Member Info for Martin68

Does anyone know what this trade is all about showing today?
27-Jun-19 13:47:30 1.568 -2,000,000 Sell* 1.50 1.65 -31.35k
Don't understand the date or selling minus shares.

Hi Spike.
In part I agree with you but JP has said himself we are a company with LTH's (people with sticky fingers). I'm in it for the end game 2021/2022. Buying 50% of a project for low a low 7 figure sum which if developed (I think it will be) will have long term value of a 10+ figure sum is a no brainer. nb_riley has hit the nail on the head for me, we should have been capable of getting a better figure than 1.4p per share. Where I work, it isn't how good your are but who you are and know, those are the people who get on in their career (most of them talk the talk but can't walk the walk). For me the Manner's family have had preferential treatment (they're just pi's like the rest of us) and must have had information not available to the rest of us to ensure they buy.
I'm not saying the $4million isn't coming but it isn't a done deal or we wouldn't have had to issue more shares in the first place as the "imminent" payment would have been available for payment as per the original contract with NAE. As you said it's a theory. The RNS's shows the money from the main client was supposed to fund the purchase of the remainder of Redmoor, NAE should have had their first payment over a month ago which doesn't include time for contract negotiation with the main client and handing over payment to NAE.
As I said I'm just a bit miffed at how us common pi's have been treated compared to those who own a larger share of the company.
Like you, I can think of a lot worse companies on AIM (not hard to do), the opposite, I can't think of a company that is better placed to give us the big pay day with patience and I fully trust our Bod but when we need the cash I don't appreciate the Bod and the main Pi taking shares for a price lower than could have been obtained.
Nice to still be on a BB with healthy debate rather than bickering and ****ging each other off.
ATB

Hi all
I can't see any reason why the SP would re-act positively given the current ?'s we don't know answers to. I feel it has held up well considering what is happening.
Cobre - we've taken a triple hit the Q1 this year, the major still not taking their off take and 2 other off takers shutting down for 6-8 weeks routine maintenance and sales should increase again soon. At the moment, this has caused our income stream to lessen when we needed it most to pay for the 50% of Redmoor, just bad timing. Mention was made at looking for other off takers which hopefully will produce extra income. Magnetite is useful in so many areas, Cement, Ballast, Fertilizer, Magnets, Landscaping,Coal cleaning, Paint pigment, Dense media/medium (not a clue what that is) and Water jet cutting so there must be some potential off takers out there. The major Cobre client and payment being "imminent" has gone on a bit to long for me. Hopefully it works out but if not, we will just have to find other solutions until LCCM is fully operational.
LCCM has finished its test phase. In RNS's a number of scenario's have been given, production later this year, full production in 2020, income from June this year. We just need more information. For me the current situation is more annoying than worrying, we just need to bridge the gap in our income stream.
NAE appear happy to revise terms of payment to reflect our short lived decline in cash flow.
I'm hoping to get an extra £20k into my ISA next year but don't think I will manage it at these prices by then.
I understand why the cash raise was done how it was and in the most cost effective way but the Manner's family must have been given information to convince them to invest more, what was it? I can't see their names on our Bod and one of my shares is as worthy as one of theirs. I don't think it reasonable they bought in at a discount. Like us, they're just pi's but on a larger scale and grouped together we are by far the majority holders in this company. I feel a bit taken for granted. Our Bod are aware there are a lot of LTH's in the company and I'm a bit miffed about just expected to be relied upon. I emailed the company - no reply. A bit more respect from our Bod would be appreciated/appropriate if your looking in JP!
IMOO
ATB

I don't think we will get an RNS at all over the acquisition of Redmoor. Just wanted to check with other BB posters if I'm reading things correctly.
Todays RNS states "The proceeds of the Placing will be used primarily to facilitate the closing of the purchase of the balance of shares in Cornwall Resources Limited ("CRL" but then goes on to say "The proceeds of the Placing are primarily intended to "partially fund" the settlement of the CRL". I found this a bit confusing and CRL would need both payments before the contract is fulfilled. The other 40% of the payment is unimportant until we get Redmoor into production.
The initial RNS's of 18/03/18 said part 2 of the acquisition for £0.54m (A$1.00m) SML promissory note payable is payable 180 days after settlement which was 29/11/19. So if I'm reading it correctly we still have to find funds to make that payment. I assume the second payment date hasn't changed, as it's part of the contract.
Bit cheeky of our Bod getting more shares at a discount, I would have thought it fair of them to take the shares at the 30 day moving average price. I don't know what that is but I'm sure it isn't 1.4p.
Happy to be corrected
ATB

I've not seen this since yesterday morning. I think you've upset poor Nickel and he's thrown his toys out of the cot.
Poor lad

The main client has been reliable for an extended period until recently but if they're in a position where they are paying for an off take and not collecting, they're not producing and would always have reached this point as they're constantly paying out with no income. Hopefully litigation is just a shot over their bow and they will find funds from somewhere, the mine has 7+ years production left in it, so in the long term it would beneficial to all for an amicable solution to be found. For what we're getting 50% of Redmoor for (buttons compared to future income), taking a loan or even a share issue is a small price to pay. JP will know how the market would take the non-payment and feel he will give us news on LCCM over the coming weeks (probably positive) and we will find out how we will fund the payment's to NAE. I podcast would be nice.
GLA

MullaneyJ13 - Clearly you have more faith in MP's than I do. I wrote to mine on a personal issue, I did get a reply saying "I would understand how busy he was and he would reply when he could", never got anything after that. There was a snap election 6 months later and he wasn't to busy to be seen all over the place then. Brexit, going into year 4 and still nothing has been decided. Hasn't a departmental MP already been to see the PHE project? This was at least 6 months ago. General opinion on the BB said nothing would come of it and so far this has proven to be true. They've thrown £100 billion at a rail link few are interested in. £40 billion on 2 aircraft carriers they can't afford to build and when built can afford equip or run in port or at sea. I wouldn't expect an agreement from them if they needed to decide on whether to have coffee or tea mid morning. We have a great little company that can help the world whilst benefiting our country. What major country wouldn't want what we have, if it's proven up. I think it will be but it will just be bought out by someone like Toyota who will take it forward. IMHO
ATB

I have this guy on filter but guess he's back. All he has to do is post and he gets lots of replies. Why not just filter him instead of giving him what he wants. Attention!

I totally agree dvh, especially your short term comment. I think by year end it will be higher than it is today but don't do SP prediction (IMOO). If its not so good news, I'm ready to buy more. If it is good new, I have millions already but will probably still buy more.
ATB

So if the $4m doesn't appear and we need a loan or issue more shares this will still be over 2p or above its current value?

MutleyInferno - If you check back on the conversation that caused me to email SML, you will see I had no issues with its development. HC is at the bottom of my interest list when it comes the 4 projects we have. It was other posters who kept raising concerns over the project, so I thought I would help by asking for the current state of play and clear things up for them, not myself. I would however expect a company who provides a contact email to reply to a question that were asked, wouldn't you?

Extension of Settlement Time on Acquisition of Balance of Redmoor Project
The deferral is to allow for the expected receipt of the funds from Cobre's major client, referred to in the Company's announcement on 24 May 2019. All other terms remain unchanged except that, in consideration for NAE agreeing to these arrangements, SML has agreed to pay NAE a postponement fee of A$10,000.
There has already been one delay or we wouldn't have agreed a postponement fee.
Cobre main client RNS
Point 1 - Potential receipt of US $4,065,000 within two weeks
Point 2 - Intention to clarify contract in June 2019
It isn't just a case of getting the $4m and re-commencing the agreed off take as point 2 of the RNS's shows.
We may get an afternoon RNS but agree with Cornish more likely Monday, even that might be delayed.
Our Bod have already stated they are looking for other off takers so they have a plan B in mind but plan A is still on going as not RNS'd. Personally I don't think they would go for a share issue if things don't go our way. For me it would be a loan and who wouldn't loan us this money given our current revenue from Cobre and increasing revenue for LCCM which I think will start to increase this year not next.
Some posters wanted to know more about HC so I emailed SML but never got a reply which was a bit disappointing but the Bod have a lot on their plate at the moment so can understand. IMHO.
ATB

John Peters, Managing Director of Strategic Minerals, commented:

"The deferral of the settlement date for the acquisition of the balance of CRL shares allows the Company to match expected cash flows within the SML group. We thank NAE for working with us in this regard and this agreement reflects the close relationship developed over the past few years."

Thanks for your replies, appreciated. I was hoping to research them.
Hotburritono2, I'm 51 as well and know how you feel, I had an excellent memory and it's a pain when it isn't as good. Thought it was just me getting old before my time. Just glad my shares are on a computer, if they were paper issued shares I would probably forget where I put them, or use them as toilet paper without thinking.
GLA

Does anyone know who the Cobre major client is? looked through SML site, RNS' and on SMG's site but it is never mentioned.

Morning All
For me the receipt of the $4 million Cobre payment is vital as it secures payment for 50% acquisition of Redmoor so may put some pi's off at the moment. Personally I think it's a done deal, why would the main client discuss the future of payments if they didn't intend to make the first one. Why would our Bod RNS information on the delayed payment to NAE if they were not sure of getting the payment from the main Cobre client. Not long until we find out.
Purchase of 50% of Redmoor will be RNS'd but should also be newsworthy. LCCM increased production information should also be announced and would be my top pick for a move in the SP. JP will probably do a podcast as he never miss' the opportunity to fly our flag. Also information might come on how LCCM might go about expanding to 1000tns of copper cement per month as our current infrastructure (with a small upgrade) is only capable of producing just over 300tns (only!). Personally I'm happy for the SP to stay where it as more funds coming which I want to invest. I can't see that happening as it's probable we will have increased income month on month from now on. Cobre is on yearly roll over contract to mine and LCCM is all ours which makes future income more stable (not that Cobre isn't important). We appear to have hit our base SP and I would be surprised if it dropped much from here. HC data may be months off yet. IMHO
ATB

I thought there would be a delay of the first NAE payment due to the Cobre main clients intention to make their payment in about 2 weeks but on the plus side we should have more than enough money to pay the 2nd instalment on the 29th of November and I sure JP will put this money aside so there will be prompt payment. Just did currency conversion of A$ to US$ and US$4,065,000 is currently worth A$5,872,495 so we will have around A$2.8 million spare. Then no more concerns over the 50% purchase of Redmoor as the rest comes a lot further down the line and is dependent on what we produce. On top of this there will be further income from Cobre and expected increase in sales amounts of copper concrete from LCCM. I think June should be an interesting month for us all a lot of the ?'s will be put to bed. I wouldn't mind updates on increased production of copper cement over the coming months and am sure JP will keep us informed. .
ATB

Thanks RedRoy/Cornish for you answers, just what I wanted to know. Cornish I think you mentioned the moving of the equipment before but from what the presentation says we will only ever be able to supply the off takers current maximum off take given the slight upgrade to the current facility. So a new facility makes sense given the Bod's higher production plans for the future..
BlackSheep, I've asked a few question on here and surprise 1. I got an answer at all 2. They're very informative. I'm in 88e which is full of adults acting like children and there are 100's of post even when nothing is happening. I feel like this is an adults only BB with polite helpful posters. Not interested in SP prediction myself but people will always do it and it is only ever 1 persons guess. We al know the basic rules, be prepared to lose all the money you invest, so don't buy more than you can afford to lose and DYOR or you stand a very good chance of getting burnt.
ATB

Cornish. I thought about the weight difference and as the copper and waste have different weights that would be how they could figure out what percentage was copper for each metric ton they produce. I don't feel this is that important as the purchase figures per ton were provided by JP and a guestimate on our net income which was the important part for me.
Has anyone any ideas on what the limits are on how much copper cement we can produce using our existing heap leach pads and the Kennecott Cones? I've tried to research but can't find anything other the Auz use Kennecott Cones a lot.
In the podcast JP says we will rise to 100 tons per month and then move quickly to 200 tons but it will be longer to reach 300 tons so I'm making the assumption our existing equipment is capable of producing 200 tons each month.
Advice would be appreciated.
I don't think the SP will stay stable at this price as too much going on. If only I had more money available

Each ton is 70-80% copper so we send the customer 5 tons and roughly 4 tons of that is what they pay for as they only want the copper

Cheers for you input Brom will read links later
I was under the impression we don't plan to produce. DW has said many times prove up and sell on which is what I think was the plan for winx, sell our interest and use the funds to drill the conventional.
ATB