Member Info for Montmuzard

I did read your message Paul, but you’re wrong. It’s a simple process of deduction. Just read the RNSs. Every single one has emphasized that the sale process is ongoing. So it stands to reason that you are wrong - unless we hear otherwise by RNS - that the sale process is off. It’s obvious to me I should be dating one of the Spice Girls and playing football for England. Doesn’t mean I’m right.

It’s not at all obvious that a sale of assets is not happening. Quite the contrary: if there was a material change from RNSs passim, they would have no choice but to issue an RNS immediately stating that. Ergo, you’ve answered your own question: the reason Sino hasn’t been activated is because the sale process is progressing. It might be doing so more slowly than anticipated, but that’s hardly surprising given the circumstances.

Some interesting price action today. All LTHs holding strong, MMs go to NT as soon as price tries to nudge northwards, barely any stock in free float. It’s a coiled spring. Slightest sniff of news and we’ll be off to the moon.

Really mad: seemed to be held for ages and impossible to get a buy or sell order.

The BOD have never said they aren’t affected by the war. They said they aren’t affected directly by the sanctions, which means things are proceeding normally on the operational side (something the interims demonstrated to be true). They have acknowledged the geopolitical context has slowed things down in the commercial side, but as far as we know things are still progressing there too. Ergo, nothing they have said is false. It mystifies me that people invest money in companies without comprehending how to read RNSs and reports.

The two obvious things missing from the TMS piece are (a) the licence situation, especially Nyud, and (b) the requirement for prospective purchasers to get approval from the state committee to proceed (which is surely why Artem was brought on board to help finesse all of that). My strong view is that we are simply waiting for these two things to be resolved - maybe the DFS too, although I see that as just a normal project milestone - at which point the gears will click into place, and the deal will move forward. These things take time, but if we're circa 500 days out from Nyud being applied for then that strikes me as about the right ballpark for a decision to be made in short order.

Looks like the MMs have just shaken some shares from the weak hands for the next leg up this afternoon, too. We're at 4.62p already and climbing again.

It's a massive RNS. Just think what 20% of whatever can be mined in a time of rising metals prices is worth. Now the company have a route to actually getting it out of the ground.

There it is. Buried in the detail. As clear as day. You don’t say that if we’re not moving forwards, albeit perhaps more slowly than we might all wish.

Why on earth would there ever need to be a placing ever again? We're clearly about to discover that WK has been sh***ing money which means that EUA are well-financed going forward for as long as the work on the commercial side requires.

Nothing goes up in a straight line. I’ll be quite happy if we consolidate this week in a 6.7-7.2 range rather than a 4.9-5.4 one. All good. One day closer to the endgame.

Plenty of regulars who used to sing from the same positive hymn sheet are still around, they're probably just not posting all the time because there hasn't been much to say in recent times. The tide is turning though. I'm still very bullish, personally.

Funny how the share price has followed its recent cyclical journey from 6p to 5p and all the doomsters have turned up again. Fill yer boots boys. You'll be able to offload them again before disappearing once more when we hit 6p again next week.

I see the green coffins are out in force today: always a positive sign. Rums all round!

"Becoming M&A officer does not conflict with being BoD"

It doesn't necessarily, but it can do. The BOD's job is to direct the company: i.e. focus primarily on the operational side. We need EUA to keep progressing operationally right up until the very moment that this is rendered unnecessary by a strategic transaction, otherwise our options start to close off. There are plenty of M&A transactions which have gone awry in tandem with operational under-performance because those who are supposed to be directing companies get sidetracked by strategic concerns. If the M&A process collapses, and the company has not been developing, it becomes vulnerable.

Plus, Dmitry is not an engineer or a miner: he's a commodities trader and banker. It makes absolute sense for him to be focusing solely on the strategic M&A workstreams insulated from the day-to-day operational work (and, likewise, to have the BOD insulated from his work until it is complete).

Agree with most of what you've said here Mac, but not on the DFS. If this was necessary to value the assets, surely the original credible party would not have been able to make the original non-binding proposal for substantially all of the company's assets. If it were a condition of that proposal, then that would strike me as material information that should have been RNS'd. Unless of course the DFS is not related to the credible party, but some other proposal...

Either way, I'm more persuaded personally that the DFS is just a normal part of the workstream on the operational - rather than strategic - side. It's business-as-usual: until such time that they have a material offer, they carry on developing Monchetundra as if they are going to mine it themselves, with the added benefit that a completed DFS would have a significant impact on the value of the asset, thus concentrating the minds of suitors in advance of November.

I've not been around much lately, but it's fairly clear to me what is going on: the blanket of silence is to protect the company (and our investments) until such time that there is material news. They're flying under the radar for a reason, which is that there is no point drawing the attention of any actor or institution that could derail their plans. The liquidity event will happen (in my opinion) when every single duck is completely lined up, and my suspicion is that the Nyud licence is the missing piece of the jigsaw. Once it arrives, everything else will slot into place, and the board will drop all the big news in one fell swoop as a fait accompli.

Just think what it must be like being in their position at the moment: they not only have to manage the expectations of investors, but they also have to navigate a rapidly changing regulatory context, buyers who to varying degrees have to navigate sanctions and that same regulatory context (even if they are Russia-based) as well as smoothing things over with the Russian government to ensure that a sale can progress on whatever terms (which is, I suspect, why Artem was brought in). All of this, especially the latter task, has to be conducted "respectfully" which is why it takes time and patience.

That's a big job for anyone, especially a company the size of EUA managing a transaction on the scale we anticipate. I take great comfort personally in what has - and has not - been included in all the recent RNS's. All the big stakeholders are still on board. We have no reason - other than the share price and sentiment in markets which we know are prone to panics and irrationality - to doubt them.

The buyer that completed due diligence is still at the table. We’re clearly waiting for Nyud licence to complete which will then unlock everything else. Could happen anytime and will likely happen when everyone is least expecting it. Don’t listen to the monikers who never normally post on this board suddenly they’ve lost confidence and are selling out. They want your shares.

"Unless this starts to rocket before close today, i think we can expect nothing is coming tomorrow at the AGM other than all resolutions passed and "sorry but we cant disclose any information due to NDAs. However all we can say is we are working hard to create shareholder value.""

Good. Let's hope that the board do say that, as it will confirm that there are indeed NDAs, which in turn confirms that there is plenty of interest and buyers sitting round the table negotiating.

It wouldn't surprise me if it's tricky to buy on the downward swings: just look at the data Tilly has been posting the past few weeks. The dips are designed to allow shorts to close out cheaply, while PIs are discouraged from trading by the inability to gain more than 1% or 2% on the rise and fall either side of 6.5p (while risking being totally locked out if news drops). As I said the other day, I take a lot of comfort in the fact that all the shorts are gradually closing out. They know what's coming.