Member Info for mogwhy

The $1.93/dmtu opex figure is indeed correct, but this is from nearly 5 years ago.
https://tinyurl.com/y3hqc4cb

Markyess - where did you get $1.93 opex from please.
According to the SP Angel broker note from Oct 2018, the bulk sample opex was $3.3/dmtu.

Prop - 2p for KRS gives a market cap of £50m.
For an African miner which is just about breaking even ?
Really?

bassguy - you're way out on the opex. Page 6 of the August presentation puts it at $3.0 to $3.1/dmtu.
With the current 37% manganese ore price at $3.3/dmtu, this makes Nayega only marginally profitable.
Mn price has been in decline for 18 months and shows no sign of reversing. The current price environment must surely throw some doubt on the expansion plan to 13ktpm.

I take your point on the costs, but I'm thinking that if folks are buying purely to get hold of CAI shares, are they then going to sell their KRS shareholdings and trash the share price after the distribution. I guess we'll find out soon enough.

It's not easy to guess how much value the market is going to put on KRS after the CAI share distribution.
If we assume that everything is in the todays price, than it would appear that KRS will be trading at 20% of the current price.
Using 0.5p as the share price gives us some nice round numbers.
1m shares in KRS would cost £5k and would result in a distribution of 290,504 CAI shares.
At the Calidus share price of 2.6 and an exchange rate of 0.5326 that gives us a value of £4k.
So after the distribution the KRS shares will be worth £1k or 20% of todays value.
Just thinking out loud and trying to decide whether to buy more KRS.
Or should I just wait and buy CAI directly in the market after the distribution.
Tricky one !

"The contractor, allmineral Aufbereitungstechnik GmbH & Co. KG ("allmineral") of Germany, is on a fixed price fixed schedule contract and whilst there has been a delay in the delivery of steel which has had a negative impact on the schedule of the Jig and Mill and Concentrator Plants, there is no adverse impact on budget as the cost of the plants are fixed. Overall the project continues to track below budget including contingency."

Note the "fixed schedule".
They were contractually obligated to deliver on time.
They haven't delivered and the financial penalties will be building up.
BlackRock are supporting wres as has been seen in their recent interest capitalisation.
They will want to see this through as much as us.

Member Info for devilsbeast
Posts (Last 30 Days) 144

143 of those posts are on wres.

There are two types of stocks that bashers target.
The first are companys that they have a short interest in and the outlook for that company is poor.
The second is a company which has bright future prospects and the bashers or their paymaster want to acquire a stake at the lowest possible price.

For any potential new investors looking in who value a boards financial commitment, here is a list of Michael Mastermans share buys over the last 7 years since the sale of AIO to WRES.
June 2012 £50k
Jan 2013 £100k
July 2013 £50k
May 2014 £180k
Nov 2014 £8k
Jan 2015 £152k
June 2015 £140k
Nov 2015 £75k
Mar 2016 £75k
Aug 2016 £100k
Nov 2016 £100k
Mar 2017 £150k
Jun 2017 £50k
Oct 2017 £100k
July 2018 £24k
Aug 2019 £41k

and Byron Pirolas' share buying history
May 2009 £160k
Dec 2011 £100k
June 2012 £100k
Nov 2012 £50k
July 2013 £50k
Dec 2013 £50k
July 2014 £100k
Dec 2014 £10k
Jan 2015 £50k
Mar 2015 £50k
June 2015 £160k
Aug 2016 £100k
June 2017 £50k

Do try and keep up.
"First ore was fed to the new La Parrilla Concentrator Plant on 17 October 2019 for tungsten production at this world-class, low-cost mining project."

Rich - the hard part is now behind us.
Onwards and upwards from here.

The boxes are gradually getting ticked off.
Lots to look forward to if you're an investor.

Q4 - Placing for E2m investment at 0.5p
Q4 - Concentrator commissioned
Q4 - Ramp up to full production starts
Q4 - Tarouca exploration licence renewal
Q4 - Sao Martinho trial mine licence granted
Q4 - Audit for compliance of 5.3m grant conditions
Q4 - Regua JORC update
Q4 - BlackRock interest payment due in November
Q4 - Transfer of old concentrator to Regua
Q4 - Regua FID
Q4 - La Parrilla production update
Q4 - Regua capex finance announced
Q4 - Regua ore mining contract
Q4 - Regua concentrator commissioned
Q4 - 5.3m euro grant paid
Q4 - WRES announces cash flow positive
Q4 - Initial sales of tourmaline announced
Q4 - Greenfield acquisition?
Q4 - Mining at Regua starts
Q1 - Regua production starts with first ore into concentrator
Q2 - La Parrilla 200 tonnes per month production achieved
Q2 - Limited drilling on Sao Martinho to define geology
Q2 - EIA approval for T3.5
Q3 - Gold JORC update
Q3 - Sao Martinho joint venture
Q3 - Sao Martinho trial mining starts

Larus, I'll do that if I have to, but would prefer directors to get on with running the company rather than spending time providing information which shoud be in the public domain.
I'm hoping that someone can point me to some relevent information that's already out there to clarify the situation.

I hope someone can help me understand the financial implications of the last £7m Talaxis investment.
The £7m was injected into Lancaster which owns the Songwe licence. This fully funds the completion of the DFS.
However, in the recent Crux interview, William Dawes states that some of these funds can be used to cover Mkango G&A costs at top company level. This seems unusual, but if that's what's been agreed, then great. I have to assume that this applies until the completion of the DFS. Then WD goes on to say categorically that they will never need to raise funds or dilute ever again. This slightly contradicts a statement from the June financial report on page 25 which quotes, "While investments by Talaxis are in subsidiaries of Mkango, the Company has agreed with Talaxis that certain expenses of Mkango will be reimbursed by funds held by Lancaster BVI and Maginito in return for Mkango’s management of the subsidiaries.
Therefore, the Company expects that funding received from Talaxis, funds received from the exercise of warrants, funds received from the exercise of stock options and from the University of Exeter grant, will be sufficient to fund Mkango’s operations in the near term."
Note the "certain expenses" and "near term". To me, near term would indicate to the end of the DFS.
Assuming that Talaxis then decide to organise finance for the project, let's say that takes 6 months, we also know that mine construction is estimated at 18 months. So that leaves at least a 2 year period where Mkango have no income. So is WD banking on Talaxis funding Mkango G&A for that period, not to mention the progression of other projects?
I'm not invested here (yet), but hope to be in the future.

China APT rises again to $244.
http://news.chinatungsten.com/en/tungsten-product-news/123860-tpn-8582

So using the lower figure of $225, that gives us revenue of £3m per month at the full production rate of 200tpm. That's including the tin revenue. If the opex target is met, then that's around £15m ebitda per year.

SP Angel are reporting increased European APT price.
Tungsten APT European US$225-245/mtu vs US$205-215/mtu
https://tinyurl.com/y4268xyg

China APT rises again to $242.
http://news.chinatungsten.com/en/tungsten-product-news/123718-tpn-8573

But oldie, it was you who declared the 12% spread, presumably trying to scare people from buying, saying that they'll immediately suffer a 12% loss.
Looks like deramping tactics to try to get a lower buy in price.
We've got you sussed matey.

12% is the published spread, it's not what is actually achievable.
Thought folks would realise this, but obviously not.
Must be newbies.