Member Info for Montmuzard

"Regarding our proposal in writing: is this not a binding offer? I’m assuming it isn’t as shouldn’t we have been informed?"

No, not binding. Just a proposal. But the amount of due diligence required to get to a non-binding offer is absolutely enormous and expensive, so nobody would get that far if they weren't serious. My suspicion - going on what the Nomad said - is that we're just waiting for some conditions to be met (Nyud licence? MT JORC?) before it becomes binding.

@Lovely/Travis - Sorry if stupid question, are you suggesting that someone has a buy order in for a full 11.5m shares that is close to being filled? If so, surely that's all the remaining shorts closing in one go?

Go on then. Had another 8970 shares at 17.419p. Absolute gift-horse: could be worth ten times that in short order. That really is me done now. Strap in for take-off. It's close. When the fuse on the polished palladium canon is lit, all aboard the galleon are going to fly straight past Treasure Island and rocket to the massive pot of PGM coins the other side of the moon. Cosmic rums all round!

I did a little trade last night too: sold out at 9.9p thinking there would be a little drop this morning, but bottled it and bought straight back in at 9.7 only increasing my holding by a small amount. This is only going one way IMO.

@Tilly - Agreed. Although I desperately hope the news drops in the middle of the day to take all the shorters completely off guard while they've still got millions in open positions. I want to see them burn and burn at molten temperatures.

...a 14-pack of Nova-Med adult nappies for £12.49, with delivery by tomorrow if you have Prime. It's even cheaper (£11.87) if you do the subscribe and save deal. I've just taken a small position in Nova Med, as I reckon there are an awful lot of people on this board who need to place an order. That's if they haven't just done it in their beds instead.

"Good luck to genuine holders here. You must have nuts of steel if you’ve held all the way through the 60% drop since highs of 40p+"

Many of held through similarly sized drops on the initial rise up to 4p and back down again, and then we all lived through suspension too. Not worried in the slightest.

It's green coffin central in here this afternoon, and half other chimps who are throwing their teacups about should be in their own green cages as well. Which only means one thing: that, and the concerted attempts to walk the share price down, suggest news is pretty close. EUA's tweet ten mins ago would seem to be another hint in that direction, too.

Well, we've just bounced pretty hard off of 18p as far as I can tell: ticking back up towards 19p again. Ergo, whoever was stupid enough to sell shares this morning will be seeing them transferred into stickier institutional hands this evening.

@Clintek - Agreed. I wouldn't be surprised if we're actually witnessing the last few shakes before the big one drops. Strap in for some kippers landing this evening.

"... it’s acting like a no sale or unlikely sale of substantial assets"

Fine by me. Let's activate Sinosteel and lay out a plan to start mining. I don't mind waiting a while longer for even more money.

I had told myself I wouldn't buy any more, but just found some change down the back of the sofa as 18.1p was just too tempting.

The LAST. There are no more after this one. How much more does the last seat on the last EasyJet flight go for than the first one on the first flight? Or the last Lionel Messi contract? Or the last bluefin tuna sat deep in Mitsubishi’s cryofreezer? Just do the math. It’s not complicated.

"Montmuzard - If the £3 is realised over time then that would be a monumental result. £330k roughly for every £20k invested at current price."

Just look at what's in the ground, plus everything we don't know about (rhodium?), and then look at where PGM and REE prices are going to be in 2030. Platinum $4,000/oz, palladium [cough] $10,000+ and so on. Eurasia are, in toto, sitting on potentially $500bn of metals at 2030 prices. Sure, it won't all be economic to mine or even to fully prove up. But with 3.5bn shares in issue after a post-MT sale dilution, you also don't need to very much of that $500bn to get to £3/share over ten years.

"...why would anybody in their right mind pay over 5 times the market cap to get to a £1"

Because the market cap is irrelevant, and the board simply won't sell to anyone offering - as Dmitri put it two years ago - "small deals". The Nomad reiterated that message recently, too. It's ludicrous to think it would have taken this long, with DLA Piper and UBS fees mounting up, for a sale of MT + flanks, maybe WK too, for, what, £1.5bn? That would value the company's assets at barely 5% of the Sibanye-Stillwater deal going on DShox's EV/oz measure. Besides, a deal is clearly already done. We're just waiting for the JORC report on Nyud and some other bits and bobs, and we're good to go.

Nope.

"I have also said a 50p exit would be a great result"

The best thing, though, is that it's not an exit if you don't want it to be: you can bank the special dividend and then hold for the rest of the Rosgeo JV to be rinsed and repeated over the next few years. I still feel we're looking at a lot more than 50p here though: I struggle to see how - especially given how long it's taken and the evident bidding frenzy - that MT goes for less than £1, and if Nyud is included, you can add another 50p. Not sure what order it will all come in, but, one way or another, holding EUA shares for the next decade will, in my view, see every shareholder make £3+ (and possibly substantially more) over that time.

Ironic, given that Janey doesn't appear to know the difference between your and you're.

Anyway, bashers out in force alongside a few green coffins and a false drop in the share price. News of some description must be close.

Someone certainly sees some value here. Totally oversold the past few months.

The price isn’t dropping though. It’s been held in a 19-21p range for weeks and weeks now.

Why would the unknown buyer fall through? You don't go to the expense - in bodies, expertise, number crunching, money and opportunity cost - of doing months of due diligence and putting together an extremely complex non-binding proposal, while surrounded by 3, 4, 5 or 6 competitors all doing the same thing, if you don't intend to make it binding. The only situation in which this would happen is if the BOD received an even better offer or something happened EUA's end to mean the conditions in the non-binding proposal were not met (i.e. not receiving a licence or something). Given the Rosgeo tie-up and their evidently brilliant relations with the state, not to mention professionalism in achieving every milestone they've set in terms of exploration and licences, I'd say the likelihood of that happening is negligible. Even if it did, they would just activate Sinosteel and take it to mine, with money raining from the heavens in due course.