Member Info for Shedulike

I posted mine in - you need to contact whoever your shares are held with asap Michael.

Do you seriously think I'm going to phone up LR and pass on an insult from another PI? We have enough disagreements as it is. What's stopping you fronting up at the GM, it's your right to confront him as a shareholder. Sorry 10bT I really don't understand what you're trying to say.

Tilly you're just not going to accept that kippers are dead herrings are you? Don't worry it adds to the surreal images you conjure up :)

10bT the AGM will be held on the 30th virtually, you can tune in from the comfort of your own home and put LR on the spot. During the GM Dan was very good at getting everyone heard who put their hand up. So I'll see you there?

CHRI5P I believe we have a mine or I wouldn't be here. The analogous mines of Rubiales up the road and Antonina right next to us were economic without ore sorting. I suppose against that you could say safety costs might not have been so rigorous and I honestly don't know if it was easier to deal with impurities back then but everything points to a profitable enterprise in the near term. How are you feeling about EUA?

10bT excellent email, reads like you wrote it with a quill, which I approve of. The facility to raise funds by issuing equity is in the constitution and while I hope there won't be another placing it is a backstop against insolvency, he will not rule it out don't waste your time. If you want to get a response direct from LR pitch up at the AGM and put the question yourself, I'm sure you'd rather press him yourself rather than hear my version. If you have a pressing engagement in Ipswich all of a sudden let me know and I'll consider doing it for you.

'Whale Song' rather, if that doesn't help Gregorian Chant is also effective.

Ha ha cheers Jed try putting them to whale music and an 8.89% drop will feel like nothing :)

Well yes PEnergy, try not reading them it's not as if you're going to miss any relevant information, we all know there's been placings and the SP is terrible. I think there's possibly a general misunderstanding about the PFS. It's not just an academic exercise, it's about presenting potential partners or buyers with the proof from multiple work streams that the mine can be built and will not underperform. Without the PFS your chances of achieving anything near the NPV in the event of a sale are remote. I've never pretended to be an expert in this field but from my reading the big boys don't want to spend £50m (for example) with uncertainty about hydrology, metallurgy etc, they'd rather pay £100m for a fully de-risked asset. The fact is we're taking all the risk which is why there's such high potential rewards here, I worry that some investors here don't realise that, there is chance that we could all lose our entire investments, I hope we have all considered that. I'm bullish and positive but there's still risk that we won't get over the line. On balance and from someone who keeps their ear to the ground I think we will :)

Reading some of the posts today I'm seriously wondering if everyone read the investor presentation in August. Right up the top:
"12 month target: to complete key components of Pre-Feasibility Study (“PFS”) work programme Objectives: Increasing understanding of project for industry and strategic investment groups through: hydrogeological work, completion of further resource drilling, waste management".
Okay so two things the PFS has been the objective with a timescale from August, will usually slip so say 12 months from now, the important point is this has been the strategy since August. Sorry but anyone who is expressing surprise and concern hasn't been keeping abreast of their investment. Also we need to complete the hydrology so there's just no urgency to apply for the mining licence. The jurisdiction want the mine, we'll get it when the time is right.

CHRI5P in addition we also haven't finished the hydrology and I think some environmental studies - applying for the mining licence would be putting the cart in front of the horse. I enjoyed the presentation and thought some of the little details on engagement with the Junta really brought the project alive. Really interesting stuff about improving the economics of the early years with the next drilling. If you were a big player looking to come on board wouldn't you want to know that you'll get your investment back as quickly as possible with the higher grades to come PLUS have all that running room on the rest of the licence?

10bT we are exploring funding options on multiple fronts. We have already proven that we can secure EU grants at local level (now what was it I remember someone saying back in the day "You can forget EU grants.... bureaucracy.... blah, blah blah...."), dam can't remember their name :) EU money was mentioned again yesterday and we were careful in the terms of the last deal not to preclude ourselves from further funds. We have Conrad exploring pre production deals and maybe something will come left field like a JV though I would expect that to be nearer or after PFS. You're not the first one to seem to be surprised that the road map is targeting a PFS in 10-12 months time but really it was the stated strategy since the last fund raise so why is it more of a problem today than yesterday? Hope that helps but I can't predict what the SP will do in the meantime, it might well be that your funds will work better for you elsewhere, that's your call. Good luck with whatever you do.

Jed not only will the resource grow, as one analyst pointed out the economics are based on very cautious metal prices. MC said it was right that they should be based on the three year trailing average which makes the project as robust as possible. The $962 total revenue could be transformed if metal prices continue on the current trajectory. Wonder if we'll hear about this shallow drilling to beef up the economics of the early years mining soon?

I voted against Trade because even though you can't knock the work, until we see some sustained shareholder value it simply isn't fair or reasonable. In case you missed it I've said before that we have not a clue how much time Dan puts in, we are just one of a whole portfolio of Directorships he has. Also while Dr Kirby's experience in metallurgy and mine planning is obviously valuable how can we vote on his remuneration when we're just guessing at how to quantify his worth? I've asked LR before if this can be better communicated to shareholders but nothing. I expect the options to go through just because they always seem to. I'm in SHI as it should be a big recovery play but the new CEO was given a massive bonus before he's proven his worth, even though one of the bigger institutions voted against it still went through.

Morning Newbie - the target of reaching the PFS milestone has been the stated strategy since the last fund raise so nothing new about that. They weren't going to auction the company yesterday afternoon but I understand your 'jam tomorrow' frustration. I don't know what the SP will do in the meantime but as CHRI5P said funding options are being explored on multiple fronts so I do think in the course of the next 10 months or so there will more news flow to support the SP rather than the cycle of predictable operational news as in the last year. EU funding was mentioned again yesterday and Conrad's work so I don't think it's a case of simply enduring the pain for another year or so. I notice from comments that there is some angst about as usual - as I always say there is nothing wrong with the negative view but if the posting becomes vacuous, devoid of analysis, and plainly designed to just vex holders then try the filter bin that's why I dispensed with Reasonable, Paramount and now Bobby.

10BT it was fine just hampered a bit by poor sound. Would have liked more analyst questions but I guess the conversations that matter most will happen behind closed doors. Main takeaway for me was a sense of urgency in getting to PFS as I think the timetable of 12 months from August might have something to do with the Junta's thumbscrews (no Spanish Inquisition jokes please). Evidence of this also comes from Jesús comment on www.proy, just feels like we have a green light to get to PFS but then the jurisdiction will want to know how this is going to be built, that's an evidence based hunch. I don't see 40p by Christmas unless something comes left field, my feeling is it will be a year of work towards PFS will low risk centralised drilling and then the fireworks will come. Many won't like the prospect of another year before a deal but that's what it looks like, it will be a better one for the wait but so many Aim investors are looking for a result yesterday so the SP in the meantime is anyone's guess.

No probably not :)

Looks like a **** up to me Teaye. I had noticed there was duplication but hadn't spotted the differences (if that makes sense). I guess the second one is more likely up to date as we haven't been 14p for a while.

Teaye I'm not sure I've seen that - where exactly in the presentation is it?

No probs I guess they were all doing it by remote which might explain the quality. I assumed they would be in a professional studio with Tavistock involved but maybe although technically working could that have been against lockdown regs?