Member Info for Shedulike

No, you implied that the Denarius shares would be used to finance the Viridian transaction, that's why I called that out and pointed out the distinction between the Viridian transaction and potential financing of Tynagh which might well involve selling a portion of the Denarius shares (depending on their value). You obviously haven't taken the time to read up as evidenced by your misapprehension that the gold exposure is at Tynagh rather than Zancudo. Finally I have absolutely no shame in posting positively about EUZ, I often mentioned the risks as well as the upside rather than playing the duplicitous games you always indulged in (one day boasting about a genius top up / the next you're 90% down and it's not worth selling at 25p - 20p - 15p -10p - not even 5p but suddenly it is 3- 3.5p). Yeah doesn't look the worst decision in the world as things stand so dine out on that and I'm sure you'll enjoy spreading your trademark misery on here as ever - strange hobby.

Oh good grief why did I look in to read this. The gold production is in Columbia and fully financed, our exposure is through our Denarious shares. Please take a few minutes to read up on the basics before embarrassing yourself again.

Well while I'm not really surprised that you can't see any good in a ready to go at surface resource or exposure to imminent gold production (I do wonder if you read your posts back before pressing 'post') I think there are clear positives and we'll soon find out if the major shareholders also do. For the record I'm not hiding from the fact that the end result at Toral fell well below my expectations. Anyway until we have final details of the financing we can only guess what proportion of the Denarius stake will remain by the time we are processing the minerals at Tynagh. My net enthusiasm for this transaction does depend on this so I'm checking out for now.

Jed this deal is nowhere near my expectations for what we could achieve with Toral but there's silver at Tynagh and there is a quicker way to monetise it than at Toral. Of course we also maintain some exposure to Toral plus Denarius' imminent gold production in Columbia and multiple minerals in Spain in 2005. The question of what our holding in Denarius will be by the time Tynagh is producing is a critical one for me. Firstly I want to know what the strategy is on that front, are they included in the plan for development? If they are then I want to know what the projection of the depletion of the holding is, I suppose much will depend on the performance of Denarius which is why for now I am primarily concerned with the success of launching Zancudo.

Thanks Teaye it's my understanding that the shares won't be used in the acquisition, thinking about it they can't be as they can't be traded for four months after being issued. So there is a distinction between the acquisition and ongoing funding of the project. My first question after the news was about the shareholding in Denarius being maintained up to production at Tynagh ie. Will the financing of the acquisition include a consideration for the CAPEX? So it's perhaps more accurate to talk about whether the Denarius shares will help fund the development of Tynagh rather than the Denarius shares being used to finance Viridean which might imply that they'll be eaten up in the acquisition.

Highside - got in late and ready to hit the hay but where did they say they will sell the Denarius shares to finance Viridian?

Initially I thought well of course costs were much lower than 1H 2023 as we haven't drilled in 1H this year but looking back WR-34Z spudded in Jul 2023 and we were only testing WR-B01Za early in 1H 23. However I guess the costs of those operations will still have impacted expenditure (dismantle and test WR-B01Za / groundworks and rig assembly WR-34Z) so more cash burnt last year. Looks like only PIII farm out news or numbers on the CCS deal will move this significantly (unless GOGL pull a rabbit out of the hat on PIV farm out). Does anyone know if there is evidence that GOGL have been active on that licence?

Bricks - could it be the case that the rules on JSE are lighter touch and MC has decided to let it run. The shares have been rising from Jul 10th from 0.28 to 0.62R - not sure what's going on, is that approx 2.6p?

Yes strange one that Bricks. We are suspended here because they announced the intended transaction without full disclosure of all the financial details. The situation is exactly the same for SA investors so I can only guess that the JSE rules are different? If the difference in value between the markets continues to grow could they be forced to suspend them in SA as well due to likely instability in the markets when the suspension here is lifted? International traders could have a field day buying cheap here and selling on the JSE before the markets balance or is that too simplistic?

Appears to be up 55% over the last month on JSE. While Tynagh is not the most glamorous project, perhaps the near term revenue is appealing to some.

Yes grappa I hadn't forgotten that was your prediction. I'd be interested to know if you've mugged up on Tynagh and what you think.

Yes I have already. Certainly even after dismissing the exaggerated figures, the Denarius shares currently do not come near returning our expenditure on Toral. That's why for now even though I'm researching Tynagh my main concern is that Zancudo gets up and running as Iacono says with 'small production' Nov / Dec. Nothing like gold production to excite investors and that should drive the DMET SP and benefit us. Check out the 50Y gold chart:

https://tradingeconomics.com/commodity/gold

There's a chance that by the time we re-list our stake is worth considerably more than the EUZ market cap. I'm not discounting the risk that it won't, I wasn't joking the other day when I mentioned natural disaster as there are many things that could put Zancudo back but you won't find many more experienced people in this sector than Iacono and he seems to have everything in hand.

https://x.com/DenariusMetals/status/1836411309543334399

Not this old chestnut yet again... The accounts are prepared in Perth AUS and as such "All amounts are presented in Australian dollars, unless otherwise stated".

Thanks yeah must be Bricks as I totalled all fund raises since the acquisition of Toral, as I said some were under FCR but I wasn't in during the SA focussed days. My interest was in what as specifically been spent on Toral.

Just had a quick look at what has been spent by EUZ at Toral as I feel that has been a recent over statement from what my guesstimate would have been. Looking back FCR acquired Toral with little working capital and quickly went into a series of small fund raises. This was a mistake in retrospect as they didn't face up to the enormity of what would be required, in fairness they would have planned to progress the SP and raise higher but as we all know now this didn't happen. So I have it as £2,527,000 raised as FCR, £6,024,000 as EUZ and the £400,000 soft loan from the CDTI, that bill now picked up by Denarius. So that's £8,951,000. Must admit I was surprised, certainly felt like more! Ps. Anyone up for it do check.

CHRI5P - It could be much less than half CAPEX depending on which option they go for, not sure if the Viridean figures are up front to production or for LOM though, anyway highest case about half, if LOM then much less than half but I would assume they are quoting CAPEX to production. Certainly as EUZ CAPEX was last calculated in 2020 it will be much higher (Viridean's from 2023). For the record the "Over €1B" figure isn't from me, it was from Vickers figures following their resource analysis and processing test work on the tailings at surface.

Not sure CHRI5P, I think we're going to have to wait for the full investor presentation. Did you notice that Vickers quoted the value of metal in the tailings at €1B. That's similar to Toral allowing for €/$ near equivalence (at the last PEA). Toral will be much much bigger eventually but I don't think the Tynagh figure includes the silver as they hadn't finished the silver metallurgy, maybe since Aug 23 that has changed? The other biggy is that the Tynagh resource is already on the surface of course.

Note. That is from Aug 23 so obviously things have changed particularly the likely corporate structure but it is an interesting introduction to the project and you can get an impression of what Vickers is about. Interesting that as of Aug 23 they were planning to start construction early 2025.

I think it was just a guesstimate CHRI5P. In this video Viridian lay out three CAPEX options varying from 22-43m Euros depending on whether they just build a plant to produce concentrate or add the capacity to turn that into finished metal and also if they opt to extract the Baryte as well as Ld-Zn-Ag.

https://www.youtube.com/watch?v=cQOw27EbDRk

Mm's don't worry nothing wrong with airing your thoughts, how others interpret it is also their right but it might be more helpful to look at the facts on the ground rather than listen to sweeping dismissiveness. I don't think it would be anything like £70,000,000 or whatever that is in Euros to build a small processing plant but until we see the financing plan for the Viridean deal then it's difficult to evaluate it fully. As the RNS states the terms of the transaction are not yet completed hence we are suspended. For now the most important tangible factor for me is that Zancudo gets up and running on schedule this year and the Denarius shares start moving propelled by gold production. After that there should be Cu-Nickel-Co-Pt-Pd-Au coming online at Aguablanca in 2025 so quite a suite of minerals there that our stake in Denarius should benefit from.