed like a good idea at the time. Yet here we are, nearly 1 year and may dollars later. Things take time, but also things change. The company that sold us LCCM decided they couldn't make that profit work for them and we seem to be struggling to achieve what was set out in our program. If you go back to April of that same year we had just produced our first copper cement and then nothing. Our second income stream came to a halt and the issues the previous seller had were suddenly becoming all to clear. Our almost puppy like enthusiasm and reliance on certain experts was proven incorrect. We now can't go it alone. Oh and the independent company mention in the last RNS were strangely our engineering partners back then? "LCCM's engineering partners, PPM Global, have successfully refurbished and recommissioned the MoL processing plant and re-activated the existing copper heap leach pads as a trial for later full-scale production."

Given how much we have spent on LCCM and how much we will need to spend. What is the estimated capital return time for this project? LCCM was meant to be our second income stream for very little outlay. If we have to spend $XXm to get that stream online in conjunction with a JV partner, is the whole project actually worth pursuing? For example, $10m outlay for $1m pa after taxes and costs is not what we signed up for. Has anyone other than our esteemed BoD actually worked out the estimated risk/reward for LCCM given the change from "easy income with little outlay" to "spend more and get a JV partner". If we are to be taken seriously as a mining company, we need to have a sound business plan that makes correct decisions based on projected analysis and profit and loss. We need a lot less of what is increasingly appearing as standard AIM “dragging and milking for as long as possible” and a lot of more solid business decisions. Is it time to sell (if possible), cut and run from LCCM? Is this really a possible second income stream anywhere in the near future which will justify the outlay? Copper prices fluctuate and we seem to be working on a basis that we can do this now because the copper price is high. Could we actually save $XXm and look for the easy second income stream elsewhere?

The BoD need to regain the trust of the shareholders. They released an RNS yesterday which IMO did not show that they have learnt from their mistakes.

Needless negativity is unwarranted. A few home truths about the business and it's decline should be open for discussion. It is right and proper to highlight the highs and lows. We all make a few mistakes, yes. If many of us had made the mistakes we have seen along the way here I would have hoped that we would have had the good grace to acknowledge those publicly. We have blown some fantastic opportunities. We seem to have been carried away by the hype of "tsunami of cash" and spent it before we had accumulated it. These are not mistakes that company leaders can hide and try and carry on as normal. These are mistakes that would have seen most of us looking for a new position. I guess yours and mine and most others here shareholdings are from their own hard earned money. Have you calculated the BoDs remuneration packages against their shareholdings. Some do not come out looking as if they actually have any skin in the game. That said once we get Redmoor sorted we should see some return. I hope it is sold and we can all move on.

Why indeed? But we are not the experts our BoD insist they are.

But any delays to this or requests for another drilling program may kill us for another year.
"WAI will carry out work to optimise the mining schedule and mine engineering model, as well as mining costs, with a new focus on the identified opportunity to access high grade ore early in the life of the planned mine.
This is expected to result in an updated financial model demonstrating a superior IRR. This work is expected to complete at the end of September, following which the Company will update the market accordingly."

Even more confused now with this part "some would point out the company has turn around Corbe to make it profitable".

Deja vu 27 Feb 2018
SP 2.025 Shares in issue 1,337,492,227 (2.592 in today's terms with current shares in issue)
LCCM
Highlights

· All conditions precedent associated with the contract for the purchase of the Leigh Creek Copper Mine have been met

· Final settlement required within the next five business days

· 24,900 tonnes of JORC compliant resource copper metal acquired at less than USD 100 per tonne of contained copper

· Offtake Agreement in place for 100 per cent of copper production

· Production rate of over 200 tonnes of copper per month expected to be reached in approximately one year

"we can now confirm that PPM Global, who have operated the Mountain of Light plant for both the Company and the previous owners, Phoenix Copper, have been engaged to update and review the likely capital cost of developing the Lynda/Lorna Doone deposit."
Am I reading this correctly?
We are paying the company who couldn't make it work for Pheonix and who we would pay to operate the mine if their report says we it is profitable to do so, to tell us if it is profitable to mine there.

on 2bn shares. Must be getting closer to a consolidation so that we look more attractive to investors.