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Thinking back wasn't it Dec 19 in an interview after the preliminary metallurgical results? Perhaps he meant to say "Ultra-dilutive optionality".

Ha ha just a theory, let's see what plays out, I have nothing against Myles other than for the underperformance of the outfit as a whole, though I do remember him mentioning the "non-dilutive optionality" that the metallurgy would give us back in Dec 2020, how did that pan out? :(

Grappa it's not so much nervousness but irritation that we don't have the complete picture. Personally I don't think there is anything there that could torpedo the project and I'm encouraged that WAI tendered to be PFS Managers, they know everything there is to know about our conc. As I understand it their services have never been more in demand so they're hardly desperate for the work.
- On another tack I've been wondering about MC this morning, I find it curious at times like this that he never attracts any ire but he gets paid the most, it's unclear what he does and after all it was he that put his name to the 'value event' comment. I'm not deflecting any blame from LR for this situation but I did notice we didn't get the usual.... "Commenting today, Myles Campion, Executive Chairman of Europa Metals, said......" in the last two RNS's. For all I know MC works like a demon behind the scenes but when he does make an appearance there is very little enthusiasm communicated. Like I said not trying to turn fire onto Myles he has always communicated well with me I just noticed he didn't contribute to the last RNS and wonder with the LR comments about these investors being active in the industry whether we'll get a new face on the Board soon either with or without MC?

Well I sympathise if that is your situation. On the current shares in issue I would have said 65p was far from impossible, of course the mcap will soon have more mouths to feed so goodness knows. Something that occurred to me today is that we haven't had the usual comment from the CH on the RNS's, total speculation but maybe changes at the top with a representative of the new investors coming on the Board? When MC became Exec CH we didn't fill the seat of Executive and Technical Director, I sense change in the air.

Props I'm not trying to gloss over the fact this is a badly discounted placing but the bottom line for anyone sticking around is that these investors don't plan to lose on their 5p shares. They could be wrong just like DB have failed thus far with their 12.5p tranche but we at least know that some industry analysts have seen something they like, even if it is at this miserable price. I would add that I do think EUZ have made a somewhat bizarre communications error in announcing a strategy of possible acquisitions before the news we all need to have to be confident it's feasible. So believe me I'm not much happier than the posters pouring complete derision on the situation, I'm just trying to unpick where this is going in as constructive a way as is possible in the circumstances. If I was in total despair trust me I would take my depleted investment away in a heartbeat.

With ref to mfm's post, "pursuing further geotechnical drilling to assess key areas for future plant location and potential tailings storage facilities and to compliment metallurgical and waste analysis work", doesn't sound very exciting does it but if you have any faith left (there must be a few of us) that sounds to me that we have jumped through sufficient hoops on the resource and are moving to essential practical elements of the mine plan. Yes the situation is grim for LTH's but it appears that the new investors are endorsing the strategy, unfortunately being able to drive a horribly hard bargain in the process, to the detriment of LTH's.

Newbie with respect let's try and keep our heads here - there are no mysteries about what's in the ground.
https://www.lse.co.uk/rns/EUZ/updated-resource-estimate-29cdeyqt4wfj0z1.html
Props I have absolutely no idea how they can plan to diversify on current funds, they can only mean after some kind of partnership with us bringing someone into Toral in return for funds, but I would rather they got that over the line before raising the prospects of new projects.

DB hold over 11.83% alone prior to the placing as they own all but a handful of the shares in the Lynchwood nominees account. I think the Directors are in the Jim Nominees account, which is 17% but for instance MC only holds 0.5% (before placing). Not sure what DB's % will be after this placing but I guess we'll hear soon. In the last presentation it says Spreadex hold 3.82% (for what it's worth). Don't quite get that because as far as I can tell the last holdings RNS relating to them was going below 3% - can't find the RNS saying they went back up to £.82%. Suffice to say PI's do hold the majority but it can't be over 90%.

Yes not putting a gloss on a bad day milnrow, we are obviously diluted regardless of keeping 100% of the asset. Just on the trades I can see seven definite buys of over 100,000 on LSE between £6-8k values, cold comfort on a miserable day but let's stick to the facts.

I suspect Grappa that they'd say it wasn't promised and that as a strategy it is still what they are pursuing. Having said that I think we pretty much all agreed that once a couple of months had elapsed it was ill-judged to RNS the possibility that something was in the pipeline and then not deliver. Strand Hanson should have advised them not to include it IMO.

No probs grappa.

Grappa obviously disappointed that we couldn't find a better funding solution than this but as has been discussed all summer the possibility was always there, a lot of predictable "told you so's" flying around, but I think the vast majority of us had faced up to the fact that an equity raise remained in the frame. I'm actually more perplexed about the strategy than the dilution at this stage as I would normally be happy to swiftly maintain my % and take the opportunity to average down but there seem to be so many potential directions. I wasn't going to post before I got some more answers but as you asked I expect we'll find out that DB have driven a hard bargain being so far down on their 12.5p. It looks like somebody is happy to buy above the placing price so can we expect an announcement prior to the AGM? Really bemused by the 'potential acquisitions' unless we are applying to bring Antonina onto the license and believe something can be monetised there. Certainly a lot more questions than answers and the only faint positive is that we maintain full ownership of the asset and perhaps we'll hear about a move on some kind of transaction before the AGM. I had always believed that a deal pre-PFS could be on very bad terms for shareholders but had still hoped that something could be achieved on an equitable basis to avoid more dilution and get us hopefully to a full FS. I don't see how we can possibly be competitive in the market to acquire assets with near term production potential unless a further corporate transaction is announced so I guess we just have to watch this space prior to the AGM.

Mm's the biggy for me is the final metallurgy and ore sorting work prior to the PFS. As ever when we can expect it completed is guesswork. They have had the wedges since April but the last RNS kind of suggested the work was just starting - from April: "A significant sample of 700kg has been obtained which will contribute to PFS level metallurgical testwork including enhancing the understanding of an ore-sorting route within the upper, siliceous zone during the first years of production, the objective being to further improve initial economics of the project". So have WAI been at it since April? I suspect we can expect the results in 'due course' which is the usual guidance :)

Thanks Bricks - I wonder why so much was cut out of that Proyecto update? Someone in the Spanish office got their wrist slapped for being too upbeat :) On the three year trailing average with rising prices it is a conservative approach but it also protects us in the event of a drop in metal prices, it's not inconceivable that the trailing average could be higher than the spot price. I think in the SS the spot and trailing average roughly aligned, in the PEA for zinc it was ahead, Ag way ahead though I think Pb was lower and now they're all running ahead so there's a logic.

Bricks I just took another look at the latest 'proyectotoral' posting as I remembered it included an estimated figure for additional jobs created for each directly involved in mining Toral. Have a quick look I reckon they have cut loads out of the post including that figure, wonder why?

I'm not sure Mm's but I do think the pandemic has created an unprecedented environment for potential funding. In the past we'd be speculating about sale, JV or off-take within the industry but it appears that big manufacturers in the wider economy are looking to secure their own commodity security so really nothing would surprise me. On top of that is the tantalising prospect of state funding, we know they're concerned about depopulation, we know they have instigated mining retraining in our region and we know that for every job created at Toral there will be numerous knock on ancillary jobs created. Why wouldn't they support the project?

Hope so Bricks, would be good to know what Conrad have been up to for the last year. I'm hesitant about celebrating the zinc price too much though as much of it is down to supply problems connected to the energy price explosion. Really we want it to progress in a sustained manner IMO which to be fair was happening before this acceleration. I suppose if it did jolt someone to hurry up and put pen to paper then it mightn't be a such bad thing.

Mm's I'm just hoping for a blue finish, the trend is more indicative of where we're going IMO so it's encouraging that we've been tentatively moving in the right direction since the middle of last week. Early days but the volume after the decent early buy suggests that there are more watching this stock than perhaps we think sometimes. We should also have shed a few disgruntled investors as well if they took the opportunity.

Bricks I think one decent buy at 10:50 might have set the hare running, we know in the past these are so difficult to buy as soon as there is any demand. If we push on this afternoon it might start to look more like rumour.

Something twitching Nbear!
tsbs - I know it's been a bug bear of mine for years but it's not as if this electrification malarkey hasn't been coming for years :) I suppose the masterplan could be that our core products are sufficient to prove that the project is 'feasible' and then we can set about the copper perhaps with this 'technical partner' that was mentioned.