Member Info for mogwhy

Looks like Tonlin has got me filtered :-(

Exactly right GIT.
A major effort being put in by the bashers this morning, distorting facts and attempts at scaremongering.
The bottom line is that the wres bod have put £340,000 of their own money into the company at this stage of the game.
They know exactly what is going on at the company and how the ramp-up is progressing and obviously have confidence in the future prospects.
Michael Mastermans total share purchases are now over £2.5m.

devil, you appear to have deliberately misunderstood what has happened. The directors have elected to convert their loans because they believe that their investment in the company will be worth more than if they renegotiated their loans to run until 2023.
That decision was made in the last few days, not when the original loans were made.
But you know that, don't you.

The bottom line is that the wres bod have put £340,000 of their own money into the company at this stage of the game.
They know exactly what is going on at the company and how the ramp-up is progressing and obviously have confidence in the future prospects.
Michael Mastermans total share purchases are now over £2.5m.

https://tinyurl.com/vordukt

"China's APT output down 10.67% year on year in 2019.
According to statistics, China's APT output in 2019 totaled about 117,652 tons, down 10.67% year on year."
More evidence that the low prices last year are eliminating the higher cost Chinese tungsten miners thus contributing to the rising APT price since last September.

Target has always been 2,700 tpa.
RNS 28 Nov 2019
"This sets the Company on-track towards achieving its target 2 million tonnes per annum run-of-mine, to produce 2,700 tonnes of WO3 concentrate."

Regarding the tungsten/tin ratio issue, let's assume the best case scenario in that we will produce 2,700 tonnes of tungsten concentrate per year and the amount of tin concentrate is 25% of that, so 675 tonnes.
The total output required of 3,375 tonnes is effectively constrained by the electrostatic seperator which has a capacity 0.5 tonnes per hour. To produce the combined concentrates of 280 tonnes per month would require it to be operating for 140 hours per week for a 4 week month.
That's 23 hours per day, 6 days a week. A tough target, but doable.
It might be that they will need to purchase another CoronaStat seperator from OreKinetics http://www.orekinetics.com.au/coronastat/
They'll have to do so anyway for the next phase T3.5.
This may be one of the bottlenecks that's been referred to.
If it is, it's a nice problem to have.
I doubt that these are "on the shelf" and is maybe the "one month issue" that was referred to in the Vx podcast.
At current commodity prices, the generated revenue from both income streams rises to $58m at full production and produces $31m of ebitda.

Don't mind Tungder, he's just a bitter investor who keeps losing money on poor investment decisions like Wolf and Orm.
A quick look back at his posting history will show that
1. He doesn't believe that there is any such thing as a tungsten concentrator.
2. The La Parrilla mine will never go into production.
3. Doesn't understand that the relatively low grade ore feedstock can be upgraded in the flow process into higher grade pre-concentrate feed.
4. thinks that MM has already made his money by selling La Parrilla to Wres in the first place, despite him having bought £2.5m in shares since.

The recovery rates and projected revenues would have been known to BlackRock when they gave WRES an extra $5m less than a month ago. MM looked very relaxed and confident in his interview last week. At his stage of the game, investors should take heart from that.
Having said that, I would like some clarity on the tungsten/tin grade/ratio issue.
Whichever way that goes, we've still got a very profitable operation.
Especially with the rapidly increasing tin price.

K3VMC - I took it that Boythorpe meant whoever informed you that the figures were incorrect.

K3VMC - he has every right to maintain his anonymity.
Boythorpe - ignore the bashers. K3VMC hasn't got a very good track record at fact finding. Your input is much appreciated.

Tin up again to $17,695 per tonne yesterday and apparently its higher again today.
https://www.lme.com/Metals/Non-ferrous/Tin#tabIndex=0

Thanks Boythorpe.
So that's a total of 32 tonnes of concentrate so far this month.
That's $614,000 in revenue so far this month.

From Boythorpes report last night it seems that 2020 is off to an excellent start. Given that January is a short working month with New Years and 3 Kings holidays, to have shipped 20 tonnes of concentrate earlier this week is a great run rate to start the year with.
We know from the interview yesterday that improvements and debottlenecking issues have been identified and are being rectified and will result in production rate improvements going forward.
My goals for my AIM investments is to double my money every 3 years, so I need to see 0.7p in September this year and 1.4p in 2023 to achieve that. Both of those targets are realistic from here. Yes, most of us would be better off if we were investing here now for the first time, but that's the game we're in.
With the mine in production, the run rate increasing monthly, BlackRock and the BOD financially aligned with shareholders, there are some serious gains to made here.

Boythorpe - did you mean ore or concentrate ?

Thanks for that Boythorpe.
I assume that you've been on site recently.
Are things now going ok in your view ?

Here you go RichKaz
https://tinyurl.com/rkter4l

La Parrilla has a design capacity 2,700 tonnes per annum or 225 tonnes per month.
My spreadsheet tells me that at current prices of $240/mtu and $17,315/tonne we need to produce 100 tonnes of tungsten concentrate and 30 tonnes of tin concentrate per month to break even at the operational level (not topco level).
That is only 45% of design capacity.
Given that there was debottlenecking and rectification work in Q4, and that we are now running 24 hour shifts, I'm expecting an update in the second week of February that tells us that we have achieved that production rate.
We may or may not have produced that quantity in January, but we should hit that run rate by the end of this month.

Tin spot price up again to $17,315 per tonne.
https://www.lme.com/Metals/Non-ferrous/Tin#tabIndex=0

The other common mistake that is made concerns what the share price actually represents.
The share price doesn't directly set the value of a company.
It reflects the value of transacting the normal market size number of shares, in this case 1 million.
If you want to buy 1 million wres shares it will cost you around 0.32p.
If you wanted to buy 1 billion shares, it would cost you a whole lot more.