Member Info for Shedulike

What do you think will drive that Grappa?

Bricks put simply I think we have to deal on the physical asset. I think MC's options package makes this favourable to him as well. I think his second tranche requires a successful PFS delivered with the SP around 9p. If they fund the PFS with a load more equity at around 2.5p I can't see that happening.

"The government of Spain has made it clear that the development of critical metals is an important contributor to the responsible ecological transition of European economies," according to the Australian Rafaella Resources, a company in charge of two historic tungsten and tin mines in Galicia, a location near the Toral project, in Europa Metals Ltd, northwest of Spain".

I can't think why but if you can find something in the AIM rules to support what you say be sure to post it.

Don't understand that at all Highside, why would the issuing of conversion shares preclude any possibility of a corporate transaction?

When it was explained to me it all squared up. I’m on the go so can’t check back now but I’m sure Myles will explain it if you email him.

Bit of movement on the JSE......

When I first saw the consultancy fees I wasn't happy. However having sought clarification I found out that the fees that went into LR's company were in fact his salary as it was legally tax advantageous to have his salary paid in this way. He later reverted to being paid on regular payroll in the UK. MC I believe currently receives his salary into his company Virico, they are not paid both as Directors and consultants.

Morning Bricks I was wondering what is the dilutive effect of MC and EK getting half their wages in shares - with the SP so low it can't be insignificant, at least there aren't two Exec wages I suppose. On the cost of exploration I remember LR once mentioning they had been asked to calculate the total cost of all drilling on the licence, we inherited something like 40,000 metres of drilling from Pennaroya & Lundin, imagine what that would cost today!

CHRI5P I think the market is pricing us on the history of 'drills - assays - JORC - mets - placing - drills - assays - JORC -mets - placing'. The big question is are we now in a position in which Myles can break that pattern? IMO if shareholders interests are uppermost in his mind, as they should be, he simply has to. I say that because any LTH who doesn't want to buy more stock, or can't afford to will be stuffed by a placing discounted below these levels. If an equitable partnership deal can't be hatched then LTH's might well be better served by a low ball complete asset sale. However there are multiple reasons that make me very hopeful that some kind of JV should be an attractive proposition for us and another party. Top of my wish list is a dual mining and renewable energy project. Lundin seem an obvious possibility despite protestations from LR & MC, it is unclear IMO if back in rights expired or remain with the royalties, plus they have set up a green energy company (Orrön) based in Scandinavia but with a declared strategy of expansion in Europe. In a way if something is on the table and it's a big 'if' I hope it isn't Lundin, not just because they may have leverage with the retained rights but they may take the view that as we've grown the asset so have their potential royalties without them lifting a finger. All guesswork but a bit of fun while we wait for our fate which reminds me of one of my favourite Youtube clips which might neatly summarise our predicament: https://www.youtube.com/watch?v=wGU5A0nPHsI

Apology accepted :) I do agree that the PR is terrible. Since LR left they have almost completely given up bar the odd Linkedin post, usually something which leaves us guessing whether there is any significance in the fact they're attending a renewables conference or whether it's just a day out. To be fair we have had a very solid RNS but again they could have RNS'd total depth of 041 hitting mineralisation separately a week or so ago rather than it getting lost amongst the metallurgy, it's hugely significant as is the new target at 900m. So Jedster I do sympathise but this is all about holes in the ground, kind of comes with the territory.

I don't think that is the reason LR left, he came up with the salary deferral scheme after all. It is 50% in shares also.

Highside it's all a bit theoretical as we don't know what's going on corporately but I'd be pretty miffed if matters rested on the current resource drilling. This is where Myles needs to play hardball, we've de-risked as much as we can but ended up short of a PFS, IMO the resource drilling is low risk compared what would have happened if the metallurgy had not stacked up. We've hit the expected mineralisation already but the actual data that matters - assays and subsequently new JORC from these drills won't be with us this year I reckon so if there is someone courting us we need them to take the plunge now. If the Board are representing shareholders interests the time has come to deal on the asset not more equity IMO.

Mm's I can sell heaps at 3.3 so the spread is probably not as bad as it looks.

Couple of small buys on Aquis and bit of movement on JSE. Double shifts to 900m, our deepest drill yet, getting interesting.

Maybe Grappa though I wonder if the completed metallurgy does pave the way for a deal to be signed one day may look a little soon, having said that the NDA's mean it's no secret that groups have privileged access to our data so due diligence may have been going on for a while. I just can't believe someone wouldn't want a piece of this but I'll be devastated if a deal doesn't reflect the fact that LTH's have taken all the risk, to an extent DB have too so hopefully they'll have influence, I can't see how Bennelong can lose with exposure at just 5p but they'll still want to maximise their investment. Hopefully also a good sign that MC continued to take shares after LR left.

Think the tsunami continued with a second at 11:07

From WHI - "Toral itself is one of the largest, undeveloped lead + zinc resources (total resource) in Europe and we expect it only to grow from the current drilling programme. With an executable plan to upgrade the ore and recover most of the zinc and lead in clean concentrates and with options on permitting to develop the project to high ESG standards we do not understand why the project appears overlooked by the investment community. We still see fair value at 12p/sh but see many more upsides as Europa continues to demonstrate the economic potential of the orebody". Positive comments but they only had to ask one of us as to why we're being overlooked, the issue of funding follows us like a albatross and we all know if there is an equity raise it won't happen at their 12p. I do think however that today we hold the keys to a fantastic asset and finally the processes to unlock the economic potential of Toral are proven. Don't forget the strategic importance of this, if the Russia situation wasn't enough is Europe confident to continue relying on Chinese zinc? Try building an offshore wind farm without zinc for instance.

I wouldn't describe the silver as peripheral - previously $US66m rev at only $16.5/oz, we now have a lot more. The Silver reports to the lead concentrate and we have already demonstrated 87.1% to a grade of 1,350ppm Ag. Not sure why it isn't mentioned here.

Yes Bricks great news that we have clarity on the deleterious elements. Mercury and Cadmium were the problem at Rubiales, we now know that Cadmium is below penalty levels and Mercury manageable so a big relief. Plus a state of the art smelter could bring all by-products below these levels. Remember a reasonable guesstimate is built into the economics for this but not sure if we fall marginally on the plus or negative side after these precise figures. Fascinating that we're going deeper than ever on hole 2. Today is a huge step on the de-risking process, drill one hits the expected mineralisation and the economics aren't going to be torn up by impurities. Previously non-economic shallow areas will pay back almost from the descent shaft - that is not in the PEA figures!! I'm happy.