Member Info for Shedulike

Hi Mailgirl - I didn't think you "lost it" as you say, nothing wrong with a frank exchange of views. Yep over 800 companies on AIM alone, many doing very well so it remains one of the great mysteries of EUZ why people who don't expect a result hang around with constant negativity. I suspect some are looking for a better entry and some probably like to exaggerate their pessimism for cathartic comfort. I think that's why you see such polarised critiques and blame for the SP getting personalised. I've stated I'm not happy with the options despite calling for the pay cuts and cash preservation last year. Frankly there are far greater risks to shareholders finally getting a result than LR's options but of course they drone on about LR because it's easier to demonise their situation by sticking his mug on a dart board.

TheBofB - good to be talking about something important for a change but you're wrong about the Clangers - the BBC actually relaunched it, I think in 2014 surprisingly faithful to the original in appearance. Without Oliver Postgate's hypnotic narration I'm afraid the pathos you probably recall is lost IMO.

Good to see stability (as I type). Must admit I had expected a bit of an early dip as any association with something potentially dodgy can cause jitters. Perhaps as Pavel has been gone since August and the new Board have instigated a fresh start with the transparency of a forensic review means confidence will be restored. I didn't vote for the new bunch (better the devil you know etc.....) but on balance of evidence so far it's looking like the boardroom coup was justified. I wonder how many of the old crew are feeling nervous while KPMG are burrowing away?

Also who else knew rusty? I would have thought others would have to have been complicit (should it prove to be true), but I guess we need to be careful what we speculate on here. I realise this might sound a little grandiose and it's still a bit of a social media grey area but between the poster and the forum we are technically a publisher.

I'm hoping not CHRI5P but there is no way it will be ruled out until we're home and hosed, maybe Conrad will turn something up and there are supposed to be other EU grants irons in the fire. During the relentless negative narrative I do think some really good stuff gets overlooked, particularly the forging of in-country relationships with the educational and scientific work. Guess it's not as exciting as talking about dilution and the fact that LR doesn't perform like George Clooney on camera :) I notice that Emerita have been refused an exploration permit from the jurisdiction in Huelva, I don't know all the circumstances but it does show what can happen when interests are not aligned, this from Mining dot com ....
https://www.m*n*ng.com/spanish-cities-opposed-to-exploration-in-emerita-resources-project-area/

Morning Jed this isn't aimed at you specifically but there does seem to be a general misunderstanding about having the facility to raise through equity. If it was taken away all our investments would be at greater risk, simply because insolvency would be a real danger. I'm certainly not expecting dilution to be popular or even argue that we shouldn't have raised more money when the price was much higher, with hindsight that goes straight into the 'bl**ding obvious' column. As cash ran low there were likely two options give up a chunk of the asset or raise through equity. They chose the latter because if we can maintain ownership of the asset and deliver a PFS that independently recommends this should be mined we get to negotiate on much stronger terms. Don't forget the ability to sell shares for cash isn't a given even at a discount, the fact is that DB and other investors expect to make money off 12.75p and if that confidence which delivered £2m gets us to PFS then we should all do well. For balance I should add I am unhappy about this grey area of being funded for "certain key components of a Pre-Feasibility Study". I didn't feel that was properly cleared up at the AGM, though since that phrase was used in the placing RNS we have secured the EU grant.

UpDownFlat, innocent until proven guilty and all that but if these allegations turn out to be true I sincerely hope that Pavel doesn't get to move on but finds himself in more stationary position for a decent stretch :)

Jedster - I would certainly agree that we all need to start looking forward, completely pointless for investors to remain burdened by past mistakes if they believe a result is still possible particularly as the historic mistakes however damaging have been followed by a superb year operationally. I think that is where risk is misjudged by many on this forum, if the management had performed badly this year - imagine unsuccessful drills, failure to manage relations with the jurisdiction and so on we could be toast. That is why I would strongly challenge your comment "not very good at running the actual business", yes this team took us to a dark place which has meant that we haven't been rewarded for a fantastic year of work, but all of us who have witnessed that and chosen to remain on board really have nothing to gain by running this down on a daily basis. Dilution is never going to be popular but at the end of the day DB and other investors believe there is an opportunity to create wealth at 12.75p. Okay I pulled you up on something you said but on current evidence your comment suggesting they're not good at "inspiring confidence in current and future investors", (apart from a successful placing) would on current evidence look largely correct.

But simplistic I'm afraid Gam. The stated strategy is to achieve a PFS, did you miss that? It's an important milestone as it gives you a much better chance of getting a fair value for the project. Sell now and you're asking a buyer to complete the de-risking process and as such the discount would likely be brutal. Of course someone might want to step in as a buyer or as a partner before we reach the PFS but sensibly we've been positioned so we aren't reliant on that happening.

Ok pe - have a good Christmas. Let's hope a good start to 2021 with the drill bit see's this board pulling in the right direction again. My main fear is down to being incurably superstitious so embarking on an academic project to study drill hole deviations gives me the collywobbles :)

Thanks Hermanus - I just think it's time to look forward. PR and presentation have improved and I know some folk will never like LR, I suspect partly because of his idiosyncratic presentation and interview style, oh and that he gets paid. Mind you someone else once said sort the SP and everyone will be calling their babies Laurence, there is probably some truth in that :)

Time to reflect on the last year and I think the most popular mantra of the naysayers must be that the asset is great but the problem is management, we probably hear that every day. Anybody who reads everything I write will know that I'm far from happy about everything but I can also face up to my mistakes. The fact is when I and all LTH's first invested the asset wasn't "great" at all. The truth is there was a chance it would be great but that was in retrospect speculation. It was an inferred resource with no metallurgy to prove that what might be there could even be viably dug up and sold at a profit. So how have we arrived at a point with an indicated resource that we know can be sold profitably? A year of high quality results in the field delivered by this management team. I won't ignore the downside which is clearly that it has been financed by equity dilution but the alternative would have been asset dilution, only time will tell if the more painful short term option for shareholders will long term deliver us a better result. I guess that will be the final judgement day for our Board. The point is, if management had performed badly in the last year - failed to recover the cores to prove this thing, failed in the hydrological and environmental work, failed to nurture in-country relations and been refused the exploration permit we wouldn't have an asset. I think many negative posters would do well to acknowledge that when they pick holes in shortcomings of pr and presentation.

CHRI5P you are right of course metal prices are relevant even though we're not producing. There are pre-production deals to be done and buyers will want concentrate security to shore up supply chains. In addition it's worth remembering that just as the three year trailing average is significant when compiling an economic report today it will also have an impact when eventually taking a feasibility study to the bank or other partners. Therefore the price of our products today will be influential to possible financing deals done as far into the future as Dec 2023. The metal markets are relevant now 100%.

Trade I don't think we need another Exec mouth to feed at this stage. As I said there are NDA's and B2B conversations ongoing confidentially. They aren't as 'shouty' about this as other AIM companies which might be a hangover from the greater regulatory burden of ASX. I think comms have improved greatly, I'm actually much more concerned at the apparent lack of results from EMEA which I don't believe is due to public relations.

Just to qualify that I suppose it's not impossible for a company to initiate their own statement "re. Share price increase" but the Nomad would still have to consider it necessary and sign it off. As I remember the company did put up a decent defence citing justifiable reasons for the increase but those RNS's always seem to rattle the market.

Trade, statements "re. Share price increase" are prompted by the Nomad which all responsible AIM companies must adhere to. We also know there are NDA's in place they just don't shout about it. You are correct however that a deviated drill would be a setback, as would not finding the expected mineralisation. As for the email it's hardly unusual to have an email overlooked, I would persist. We know from the AGM LR is keen to maintain comms with PI's as best he can but it's never going to be perfect without an Investor Relations Dpt, someone who was complaining on here that they were repeatedly ignored was offered a phone number via Bricks. They have since disappeared without a trace - hmmm.

Trade we were struggling in an unsupportive environment and to be fair iron ore has rallied only fairly recently. I don't do tips to be honest but one interesting story is IRC in Russia. Struggling for years but now perfectly placed to benefit from Chinese demand particularly with the China / Australia supply chain in crisis. They're on the HK exchange but you can get exposure through POG on the FTSE250, not one for the fainthearted though but POG is a massive established producer with a mcap lower than the AIM darling GGP which is years away from revenue with no clear CAPEX estimates.

Evening Mailgirl, yes nothing to worry about here except that in other parts of my portfolio there were some extraordinary late rallies today. EUZ does seem to remain an ugly duckling but what's this? You're suggesting people could sell and make some money elsewhere, how very dare you! Don't you know we have some very sensitive bears who don't like it pointed out that being invested in EUZ isn't compulsory. Anyway enjoyed your post, one thing I don't agree with you on is FOMO, I see it mentioned a lot around the exchange and I can't think of a worse reason for SP support. I know you don't post much so if you're not back again before Christmas, have a good one.

Bricks don't read it mate, you know you're not going to miss anything. So much bravado on here but too timid to confront management when they had the chance without even having to leave their front doors. Zero credibility.

You can just make out 'El Mundo', is it a Spanish tradition to wrap presents in newspaper or is someone just being ultra green?