Member Info for Shedulike

I'm not great on figures to be honest Siborg. I did feed the increased % in our updated JORC into the numbers that LR cited in the peer comparisons. I was interested in Adriatic as they are in a similar stage of exploration (just had their own metallurgy back from WA) as us and but with our update we're pretty close on total metals. They have a wider range of assets and some more sexy minerals plus a much healthier cash position than us. Also their SP has surged a bit skewing the figures a little but the fact is their mcap is Aus $m244.25 (£m129 .08), I think we're £4.4m so 29X. That's crazy but an indication of how an unpopular equity raise can absolutely crush you. What it does do is present an amazing opportunity at these levels, I'm hopeful the good news is coming though starting with the mets next week.

Chris I'm doubtful about JV and going to production, EUZ would be dwarfed by the partner and it simply wouldn't fit with the modus operandi of our Directors. I expect a sale and would suggest you watch the strategy presentation RNS'd on 9th Oct which has peer group comparisons (be prepared for your jaw to drop :))

RNS'd

Probably down to the dark arts with Polygon, wish they would go away, with all the basket cases out there why are so intent on shorting POG?

Funny old day - I expected a rise but with more volume. I don't suppose there's any chance of this inching up quietly is there? I have a feeling we could have fireworks next week - no doubt attracting a new wave of charlatans one minute predicting a buyout at 2p then by the end of the day a placing at 0.02p :)

Well I've added a few, should see a bit of a move today in anticipation of the mets next week. The question is when they land will we hold the gains? I suppose it depends whether the institutions are satisfied that they've balanced their positions fully into can't lose territory. Frustrating but not alarming that they do this as they're wealth protectors and are answerable to their clients. I'm hoping they've used this period between JORC and Mets to achieve that and they'll hold their trimmed positions for the endgame. Just my thoughts / guesswork but hopefully some kind of logic there that could be born out.

Cheers B1ll - by the way who are the definites for the AGM? I won't know if I can come until the night before but I'd be interested to know who to look out for if I can.

Hi Oil that would be my guess. On the LR comment - wow that's pretty unguarded stuff, definitely a lot more going on than just the drill in the ground. I suspect he's getting frustrated about that and given you a bit more than he might otherwise. MyfirstM, I'm not being prickly but my posts today aren't designed to sooth because of anxiety with the falling SP I was just working at home today and got embroiled in some intriguing threads. I'm sure none of the LTH's here see their role as managing sentiment, just enjoy a discussion of what we're invested in.

B1ll, from the 25th Sep Assays "Such update, along with a new geological model, will inform the next phase of work for Toral, in combination with Wardell Armstrong LLP's metallurgical testwork, in order to move the project towards a potential mining licence application." (MC). I remember reading this comment at the time and being a bit disappointed as I'd hoped we were done with exploration however it answers a few questions. First that the work programme including drilling has been planned since September, secondly that the mets have contributed to the drilling strategy - so enough of what they needed to know from the mets is in and thirdly that they hold great significance in the new geological model. This is fascinating as they risked the already banked resource to establish this. I admit I'm not entirely on top of what they did and exactly why but it seems they knew, or someone wanted to see an alternative interpretation of the JORC. LR has described this as heart in mouth time or something similar so they didn't just do it for fun. Finally I think it suggests that this is intended to be the last phase of work. MC and CB are loaded with shares and LR is in it for his options, yes he's well paid as well IMO but they're thinking big and will want this done.

.... and sidetrack to Las Médulas in case the Romans left some gold behind?

Okay understood Oil, makes sense. Did you have a look Adriatic? LR cited them in the peer group comparisons. They have a lot going for them - a bigger range of assets and minerals, more cash from their recent raise, but overall not much more in the ground in value than us, yet they're about to come to market with a mkt cap over X25 ours!!!

Interesting Oil are you thinking first drill which we know is west but inside the inferred to increase indicated, then to the east they will go outside the inferred to increase overall tonneage (but inferred)? Is this just a theory or based on something you've picked up in comms? Thanks

Newbie it’s just another way of saying converting inferred to indicated which I think on the evidence of the location is what they’re doing in the lowest risk manner possible while doing all the other critical work to getting through all the hoops to apply for a mine plan. LT keeps emphasising the other works I wonder if he thinks it’s worth bothering when pretty much all we talk about (myself included) is the drilling :)

Bricks I didn't really mean that it looks like a safe option of strengthening our core Pb-Zn-Ag indicated to me. I sense it's too risky to go off chasing the Cu and that might be for a JV partnership or a bigger player. You never know we may run into again unexpectedly though.

That will be it

Flippin heck I must do some work but this is intriguing. I doubt they would rush an RNS - legals and all that sort of thing. I admit there wasn't much detail but for some reason in the 9th Oct presentation it seemed that the next drilling would be to the east (14 mins in) of the inferred zone but they are now drilling to the west of the indicated area but within the inferred zone. I think this is probably a conservative move to firm up our indicated and possibly leave more ambitious exploration until we have a JV or as running room for a new operator, I believe the same thinking could be applied to the copper.

Yeah I see what you're getting at Bricks, the suddenness of them embarking on the drill program surprised everyone. A couple of things - from the point of view of the company the mets have unfolded as an ongoing process, if anything from the mets was required to inform the drill strategy then they probably will have known about it for a while (don't know what that might be but there you go), secondly I think the decision to get on and drill is as likely to be EUZ wanting to demonstrate that they have a plan of action independently of suitors as them being required to prove more. Guess what I don't know, oh you knew :)

Sorry Bricks hadn't seen that when I posted. I know that I speculated last week that the incomplete 'locked cycle testwork' could be a convenient way of buying time for exclusive discussions with other groups but that's probably a bit far fetched, maybe. The guidance always was Q4 and we're right in the middle of that period so no delay yet to worry about. I often think back to MC's "more importantly" comment on the mets hence my thinking that they will be the springboard for negotiations to begin. Rubber stamp the economics of the resource we have and all the while the drill bit is turning potentially making us much more expensive, good bargaining position.

Bricks while I agree the mets in themselves are unlikely to trigger a re-rate they could well be the catalyst for something that will. Not being patronizing as I'm no expert in this field but they will be complex and we'll all have to put our thinking caps on. Luckily their value won't be lost on the entities we are sharing them with and it will be their actions that will hopefully cause the 'slingshot'.

The metallurgical work was always a much more lengthy process and was clearly signposted as being delivered after the JORC. The timetable ASSAYS-JORC-METS was established ages ago. They were never going to be released together, the only way that could have happened would have been to sit on the JORC and you can't indefinitely hold back price-sensitive information.