Member Info for safetyman

My blood pressure got to 210 over 110 last year, nearly burst.
If the monthly output can get to that I will feel cheery.

GUG, do you know the size of the remaining overhang from Atlas that need to be cleared? With that out of the way we could be in clear blue water.

We have been told that improvements to our operation now provide greater efficiencies with recovery rates increased. We are also told that we have moved to 5 days that is to become 7 days a week. We told that there were improvements made to the plant over two weeks and flooding had been a problem and now we are moving forward.
I think some of the views expressed here with regard to MM knowing things are looking up make a lot of sense. He has already told us production is improving, and to my way of thinking has rubber stamped that with his purchase. Just my opinion of course.

And they do some really absorbent paper towels now.

Information is good.

GUG , We can always deduct the full qtr numbers from the 3rd match update figures and make a reasonable estimate. We might have have to assume some numbers with regard to the pre mentioned 8th March shipment.
If in march they can get to the higher grade ore - we are told the system is now more efficient in processing then that would have a marked impact. However, if we are processing only the low and medium grades from the stockpile and cannot yet access the higher grade due to the high level of water earlier in the year, then not so good.
News of moving to 7 days a week would be good. Regua ore coming in would be good too, the Portugal lockdown rules are easing and we had already started on the adits using our jumbos, so perhaps we see soon see some of that. The Regua ore is 3 times higher grade, now that is significant.
Imagine if the last three weeks of March had processed Regua ore? Well a man can dream. I think the efficiencies are also higher when processing higher grades too.

The important figures for this qtr are the March production numbers.

120/30

L200, likewise in my views, thanks for the clarity.

GUG, with a move from 5 days to 7 waiting in the wings, a 100 tons a month would be a very good sign post. Actually 80 is quite good, but I like to think of 100.

Superflymo, broadly I am in agreement. The big potential positives aside from increasing tin price are projected tungsten price increases and Regua coming on stream .
However, we do need some figures produced to know for certain.
I also think if we get to hundred tons for a significant sign post.

Golf pro, You are absolutely correct, we should start to see something on Regua / that on line would put many issues to bed.

Yogi, without current figures it’s hard to know exactly what the case is. Something that may be good news is for the tin. The Tin. Credit per mtu calculation that was used in the FID was for an 8;1 ratio with a pice approx $$19,000 per ton making the tin credit $16 for every mtu of tungsten concentrate. However, tin price is now at least 1.4 times higher and it seems we are producing tin at better than 4:1 ( which is double). So it may be that we could say the tin credit should now be 16X2= $32 and then multiplied by 1.4 which is$ 44.8. Noe if things work out that way that’s a reduction from the credit quoted in the FID of $110- ??$44.8= $65.2. Well that’s one way of perhaps looking at it. But who knows for sure until we get end of year report.

Morning
1. Monthly interest debt repayment - my fag packet says about $500,000- $550,000
2. Processing according to FID $110 per mtu or $11,000 per ton. If tin taken as a credit it was calculated at $94 per mtu ( but tin prices were less). There is an argument to say initial processing cost maybe higher due to lower tin rates ( I don’t know, add your own finger in the air)
3. All associated management fees should be in the costs
4. Any other associated fees / that would be for extra licence and drilling, they have taken money for that for Regua, they borrowed .$500,000 to get Regua started
If roughly all of the above is known, theit's just a case of working out what needs to be processed to break even and anything in addition will indicate we are going in the right direction.
If we get to 150 tons of tungsten per month, in my opinion we should be very ok. We may be able to breakeven at lower numbers, especially if prices rise. Without end of year figures and production numbers it’s conjecture. But for me it’s a minimum 100 tons a month dmt.

L200, I have always maintained that we received 80% of the APT price and sold by the mtu. On reading the Shard and FID reports that’s what they say, and there is reference to (sic) ‘80% of the APT price per mtu gor our product’ . Whenever, they mention this there are no caveats explaining there is further amendment to price. My expectation is that your product is what results from your proceeding ie in the case of Wres the stuff we get pictures of in bags is product. So that was what I thought we were paid for albeit, with an 80% factor. I have, therefore, obstinately stuck to my view. Yes it turns out I was wrong. Yes, I remember you discussing this after the half year report, as I think we both agreed there was a sum of money we could not account for ( approx $900,000 on my fag packet). However, on the extra reduction for content I did not agree with you, I was wrong, if that warrants an apology then, of course, no problems, but I did not ridicule you.
Having gone through my fag packet I think getting above 100dmt tungsten may start seeing us break even, I previously had thought about 70 tons. If we get above 130 dmt then we should break even, if we get to 150 dmt I think it’s a must with clear blue water. As prices increase those tonnage requirements are refuced. Also once we can show breakeven, we should be able to refinance the loans and that’s a big improvement opportunity.
Then it’s paying off the finance time, which reduces loans etc, big virtuous circle.
To demonstrate we can do all that I think we need to see the March figures, then we can multiply by 7 divide by 5. Start putting in the Regua ore and look against the numbers.
Hope the farming is going well andBrexit is not too harmful for you ( I did not vote for that as I didn’t think the existing system was broken or the change offered improvement , I now hope I am proven wrong on that too).

It will be good to meet you too franny. We will all meet up at the celebratory meal. Perhaps the AGM if all is well with Covid. A few more steps for Wres could see us wanting to celebrate.

Hi GUG,
Well hats off to you on this. You have been posting since 06:58 this morning and doing lots of calculations. Furthermore, you have taken time to take account of my comments and then go over and correct. So that’s quite honourable, but quite a lot of effort, in fact you have even taken time to look into and calculate on hypothesised costs and income etc.
Previously, you have asked questions about relationships between posters, I think you asked me my occupation, referred to another’s selling of Wres shares ( information not in the public domain).
In all honesty, without any malice and solely out of pure curiosity; why do you spend so much time and effort on what is a backwater BB with not a great number of posters, a company that you are not invested in and clearly seem unlikely to invest in? I say this because once I am
out of a share I take no interest, certainly don’t comment unless I am seriously considering or actually do- very rarely then.
I have spent a lot of time this week posting as I have been mostly laying down and physically not up to much. So for W it’s a little entertaining and takes my mind off aches as pain etc. So it’s a genuine Thai you from me, it may seem strange, but you had provided me with motivation and some pleasure. Genuine thanks for that.
Other than that and back to calculations;
Using the numbers you have crunched we only need a little more than 100 dmt to break even or small percentage increase in metal prices ( most sources are predicting increases) or indeed opex nearer the quoted figures in the FID.
I think us moving to 7 days will ore tha take us way across that line. So having you cross check the figures, act as a devils advocate, challenge and make me recalculate, I actually am very reassured to Wres success going forward, whereas previously I was starting to feel unsure. Do it’s a big thanks for that too. I am sure someone else must have said it to you, keep up the good work.

Hi GUG,
I don’t think it’s very good to say most on here are challenged. That aside, You seem very keen to post about Wres on a BB that you say you are not invested in. All credit to you for your efforts though.
In respect of your comment that you did not say the the interest payments were above $1.3 million; I have below pasted an extract from your 06:58 post where you said:-
........
3. The total revenue, using your scenario would be $94,359 + (6100*$200) $1,220,000 = £1,314,359

I've tried to keep it simple and used your scenario, However, the average Tin grade (corrected by volume) is a little higher then 49.5% Its was actually 50.8% in H2 2020 (9.8+18.8 Contained Sn)/(22.9+33.4 dmt Sn)

I'll let you draw your own conclusions around your insistence that 100t per month production is enough, but as it does not even cover the interest even at a revenue level before ANY costs are added, you will see that 100tpm does not cut it and why I said it needs a minimum of 150tpm to stand any chance with the current debt arrangements and even at that it is being generou

Post. What we all need as per mullins comment is some hard numbers and figures from Wres. Then we can take stock of where we are.

Hi GUG, my challenge for your interest figure now no longer needs correction as in your recent post you have now said it’s approx $500,000 per month- which is in line with my understanding. .... and far less than the $1.3 million you were saying.