Member Info for Shedulike

Understand your fears Grappa but I can't imagine Bennelong operating like that. If the fund manager was junior they would have to provide risk assessment to their seniors. Yes 300k isn't massive but they have responsibilities to their clients. Wasn't there someone from Bennelong at the AGM?

...... 40% up on price used in the PEA. What a tragedy if we were to lose Toral on the cheap. Come on Myles what's the plan?

Nothing on Aquis all week either Mm's, looks like LR isn't re-investing his bumper golden goodbye package :)

I suppose one glimmer is that at least there isn't any evidence of LR selling down his shares yet. If he bailed because he knew it was going to wall then logically he wouldn't waste any time on that.

Hi Pete - yes we're all guessing but can the CH simply sack the CEO? I suppose the other three Directors could make it clear they want to go in a certain direction and he's not in their plans thus sticking around would be uncomfortable and impractical. It just feels like somethings happening that he wasn't happy with so just for the fun of it I'm going with a Board restructuring with a new CEO, maybe LR offered something like a NED Op's Mngmt role or similar and his nose was put out of joint.

Grappa from what I know of LR I think we can probably rule out 1) I can't quite think of the right adjective but while he was very approachable he was also quite pugnacious. Of course we can't rule anything out and for all we know the role of CEO could have become incompatible with changing personal circumstances. I don't know anything other than I did detect an increasing frustration that the good fieldwork wasn't driving the SP and I'm almost certain that he walked as well. Saying that, there is a possibility that there is a 4) ie. Something is happening that the other players didn't want him to be part of or perhaps part of but not at Exec level and he wasn't prepared to step back from being head honcho.

Almost a week on from LR's departure and no Board news yet. Does that confirm that the resignation was a surprise to Myles, or is he deliberately leaving a dignified gap so that any new blood looks more like replacements drafted in and less like usurpers?

Yes I believe if it was a merger they would have to form a new company. Personally, and of course all speculation, but if UFO were to want Toral it would more likely happen as an acquisition IMO. As far as I can tell they don't have the cash (at least I'm flipping well hoping Toral is worth more than their last raise), so could we theoretically have to be paid in UFO equity? If that was the case I guess we don't want this rally over at Alien to run too far.

Okay Grappa I won't argue with Highside for the rest of the day at least :) Not something I have any experience on but why do you think two plc's can't merge?

Ha ha calm down H, it's a point of view, a debate, you shouldn't feel 'shouted down' on a bulletin board, nobody can be silenced if they play within the board rules. If we are in existence in six months time but TP still haven't issued a new one will you still be arguing that the a broker note dated July 2021 is 'current'. I don't think this is just semantics the report is based on events up to that date. I'm sure we can agree that it's concerning that they haven't seen fit to produce new analysis. By the way I have only ever heard you mention top ups over the years, never sells unlike Bricks and myself, based on your declared actions of hanging in here for years and only ever increasing you must be the biggest bull on here :) As for ramping I've always talked about the possible worst case scenario, discussed negatives and stared the risks in the face as well as the potential prize. I've never said it's a sure thing or even posted a buy recommendation let alone 'strong buy', I am not a ramper.

Perhaps at a time when EUZ shareholders need to be huddling together for warmth we can at least all agree that it's perplexing that TP haven't issued a new broker note after significant op and corp events and it certainly leaves a vacuum for speculation as to why? Yea or nay?

It's 'splitting hairs' by the way. Look I'm not saying it's good that it hasn't been updated but when I read a broker note I regard it as the broker note for the date printed at the top not in perpetuity until another one is produced. It's not complicated - that broker note covers event up to the 19th July 2021 only. It's out of date as soon as any significant event happens thereafter whether macro world events or operations specific to the company. If you want to regard it as a current broker note then that's your business I can't help you. For the record I don't think it's great that we haven't had a new one issued and yes there is a danger that new investors will make the same mistaken assumptions that you are pushing but only if they don't read the date at the top and research events since. Given the situation I'm more interested as to why TP haven't produced a new one, in the meantime if you want to think of a July 21 broker note as current that's up to you.

Not sure what you mean Highside - it's out of date because it's out of date just like all the one's preceding it. We don't know what TP would have set for a target price if it had been updated after the last JORC upgrade. For certain the increase in indicated will have offset the reduction due to dilution to an extent, as would the de-risking hydrology. Whether they would have maintained the target price or reduced it I don't know but there are more factors than just the dilution. I am more intrigued as to why a broker who is still engaged by us has decided not to update after such important events as a placing and JORC upgrade. Maybe we negotiated reduced fees after appointing WHI as joint brokers so they reduced services rendered :)

All completely hypothetical of course but if we did get shares in UFO we would retain exposure to the future of Toral. What I don't get if this has been the plan since Bennelong came on board, why would they invest in EUZ if they knew the end result would be just more shares in UFO where they already have a position?

Well it might not be an entirely bad thing for us depending on the deal. I just have a horrible feeling that the new investors will get something like a four bagger, DB will get away with doubling their money. LTH's will do okay depending on how much you've averaged down but the big disappointment would be losing exposure to the massive upside of Toral. That's what I've always been here for and kind of made the trials and tribulations of being an EUZ investor worth it. If that's taken from our grasp for a low ball figure I'm afraid it won't feel like it's been worth it for me so I admit I am feeling deflated at the moment. I could of course be completely wrong but there is a growing picture that something is shaping up in the background - appointment of WHI aligning us with UFO (we appointed them on 26th Oct 21, UFO appointed them on 4th Nov 21 - funny that......), Bennelong interest, DS, one broker not bothering to update research, new one producing a token effort, no new EUZ presentations, LR sudden departure.

Talking about presentations, ours hasn't been updated since April last year so the latest one doesn't have the updated JORC and hydrology or new share register since the placing. TP are still joint brokers but haven't published a new research note since July, not even after a significant JORC upgrade! They have issued four new ones for UFO since then. Just really feels like Europa might not be around for much longer.

CHRI5P - I'm certain they couldn't buy us for straight cash but what do you think about all these connections arising - WHI & TP, Bennelong, DS plus the unnamed new investors are supposed to have UFO connections? I don't know much about this corporate stuff but could there be a stock for stock merger? Maybe I'm just jumpy following this LR business but I have an ominous feeling that a transaction could be planned that parcels up Toral into UFO.

Rather ominously in UFO's strategy statement it says they're looking for "Low cost acquisitions". I was just wondering what would be acceptable to DB and the figures aren't great when you consider that just over half their shares were bought in the 12.5 - 12.75p region and just under half in the 5p placing meaning their average must be under 9p.

Mm's I have been worrying about UFO getting Toral on the cheap. Not sure of their cash position but their last placing only raised £3.5m and they have cash burn on multiple fronts, is there a scenario in which we'd just get a load of UFO shares in some kind of merger and then probably get instantly diluted when they raise money to fund the PFS? I notice they also have appointed WHI as joint brokers. You have to wonder who will protect our interests, DS on both Boards and the Bennelong connection, is there a clue in the fact that DS was the only Director not to take shares with a reduced salary, don't quite see that as a smoking gun as such but I did wonder about it at the time. Maybe LR was facing a demotion in a proposed new arrangement and didn't like it? Definitely a picture building and I admit to being very uneasy. Finally should say I'm only speculating from threads of evidence and I'm certainly not making any allegations about any possible or potential misconduct, we my just get shafted legally! :)

Sure, I hope Bennelong will be proactive but we are still waiting after three months and time isn't on our side. I know it's the Corp stuff that has hurt us but we mustn't get complacent about the op's, if the fieldwork starts unravelling we are completely finished. On that subject I see we have taken on another full time graduate geologist in Jan, maybe she is CEO material :) https://www.linkedin.com/in/marafe-geologist/