Member Info for mogwhy

They're out in force today!
The last loan from the Extremadura bank was a lot less than 10%.

"The €3m loan has an interest rate of 1.75% per annum for a term of 15 months, providing an efficient low-cost source of funds to W Resources."

If anything, the risk profile is reduced since then, since we're now commissioned and in production.

L200 - I agree. Ebitda is only one metric by which to measure a companys' performance.
For most, the ultimate metric is the share price.

From the last RNS it looks like it's going to be a mixture of debt and equity.
We got a good deal from the local bank last time, so hopefully more of the same which will minimise the dilution.
We'll almost certainly find out before next Wednesdays investor event.

L200 - it was still in auction at that time, just after 8.

Not me Chesh.
I'd like more exposure to CAI, but I can't convince myself that buying more KRS is the right way to get it.
It doesn't help that Togo is way down the list of places where it is easy to do business.
https://data.worldbank.org/indicator/ic.bus.ease.xq?most_recent_value_desc=false

Thanks Pinecone54

Thanks for that information Markyess.
We know that the company level break even sales price is more than $3.1/dmtu but did they give you any indication as to how we as investors can monitor the value of our product?
The version of the corporate event presentation released on their website doesn't contain the 8 year projected average of £4.5/dmtu.
Were you given a different presentation on the night or was this from an informal chat?

https://www.jupitermines.com/projects/tshipi/manganese-price-information

The Mn price has declined again but now shows signs of slowing.
We now know that the Nayega opex is $3.1/dmtu but we still don't know the selling price of our product.
With Mn 37% at $2.52 it's difficult to believe that we currently have a profitable mine.
My guess is that it will remain on care and maintenance until we can get a decent margin.

Regua has a full production target of about 1,300 tonnes pa.
To achieve $3m ebitda from Regua next year, we would need to produce 600 tonnes at an APT price of $225 and an opex level of $140/mtu.
Requests for any other variations considered !

The $265/mtu price I quoted is the APT price.
And of course, I haven't factored in any Regua production for 2020.
It should be fairly easy to earn at least $3m ebitda from Regua next year.
I was waiting for the Regua FID before adding Regua production into my spreadsheet model.
I might do that with some guessed production and opex numbers later.

To earn $20m ebitda in 2020 we would need to produce an average of 150 tonnes per month at an average price of $265/mtu.
So not completely out of the question.

https://readeasy.org.uk/

No need to speculate. It was in the last RNS.
"The Company is in advanced stages of finalising finance facilities and additional equity investment from local Spanish investors and as a result, the Board considers that the Company is still in a closed period. It remains the intention of Michael Masterman, W's Chairman, as originally announced on 16 September 2019, to invest at 0.5p per share following the end of the closed period."

No, I'm just an old cynic.
If I'm wrong, I apologise.
But you must admit that your sequence of posts look suspicious.

He's more likely to be a small punter with DMA who's winding you up.
Whilst making his trade he happened to see the buy order for 791,946 get placed so thought he'd pretend it was his while it was getting filled.

Dinoken - it's all done within the concentrator circuit which is now all commissioned.

Safety - we don't sell APT. We produce and sell a tungsten concentrate.
The same goes for the tin. It's sold in concentrate form.

With both La Parrila and Regua at full production, that produces revenue of $75m and ebitda of $48m per year at current commodity prices.

More boxes ticked off and we are now in the ramp up phase and on the way to building the biggest tungsten producer in Europe.
Not La Parrilla on it's own, but add in Regua and La Parrilla T3.5 and we will then be producing 550,000 mtu of tungsten concentrate per year.
That puts wres firmly in the mid-cap company category.

It could be that MM has found a way to bridge the gap to the incoming 5.3m euro grant and that's why we've not had the expected fundraise. If the receipt date of the grant is known, that would make it very easy to arrange a short term overdraft facility.
What we do know is that the company is still viable despite not having done the fundraise yet.
If it wasn't, we would have been told.
We've got supportive financial partners who want to ensure La Parrillas success both for the companys' sake and the local community.
At current tungsten and tin prices, we can expect annual revenues of $45m and ebitda of $19m once we get to 200 tonnes per month and hit the opex targets.
With a p/e ratio of 4 that equals a share price of 1p next year for a market cap of £61m before any more dilution.
With APT prices having reversed into an uptrend, those figures should improve next year.
Even if they don't improve, we're still looking at a 3 bagger from here.