We would love to hear your thoughts about our site and services, please take our survey here.
CHRI5P I think the PEA will be impressive - so much achieved since EUZ's version in 2020. Hopefully the new numbers will give potential investors the metrics required to envisage what our % is likely to mean at each stage of the JV. That's what's important now, everyone must have their own opinions as to why we're down here, certainly it's been endlessly discussed over the years but for me and I would imagine for anyone else who thinks it's worth sticking it out it's time to look ahead.
Crikey I agree with Highside - I also find the negative posts loaded with subjectivity. Not surprising I suppose if you've finally capitalised losses to look at the situation emotionally rather than objectively. The fact is we have existing empirical technical reports that suggest that 49% of Toral will be worth multiples of the mcap on Option 1 with an enhanced PEA and similarly with 20% after Option 2 with a PFS. As ever I happily admit I have many gripes with the way this has played out, who wouldn't with the SP where it is but I do firmly believe looking objectively at the JV plan that there is a credible path to realising value in Toral. Given the disappointment we all feel I don't blame any ex investors for expressing their subjectively loaded opinions on here but you're not getting back at the management by doing that, a bit of catharsis perhaps? Understandable.
Thanks Bricks for your best wishes, and CJ for stepping up to corroborate my account of 'that' day the SP spiked. As CHRI5P alludes to it is way too simplistic to suggest that if you want to invest in Toral you need to be in Denarius purely because if all goes to plan they have 80% and we will have 20%. IMO it is a case of looking at mcaps and your own judgement of what 49% might be worth with a PEA and MLA, and what 20% might be worth with a ML and PFS. It's ridiculously simplistic to say Denarius are the better investment option because they potentially will have 80% of Toral. Denarius have huge spending commitments on their flagship license in southern Spain but also possible near term income in Columbia, it's a more complex equation. I've never pretended that I hadn't hoped for a better deal but I do recall dire predictions that we'd get washed up in insolvency and the licence get snapped up, but we achieved an orderly transaction that provides a pathway to a hugely enlarged resource, a PFS and a credible route to development, as ever I'm not happy about everything, not least MC pitching up at the Spanish office being worthy of celebration on Linkedin :)
Yiann as PH said himself in the interview he is a major shareholder so logically you'd think his interests lie (ahem) with ours, however I also have some unease over certain plans not coming to fruition. Just take the most recent example of PII seemingly being completely forgotten about. If you state it will run in parallel with PI and it doesn't happen shareholders deserve an explanation. The multiple front strategy is one the reasons I have stayed here and added so I'm livid that my enquiries have been ignored. Come to think of it there is growing uncertainty over what's happening with PI so there currently isn't even another project for PII to run in parallel with! Okay I'm joking to an extent but if the satellite experts are right then PH's statement on 8th June is looking increasingly dubious. I'm not making allegations as I just don't know for certain what's going on , I do remember when SOU used to webcam site preparations it took about a month from memory. Maybe we'll all get a surprise soon and find out they've spudded - last thought - just because a satellite image refreshes online every 3 days it doesn't mean it is refreshing with a live image just the latest image, do we know for sure that these images showing prepared but empty ground are 100% live or just the latest issued.
Just a thought, does anyone have a definitive location of KRT-45? If not I was wondering if the groundworks team might have finished their work there and then started the works located in Bitsa's image being the planned next well following KRT-45. If that is the case the rig might yet be in the assembly process at KRT-45. If anyone can prove that there have been no civil works at KRT-45 then my perhaps optimistic theory is already a dead duck.
On the civil works 'progress' I see folks have been studying satellite images. If I look up my house I can clearly see from the progress (or rather lack of.....) building work that the Google earth shots are well over a year old. Are the posters accessing a service that updates more regularly because if the images from Georgia are as old as mine here you'd be lucky to find a pad for JSR-01DEEP let alone KRT-45 ST.
More important is how we get back to trading around that level and above. For me the equation is pretty simple and assuming both options are executed the question is what will 20% of Toral be worth with a PFS. IMO you only have to look at the figures in our PEA then make a guesstimate about how enhanced they might be in the new PEA and ask yourself will it be multiples of the current map? I think so but Myles needs to do a much better job of communicating how and why. Detail of the enlarged mining area can't come soon enough also.
If you're talking about the rise post consolidation, I sold some at 25p and remember getting quotes to sell some more as it moved back towards 20p but decided against it (unfortunately). I know of another LTH who sold between 25p and 30p, I'll give them the choice of corroborating that without naming them, they post here but informed me away from the board. Anyway whether you sold then or waited for 3p in my experience there was plenty of Mm's willing to take them on that day.
Heps - I notice that KRT-45 ST wasn't mentioned in the Op update or Haywood's interview so perhaps the plan has changed. Bit annoying that it's a guessing game but they're receiving data all the time so if the target priorities have moved I won't be too concerned. If it is used as an excuse for a delay it will certainly be disappointing though. In the interview of 8th June these were PH's exact words "In fact the rig is within a couple of clicks of our next drill location whilst the civil works...... a drill pad, is being completed". The last time I sat in an English Language class was in black and white so thought I'd double check :) .... "Is being" is used to describe an action that started in the past and continues at present, on this evidence I'd be very surprised if we're still waiting for concrete to go off but I concede I am taking the words at face value and this hasn't always been advisable with BLOE, for me most notably that PIII would kick off before end 2022 and more recently PII going missing in action.
Maybe they have been preparing the new PEA based on the Nov 22 JORC upgrade. Bearing in mind our own PEA had 3.8 Mt of indicated a new one will have 7Mt indicated even without the latest drilling. Add to that the ore sorting and improved grades and we should see the numbers going in the right direction.
CHRI5P are you thinking that the new PEA will be needed for the MLA? That was my thinking originally but I now think that Denarius will want results from the initial work programme to go into their PEA and clearly now that won't come in time.
Interesting that Jesús Montero is kicking around. Luis is the exploration and JORC expert but JM is the mine planner and what is that on his screen? Good to see visual evidence that Myles has raised himself from a supine to vertical position at least.
Milnrow the way I look at is to think what our % of the JV might be worth on completion of each of the two phases. In other words what would 49% be worth after the MLA, increased resource and new PEA? For a start we were worth more than double where we are now when the last PEA was issued and that had a much smaller resource, no completed metallurgy and no completed hydrology, geotch etc. Then think what 20% is worth with a PFS and $2m cash. We'll have a better idea what the resource is going to look like after we get the final JORC or at least the JORC applied to the PFS but IMO 20% of Toral with a PFS should be multiples of where we are today. On top of that we have the enlarged mining area but until we hear something definite on that it's difficult to factor it in.
Err.... it's a mining exploration company, that's what they do, if you don't like drilling then perhaps you invested in the wrong sector. Even if they enter a development stage they will still be drilling, likely beyond the block model.
Only if you simply judge a companies activities by posts on a bulletin board but the fact is we're drilling 24/7 with two rigs on the license so "Lights out"? Not so much, quite the opposite. I would add that I am slightly perplexed that 044 assays haven't emerged yet. For me it's inconceivable that EUZ are not in possession of those drills results.
i contacted the nomad as i was finding it impossible to contact anyone at bloe. they gave me an email which i put some simple and pretty uncontroversial questions to but didn't get a reply. because i'm annoyed about that i'm posting it on here. the nomad recommended the first point of contact as f.robson@blockenergy.co.uk . whoever this is if they can't be ****d to reply to me perhaps collectively bombard fergus robson at block, treating pi's with utter contempt.