Member Info for martina07

It simply isn't possible to value the future value of a mine at Toral with the figures we have to date. It will need the Scoping Study to throw out numbers such as OPEX & CAPEX , Grades, mine life etc, in order to be able to calculate an NPV , or do a Discounted Cash Flow (DCF) valuation. So we have to wait for the SS.

However, as a rule of thumb, you can work out the net cashflow which "Might" be thrown off the business , on an annual basis, from facts we DO know. If you assume 16m tonnes of Inferred Resource multiplied by the net difference between the price of Zn and the average cost of production, currently a difference of $1000 /tonne, , put that into US$, then divide by a 20 yr mine life, and 5.6 Billion shs in issue , then assume a 20% remaining value to EUZ after a JV, then you obtain a figure of 2.2p per share per annum over a 20 Yr mine life. That could be paid as a "Special Dividend". This figure does not include mine CAPEX, but this is likely to be financed within the terms of the JV, or by bank debt, so you have to reduce the above by the potential cost of debt servicing.

It's a rough figure, but shows the "Potential" of what might be possible, IF all goes to plan, which in Junior Mining, it tends not to do ! It is also a LOT more than the current SP.

IMHO. DYOR. GLA.

Ha, look at that up 8% on no news and relatively light volume - wonder if the Seller has finished (LOL) or if the MM's are just suckering in a few more buyers for him/her to sell into ?

That aside, and in answer to John4242, I would say not necessarily so. Firstly, because there could easily be a JV / sale agreement before the DFS phase, which would make it unnecessary. Secondly, I spoke to David Hall last year, on the BFS/DFS funding issue and he said that HZM Management had already delivered a much reduced costing on the Araguia 2016 PFS , which was projected to cost $10m, but in fact cost them less than $1m, the way they did it.

So, looks pretty good from a costing point of view.

They MUST also be talking to interested parties, as they have gone along, I strongly suspect. If I were JM or DH, I would be.

IMHO. DYOR. GLA.

That thought had occurred to me as well Oiltap.

The "multiple vertical sheet" Geological model he was proposing looks to have been completely wide of the mark. Now looks to be a much more concentrated high grade area, which may be open at depth AND along the Strike. Time (and new drilling) will tell.

IMHO.

2 Very interesting Podcasts, which say many things that the RNS today, does not.

Firstly, SS "could" be earlier than 4th Q 2018 and also looking at Deeper and Longer drilling around the High Grade area on geological model. This is impt, as it hasn't been done before, historically, and there are some big questions which could be potentially answered by the results, particularly a 45 degree long hole right thru the deposit.

Secondly, that Addison are being kept on schedule by MC and not being allowed to "Wander" in their timeframe.

Thirdly, and perhaps most interesting for me, was the fact that JT's drilling campaign in early Summer 2017, simply wasn't upto the job, in terms of the technical drilling and the results obtained. I always wondered why he was so tight-lipped about those 6 drillhole results and also WHY they stopped the drill campaign so early. At least now, we know the answer to that question - it wasn't just lack of money.

I get the feeling that LR, MC and the "New" Spanish team are well upto speed with the Toral project data and much more technically competent than previous incumbents in the role have been.

Quite encouraging stuff, for the 1st time in 6 years, IMHO !!

DYOR. GLA.

All on track, as promised - if nothing we didn't already know.

Looks good.

SS in 4th Quarter 2018, which will be the real catalyst. (or not).

IMHO. DYOR. GLA.

The Copper price collapsed after the global Financial Crisis, in 2008/9 and the $1Bn Cost of Building the mine put Goldfields off exercising their option to buy Mankayan in Full, though not before paying up enough Up-Front cash to enale the BZT BOD to pay a 5p Special Dividend to Shareholders.

All seems a long time ago now and the BOD is now completely different. (Thank God !), but the size of the Asset Remains Compelling (for someone) and the close proximity to "Far South East" Deposit, - still owned by Goldfields - would make it interesting for a well-heeled "End-User", looking for a 0.5-1% Copper Mine. OIl Cos and Elec Power Providers have been mentioned, alongside EV Manufs and even Mobile Manufs.........

I should imagine that discussions are definitely taking place behind the scenes, but a pick-up in volume wud always be a good sign that these discussions are near to producing fruition.

IMHO. DYOR. GLA.

Very encouraging, from a charting perspective at least !

We are now back to where we were just before JT screwed it all up, one year ago.

Onward & upward I say. Turner Pope Flippers shud feed the buying appetite too, so MM's may not hav it all their own way ?

IMHO. DYOR. GLA.

Becos Eureka is Argentina, which is Bankrupt and the Govt will find a way to steal the Asset at eureka for itself if it's proven to be worth anything at al (at the Company's expense of course)..

If the Argentines can shaft Repsol , over their investment in Argentina, (which is huge), they can sure as hell do it with a tiny potential Copper mine like Eureka.

My personal view. I have no idea what the assets are really worth, as it's never been drilled properly, but BO didn't seem very enthusiastic about it when I spoke to him just before he resigned from BZT BOD. (and he DID know his Geology, if not how to run an AIM Miner).

Mankayan dusnt offer any improved value - it IS the value of BZT. Both LR & CB recognise this and the recent options awards confirm this. LR hasn't got much money P/A (Boo Hoo!) , so options are the only way he can participate in the growth of the company.

I'm not saying it's all the sweet smell of roses, but I think something IS going to happen to Mankayan reasonably soon, and I think that the options granting may be initial part of that process. I've been in this thing since the VossNet days, so am as cynical as anybody else, but I don't think it's as big a Duffer as, say, Richland, by any means. EUZ (LR & CB's other vehicle) luks very prospective indeed, IMHO and there MAY be some future corporate interaction between these 2 Cos, when and if, Manakayan gets sold or JV'd. (IMHO).

IMHO. DYOR.GLA.

Will the last one out, turn the lights off please ?

IMHO. DYOR. GLA.

I agree Re: CB and even think LR has turned the corner recently with a change in work attitude.

Think people need to look to LR's previous "Squawks", about "End-Users" for Copper, to see where the Mankayan Buyer, or JV partner is likely to come from. He mentioned Shell/BP and even the likes of Samsung, I know have historically been in the frame. In other words, don't necessarily look to the likes of Goldfields.

Eureka is a complete waste of space, time and money in my view and should be dropped.

I think we'll get an announcement out of the blue one day, and that will be it. "Bingo" ! Nobody is "Playing" the stock and the Co dusnt really need another Placing for some time to come.

IMHO. DYOR GLA.

I've been in this Farcical Casino of the AIM Junior Mining Market for 15 years or more now and I would say that I've never seen a Mining Company with as bright a prospect as HZM , at it's current stage of development.

Everything is in place, and, except for the damned insistent seller, who, I think you just have to ignore, accepting that they have their own personal reasons for getting out or reducing, things should move ahead on PFS results.

Has the same feeling as Aquarius Platinum had 12 years ago, but HZM a much bigger resource, and AQP went from 7p to £17 per share ! Don't think HZM will do THAT, but certainly has the potential to be a 5 to 10 bagger, IMHO.

DYOR . GLA.

I believe that the "4th Quarter" for Scoping Study Results (as per previous EUZ RNS ) starts on the 1st October 2018 Chaps & Chapesses.

Just sayin........

IMHO. DYOR. GLA

This IS a political decision, but it dusnt matter who wins the election, because the Swedes don't want BEM to mine the Kallak licence area - it's really that simple.

Had dinner with a Very good Lady Swedish Geologist in Stockholm last month, (not Agnetha !) and she pretty much confirmed that opinion. Her view was that the VERY PC and Racially tolerant, "New Sweden" was extremely hung up about offending the Sami, and thus we find ourselves in the current standoff. There's also the fact that they would prefer LKAB to run it and also the not inconsiderable point , that the World is not exactly short of high grade Magnetite Iron ore, (like 200km up the road at Kiruna, for example !

I think that Kurt knows this, in his heart of hearts and is trying to develop Finland as an alternative, but Graphite is a very difficult market as well, as the end-users are not immediately as obvious as it seems and many global Graphite mines have either failed, or been put in mothballs recently. (Witness TON on the ASX , in Mozambique. HUGE 2 billion tonne resource, yet has got nowhere and company has had to be completely recapitalised once already, wiping out all original shareholders, some of whom put in SERIOUS money).

Hate to be permanently negative, but I don't think BEM is going anywhere AND it will need new money soon, to keep Kurt and his BOD in Pickled Herrings, Fur-lined snowboots and Aquavit !! But if you want someone to really blame for the current situation, you only need to look back to that clown, CSP, who started the rot and had NO idea how to run any Junior Mining Company, let alone one that required political sensitivity.

IMHO. DYOR. GLA.

Yaaaaaawn ! No news flow, no volume. SP 50% lower than IPO price. Wot is happening ? !!

IMHO. DYOR.

Well, the "4th Quarter, for the Scoping Study Results", as per the previous company RNS, starts on the 1st October 2018 by my calculations ........

IMHO DYOR.

That's very encouraging to see, wih his own money, in the market. Not much money, but the sentiment is spot-on. VERY undervalued at this point in time, , thanks to "Mr Seller" , whoever he is ?! IMHO.

Would like to see a few more DIrectors of Aim -Listed companies doing that. (most of AIM actually).

IMHO. DYOR. GLA.

With no decision on the Kallak Licence, even Vaguely in sight, and no-one within the Swedish Mining Community willing to take up the mantle, one wonders if BEM wud get another Placing away with shareholders, given that previous ones hav just been wazzed against the wall of time.

Without it, they wud b bust shortly afterwards. Graphite is just an expensive distraction , with no obvious off-taker and end user for the product. Many GraphiteGraphene Projects around the World now being moth-balled, until they work out how to actually apply the material to something genuinely useful.

All in all , a very poor situation. It wud appear that Kurt is going to HAVE to go to legals to force the Swedes into making a decision on Kallak. Where he wud get the money from, to pay the lawyers, is another thorny problem. Either way, a £25m mkt cap at this stage looks hopelessly over-optimistic, in my view.

IMHO. DYOR. GLA.

Spot on Bobby.

I think they are going for full Bank Debt Funded production, in the end, with a lot more Placings to get through the PFS and BFS stages, with attendant dilution.

A JV would be a good result, but also highly dilutive of EUZ Shareholders Interests as it's likely that EUZ would only retain 20/30% of the resulting project. Seen it countless times before - look at MTR recently, where JV announced and share price abruptly falls back on news. And that's without the short term price action caused by Turner Pope Flippers unloading Millions of recently issued new placing shares.

Suspect it's going to be long & steady progress , but not a Panacea for instant millions for shareholders. That is what history has shown us with these AIM Junior Miners. (and that's only for the 7% that succeed).

IMHO. DYOR. GLA.

The Directors have lost interest in AYM and it is highly unlikely to proceed into production , or even to a JV, in my view.

BOD should wind up the Company and repay remaining cash (not much) to shareholders.

Alternatively , they could take it Private, if they could be bothered to raise the money to do so, which I doubt. That way, they wudn't be beholden to shareholders any more and can continue their long, and no doubt very interesting Navel -gazing ! Kearney and Hooley have disappointed me immensely.

IMHO. DYOR. GLA

Mmmmm and perhaps that was also LR buying 10m shs with his own money, in the mkt, @12:35 today ?

LMAO.

IMHO. DYOR.