Member Info for Shedulike

Understandable mfm. I am happy to put my hand up and say I didn't think they would need to place again. Just out of interest if you posted that you were worried about a placing and, say someone like myself said I didn't think one was coming, why would you feel 'shouted down'.

Disgusted that this couldn't be done through a RI, yes it's more expensive but would have shown some respect for PI's. So 0.0255p in old money is a fraction above the last placing. Is that all they could negotiate for all the good work since last September??? We have one of the hottest metals on the planet and they couldn't do better than that. I can appreciate that having independent funding means we're not giving away any of the asset too soon. After PFS we'll be in a much stronger position to negotiate a deal. I'm pretty sickened overall though.

Spoon you'll be pleased to hear we are a very low Capex project. From the SS the estimated total CAPEX is US$110m. Certain works since have suggested it could be lower yet.

Well the €2T, yes trillion stimulus package has been agreed. But I also agree that mining has an image problem and we've already seen the sectors such as green energy and technology flagged as targets. Having said that the economists will know the importance of metals in the supply chain for green energy. Also the local jurisdiction will have a hand in allocating resources which will definitely improve our chances. I think EUZ are confident or they wouldn't have RNS'd it, they are normally extremely cautious on these matters. By the way the UK is still having to honour its contributions to the EU until the end of this year....

Not inevitable but uncertainty continues. I'm convinced the plan depends on the outcome of the EU grant application. Big bounce in metal prices again today, should be a sensible strategic decision to support a European operation.

Another repeat from Fri so apologies if you're reading this point twice but I wonder if funding clarity is on hold until we know if we have EU help or not. If it could be in the pipeline we'd be daft to surrender a portion of the asset when a decent chunk from the EU might mean we can take this to PFS independently and then look for a partner from a much stronger position.

Fair enough BB. I'm happy to admit that despite being a big believer in EUZ there is a tiny part of me still anxious about the funding. If they do place again after all the references to non-dilutive options I'll be livid. They just don't need to so it would be a bizarre move and lose the trust of PI's for good IMO.

Genuine polite question Bobby - why don't you invest in a company where you aren't expecting a dilution? There's lot's to choose from.

Yes, try some peer comparisons and a mcap sending SP into £'s is not unrealistic. The caveat is what we have to give away to restore our cash position. If EU funding puts that on the back burner then everything changes again.

Fair point from BB, funding fears also clearly a drag.

I wouldn't agree that there has been no progress Newbie. After consolidation the mcap dipped below £2m, we've had one bit of encouraging news and one very positive RNS with the JORC update and the mcap seems to have stabilised around £6m. If we get good mets and don't lift off I'll be astonished. I've said it before but I hope it's worth repeating - the risk adverse investor knows they can wait for mets and still get in at a good price. If they have to pay double or treble this SP it's still a winner if the asset is de-risked.

Sorry for the confusion Newbie I was replying to Numpty who was talking about the broker. Assuming the mets continue to be good it will be interesting to see what they do with the target price, to have any credibility they'll have to deliver a proper note. As I said a the weekend look back at Jul 19, the last time there was any proper research with detail.

Newbie, personally, and this is speculation based on a bit of digging but no hard facts I can disclose, I think the relationship between EUZ and both brokers has been rock bottom since the placing in Sep 2019. The principal offender got the boot and we kept the other. It doesn't take much to join the dots and see what I'm getting at but I'm being careful what I say for obvious reasons. It was fair for TP to lower the price target to reflect the dilution but they subsequently refused to raise it even a fraction on each piece of excellent operational news since, just makes no sense.

Yes Bricks and in Jul 19 their target was 47.5p per share in new money. That was before we even had assays back from 022/023, not to mention 024/025, not to mention first indicated in JORC (now increased JORC), de-risking hydrology, concept proving and CAPEX lowering geotechnical study, plus positive metallurgy to date. IMO the sole reason we are where we are was the awful placing which will continue to weigh until we're enlightened on the financial plan.

Good spot mfm though I'm not sure if we 'Go West' it might take us too close to the River Sil. I notice we have some area the other side of the N-120 road but again would it be practical to exploit? The eastern extension of the licence looks much less problematic. As I said confidently two weeks ago this week could be immense :)

Look at the diagrams Magoo, we're open on our licence to the east and at depth where they are interested in the thrusting shoots, yes more double entendre than Gardener's Question Time, that's even before we get onto the uncomfortable geologists term for the 023 side drill, let's not go there again. However with the success of joining up the indicated areas inside the inferred could that be more effective in adding value. Alternatively having proved the central mining area is it time to think big and go way out? Lot's of upside.

While looking around for graphics on the Toral geology I found the one's on TP's July 19 research note (when they used to spend more than 5 mins knocking them out!). For some reason they haven't published the graphics since, maybe because if you scroll down you can see the proximity of the Las Médulas mine which might encourage speculation on gold. The detail is frustratingly blurry so it's difficult to see accurately but we clearly both sit in the West Asturian Leonesse Zone, Toral's local geology is largely Lower to Middle Cambrian Limestone while Las Médulas is on the Ordovician. The interesting thing is the southern tip of our licence appears to extend into that area and is less than 4k's from Las Médulas. It's an unexplored area but maybe isn't suitable for mining as it's next to Lake Carucedo, also its populated unlike the actual Toral ridge. Not trying to set the hare running about gold again, remember LR firmly stamped it out so just some fun on a wet Sunday.

Thanks Bricks, but can you explain why even though we've continued to have copper shows in the assay reports since the Micon technical report they have never gone into the JORC?

I confess I've never quite understood why the copper remains such a mystery. Something LR once said suggested we just don't have the funds to prove it so maybe tackling the metallurgy would have big cost implications so they've concentrated on our core metals. Funny thing is money seems to be no object at the moment, hope they haven't been to Wonga! I wonder if the ore sorting could help the economics of seperating copper from zinc and lead/silver ore.

Sammy as CJ alludes to we had a bit of fun about the Roman mine last year and LR got a bit cross. Despite it being nearby it's a different geology. Who knows perhaps with more exploration we find another metal but we haven't hit gold yet, at least not in the literal sense!