Member Info for safetyman

Dreamingof. No doubt on the incongruity of the statement on the 3rd March and subsequent published figures. The reasons for disparity I do not know. With regard to what was said , I do not think there was a deliberate attempt to mislead- there would be no advantage on it that I could fathom. However, I do think ( I do not know) that it was spoken on the basis of expectation.
Certainly the question will no doubt get asked at the Q&A session. What I personally want too hear about is next steps in realistic achievable terms for production with figures that are clearly achievable rather than hopeful expectation.
I would also be very interested in Licencing on trial mines in Portugal, possible JV for Sao Martinho, and I would love to hear of refinancing at less punitive rates. Also grant news.
I was also reading that Portugal was providing grants on mining projects, just an outside thought- are we lined up for any of that?

Seawolf, the problem was not because it gets wet in certain months. What happened was there was flooding, that wetted things including access. Normal wetness is not a problem. Anywhere in the world that gets hit with heavy rainfall over a short time has problems. So for me it’s about resolving the wetness from the flooding, not usual weather wetness.

Smidges.

Dreaming of, I understood that we had to process Lower grade ore then due to the rain and flooding and it’s effects on access to higher grade ore. I think it was a case of using lower grade stuff that had been set aside previously - without going through everything that was my view. As for October picking things up, if wetness has been an impediment then the heat and dryness through July August and September will pick things up considerably.
Personally if we can start towards getting the 100 tons a month I will take that as a positive sign post. More than that and I might even get cheery.

Also the demand for retooling is up by 60 % in Japan, as other economies re-emerge they will also re tool. So with replacement and change we should see an increased demand. Now that will have an effect on price as things go.

Dreaming of, I see a smidge more optimism in you. I agree the with your disappointment.
For me the phrase ‘long term holder’ is far more stretched than expected,
Pragmatism dictates that we look to going forward from here on. I think we have crossed many bridges and things will now improve. If we get improved production. we will be able to refinance at considerably better terms, so that if that happens you may see your return sooner than you envisage. However, it depends on achieving production.

I think we can all agree that we look forward to improving production figures. Now if that happens and we get increased metal prices that would be good.

With regard to ore from Regua. If you look at the end of year RNS, June 2020, you will note it refers to awaiting trial licence being authorised. As they had not been an RNS on the matter I would say it’s still the case. Not anything to do with BOD decisions. I think they have tried to do the right thing, but, Covid and legislation in Portugal have been an impediment to implementation. However, on general reading on the subject, it seems due to Covid and changes to legislation in Portugal with subsequent bureaucratic changes this has generated general delays in mining licencing- and no I cannot be bothered to cite everything dyor. So no ore from Regua is most likely to be due to that as we are amongst others waiting licencing. If you do refer to my earlier link on the subject you will read that the Portuguese are keen to get mining running as it is a fair old revenue stream, so yes I have positive expectations on that matter. Also this would have implications for the Sao Martinho gold trial mine. Reading into this the trial mine status is actually an authorisation to mine for 5 years; de facto full mining, albeit requiring further licencing if expanding on the mined desiganated area.

When it comes to facts GUG you started by citing rainfall for a completely different region which had a location called la Parilla. Again pot, kettle, and black.
How many posts today for you, ( a not interested in investing person )?
I suppose you’re busy when you’re referring to the P in PE ratio standing for profit.
Or when you were calling GIT incorrect and then were proved wrong.
Yep you love a fact. ..........

GUG. Are categorically staying that the information in the RNS is a lie?

I have taken the trouble to look at the data, from what I can see rainfall figures on the link are for jan to jun, or for average months etc and I don’t think we are at the end of June yet.
When it comes to flooding it also depends how rain falls eg a years rain in one day causes problems in comparison to a little bit everyday.
Anyway keep up the efforts. Tremendous.
Mind you if you are certain the rain did not fall as stated in the RNS you should state that as a fact and surely challenge the RNS. Unless of course you are not confident on that being the truth or not.

And now we have research into other’s postings. All on a bb for a company your not interested in GUG. Again tremendous efforts.
One can only be truly amazed. Obsession is a strange thing, often misunderstood.

Mining in Portugal, ( there might be grants available?). Given it refers to the perceived importance of mining to revenue for the country and the positive views taken on it ( according to this) as we come out of Cobvid we might get some positive news from our fellow interested persons in Portugal,
http://www.abreuadvogados.com/en/knowledge/publications/articles/portugal-mining-and-minerals-legal-regime-incentives-and-taxation-in-portugal/

GUG thanks for the rainfall figures for la Parilla in Castile and Leon, that’s actually near Valladolid- my daughter lived there for a bit with a guy called Arturo.
However, to get back on track- Wres’s mine at la Parilla is on a different region Extremadura which is further south and drier than the Castile region which is further north. Big country Spain.
I know you like to point out things, it’s just that your wrong sometimes, it’s almost like an agenda, I mean putting in effort to check rainfall ( incorrectly) for a mine that’s part of company you have no interest in. Funny old world.
By the way my daughter lives in Salamanca now that’s more south than Valladolid and dryer but not as far south as Merida which is dryer still.

Dreaming, your obvious anger is fully understandable. I think we differ on views about MM, I am more in the camp of seeing events as being unkind whereas you lay things clearly at his door. I think it worth remembering our financial hurt is not pleasant, but he certainly feels that as he is considerably invested in Wres.
I do hope you attend the investors meeting and are able to have or at least raise your concerns so they can be responded to. Personally on the information front I think we get as much as others do from other companies.
I think we both agree that we wish things were better and there was more production by this stage. My view is we will get there.

You are, of course, entitled to opinion on my views and I think you don’t mind insulting people ( well certainly me) on a bb. I imagine you must be quite a formidable individual. Very scary.... and there is no sarcasm there, I really mean that.
My views are expressed on what I see to be the case with regard to Wres. This is because I am invested in the company and take a considerable interest. However, you declare to not be invested and have no intention of doing so. As stated previously, I do not really understand why anyone, like yourself, would take such an interest in an out of the way bb such as this.
I also note you commented on my multi postings, - given the amount you have peeled off the past few weeks - pot, kettle, and black are words that spring to mind.
I think things drying out in Extremadura region, grant payment, increased production and licencing from Portugal all things that important, highly likely and would bring benefits to Wres. So for me that’s not inane. In fact it’s very relevant as it would make a physical difference to my financial position, whereas in your case they wouldn’t.
Let’s try to be friendly in the spirit of goodwill, I think that’s nicer.

Indeed Troajan: many things could change for the better. Drying out, Regua on line, 7 days, access to and processing of better ore, grant, increasing prices, possible gold arrangements) JV etc), if that happens then refinance at lower rates would be straight forward. The improvement in the SP would indeed be dramatic. I would very much like that to happen. Incidentally I would be getting me fag packet out on that.

Reading through the 1st June RNS for end of year, it refers to trial mining licences for Sao Martinho and Regua. The application we’re having to be reapplied due to Covid for Regua and were required for Sao Martinho. Given it seems that Covid was an impediment to the trial mine licence, I think ( I do not know) that this appears to still be the case. As far as I can tell that was the last information on that. Again there was and still must be an expectation of these being granted and enabling increased production of tungsten and some gold too. Both these delays in access to ore are due to Covid and Portuguese processes of governance. I point this out as it would be very difficult to blame MM or the BOD for these things, also difficult to blame rain on them too. Events dear boy events. As Troajan points out I look to better days, issues of Portuguese bureaucracy being overcome and drying out will ho some considerable way to improving things. My view, if it all comes together expectations can be raised to more in line with the original ones and we can have some gold on top.

No news from Portugal. I don’t think there’s much news coming out of Portugal for a lot of people not just Wres.licensing would be the news, particularly for the gold, now that could lead to some dramatic positive things. As for the Regua ore that would really help if it rolled in, three times the quality on that ore would make a monster difference. Portugal is as understand things not streamlined in its officialdom, so if that comes through the game changes.

Hi dreaming of I would presume that if there has been a lot of flooding that there is a lot of ‘wet’ ore- so that would perhaps constrain the quantity that it is worth working on. The wetness is not just about access, wet ore is not so easy to process as dry ore. Perhaps it’s to go with drying out? The other thing I note is that Regua is not yet on line and perhaps that was in the original thinking, they were going to move to seven days once that was on stream. There may be other factors too eg they may be still tuning/upgrading kit which is mostly done as they ramp up - which they are still doing. If they had been running more this last qtr more of that could have got done. All guesses by me. At the end of the day that would be my best guess.
However, there is to be the investors forum and these questions can be asked.
One thing I noticed was that the utilisation ( percentage of time it was switched on and was actually running) figure was high, so that means the availability ( time available that kit could be used ) must have been low- which indicates there was a decision not to run the system for periods.
I am very unhappy with the production figures, but I also think MM and the board must be too. It’s not how any of us wanted things to be at this stage, but there is much opportunity to improve on this qtr production figures.
However, we have the mine, the ore, the plant, the licence, the staff, the demand, prices and infrastructure. I will be attending the investors forum with interest.