Member Info for Shedulike

Bricks a quick internet sweep tells me there are getting on for 1m Perez's in Spain. However as I seem to remember hearing a tenuous theory that the majority of Western European people can trace their ancestory to Charlemagne, I guess it is quite possible that they are not only related to each other but also to me :) Even more spookily when I checked the spelling of Charlemagne I see on his Wiki page there is an image of his head on a Denarius coin! This must mean something, apologies to any newcomers, EUZ does this to you.

There was about 4Mt of indicated in our PEA but that makes me wonder if Denarius want an updated PEA of their own as part of their due diligence. The work streams have advanced dramatically since Nov 2020, when we get the new JORC I would hope we will have built on the 5.9Mt from the shallow campaign.

I think it does need clarifying, this from the first agreement RNS:
"Notwithstanding the foregoing, Europa Metals and Denarius understand that a pre-feasibility study on the Toral Project, acceptable to the Junta must be presented before the end of October 2023 to comply with the obligations under the existing Permit". Unless the Junta have since indicated they will accept an updated PEA, it seems pretty clear we need the PFS in the next 11 months.

I think we'll be okay Jedster, you still can't have paid more than DB! I think the 9.33% drop today is partly due an odd interpretation of the closing mid price which I seem to remember being quoted as 3.75 yesterday. It's now saying previous close 3.4 and today's close 3.4 (on L Stock Ex) and yet 9.33% down so the % is assuming the closing mid yesterday was 3.75 (0.35 being 9.33% of 3.75). Yesterdays last trades were 3.5 sell and 3.9 buy, today 3.4 sell and 3.79 buy so I don't think it moved hugely, a small fall. Come on Myles get out there and bang the drum for this deal, maybe get a presentation up that isn't 18 months old at some point also.

Cheers CHRI5P, understood. I think there are some valid points being made about historic shortcomings. The way I feel at the moment is that if our team were master builders I would love them to build a house for me but definitely not market it. I'm on the go so can't check easily but didn't MC mutter something about the deal valuing us at £8m? Apologies to the board if that's wrong I'll check later but communicate that, explain and sell the thinking ffs. We have probably caught the eye of some new PI's being on the leader board a couple of times but if they go on our website the latest presentation is way out of date without the completed hydrology, metallurgy and showing a smaller resource than we actually have proven.

Morning CHRI5P there's an awful lot to digest in the RNS but one thing I hadn't quite appreciated from the first announcement is that given Denarius are paying for the PFS their investment is greater than just the actual figures being handed over to EUZ. Of course we have already spent many millions on the 'major work streams', as we all know, but I'd be interested to have a ball park figure for what it is going to cost them (and save us) to tie up all the loose ends. I won't pretend that I had hoped to yield a lower % of the asset for a greater investment and of course a bigger name in the industry would have bolstered confidence in the deal IMO but it's growing on me. Hopefully it will start to look even better when we get more information on our exposure to the enlarged mining district, that could be transformational assuming the partnership are granted it by the Junta. I also thought we'd get more of a lift in the SP but DB paying 4.5p shows great confidence in the coming JORC, don't think they'd have paid that (if at all) had the latest drilling results not supported substantial progress in the block model.

From Denarius RNS - "The Company has also agreed to pay a finder’s fee of US$300,000 (the “Finder’s Fee”) to Querlec Gestion S.L. (“Querlec Gestion”) with regards to services provided in connection with the acquisition by Denarius Metals of an interest in the Toral Project". I could have told them where Toral was for half the price!

Maybe there was something in that weird article that CJ posted which mentioned liquidity issues?

Welcome to the asylum - we're normally red by now on good news :)

I think Jones is in a tricky spot as it was to some extent the old guard that swung it last weekend, what did you make of Smit's comments?:
https://www.bbc.co.uk/sport/rugby-union/63705156

Bricks I think Toronto open at 12 GMT so that must have been from yesterday, strange that the original announcement went at 12 GMT because of that I assume but they deemed it unnecessary for this confirmatory one. Confident for Sat?

Agreed Mm's - despite my "Huge intellect" lol, lol, lol......, I called this wrong and thought we might scratch by without another placing. Furthermore, given that it has happened, I would have expected this placing to be brutal but while these levels are still disappointing in the bigger picture the Institution has chosen to endorse us rather than punish us. Perhaps they regard making a statement like this as more constructive to their original investment than forcing a punitive equity raise?

As ever with quibbles about trades etc simplest thing is to go to the official source:
https://www.londonstockexchange.com/news-article/EUZ/agreement-signed-with-denarius-metals-corp/15726637

Well I must admit I wasn't expecting that, quite a statement that a supportive institution paid a premium rather than shafting us. Also clears up another non issue "The proposed transaction is conditional, inter alia, on the approval of Europa Metals' shareholders". Don't think anyone topping up rather than selling down here will be voting against eh???

Placing expenses have come from the proceeds of the issue of equity in the past hence the gross and net proceeds quoted. Still either way we certainly don't need one at these levels. It would be helpful if MC at least made it clear that the proposed programme of corporate milestones and scheduled issue of funds to EUZ is designed to avoid further equity dilution.

It was actually due 18 months from the original announcement so 19th April this year. I guess we hadn't fulfilled the work requirements but it should be coming now, shows how much the drilling slipped back with the delays. I know it's not a huge amount in the greater scheme of things but should keep a couple of low energy light bulbs on and thank god it's paid in €'s not £'s :)

Grappa the third tranche of the innovation soft loan is due (€144,792.37). We aren't paying service providers and as I said yesterday it looks like Luis is now qualified to do the JORC. I think three of the students have moved on now the CDTI work is finished so I just hope we're solvent to tick over in this intermediate period. I make it Dec 4th when we should know if the definitive agreement has been signed on time, at which point we would get $US100,000 which has got to tide us over to end of March 2023 as I read it. I would assume these figures have been thrashed out based on what MC calculates we need to remain ticking over, at least I would hope so!

Mm's I'm not planning to at this stage but if I'm quiet a week on Weds I might, the cost of train tickets though... probably cheaper to drive even with parking and congestion charge! By the way Denarius have only been around since Sep 2020 by virtue of a name change, they were previously ESV Resources.

Mm's good point I also hope that Myles is working on a back up plan, that is why IMO the drill results were absolutely essential. We should have a bigger resource to market in early Dec if Denarius do drop out. Grappa's also right about due diligence working both ways, it would be inconceivable that Denarius haven't made a convincing case that they can deliver these funds but who knows, our strength has has always been in the field and weaknesses on the corporate front, perhaps why the market seems to be betting against this being delivered.

Hi CJ - what a strange article - much as I love Tintoretto I find it a very peculiar 'in' to the story. Difficult to read but a couple of references to it being difficult to buy EUZ shares. All a bit odd.