Member Info for Shedulike

It is Lloydy and despite my enthusiasm for Toral it is increasingly difficult to stay positive. I wonder if a few had today as a deadline for mets and despite it appearing non-sensical not to wait a bit longer many traders will rigidly stick to a plan - quicker money to be made elsewhere etc. Overall though we're being haunted by two damaging raises that shouldn't have been conducted at such low levels, I'm certain that the mets will be good but I can't see that overcoming the negativity. I'm resigned to suffering this ridiculous Mcap and SP until a JV or sale comes onto the radar, when that happens I suspect the re-rate will be spectacular.

From the Zinc / Lead peer table take Adriatic Metals as an example, they're interesting because they're about to list on LSE - straight onto the main market they are suggesting! Feeding the uplifts from the JORC into LR's figures gives us US$m 3,271.37 to Adriatic's US$m 3,794.18. They are at a similar stage of exploration as we are and converting their current Mkt Cap from Aus$ to £'s I get £m130. That's a cool 26X our MCap, what the heck!! Their SP has risen recently due to a positive scoping study and I haven't taken the time to check that LR's resource figures are bang up to date but you get the idea. It's absolutely ridiculous.

In case that link gets taken down I'd forgotten that it was RNS'd on 9th Oct. As I said remember Zn up 30%, Pb up 12% and Ag up 8% on those figures in the table. Plus the more intangible (to me anyway) concept of the overall resource model being 'substantially enhanced'. I think that's what LR was on about when he talked about the risk that was taken with AM re-interpreting the entire resource rather than just tacking on the new figures. Personally I think it's detail like that which proves just how serious this project is (along with the unglamorous geotechnical and hydrogeological works) but are clearly not being recognised by the market.

For valuations it's also worth looking at the 9th Oct presentation which was put together after LR didn't make the TP event, you can find it on Vox https://www.***markets.co.uk/articles/europa-metals-corporate-presentation-featuring-laurence-read-5ceccd1
At around 8min 20s there is a chart showing Pb/Zn peer group comparisons, remember our position has improved since then with the indicated JORC and don't forget the importance of mineralisation grades as well as the tonneage.

But not so much on the car park as he drives off in his Aston Martin.

I don't know, wouldn't mind the webcam on Parsons clearing his desk.

Oh I see what you're getting at DW - 'skin' prior to 0.01p RI. Yes it was less significant but they still held shares (I'd argue that taking shares instead of cash still amounts to 'skin') and options. I also maintain that operational performance has been good.

Oh that's just great my first glimmer of kudos on this board with my crystal ball and now Meno gazumps me with his furniture movements.

Ha ha Bricks I just looked into my crystal ball and the message came back it won't tell me anything until people stop posting daft comments on here. I'm wondering if it's slightly out of our hands as we know they're sharing the completed elements with interested parties, will they also want an exclusive look at the locked cycle testwork when that's complete before the lot goes public? It would make sense to guess that EUZ would have insisted that the period of exclusivity can't run beyond the AGM though.

Are you acknowledging your mistakes DW before I get into a discussion about the SP? (which I'm not about to defend anyway).

Sorry Oil - hadn't seen that when I posted, interesting info though I would prefer they were 100% focussed on the big prize like us rather than being so well rewarded in the meantime. Again I admit in the league table of outrageous AIM salaries they are very modest and we can't argue with the operational performance.

A few inaccuracies there DW they both have shares and options and compared to many AIM companies their salaries are low (though I think substantial enough). MC has much more stock that he has actually bought than LR. On performance I would argue that operationally it has been superb though obviously the SP is disappointing to say the least. It probably wouldn't go down well at the AGM but if they had the brass neck they could actually argue that the SP is up over 100% from the low. Everyone had the chance to invest then, I think a lot of people piled in during the August stampede and are suffering for that.

When you look at 'salary & fees' combined their rewards have increased substantially from 2018 to 2019 which I supposed reflects the increase in activity. If I could make the AGM I'd like some clarification on the fees as Laurence keeps reminding us cash is tight. Unless I'm reading it wrong MC had £80.5K on top of his salary in 2019, I'd like to know what that was for. Happy to be corrected.

To be fair Wad I was also napping when we were taught about iambic pentameter at school.

Ha ha T no and you wouldn't want my numbers I promise! Interesting, no detail on target depth or timings, all getting a bit secret squirrel.

"I can resist everything except temptation" (O Wilde), so here goes, told you!

Bricks I think we might get 'Commencement of Drilling' before the Mets RNS. Someone is getting a butcher's before the world and his wife.

Quite Les I thought it was really interesting that the majority of the mets are done but rather conveniently the locked cycle testwork (anyone?) isn't quite finished. They chose to communicate that without figures in the drill mobilisation RNS. Then in the interviews we hear they are sharing it with selective interested industry parties. So it's a reasonable conclusion that they don't want to make it public and share it with everyone. Interesting..... very interesting.

.... the 26th perhaps?:)

Interesting article Enzo1 even though over a year old. I think a lot of investors seriously underestimate our management and the market generally isn't recognising our asset. The last raise absolutely torpedoed wider sentiment on EUZ. It just destroys PI's appetite to take a stake in the story when the institutions hold all the chips. Ultimately it should have a positive effect on the endgame but it's uncomfortable that they can de-risk at levels below most LTH's averages. I really hope when the all the metallurgy is collated they will put out some accompanying media that really spells out it's critical importance to the company's progress.