Member Info for Shedulike

Nice work Trade, don't mention ammunition though that blows our chances of getting into ethical investment funds! Seriously though lead is still massively important in the construction industry for flashing in particular. Come to think of it Zinc cladding is really trendy now as well. In addition to the uses you mention for silver don't forget the medical and green energy applications, that's another reason why it would be so handy to know more about the copper. That old presentation I posted got me thinking about something else as it mentions the remaining 'ore in situ' at Antonina. Maybe what was becoming uneconomic to mine in 1986 might be worth digging up today if someone would only go and build an ore-sorting plant next door. Hmm....

Blimey the sun has (almost) come out - it's a sign I tells ye!

Should add Bricks that I don't think we'd get a licence for the Roman method of mining 'Ruina montium' :) Still it's on my sightseeing list if LR can pull this off and we make that pilgrimage to Toral.

....... take a look at this from 2017, https://www.asx.com.au/asxpdf/20170606/pdf/43jrvjhzvhh4ll.pdf, I think the southern part of our licence shares the Ordovician geology with Las Médulas. See diagram on p.8
The gold deposit exploited by the romans in Las Médulas is one of the second type. Gold here is disseminated in Miocene siliciclastic series where two formations have been described (Fig. 1): The lower Toral Formation presents dominant silt and clay with some lacustrine limestones. The upper Leitosa Formation appears in two different facies: the Santalla facies, which is more distal and presents intercalations of conglomerates and sands, and the Las Médulas facies, more proximal and with dominant conglomerates. 'Lower Toral Formation', that's us! Doesn't mean we have gold in the south but if you look at the map we are 10 times closer to Las Médulas than Rubiales to which we are analogous. We are 100% NOT analogous to Las Médulas in the block model, but just fun to speculate on a wet Saturday that there could be something unexploited in the south of our licence.

Yes there's a logic there Teaye, AM's appointment hardly set the market buzzing. On a slightly more positive note I have been wondering why they would want to look for finance in advance of the PFS. Of course these things take time and I think it was CHRI5P who pointed out that AM's work could be in preparation for the PFS ie. any agreements could be subject to the PFS being successful and EUZ being independently recommended to go forward to a mine. However I am hopeful that suddenly looking for funding on a new tack might indicate plans for an expansion of exploration, interesting that they have compartmentalised current drilling as 'PFS Drilling', perhaps they have decided that the prize at depth and east along strike is potentially so huge it would be crazy not to raise the finance to explore it.

Morning trade I'm only frustrated because I didn't feel my questions were fully answered. Naturally there will be a lot that will remain confidential and LR & MC obviously have to be very careful what they say outside of the RNS so perhaps I expected too much clarity. I'm optimistic that AM is capable of putting together a deal but I would rather it be done by a big hitter appointed to the Board rather than this advisory arrangement with secrecy around remuneration terms. Still I assume that if he can put a deal together then whatever form of corporate action he recommends to the Board will have to subsequently be voted on by us so all will become clear in time. Anyway I'm not going to let this matter cloud my overall enthusiasm for the project, but I would caution against celebrating this appointment on face value, he is incentivised to get a deal done, only when I see that it is a good one for shareholders will I be content, I think that is a perfectly logical position to take. That's why I said last night it comes down to whether you trust LR & MC to protect our interests, I do, but I think there was a better way of handling this that would have given me more confidence.

Hi trade I guess that's because the Zinc is worth 8x more than the silver over the LOM. That might have come down a little on spot prices as silver is on another good run and industrial metals have softened a little but the value of our zinc resource will always be more than the silver unless something absolutely unprecedented happens in the metals markets. What the silver does give us is neat funding options so hopefully AM can weave some magic with his banking contacts. My feelings are that we're heading towards a complex deal to finance this thing hence the engagement of Habib, possibly some sort of consortium - local government are already in to an extent, perhaps that will be expanded and combined with private finance, lot's of talk in the EU about re-industrialising economies with command economy principles, that might sound drastic but the situation post Covid will, economically be comparable to post WWII. I have felt for a long time that EUZ want to head the development of the mine and that CB's departure could have indicated a differing of opinions with MC and LR. I'm going on scraps of information so I'm frustrated and annoyed which might have been detected on this board :) frankly this is a massive period for EUZ and I'm not happy about a number of things but the way we're positioned means that as PI's your decision to increase, decrease or bail depends entirely on whether you trust LR & MC or not.

mfm it is incredible in a democracy that institutions can force the suspension of a free market when it moves against them. Actually depressing and scary in equal measure. Personally I think social media does cause overvaluations but that's the market. You can go back to the tulip bulb crash in the 17thC to the dot-com bubble in the 90's and the market will correct but for the professional speculators to be able to influence the market by pressure on government is seriously disturbing.

Interesting on R4 this evening there was a piece about the GameStop phenomena with institutional shorters complaining about social media driving up the price of stocks popular with retail investors, we weren't mentioned....

Zinc has had a shocker mind (for balance).

Just realised they're selling at 9.6p so you're still a whisker away from glory DXB, but give or take I concede you were right we have definitely retraced as ever.

DBX - I remember you saying that so you are a better chartist than Zak Mir so well done. I don't know if you are referring to me or not but the reason I remember is I wrote quite a detailed reply to your prediction but unless I missed it I didn't hear back from you. I just looked back at the 16th and can't see any posts slamming you or acting like bulletin board police, it should be possible to disagree with each other and challenge opinions and positions without it being considered policing so I don't know what you feel like that. Anyway you have been proved right so perhaps enjoy your moment without acting like a martyr. Silver just popped by the way so perhaps we can all agree that's a good thing? Adam Habib might have to update his spreadsheets already :)

Trade I hope so but any pre-production deals can be handled by Conrad, leading industry specialists who we have already engaged. AH is here to talk to the banks which is why I'm concerned by a change in strategy, I had hoped that with the £2m plus EU grant we could get to the PFS independently then produce the BFS which as Myles said isn't a big leap, then we go to the bank. This appointment throws so many things into question and for all our trials and tribulations over the years I don't think I've ever seen us so off balance. Again, I will reserve judgement but we know AH has form and I would rather have seen a player of similar calibre to CB come onto the Board in an accountable role. As a mere outside advisor who will be no doubt be showered in riches with whatever deals he can muster I don't see his interests aligned with shareholders in the least. I'll say it again, don't think that any deal is a good deal, just like Brexit, but I have a foreboding feeling that any deal will be a good deal for Mr Habib.

Hi Bricks the remuneration is being kept confidential. That's just one bit of this I don't like. Firstly I don't object in principle to engaging someone who the Board feel can bring skills to the party that might be lacking. Also as work intensifies in the build up to the PFS maybe they need to concentrate 100% on op's and leave transaction negotiations to Mr Habib. My issue with this is that it raises more questions than it answers about our financial position, what exactly Habib's remit is and precisely how is he incentivised. As I said earlier I'm trying to keep an open mind on this but it just feels very unlike EUZ to make an appointment with such a lack of transparency on the purpose and terms. I found the RNS vague which is so unlike us, I really hope MC and LR haven't been rattled by their lack of success at EMEA and the industry presentation and changed tack. Also the talk of exploiting strong metals markets in the near term flagged a possible lack of confidence in where we'll be when it comes to mine development, LR always emphasises the robustness of the project being based on long averages so why this sudden urgency? Finally I wasn't terribly impressed with private comms on this matter so am making my feelings known, I'm not a great believer in the judgement of the market on news but on volume alone we must have hit an all time low today.

As far as I can tell we will never know what slice he will take from whatever transaction he conjures up, there is more than one way to get diluted and this will not be disclosed. Sorry to be the killjoy this morning but I would just caution on interpreting the appointment as evidence of the direction of the company. I'll reserve judgement on Mr Habib until we see the results of his work. On the face of it this is not necessarily bad news but it has raised some questions and uncertainty for me which have not been satisfactorily answered. I'll leave it at that and will post again if I get some clarity and can feel positive about EUZ again, the last thing this board needs is another poster in the negative camp :)

Why would the RNS talk about development and project financing then? Of course we all hope that we will suddenly get the big JV or complete sale news and as has been said I'm sure if the right deal came along it would be considered but all the evidence in terms of operational strategy plus research and educational local engagement suggests to me that EUZ are endeavouring to be part of the development of this mine. I don't think that the appointment makes JV or complete sale any more or less likely.

Crikey the grammar police are slow today :) left a bit of an open goal there! On remuneration I wonder if that's why he didn't take a seat on the board? I'd be interested to know the terms, probably on a success basis which concerns me that his interests are not aligned with LTH's, from AH's point of view any transaction is a result. I've been saying this since they chose to go for more cash rather than JV, not any deal is a good deal and for me this makes any deal a more real prospect.

Well I'll try to keep an open mind let's see what he delivers. I guess I'm just cynical CHRI5P, I think the appointment muddy's the water if anything, AIM is awash with the promises vague appointments bring. Can anyone explicitly tell me what he's going to do because nobody can away from this board, remuneration confidential by the way.

CHRI5P I guess the RNS has just annoyed me. The last time I checked, the strategy was to take us to a PFS from where we'll be in a much stronger position to do deals. I don't see why we need Habib at this juncture. I would rather any pre-production deals were handled by the industry specialists Conrad. To me the appointment looks confused and I fear is more for appearances than the reality of an endgame. I respect your opinion but I said a while back that there could be a divergence of interests for new investors and long term holders, my fear is that they could be tempted into an early transaction when everything I have been told informed me that this is all about getting to the PFS stage, I don't see what skills AH brings to executing that strategy. If they are considering a full transaction prior to PFS we're likely to get murdered, if not then we've just got another passenger.

Hmmm I'm not sure about this, investors who keep their ear to the ground will know that the cv isn't as great as it might appear. Another mouth to feed when cash is tight, no clarity on remuneration and a pretty vague remit. MC says this is for "potential execution of meaningful transaction opportunities in line with our stated strategy" but I'm not sure what the strategy is for financing. I don't mind them keeping all options open, that makes sense but don't then trip out glib statements about a 'stated strategy'. I know we haven't replaced CB who I always saw as the deal maker but this is an underwhelming replacement, they haven't cited a single transaction that he has headed, I always post my feelings honestly and I'm pretty deflated about this. I really hope that lack of results from EMEA and the industry presentation hasn't hit confidence and they've been sold a dream, better to deploy cash improving the product IMO.