Member Info for Shedulike

Have a go because you stated you would sell out on the first opportunity after the Bank Holiday Weekend and you confirmed it on the 4th Sep. You explained your position very simply which was good of you. May I also thank you for the delicious irony of posting to criticise someone for posting and apparently having no work to do, priceless.

Highside do calm down - you must have read my last sentence "For the record I believe we have options and there should be a good outcome", but you'd obviously rather have a hissy fit, so be my guest :) By the way on the 4th of Sep you stated that you'd sold out so why are you getting so worked up about it anyway?

Well the words were "certain key components", so the only certainty would be that when they raised the £2m they didn't believe that they were funded for components that weren't considered 'key'. Whether the subsequent grant / loan has changed that we can only guess so certainly plenty to justifiably speculate about. I certainly don't think the situation is clear at all, I noticed at the TP / Vox event the other companies stated their cash position. To dismiss this as purely a 'BB issue' is really very naive as we're going to have to hear about funding relatively soon, for the record I believe we have options and there should be a good outcome.

Hi Bricks - I just think it's about time we had some certainty over what we are or aren't funded for. It's a good debating point on here but while I admire much about EUZ it is a disservice to shareholders that it has been a matter of speculation for so long, IMO.

I think the reason we're hearing more about the copper could have something to do with these recovery funds. It has always shown up (as Bricks noted we even inherited a non-JORC Cu indicated resource) but they were always curiously reticent about what it might mean for us. Getting it up front improves our profile as a contributor to the electrification transition IMO.

Interesting theory Bricks, as you suggest LR did say something along the lines that "This is about so much more than just digging metal out of the ground", intriguing comment. Not quite sure what to make of it but I wonder with all this ESG / circular economy stuff could there be a possibility that they plan to move this forward outside of the traditional model of mining industry JV / sale. The pandemic has thrown everything up in the air, expect the unexpected :)

Bit of disquiet about CB on BZT and JLP I notice.

Thanks Bricks, I though it was interesting that they emphasised that the terms of the CDTI grant / loan didn't preclude us from further applications.

Hi Bricks - I hadn't seen that just 'Grant process being pursued', I'll have another butcher's.

Thanks Grappa - just a tiny pin prick on the global problem but it's very rewarding and if we can all do a bit as you say. On the grants I doubt LR will be specific but worth a try.

I'll have a look at that Grappa, I do a yearly plastic pick where a river I'm involved with outlets an estuary and the quantities we bag are terrifying. Agriculture a major sinner but the number of tennis balls we recover which I see getting thrown in for dogs to splash around is unbelievable. Just back on Toral remember we're not open pit, just a decline access ramp and shaft for lifting ore, obviously a visual scar during operations but the process plant should be quite small thanks to ore sorting and nowadays we will have to provide an environmental reinstatement plan, we won't just up sticks like they did at Antonina.

No worries Grappa we're going to need oil for some time yet but I was referring to the carbon impact of burning their product. The Junta want us to reinstate the landscape from historic quarrying once we get into production and of course the landscape can be restored when Toral is mined out.

Morning Grappa I wish you well with your other investments but on the subject of who's greener do you mean TomCo energy the oil exploration company?

Yeah I agree Grappa it would be nice to be swept up by a major but I've always had a hunch it isn't what the Junta would want. At this stage I don't think we need their knowledge, EK has donkey's years of mine planning and design experience and Jesus' experience through to production is pretty impressive as well. However I agree that we're going to need finance from somewhere soon. I'm hoping a small but realistic sum from the EU recovery fund might advance us to the full FS stage when we'd be better placed to confront the full CAPEX requirements but until we hear something concrete it remains just hope.

Teaye it has varied in the past, I remember in 2019 it only took about one month from assay results to updated JORC, last time it took a lot longer. AMS have had first phase assays for a while now so hopefully building in the second phase won't take too long, wouldn't want to hazard a guess though.

Not an issue, LR has already ruled out any kind of public private partnership. It is not what we are looking for but a small slice of the not inconsiderable EU money allocated to the region would obviously not do us any harm.

Why did you buy EUZ stock in July then Highside?

I think Bricks the generally accepted wisdom is that with junior miners even if the NPV calculation allows for CAPEX a share of the NPV will likely be lost to whoever can provide the funding. I still think we should be higher on the asset alone and on positive funding news much, much higher depending on what comes up. There are potentially so many different scenarios it's impossible to predict where we could be, the golden result would by EU funding meaning we can maintain 100% ownership but even with asset dilution our shares should be worth a lot more.

Interesting to see BZT struggling and disquiet about CB over there. I don't think now is the right time for a change at EUZ and as Bricks says can anyone suggest a credible alternative who would come in on the same wages? Personally I think after the well documented setbacks in the first SS, LR and MC have done a very good job to get us back on course operationally, though they've failed to grow the mcap as we all know only too well. I think we'll find out soon what the strategy is to change that.

Saying small shareholders were 'wiped out' in the consolidation IMO unfairly characterises how they were dealt with by the company. They had advance notice if they wished to bring their holdings up to £1000. If they didn't want to they could request that their holdings would not be sold and if they did neither their holding would be sold with no fees and the cash returned. We had this at the time and the facts were always in the 'Explanatory Statement' which many seemed unwilling to read, here's the extract:
"The Company's current Constitution does not provide for the sale of unmarketable parcels of securities. An 'unmarketable parcel' is a shareholding that, for a holder, may be difficult and/or expensive to sell. The administrative costs associated with shareholdings of this size can also be burdensome for a company, particularly of Europa's size. The Proposed Constitution provides that the relevant threshold for an unmarketable parcel is an amount determined from time to time by Shareholders by ordinary resolution at a general meeting. Following feedback from brokers and the Company's advisers, it is proposed that this amount will be £1,000 (see Resolution 4).
In order to reduce such administrative inefficiencies, clause 24 of the Proposed Constitution allows the Company to direct the sale of unmarketable parcels of securities, with the proceeds of any sale to be paid to that selling Shareholder and with no brokerage to be paid by that individual. Shareholders holding unmarketable parcels can object to the sale by, after the Company has given notice that unmarketable parcels will be sold, advising the Company in writing that they do not want their Shares to be sold".