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Mm's really interesting, while still cautious about the endgame I'm certain that LR putting local engagement up front is really important. It's so easy to look at the SP and snipe but I'm also convinced that there is a big picture unfolding here and with a bit of stoicism LTH's should be rewarded for their research.

Bit of an over reaction to Bricks there Grappa - the updated Proy site is full of positivity. I do think you make a fair point about PR being needed on both sides of the continent but I've never really seen a detailed alternative suggested. LR & MC plug away with the consistently good op's and they've made more of an effort with social media (I suspect from LR). Could we have employed someone full time or engaged a PR agency? Would the expense have been justified by promoting the company, possibly improving the mcap and raising at better levels, guess we'll never know if limited funds would have been well directed in this way.

Good spot Bricks - the team on the ground certainly seem confident about their future.

I agree stevenc - yes we all want some concrete certainty on funding but I find today's updates on the in-country activity massively encouraging. It's interesting we get calls for better PR which LR handles as and when he can, but putting the rights and wrongs of that to one side the only professional we employ directly for this purpose is Elena who's remit is specifically focused in Spain. That tells me that they think PR expenditure is better directed at presenting ourselves to a Spanish audience and that might tell us something about where they see funding coming from. Interesting afternoon.

From LR LinkedIn - this doesn't sound like a company about to run out of money and leave these young people hanging: "@LtdEuropa Update on our stakeholder platform for Toral pb zn ag project logging our 2021 community meetings to date. We record all inputs from stakeholders in order to address issues and evolve how we communicate relevant information. proyectotoral.com
One of the issues we have been looking at on a wider stakeholder context is demographic flight of younger people from areas, such as where we operate in, to major cities. As Toral progresses we shall evolve workforce training and local content policies- a win win #training #community #people".

Teaye it looks like they've been working on the Proyectotoral website as well. Luis J looks knackered in that video still though!

I think our principle minerals are Sphalerite, Galena, Pyrite and Chalcopyrite. Pyrite is also known as 'Fools Gold' as it has historically been mistaken for gold so I won't mention Las Médulas ever again, even to annoy LR, very close by but different geology.

The Nomad review all the RNS's and as they approved it I guess Strand Hanson were happy with the phrase "a number of initiatives that we believe could potentially lead to a major value event", not a promise but as stakeholders it seemed reasonable for us to hope that something was in the pipeline. If they deliver on it no doubt all will be forgiven, if not it will look like a very ill-judged comment to say the least.

Hi CJ - I seem to remember the old favourite 18 months being mentioned following the fund raise last year. They were planning to start drilling before Christmas though at that stage so whether things have been put back due to that I don't know. As ever we're guessing, there are many other work streams apart from the JORC, will we hear about the metallurgy, geotechnical work, ore sorting, hydrological results from the borehole before the PFS or will it all land in the completed report? Obviously the updated JORC was always a central component of the PFS so it hasn't delayed it aside from the drilling going on longer than expected, much depends on how much work AMS have completed during the course of the campaign IMO but again we don't know if the other work streams are complete or not. In short I don't know :)

I can't see where they say that in the 19th July RNS but I have only just re-skimmed it admittedly, I'm sure if they did say 'based on' they wouldn't have dreamt that anyone could possibly think the last 6 months of drilling wouldn't contribute to the PFS, the whole point of it was to beef up the early years surety, bring forward the payback point and so on. Whether copper is included is another matter, can we go from no JORC declared Cu resource to an indicated in one step? Maybe we have enough Cu from the previous campaigns to get an indicated resource, maybe not so I certainly don't know if we'll see Cu in the PFS, let's see what AMS say.

Work for the PFS has been underway since Bara recommended we progress to this level last year. The JORC in the PFS will be updated and will build on the 17Mt announced last August, it is up to AMS whether Cu is included based on the data we have given them. Highside - did you really think the PFS would use the JORC from last year and not include the current drilling? Here's a not so cryptic clue "This latest drilling campaign forms part of the Group's Pre-Feasibility Study ("PFS") workstreams initiated at the Toral Project" (Jan 2021).

Grappa I'm sure there will be sellers at all levels, there always are. For me it depends on the news that drives any rise. If it is solid operational news with funding certainty I doubt I'll sell any until much, much higher than 15p. If we get in a situation like Jul 2020 where it looked frothy with the extraordinary gains on JSE I might take some off the table, as I did then.

Nothing has been withheld, as stated in October 2020 - "Europa Metals will draw the Grant monies down in up to three tranches, with the prior agreement of the CDTI, with the initial tranche, comprising an amount of €163,380, to be received by the Company imminently. The second and third tranches are scheduled to be drawn down over the next 18 months subject to certain, defined, operational milestones". Yes 'imminent' didn't prove to be imminent but the original plan was to start drilling before Christmas 2020 and the grant delivery was dependent on completing the data to satisfy 'milestone 1', we couldn't do that without the drilling data.

No you're right no guarantee as yet, but I think the picture is becoming clearer which is why I wouldn't discourage posting the research links, some will inevitably be more tenuous than others. I thought the REMIX stuff was interesting as it showed the regional appetite for regenerating mining, the evidence of retraining for the mining sector, top brass visiting Toral and so on. All encouraging but nothing guaranteed as yet.

Personally I think we all should keep an open mind on grants. Yes Mm's finds don't mention EUZ but they show that there is an unprecedented 'grant environment' and I can't really see why we'd be excluded. If we get to the stage in the grants process where we start seeing announcements of other projects being favoured but no mention of us then it wouldn't look good but for now it appears that it's all to play for. Yes there are metals that have more obvious green appeal like Lithium but there are applications for Pb-Zn in the battery sector plus we're at last pushing the Cu a bit more. On top of that you have factors like the circular economy, supply chain security plus jobs and ancillary prosperity in the region, all making the case for the Junta to give its a helping hand.

Sure Gecko I agree it can be hyped up but we'll never go back to the deadpan delivery of yesteryear whether print or broadcast. My point really was they can hardly not report what the Minister is saying to the country, IMO the fault lies with the policy makers and the publics actions not with the conduit of the information. By the way what have you heard about chewing gum? At least there's plenty of it on the pavement if the shops do run out :) #brokenbritain

Gecko I don't think you can blame the media on this one - from what I've seen and read they have not told people how to behave but have reported that the Minister has asked people not to panic buy, there's a difference. If the weather presenter says it's going to snow for a week is it their fault that the idiots go and strip the shelves of bread? I think the problem is that it's all very well for the Minister to say there's no shortage just a lack of lorry drivers to get it to the forecourts but from the motorists point of view that is a shortage as I'm not sure how we'd get on driving to Milford Haven and trying to fill up at the depot!

x2 0's (again).

I will just repost what I put up on Monday in support of the possibility that the arrangement with the CDTI was to cover this years drilling and associated R&D costs, I would reword this to fit with today's posts but in a rush, hopefully you'll get the idea..... "Thought I'd try and get a handle on what we might have spent on the six month drill campaign and found an interesting old FCR RNS. I was really struck by the amount of detail about the contract with SPI compared to more recent 'Secret Squirrel' announcements. JT wasn't particularly popular but at least he was transparent about expenditure in this example quoting €80/m for the campaign in 2017. Okay it's likely to have gone up like everything else but we also had a longer campaign this time so perhaps some benefits from economies of scale, so let's go with a conservative guesstimate of €100/m. We completed just under 3000m of drilling this time so stick on a 0 and that comes out at roughly €300,000. If that's anywhere near correct it would suggest that allowing for likely additional costs related to gathering the drill deviation data the CDTI grant / loan would appear to cover the 2021 campaign, coincidence? Must admit €300,000 seems low and doesn't quite fit with the MC comment "0.5m bucks for a deep drill" which would be considered beyond the 1000m horizon. Still the €80/m figure was RNS'd in 2017 so maybe the CDTI award was negotiated in conjunction with SPI (who have a stake in any resulting software) to cover the drill campaign and associated R&D. The ballpark figures based on the 2017 quote are remarkably similar IMO".

I'm very confident that the PFS will be a success. Bara recommended in the PEA that we advance the project to a PFS and the intersections have exceeded expectations so barring a nasty surprise from the deleterious elements I can't see anything derailing the PFS and I fully expect WAI to recommend moving to FFS. The problem is coin.