Member Info for safetyman

Even me, lol.! I am as ever a simple farmer and herring fisher. Upbringing, is so important, but I have my friends we, we laugh and I get weekends off. Meanwhile, I wander through, what is to me, a wondrous world. It is actually the case that people look after at me work because of my over simplistic view of the universe ( it’s flat and biggish). I just keep chuckling at your c omment, so thanks that probably does sum me up!

Unforgiven, the man who shot liberty Valance, dances with wolves, true grit, and stretching a relevant point ‘ The Treasure of the Sierra Madre’.

I don’t want to keep going round in circles. MM has millions in here and has not taken a salary. I am not ware of his personal financial position at this time. There has been MM points of view put forward previously on this bb that MM personally holds too much equity and this dissuades dome iis, I just do not know the reasons. The placing was taken on business advice to bring on board a substantive ii. MM has not taken any money out. Yes the placing is frustrating, but it has had very little effect on the SP., the recent trend of slow build up continues. There was not a need for it, but again I refer you to the RNS and the words ‘ further development’ .... my intepretation is that they have some further thing good to develop. This ‘further development ‘ would have had the input of the experts that work for Wres directly or as providers of services. Every other development or acquisition has come up trumps; la Parilla, Regis, tarouca, portslegree, Sao martini... so I have an expectation of positivity based on progress so far. My honest opinion is that whatever it is for, the placing will prove to pay dividends on itself. What I do know is, that when I spoke to MM last week he was wholly positive in attitude.

In terms of risk: there was much larger risk before we had; licences agreed, FID, JORC’s; due diligence by Blackrock, finance, infrastructure, off-take agreements to take at spot price, labour force trained, expert engineers and managers (some of whom worked for MM before and sing his praises or like Fernando from RTZ where he studied the geology of the site and has come up trumps with his advice), specifically designed kit for the ore being processed supplied by top quality providers, large proportion of shares held by investors rather than traders, in a great jurisdiction for mining, in Europe with great transport links from the motorway, full local and regional govt support, an agreed grant of several million, we have started production, new kit for larger capacity being installed ( currently on target and below budget), oh and did I mention the gold in Portugal? There was a time there was risk, we are now as detailed as it is possible for a mining company to be. I would say that having been to the site, seen some of the kit and operatives met engineers, managers and financial advisers involved in the project this is de- risked imho. It’s a hell of a lot of work by our CEO who did not take a wage and put money out of his pension fund into this.

Or it’s to do with the big sea, Gulf Stream and cold air large land mass of Eurasia imho.

Posh peoples live on the west. And God favours posh people.

Its under settings- phone- call barring

Tonlin a noble profession. A salute to you sir ,for years of service. My son is a teacher too, lots of hours and stressful. It’s a calling more than a job imho.

With five projects in Spain and Portugal, W has three tungsten projects: La Parrilla in Spain, Régua and Tarouca in Portugal; the CAA/Portalegre gold/copper project and Monforte-Tinoca copper project in Portugal. La Parrilla is fully funded and development work is on track towards project completion in Q1 2019. The project is a large, low cost mine which is expected to deliver significant earnings growth in 2019. Market conditions are strong and the development is well timed to meet emerging supply shortages. In parallel Régua development is advancing, we have good results from Tarouca and the fundamentals of the copper and gold projects in Portugal look increasingly compelling with the continued strengthening of commodity prices.

Will have its ore processed at Regua. Equipment currently at la Parilla will be moved to the Regis site as the new kit comes on line. Excellent use of existing fixed capital and keeping costs down.

The presentation by MM does look good. Also being there we were able to talk to various people. Although, the presentation was good, speaking to individuals was better. Communication is not just about words and the feeling was that we really are going strongly ahead and there will be s positive news flow. There were two other companies presenting on the night and one of the investors in one of those, that I spoke to, will now look to invest in Wres.

With ref to SOlG- The FCO advise against travel to areas around the Columbian border and also TArapoa and Cuyabeno, quite a lot of kidnapping etc. The province of Esmeraldas and the areas of El Angel and Sucumios and 20 miles around. It’s also an area of intense seismic activity. Gosh, I do not think I would invest in mining there after all! Whereas when looking st Wres in Europe and in production, what a contrast. The Wres presrntation is wholly positive. Golf pro thanks for the link.

As I understand it;The la Parilla site was put on hold in 2016 due to further drilling that identified s much larger resource.This was instigated by the mine manager and geologist on site. This also resulted in the equipment having to be designed at a larger capacity and sited on a different area. So although a strong buy at that time, it became larger inmho. I was told this by the mine manager when we discussed such matters.

Indeed Troajan; Solg looks like a twinkle in someone’s eye in a dodgy jurisdiction to me. Very long way off, but might look at in the future. Whereas at Wres the feet are in the stirrups and we can see the head coming out. Looks like it’s going to be big healthy and fast growing.

Mogwhy, thanks for the correction on the price, but as I indicated, even with variables there is plenty of profit - so if It’s $230 that’s nice indeed. With regard the money from the tin already being built into the production cost I am not sure how that is figured in? When on the site visit, I was told the $94 per mtu production cost was for the tungsten, and incidentally that it was an expectation that they could get it down to $ 64 per mtu (I would not be unhappy at $94 though). As you point out the tourmaline is not priced in so that would be a bonus. The low production cost is as I understand it due to the ore body, the amount, the state of the art equipment specifically designed, it is schoolteacher and free of clay and there are no radiological impurities to deal with; we have our water supply and able to produce low cost electricity on site. The tin separation is electrostatic and requires little energy. Also from the visit, I must say it is ergonomically very well designed. In summary I would agree that not everything will come out exactly to plan, however, there is a huge amount of wiggle room on this. ........and oh did I mention the gold. I remain wholly positive.

Once producing we will have plenty of income. Without SP movement we will have a ridiculous PE ratio. I cannot see that with large income and the PE nothing happens. Worst case is loads of divi. If the SP is that low then I will sell other assets to buy in.

Thanks for the more civil replies. So basically an explo company. Looks like you may be very successful over the longer term. My experience at Wres has taught me that there are many rivers yet to cross before production. I shall keep a watchful eye for the time being.

I am in Wres, there’s been some cross bb chat. So out of curiosity I had a butchers here. Personally I don’t invest by following charts, that’s because I dont understand them ( it’s all googlytalk to me). However, your man strider thinks this is a good thing. Now I love a bit of gold which always tickles my fancy so I thought there might be some here. I am being lazy, but are you producing or soon to start. Do you have JORCs etc and what is the indicated resource or is it inferred? This could be a good watcher if you have good results over a large area. Is the gold over 1milliion ozs?

You move 16 tons and what do you get.........

Indeed, I whole heartedly agree we cannot know for certain until the figures are in. We work on projected figures at the moment which are based on what they know about the ore body, designed production capacity and essentially what has been worked through. There has been the FID and due diligence by Blackrock, JORCs and contractual arrangements put in place based on forecasts. $ 94 dollars has been quoted as the cost per mtu for production with about the $300 as the selling price, there are byproducts of tin and some stuff for ceramics. ( I calculate that the tin can pay a lot of the finance off) The thing about getting on board with the bus, is getting on it before it moves off. I think I have, I have put a lot in here, if I had more cash I would put more in. Regarding, this company it was originally doing well in Kazakhstan until it essentially was appropriated by the govt undrrr some dodgy licence revocation, as I recall it- it was doing really well until then. In this jurisdiction we have full support from govt bodies and also old money with influence. Top investment ever is my honest expectation....,, and that’s even if we don’t get full production and prices change. This would have to catastrophically fall over now not to make a fist of imho.There are issues with getting positive PR out in the world -the recent Wolfe story has made projecting tungsten mining positively problematic. So I see the Wlfe story as having an effect on our SP, or at least potential buyers.Notwithstanding PR issues,I take the view that when we ramp up production ( even if below projections) this will be huge.