Member Info for Shedulike

Hi Brikz - funny how Pb and Zn have oscillated around the three year trailing average since the PEA was published. I admit we tend to get silver fever on here but I know I need to remind myself from time to time that the unglamorous plomo will be a much bigger earner than our silver even though neat funding solutions could come via the silver. From what I've swotted up on the NPV becomes more significant as a valuation post PFS which is why I'm wondering if a bridging equity raise might actually be a better option to get us to the PFS and BFS rather than taking on debt or letting the sharks in when we're on the brink of going to the bank independently. I just feel that LTH's having shouldered the risk for so long that we might be better served by a little more equity in issue rather than a deal that lets institutional investors in on pernicious terms to LTH's, ironically the much maligned DB may be an ally to prevent that having stumped up at 12.75p.

I'm surprised that with such a low opinion of Russia and its people you both decided to invest in a Russian operating company... or did you think it was Peter Hambro and Eton chum Roderic Lyne digging up the ore with their bare hands?

I really don't see why this shouldn't multi bag towards the higher ends of expectations but things need to continue going well in the field. The PEA didn't cause great excitement in the market disappointingly despite being a strong endorsement of the project so anything negative on the exploration side could have grim implications, but I'm not expecting that. I do think that anything from either Conrad or AH will cause a strong rise because we'll finally have proof that (equity) non-dilutive options are reality. However something will be given away either in terms of our asset or the burden of debt depending on how any transaction is structured. I have a gut feeling an impending deal is likely to be quite complex so (speaking for myself) I'm confident we'll see a positive market reaction while perhaps being left slightly uncertain of how good the deal actually is. This is where, for me, I have to just trust that LR & MC will do the right thing by shareholders and is partly why I'd rather someone like AH had been brought onto the Board. They must have their reasons for doing it this way so I'm trying to remain positive about the advisory role. Now if CB's seat is being kept vacant for a big name to come in that could really put us back on the radar, at the moment (in terms of new interest) this is beginning to feel like being the last hand aboard the Mary Celeste :)

Hi 1noise yes good to see some discussion here, the POG board can be very quiet at times. I don't find Petra's comment either helpful or factual but everyone has a right to an opinion.

I don't really know if we have too many staff, tricky to compare like for like with peers, but we certainly need to look after them to progress the business. I'm feeling more positive about the present set up but it will still be a while before the apparent good intentions are proven. With IRC looking up as well I think there's much to be encouraged by but only time will tell. GLA

UpDF I thought it was interesting that two out of seven 'Immediate Management Priorities' related to unhappy employees. We've heard whispers about this so maybe it was having a real impact on production levels. Companies will always make a nod to the welfare of their staff but to put that up front and centre I think is a good sign looking to the future.

Quite Freddie, it does amaze me some of the stuff that is alleged on these boards without disclaimers. When you press 'Post' you become a publisher, at least that what LSE would argue as all these platforms want to claim they're a mere conduit of opinion. Personally I believe they will have to accept eventually that they are the publisher and we are contributors similar to a newspaper, then they'll have to take responsibility for what gets written. Some of the bashing of certain AIM stocks in particular goes scandalously unchecked.

Rusty I believe they delayed the commissioning of the new flotation plant at Pioneer from Q4 2020 because of problems with delivery of key equipment. From the way it was put when announced I got the impression that Q1 2021 was possible but it wasn't a good idea to start up in the teeth of winter hence Q2. Either that or Pavel sold the parts to Polymetal on the quiet :) :) (**joking all lawyers**)

Strong hint that it's to be JV with the Little Pea**** children's play cafe in Liverpool - buy! buy! buy!

I agree Rusty as Fitch suggest we're not ready for an 'aggressive dividend policy' yet, need to keep at that debt. Pioneer flotation on course Q2 maybe once the upside of that with our POX production starts coming through it could be a consideration but certainly a while off IMO.

Hi trade - bit busy to go back through the media but I seem to recall after the equity fundraising a year was mentioned for the PFS but that was when they planned to start drilling before Christmas. From memory that then became a more realistic 18 months from Autumn 2020 so perhaps a year from now (ish). Certainly in the Nov 20 presentation it describes completing the key components of the PFS as a 12 month target, so that would perhaps fit with a year from now.

Jesús is a founding partner in Mining Sense so they should have got it right trade :) As there is plenty of exploration running room on the licence it is highly unlikely that the LOM will be restricted to 12 years though. I also think that an ore sorting facility could make Toral a reprocessing hub for the old tailings dumps in the region.

Hi Michael no perhaps I didn't word that very well. It would be great if the first drilling update moved the SP up and held the gain, it's just that I don't expect it too. I am however hoping to hear that operationally things have gone well but we'll just get something vague about the visual mineralisation and hopefully that they've wedged off, cores gone for assay, etc. Whether this XRF technology gives us any reportable interpretations of the mineralisation I don't know but I would guess we'll have to wait for the independent assays from ALS.

I don't want the drilling update because I think it will move the SP significantly but because I'm interested in hearing about progress, I think that's allowed. The subsequent assays might move us if they suggest they'll feed positively into an improved JORC going forward to the PFS, particularly if copper becomes significant. There is potential for a negative impact from the drilling update should it miss or return unpromising visual mineralisation, so plenty to look out for in the near term.

I was just thinking with it being shallow drills initially we'd hear sooner. I think I said last week much depends on whether they inform us that the main hole is complete and plan to wedge or just update at the end, they've done it both ways in the past. Trade like your theory but I would have thought the resource update work will only start when all PFS drilling is complete and assayed. Just guessology as ever.

I thought we'd have had a drill update by now. Maybe on-site Covid measures have slowed things down a little. Still I hope taking well over a month suggests they've had cause to wedge off the parent hole, maybe more than once which I think would be a first but possible.

Hi trade the new generation of photovoltaic uses less silver I believe but I didn't know zinc was a component, bit of yin and yang there for us! Certainly zinc is an increasingly trendy construction material as your links show. From the pre EUZ stated Toral copper resource it would seem likely that Cu will be our smallest earner but definitely a big plus as another string to our bow, I think we'll learn more soon from the current block model and who knows what lies within the rest of the licence? I also think the ore sorting could have implications for reprocessing tailings in the Toral vicinity, ugly duckling to swan incoming IMO.

My reference to Anto was meant to be light hearted mfm, I used to hold them (wish I'd bought them back in March 20!). I believe we have the potential to twenty bag + which won't happen at a major like Anto but we're still high risk / high reward though I strongly believe that £5m mcap woefully overstates the downside risk here. Hi Bricks, the market is a bit weird with EUZ at the moment, I'm certainly not feeling the "huge demand" :) but I did notice today that you could get quotes for large sells which hasn't been the case recently. I sense we're on the cusp of something positive in the field and corporately. Unless there's been a hold up or they're reporting drill progress differently this time (I've been told that isn't the case though) timescales suggest that TD-026 has evolved.

mfm I don't know, just an evidence based theory. Your comment about competition is relevant though, if you want exposure to copper there are little concerns like Antofagasta :) out there who knock the stuff out right now. That's our problem, I've noticed a number of junior explorers are under pressure at the moment maybe for that reason but the high metal prices will feed through to our economics in the long run.

Evening mfm, copper seems unstoppable, though having played the metals markets I know they can be fickle. Sometimes what isn't said is more revealing than what is said and frankly I have never got a straight answer out of the company about copper. As Bricks pointed out we have a small indicated copper credit that was reported in the 2016 Micon data. In 2018 they were (almost literally) shoving chalcopyrite copper sulphide mineralisation in our face (see pics). The slides are frustratingly unclear but I think we could be drilling in the area where those copper shows turned up (TD 18,19,20) which coincides possibly with the early years mining. Hopefully copper may turn out to be something of an ace up our sleeve and they're going to play it with perfect timing, the strategy of ignoring it for now suggests it won't be a big earner compared to Zn, Pb, Ag in that order but if it can be economically extracted in harmony with our principle products what's not to like?