Member Info for Shedulike

Bricks I don't know about funds but you're probably overestimating on costs. I think they mean 'deep' as opposed to the last shallow campaign. Think 024/025 rather than going under the block model which would indeed be mega bucks.

DDHammer I'm sure copper will show up as ever but they seem to believe the elevated levels are below 1000m which we can't afford to investigate. Sounds to me like they're going for more certainty in the optimum areas of the current block model, put another way to wring the most JORC from remaining funds.

Certainly a good informative update though I wouldn't call nearly two months a 'slight delay'. With the final locked cycle we should also get by-products and deleterious elements at last. Going back to in-fill the high grade zone makes sense to me and good to hear they've cleared up the question over fulfilling the requirements to complete the CITIC programme.

Just remembered an exercise of warrants and checking back 166,666,666 (old money) were exercised Oct 19 so that does get the figures closer.

I can't make these warrants add up. As far as I can tell they relate to the March 19 fund raising:
"In addition, one warrant exercisable for a period of 3 years from Admission at a subscription price of 0.025p (now 12.5p) per Ordinary Share will be issued to all participants in the Fundraising for every two new Ordinary Shares subscribed (the "Fundraising Warrants"). Accordingly, 3,200,000,000 Fundraising Warrants will be issued pursuant to the Fundraising".
I assume warrants get consolidated exactly the same as the share capital so that's 6,400,000 warrants issued to Brandon Hill, Turner Pope, CB, MC and Energy Minerals. I reckon 333,333 went when Energy Minerals was dissolved leaving 6,066,667 expired last week. Our website suggests the figure is 5,609,333. Perhaps Directors & Brokers can only walk away with shares but their warrants get cancelled, it's the only way I can get the figures close, anybody know?

Mm's galvanising is the principle reason I believe the underlying trend in the price of zinc is good regardless of the energy crisis spike. I reckon Europe will ramp up wind farms and solar as the most realistic near term answer to achieve energy security. Ten years they reckon to get Hinkley online and we couldn't even do that without Chinese money, in the light of world events security is going to be the watchword now. I also think with a couple of years of poor mean windspeed offshore is the answer and I believe that requires double bubble on the galvanising because of the additional corrosion stresses. Zinc is a plentiful element but there is going to be growing competition for stocks and hopefully, for our sakes, new sources.

No a new one on me thanks Mm's. Galvanising will still be by far and away the main demand for zinc for the foreseeable but there is a growing picture of battery applications developing, interesting.

QI:
https://scitechdaily.com/improved-zinc-air-battery-performance-with-solar-power/

There's definitely hope Teaye, I think following all the disappointments it's easy to lose perspective on what we have to negotiate with:
"Accordingly, the Europa Metals team has progressed Toral from being a collection of historical data points to a project with the potential for a future development with good margins at long term average revenue pricing within a first world jurisdiction with world class infrastructure. Over the coming period, the Board will continue with its endeavours to establish a clear pathway forward for Toral to deliver future returns for shareholders".
- Plus since he said that we've got a trench with a tube sticking out of it, not even the sky is the limit! :)

Two sells and a buy on Aquis Teaye to add to the trading frenzy :) Wouldn't be surprised to see some fireworks soon though, keep asking myself why are they prioritising the geotech?

"A further campaign of resource drilling is expected to commence in early March 2022", from 23rd Feb, 20 days after LR left.

Possibly Teaye - any demand and it will fly IMO. The big question for me is why no resource drilling? The Proyecto and Linkedin post about the geo work suggests that the rig has finished the geotechnical holes and they're moving to test trenches on preferred sites. So why has the rig not been redeployed to the resource drilling most recently scheduled for early March. Worst case soaring costs on consumables means it's no longer possible, best case we don't need to do it or we're redesigning a more ambitious programme, middle case - just the usual delays.

I agree with most of that Highside. To date dilution has hurt us PI's but the crumb of comfort for me is that we have preserved 100% ownership of the asset, now greatly de-risked. However I believe we are now at a kind of inflection point in which the limited ability to raise money through equity means the only option is dilution of the asset. I'd always hoped we would be doing this with a PFS but it wasn't to be. I am confident that we still have a good story to sell (with the caveat I mentioned earlier) and a number of macro trends have moved matters in our favour but I can only guess what form an agreement to move this forward will take, and where exactly it will leave us shareholders.

Teaye could you ask him why he didn't agree to the 50% salary deferral scheme like the other three Directors?

"People hold now for the miracle because of the fear of missing out", really how do you know that? That might be your sentiment and it's likely that there may be some others that feel the same way but you shouldn't make such general assumptions about people motivations for staying in the fight. I don't think a decent partnership or complete disposal would require anything like a miracle given what we have to sell. A deal of some kind would seem more probable than not IMO with the caveat that there isn't anything horrendous in the yet unknown parts of the metallurgy.

No we definitely don't have the money to get it out of the ground grappa, we're about $79m short :) I thought the ore sorting news last month was excellent, they can only RNS what has happened and I'm as flummoxed as anybody about what has happened to the resource drilling, I think I outlined what that might mean last week - one catastrophic scenario one more positive. I agree that out of date presentations that fail to show our advancements are appalling though I wouldn't make too many assumptions about what LR leaving means we just don't know. I've thought about it and feel most likely it was a disagreement on strategy, probably corp with MC but that's just a hunch, a gentle push from influential shareholders would be a close second, certain other scenarios posted on here seem unlikely to me but I'm not dismissing anything as I don't know like everyone else. On the 5p target I think you misunderstood me slightly, as things stand with what we know and can infer from the history of the company about the cash position I wouldn't blame anyone for bailing at such levels I was simply saying that in the event of a positive funding solution 5p could be a distant memory so I wouldn't set a target in stone until we know what is in the pipeline. Finally, make no mistake I am not ignoring the possibility that we can't achieve a deal and the story is over, the fact that I continue to hold is due to my belief in the asset and the work patterns on the ground.

Grappa surely it will only be possible to weigh up what is a good exit point when we find out what the future holds. If for instance Lundin do have back-in rights, which incidentally has neither been acknowledged or denied and they can get this via the back door for a steal then a low exit could make sense. I would wonder however in that scenario why on earth Bennelong would have bothered with us if that left us exposed to 5p being a logical exit point when that is their entry point. If we can forge a more equitable partnership then I think it is reasonable to start thinking about the old TP risk adjusted valuation of 34.5p for starters. Bearing in mind this was made before the last resource upgrade, excellent ore sorting results, final hydrology and geo and I think it should be regarded as even more conservative in today's money which I reckon comes out at 21.4p allowing for dilution. If they thought we were worth that before all those work streams why not now? Each to their own strategy and all that but if we do get some good news on the funding front I don't see 5p as an exit point.

Highside you seem to be conjuring up an imagined version of conversations with LR that you know nothing about. I'm sure I'm not alone in being able to testify that he was careful about what he said but I found it helpful in understanding the project. Yes it's done nothing to improve my investment which is the ultimate aim but it was my right to seek information and understanding on a project that I remain interested in. I realise you're being deliberately provocative but you're also imagining that people were seeking reassurance about how nice they might or might not be, this is all in your head I'm afraid as you repeatedly lay bare.

I couldn't see any issue in posting a bit of background colour on the op's. Whether it's a local government visit, some technical work in the quarries or just the rig I used to appreciate them taking the trouble to show us what was going on. Nothing out of the ordinary in that but I guess with the sp performance it's a case of dammed if you do dammed if you don't. Personally I would rather they'd maintained a social media feed - we're all grown ups I hope and it's up to each investor to make of it what they will.

"Attack dogs"? Have you been eating too much cheese before going to bed Highside? Deep breaths dear.