focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Agreed CJ, it's about our exposure to their spending which is why it's so important that their fieldwork is effective. I hope they've got the sense to consult Luis and I'd like to know what their DD targets are. The presentation would suggest extending the high grade eastwards but it would be nice to know at least if they've started.
Yep and Aris Mining have supported the RI which I think it's fair to say is a nod of approval to Toral given that Denarius are sinking a large slice of it into our patch. More importantly who wants to go to the Mining Showcase flagged by Mm's if only to ask Randy Smallwood what it feels like to be so near (yet so far) from having the definitive porn name.
RI's are complex Jed but they've had a full working day to compile all the information, reportable participants etc so I would expect the announcement when Denarius open today. Think Toronto opens at 9, not sure but maybe 2pm here then though I note the first announcement with Denarius was 12 noon here to coincide with their opening. Our clocks went back since then at end of Oct so maybe they do open at 8am, I'll do down the middle and say 1pm here :)
No close of play announcement from Denarius so maybe tomorrow. We do need to be mindful that the $2m comes on execution of Option 2 so years away. Payments during Option 1 aren't game changing, really it's all about our exposure to Denarius' expenditure while holding onto the asset so I'm intrigued as to how Myles moves the EUZ ball forward in this interim hiatus.
That's great news Aucs, what could go wrong? :) I see the "can't buy" agenda continues on Twitter. I remain sceptical but the trades look weird today, could the Mm's be almost feigning an orderly market? That's their duty but if they aren't delivering reasonable buy requests then they aren't doing their job. Anyone have significant funds sitting around to test the blighters?
Bizarre isn't it - I've never seen a satisfactory explanation for these tiny trades. Nearest I've heard is an Mm making up an order but where are the normal sized trades? Harry Haven calling a code 100 on Twitter, make of that what you will.
Sure, could one of them remained Non-Exec? Not sure on the rules, I had always assumed we have to have the NExec's though I would love to see their timesheets :) At least DS must have to do some pen pushing being Company Secretary but I've always wanted to know what EK brings to the party. That reminds me at the point CB resigned we must have had 5 Directors (Ex & Non).
Morning CHRI5P I can't agree with everything there. I admit I was naive about the sheer amount of cash that would be required when I invested but nobody could have anticipated the issues in the first SS and subsequent market reaction, SP decimation (quite literally from the definition of decimate) doesn't cover it. The coordinates issue was pretty much meaningless as it was connected to a small area in the NE near the River Sill that could never be mined anyway, still a black mark against the Directors for not removing it in the first place. The problem over ASX regulations meaning we couldn't include the inferred was subsequently overcome by de-listing in Australia but the damage was done and the SP was hit so hard all subsequent raises were conducted at punitive levels when most investors had previously had a reasonable expectation that the SS would progress the SP. I believe the Directors planned to raise big after the SS but the screw up shattered the plan, my mistake not anticipating how this would weigh on us for years. Don't forget that CB was CH at the time and a man of his experience should have known in a heartbeat that our ASX listing gave us a heavier burden of regulation on reporting inferred resources, I can only assume he was CH in title only and not really overseeing everything. Okay the ultimate responsibility falls on the head of the CEO at the time and that was LR. On cost control I think LR did pretty well, as I said the ruinous SP after the SS meant that we had limited ability to raise enough money to keep the wolf from the door but they did manage to wring an awful lot of work out of these relatively small raises. For the record given the mistakes I think the wages were overly generous (though relatively moderate by AIM standards) but the field work as we know consistently delivered which as I said many times over the years kept us in the fight. This has finally been born out with this Denarius deal, admittedly not the slam dunk at the very top of my aspirations but much better than the shafting drearily predicted from certain quarters. So as we stand I agree we look very undervalued, just how undervalued will be determined by how well Denarius deploy their expenditure commitments and what comes of the mysterious enlarged mining district. As you have rightly said attention now turns to D's RI, hopefully we'll see who were the guarantors which I think it's fair to say can be seen as a rubber stamp of approval of Denarius' involvement in Toral.
Perhaps like in the UK there were a few flakes of snow and they closed all the schools. At such short notice the drill rig team couldn't get childcare so op's have been suspended. It's obvious when you think about it.
Needs more buying pressure IMO Mm's. If you believe the Twitterites the Mm's don't have enough stock to fill decent orders which to be fair is possible as there have always been liquidity issues here. However I don't believe this bidding war stuff, I think it just isn't feasible at this juncture. Apart from the unknown of the enlarged area I think it suited Denarius for us to retain a stake due to the goodwill we have built up in the region. Also apparently Denarius can't get Antonina without us though I'll be happier when I see that in black and white.
Hi CHRI5P - I think once Denarius announce the results of their RI we could all do with a comprehensive update on their plans between now and the MLA. Good to see that this little flicker in the SP has got people talking again though.
The deadline is 31st July so they have another five clear months to complete the MLA. Whether the PEA will contain only EUZ work 2020-22 or additional field work by Denarius in 2023 is debatable but I can't see them committing to spending £4m on Toral and then not getting the paperwork in on time. Frankly, even if an extension was required would the Junta kick us and Denarius off the licence after all the progress made coupled with Denarius' investment commitments to the region and other parts of Spain? I would argue, of course not.
Aucs sorry been busy. It's all a bit hypothetical really as I said earlier we need to know more about the enlarged mining area. Supposing it is just Antonina, how can we value that? Well it closed in 1983 as uneconomic - sounds like bad news until you consider that it was because of zinc being at historic lows. Also I assume it's analogous to Toral being a stones throw away so if that is the case the high mineralisation will be deep so likely still there. We can also bring new technology to bear that wasn't around in the 1970's like the ore sorting. Are there opportunities to reprocess the tailings? So many questions but I think some are looking too far ahead considering our valuation at 20%. There is a heck of a lot of work to be done to the tune of $4m before we even go down to 49% .