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Two years ago in March 2021 we started on the first PEPR application which was eventually approved, but due to financial constraints we haven’t yet started production? Now we seek a second ‘copy and paste’ PEPR from the DEM.
2024 Anybody?
Another AGM soon - will there be a buffet and back slapping, or will it be glum faces?
I presume that I’m one of the derampers. Yes, it’s great news about the £15m grant but these things take time and it’s often years not months. PW presented a sound case to a House of Commons Committee a few years back and we all know that the Redmoor deposit (with a JORC (2012) compliant inferred resource of 11.7 mt @ 1.17% Sn Eq) is open at depth and to the west and is probably more likely to be 20m tonnes not 11.7 mt. Also, we have had some successful grant aid on the Redmoor project.
The 5 year contract arrangement at Cobre is also good, but none of these are game changers. If we get say £1m grant off the UK government and Funding and a PEPR for Leigh Creek we could maybe expect a 1.5p to 2.5p Market Cap, but until then we’ll likely continue at these lowly levels.
It’s like having a racehorse with potential but then you look at the form (the facts) and it’s actually done very little over the last few years and then all of a sudden the racehorse is too old and needs to be retired! Good luck all, we’ve waited a very, very long time!!
Coming up to 2 years being locked in here and no news on a recommencement of trading. Surely we’ll all be rewarded with at least 50p GLA
So, what do we think? The SP is about 90% down from six years ago. The last PEPR took months and we’ve had multiple potential partners in our data room, but as yet no financial deal is secured. What will be the next chapter do we think? A ‘working capital’ raise in the 0.10’s maybe? Or a deal and a 1p SP??
DVH - Hope you did the right thing in January when the SP was above your average in the 0.30’s ????
Pick a month, pick a year.
Just a reminder for everyone that the first PEPR for LCCM was submitted sometime prior to 31 March 2021 and was not finally approved until the end of June 2022; yes well over 12 months.
So, when might the second ‘copy and paste’ PEPR which was submitted in December 2022 be approved? 3 months, 6 months, 12 months??
Also, the SML Website is badly outdated with things like:
(Cobre) : ‘At the beginning of 2020, the stockpile holds over 700,000 tons. Access to the stockpile is on an annual renewal basis which has been given automatically on the past eight occasions.’
(LCCM) : ‘Leigh Creek Copper Mine which, while currently not operating, is expected to be back in production 2021’.
Good luck everyone!
So Bubble how long might we have to wait for this 6p SP??
5 weeks, 5 months or 5 years?
We’ve seen the SP tumble by 90% to 0.30p from highs of over 3p five years ago. Since then we’ve had multiple missed deadlines and much talk and promises but little in the way of action / achievements (The 5 year formal contract arrangement at Cobre being one of only a couple of positives)
If you’re suggesting a 20 bagger from here then where are the herd? I can’t hear them? The Market and institutional investors has the measure of SML I’m afraid. Let’s hope the ‘big boys’ turn up when the unconditional PEPR is in place!
The RNS from 6 months ago at the end of June said that ‘PEPR approval ensures that LCCM is now "shovel ready", subject to finance. But, importantly the PEPR approval was for the copper oxide elements only.
This was a bitter blow for Private Investors and potential financial suitors and the market reacted accordingly. It was also probably a shock to many as most PI’s had wrongly assumed that PEPR approval was pending for the whole project. But wait, no problem we were told, it’s a very quick ‘copy and paste’ job to get the full PEPR in place!
We know that the current Rehabilitation Financial Assurance required is approximately $2m (may be higher if we ever get full PEPR approval) and we can maybe assume that another circa $2m is required for current start up costs and working capital, so $4m required in total.
Now, it doesn’t take a financial expert to realise that to try and get $4m finance for a company with a Mcap of $6m is going to be extremely challenging. So, full PEPR approval would appear to be pivotal in moving us forward.
So, what has happened with the ‘quick copy and paste’ resubmission for full PEPR approval??? Dear BOD - Your shareholders need urgent clear communication on this issue.
I remember we were at 0.45 for about a year or more. We now appear to be 50% down from that at our new static price of 0.22. Most investors are between 30% and 90% down here.
Next stop could be a raise in the 0.10’s. The BOD have previously raised when working capital gets tight. Most fledgling companies reduce costs (in our case massive over inflated BOD remuneration) when reinvestment is needed! But no, we raise capital, increase the shares in issue and drive down the SP. The market knows this and that’s why the MM’s are taking us to the cleaners. Locked in here for 4 years. Locked in at Mustang for 18 months.
Crouton - Good Morning
Consultants / acid run-off / A few months Lab work; oh dear that sounds like another 6 months to me before the ‘copy and paste’ can be submitted. It’s embarrassing and I would find it comical if I weren’t invested! What do you reckon the wider market thinks of SML - credibility? Sentiment? Is it on our side?
Most fledgling companies keep costs to a minimum and don’t pay themselves high inflated salaries and bonuses. By keeping costs to a minimum and not creaming off all the profits / surpluses, a fledgling company can reinvest in the business and also build up reserves. This then means that if unexpected expenditure is required there is no need to go out to the market to raise capital which drives the SP down. These capital raises have happened 2 or 3 times at SML in the last 2 or 3 years. If BOD remuneration had been cut in half during these last 3 or 4 quiet years then there just might have been enough money in the pot to start off LCCM very slowly or to have done some more exploratory drilling at Redmoor - just saying!
Even recent investors who bought in at 0.40p are now circa 40% down. I suspect that nearly all investors are between 30% and 90% down here on their holdings!
It doesn’t look like the BOD will be exercising their 1p options before the 31st December 2022; please prove me wrong.
Yes, nice speculation, but come April, our investment has been locked in for two years!
The months tick by without any concrete timelines on a relisting date.
Crouton - Consultant working on it - I see.
It wasn’t just a ‘copy and paste’ job then was it. How long will they be racking up their fees for?
Another month? Another 3 months?
Where is the money coming from to pay for the consultants and to also pay for the 2nd PEPR submission? Will the BOD forfeit their salaries for a few months or will we have further dilution? If so, that would likely be in the 0.10’s - yikes!
Pick a quarter, in fact pick a year.
Multiple deadlines not met. False promises and spin a plenty.
We were told 1p in 2020, 2021 and 2022. Ok - you guessed it, we’re now told Quarter 1 in 2023.
Yippie - presumably there will now be a stampede from investors looking to buy at 0.25p for a 4 bagger.
Dear BOD has the ‘copy and paste’ additional PEPR been submitted yet?
Yours - one very disgruntled and skint investor
We were told that in order to get full PEPR approval for the whole project it was merely a ‘copy and paste job’. So, surely we can assume that this has been actioned. Presumably if we had been recently granted full PEPR approval then this would need an RNS?
One minute we need $10m now we need $6m but it’s much easier to get $20m we’re told!
It’s all bluster - we’ve been trying for funding for 12 months or so!
The BOD have implied they are happy to exercise their 1p options sometime before the end of December and yet their not filling their boots at 0.30p???
Funding by Christmas we’ve been told - let’s wait and see, multiple deadlines and promises have not been met over the last two years or so - can a miracle be pulled off?