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Also Panda1, to strongly question you statement are an IRR needing to be >100% to be good, read the following;

https://masterinvestor.co.uk/latest/how-to-value-junior-mining-stocks/#:~:text=For%20a%20good%20mining%20project,depending%20on%20other%20factors%20in

"For a good mining project the IRR needs to be at least 30-40% and some are much higher, but others are closer to the 20% which, in my view, indicates an only marginally attractive project – unless for a solid business with guaranteed offtake and prices, like energy generation (but, again, depending on other factors in the equation)."

Seconded by; https://www.miningstockeducation.com/2018/09/jayant-bhandari-mining-projects-must-have-at-least-20-irr-at-current-spot-prices-to-be-viable/

So at a tin price of $12.50/pound + rising copper & zinc prices, the IRR could top 50% and be very much in the 'good' category.

Here is the link to said PEA;

https://cornishmetals.com/site/assets/files/4962/2017-03-31-scrofty-pea-c84ol6.pdf

Several points;

- The sensitivity analysis is on page 32 of the PDF (P22 of the PEA), this shows that increasing the tin price from $10/pound to $11/pound increases the IRR from 23% to 30%

Here's a link to an FT article (https://www.ft.com/content/40577a9b-d4d9-4cdd-8d08-43ce1c132406) from yesterday about the tin buying frenzy, which includes a quote from our CEO;

"Given the time it takes to get a permit for and dig a new mine, Alphamin’s Smith says the near-term supply gap can only come from expansion or revival of existing mines. A $25,000-per-tonne price is needed to make this economic, he estimates.

“The world is not producing enough tin,” added Richard Williams, chief executive of Cornish Metals, a tin and copper miner set to list on London’s junior stock market, Aim. “There is a very thin pipeline of new projects.”

For those unfamilar with the conversion, there are 2000 pounds in a tonne, so $25000/tonne = $12.50/pound

At $12.50/pound the IRR would be 40%+ with an NPV of around $270m. Quite a difference from those figures you quoted @Panda1.

Also, an IRR of over 30% is usually considered very good. Show me an example of an IRR of 100% and I'll invest tomorrow.

Furthermore;

-the PEA used a copper price of $2.65/pound, the current price is >$3.80/pound, so the IRR would be even higher...
-the PEA used a zinc price of $0.90/pound, the current price is $1.40/pound, so the IRR would be even higher still

Finally, page 37 of the admission document contains the following quote;
"Since early 2020, the South Crofty Project is no longer the principal focus of Cornish Metals’ activities and
the project has been placed on care and maintenance pending an uplift in tin prices and a change in market
sentiment towards the project."

I'm guessing that decision will be under discussion as we speak with tin prices approaching the magic $25k mark...

So despite the negativity of some on here, this appears to be a well timed & nicely diversified play on several vital metals that will be in high demand over the coming decade. And for once it's not in a dodgy jurisdiction where a change of regime could jeopardise everything in a heartbeat.

Beardozer chatting about fundamentals when invested in RMM, ORR & MKA. Give me a break. RMM are a money pit that have diluted their shareholders to hell and back, ORR are a genuine tiddler that most recently raised £1.6m to fund its West African gold hunt, a little less successful in attracting investors than the £8.2m raised here? And MKA won't be producing any REE's in Malawi for the next god knows how many years. Most respectable resources investors wouldn't invest serious money in African tiddlers, nevermind something as tragic as RMM that now has more than 10b shares in issue.

CUSN does tick the right boxes though. Here there are 267m shares with 150m held by the top 9 holders, leaving free float of 117m. That is enough for 10,000 individuals to own just 11700 shares each. It also has a Canadian investor base that clearly like what they see and have bid it up to 14p in recent weeks. I suspect shares will be in high demand once news gets around & brokers allow people to buy - just look at the demand there was for Cornish Lithium on Crowdcube, £5.5m from 3700 investors and a pre money valuation of £40m... https://www.crowdcube.com/companies/cornish-lithium-ltd/pitches/lEJ2KZ

Yeah don't fight the EV tide... Also might be worth you looking at HE1 and how it behaved when only 5% of the market could buy it on the first day of trading, it doubled in the next 2 days ;)

Zioc is located in the DCR not Cornwall... slight difference in risk profile!

@Valuation it-is, I haven't tried to value it all yet, but it's becoming increasingly clear that this is far from your average AIM listed mining company. The agreement with Cornish Lithium detailed in their admission document is very smart indeed.

RE. Cornish Lithium free carry, worth pointing out that CL raised £5.2m at a pre money valuation of £40m, so our 25% free carry is currently worth in excess of £10m versus a current market cap of £27m. This looks like a really good investment to me, far better than the other IPO that is attracting hordes this morning.

14.69m grading 8.45 per cent CU is pretty spectacular...here is a link to the assays in question; http://www.city-investors-circle.com/strongbow-make-high-grade-copper-discovery-in-cornwall/

I believe you can set a Barclays Smart Investor account up pretty quickly if you don't already have one - could well be worth it on this occasion. Fact is it opened at 13p so those who bought on the bell got stung, 30% sale on at present!

Yes you can buy on Barclays, but the share price is showing as 0.0001p, so the 50k shares I just bought show as a value of 50p in my account... ha. What a mess brokers are with new IPO's. Being cynical you have to think it's done on purpose to keep new investors out, HL & II in particular have no excuse here - the prospectus was published on 10th February. Interesting that this is trading at nearly 40% below the Canadian price level, cheap surely?

Surely today's RNS is confirmation that their change of strategy to host new South African events in the middle of a pandemic was a bad decision. Who'd have thunk it. Worth watching the following again, it's incredible how bullish Trudy was... https://www.proactiveinvestors.co.uk/companies/news/935807/live-company--at-pivotal-moment--as-it-enters-exciting-emerging-markets-with-new-division-935807.html

Scinv. Why would a shareholder try to play down the valued of inhaled interferon beta? Yes interferon is a 40 year old drug, but Synairgen have worldwide patents for its use in inhaled influenza like illnesses. Haven’t you read the 2016 US patent doc? Protection out to 2030... hugely valuable from a commercial point of view.

The CEO seems confident as others have said, but is this a classic case of pride before a fall? He only graduated from university in 2010 so appears pretty inexperienced with dealing with issues such as those he now faces. Regardless of the cash on the balance sheet, £56m market cap seems expensive for a company in this sort of predicament. Bottom chasers ploughed in yesterday, I used to do the same thing when I first started on AIM but you learn to fully research first and not be led by the price. What happens if the damage to the bulkhead is worse than expected? Could the tailings collapse? If the next RNS isn't good news then the price will really start to crumble as market confidence will be gone. I hope they get it right but I wouldn't be investing anything at this juncture - it would be like betting on a horse without knowing what the odds were...

@agfo, this seems like a kitchen sink job RNS? Using the Covid situation to break the news of issues in the mine is poor form though (speaking as someone who hadn't looked into this company before today).

The below is what will damage the share price in the short term.

"In addition to the above cost increases, there are two notable areas of specific overrun, which in aggregate would require further external capital to resolve."

Once they complete the placing to allow this work to be done, I'll consider investing. What price will that placing be? Almost certainly below the current level.

tqhussain, that list of shareholders is way out of date...

From their website; https://netscientific.net/corporate-governance/

Shareholder Number of Shares Percentage
Futura Messis Group Limited 3,598,403 24.12% (Dr Iliev)
AB Group Limited 3,278,014 21.98% (MA Lawson)
Schroders Investment Mgt (London) 1,315,333 8.82%
Zedra Trust Company (Jersey) Limited 938,952 6.29%

The in addition we have a director who took shares in lieu of salary a few months back at 49p

John Clarkson 101,066 0.67%

So 61.5% of shares held by 5 parties, leaving just 5.8m for PI's. Today's volume is already nearly 1m, so nearly 20% of free float has changed hands. Prior to today TOTAL volume in 2021 had been just 1m shares! A major pop is on the way here, this has been hiding in plain sight whilst everything else has skyrocketed.

This is a bargain at the current level - there were two spikes last year which saw £1.70 a share, and that was when PDSB was $4 a share, rather than the $6.81 it closed at yesterday... once the early profit takers are cleared this will rocket IMO

Yep, nice to see a bounce - mid to low 30's seems like a sensible level pending further news. Could easily go higher but I suspect panicky sellers will prevent it doing so. This time next year GTC could have rebranded as H2 Green & be worth 5 x the current market cap. Of course there could be dilution, but as with the fundraises for AFC, ITM, CERES & PHE, the share price growth easily offsets this. A nice share to genuinely invest in as a small current % of my portfolio, with the potential for significant gains should they execute well. MHC presents a similar opportunity...

I believe the reason it's fallen flat is this;

"Avacta will also support antigen testing in low and middle income countries[1] by providing access to Avacta's spike antigen test through Mologic."

They've tried to spin this decision to make it look like a noble gesture, but reading between the lines I think you can deduce that;

1. There isn't much interest from high income countries in new test kits as rapid testing contracts are already sewn up & AVCT missed the boat.
2. Commercially, they won't benefit significantly by selling to low income countries, certainly not to the level they need to support the current market cap.
3. They know most low / middle income countries will accept the CE mark, which they can get via Mologic without needing formal approval. Does this mean they have given up on FDA / country specific approvals? Highly likely IMO.

Overall, this is the latest in a long line of sideways or backward steps away from large scale commercialisation of the rapid antigen test that was originally promised last April. Interesting to see what happens next...

Actually think this is being shorted looking at those 10k sells - I reckon top****stocks has shorted from 45p - if you're reading this you better hope that news doesn't land or you'll get fried!

Topmoney = topsharepicks = ************ on Twitter. Missed out on the initial rise and so has spent the last week talking the share down via his multiple accounts to scare newbie investors into selling . It's disgusting behaviour but it comes with the territory on AIM. Anyone that's selling now hasn't a clue why the bought in the first place, and most will be taking heavy losses - just a matter of patience and this will be back at all time highs.

Anyone investing in early stage companies like EVG needs to be fully aware of why they are listed on AIM. They are public companies because they need money to grow, placings are inevitable & it is the job of the CEO to attract external investment.

It was blatantly obvious to me that they would need more cash to progress their business, it was simply a matter of when. Yes they could have waited until after they reported the results of their Covid trial, but what happens if the results are poor? The share price falls to 4p & good luck raising £11m then. They have done the prudent thing; if the Covid trial is a success the SP will rise considerably from these levels. But if it isn't then they have the cash to progress their other trials, Glioma / Glioblastoma in particular looks very exciting.

It would be naïve enough to sell out post a capital raise in normal times, as the business is now stronger, but to do so a few weeks before the Covid treatment results come in is just plain silly. Success will mean 25p+ if not more IMO.