Member Info for Shedulike

Bricks it is listed as a 'P' trade but on the LS Exchange website I can't find a key for 'P' just 'PT' and 'PC'
PT - Closing Price Crossing Session trade – order book trade resulting from the session that takes place after the closing auction has generated the day’s closing UT. Executions can only take place at day’s closing auction price.
PC - Contra after trade date. Next day contra request messages will be accepted by Millennium Exchange on the business date after the original order book execution date only.
This is from ADVFN so obviously a lower level of authority than the LSExchange itself.
'P' Protected Portfolio
A protected portfolio transaction or, if reporting a trade resulting from a worked principal agreement for a portfolio transaction. Like a non-protected portfolio, but the price dealt at can be amended if the market maker manages to make a 'good' profit.

No problem but in your 17:32 post you put 133k Euros which is why I wondered how you came up with that figure.
You are right to highlight this 'key elements' of the PFS issue IMO. I asked at the AGM what we aren't funded for and I seem to remember Myles just said something about it not being much more work for the BFS which I felt didn't answer the question. I do think we have options on funding but I am not happy with this grey area. On the drilling I don't think it's reasonable to suggest that they haven't found what they're looking for (where have I heard that before....?), a quick read of the first phase assays RNS shows that they're hitting their targets in terms of retrieving JORC and metallurgical samples, this is not a high grade area so we're not going to force ALS to reset their detection levels as we did with TO-025 but improving the certainty of the early years, wringing some more payback through ore sorting, hopefully convert some marginal areas into economic to mine and bring forward the break even. LR is on record as saying the drilling is gong extremely well two months into the second phase so I'm relaxed that it's not a case that they're not finding mineable material.

On the 19th October 2020:
"The initial tranche, comprising an amount of €163,380, to be received by the Company imminently".

The partly refundable (70% repayable) loan is for €466,801.50 Highside. They are gathering data in conjunction with the drilling campaign so our drilling is complementary to the R&D work. Whether the entire amount will cover this campaign I doubt but it is wrong to suggest that the grant funds are compartmentalised on pure R&D and not contributing towards the drilling campaign. I'm not sure if we have any rights to the algorithmic software that will be developed on the back of our drilling data.

It does look as if WAI is becoming increasingly influential having gone from our metallurgy service provider to PFS Manager and I see today they're having an 'input' on the drilling. I'm amazed we're still drilling by the way, this campaign could end up being as long as all the others by FCR / EUZ put together.

No worries CHRI5P I can see where you're coming from - we just don't quite see eye to eye on this one. REPORTED AND FILTERED!! (joke)

CHRI5P it's entirely up to you how you view your position here but I don't consider my investment to be a punt. I would freely admit though that when I first invested I was not up to speed on just how far we had to go to have a de-risked asset, so I'm happy to put my hand up and say I got it wrong back then. When I see some of the bleating on here from certain quarters I think there is a lot of misunderstanding of just how risky this type of investment is. Luckily my initial investment was small and as I have learnt more and improved my understanding of Toral I have grown my position as the risk has reduced but contrarily so has the SP but at least that has given me a decent reasonably low average position that like you I still believe in. Not giving advice to any watchers but IMO anyone investing now is not making a punt but there is still risk, as you say we may not get the long awaited non-dilutive funding, there's some hydrology to complete and annoyingly we're still awaiting the complete picture on impurities, metals markets might go the wrong way etc. So plenty of forces that could yet torpedo this, I'd be worrying about that rather than the fact that shock horror Laurence Read gets a salary.

Indeed Cjen - makes you wonder with these posters who seem bitter about regulars on the board whether they researched this independently or did they just read the posts and think this sounds good. Whatsthis you made a risky investment and to date it hasn't worked out, if you are a shareholder it's reasonable to have expected management performance to have delivered a sustainable improvement in the SP but good field work hasn't produced it - we're all disappointed. However if you start lashing out in all directions is just looks like you're not taking responsibility for your own decision to invest and frankly if anyone is making themselves into a laughing stock it's you I'm afraid.

Mm's I think what they have done on low funding is good and explains why they're talking about levering off the greater historical expenditure by other parties. I don't think Tooth killed it but he certainly wasn't popular either. In hindsight they should have raised the funds they must have known were realistically required prior to the mistakes surrounding the SS, we have been on the back foot ever since. As you have done some sums you will have seen the series of small raises that were really just keeping the lights on, of course they expected to progress the SP back then which is why I confess to the benefit of hindsight but ideally they should have raised something like £10m before the SS. They must have known those are the kind of figures to get a small inferred prospect to a BFS.

lor_9 I agree with that but despite our current dire mcap I believe they have alighted on an efficient strategy to leverage the historic drilling and our own investment in Toral. Namely this policy of proving a limited block model but with water tight economics. Just need a couple of things ticked off on the risk side, some funding and then blast off. What could go wrong? :)

I agree Bricks which is why the positive in-country relations are so important. We have had a lot of posts recently deriding Tweets about students, Mayors and government officials but although I share the frustration as we await the big news on funding and PFS work this local engagement is critical. The bureaucrats have the power to make or break this project or at least influence who benefits the most. Yep we'd have recourse to the courts if they became obstructive and things turned ugly but be prepared to sit back for years of expensive legals in that eventuality. I also continue to wonder about Lundin, is the partner staring us in the face? Myles once said that Toral is too small for them but why were they looking at it in the first place and the truth is nobody yet has proven how large or small it is - it has also gained a greater strategic significance in the current climate as well.

Mm's my understanding is that the NPV can only be considered a realistic figure if you are financed to make the proven economics viable. As a business we still have a chasm between what Toral promises and the cash to deliver it. To date the best guide to the economics is the independently calculated PEA, soon it will be the PFS. What we have spent to date will count for nothing should the numbers not work out when it comes to converting the value of metal in the ground to saleable product. IMO we are still short of certain information before we have certainty but I won't go over glaringly obvious old ground. Metallurgy looks good to date but (publicly) they're not grasping the nettle on certain issues which perplexes me.

Think of it like an acorn ant, in just 200 years we'll be a mighty oak and all millionaires. Seriously though I thought the concept of leveraging off this €11m of drilling was interesting. They have raised about £6-7m by my estimates since we acquired Toral obviously not all spent on drilling, hopefully our much smaller more targeted investment will convert the historic drilling into real value.

I suppose in desperation Antharry you could argue two sellers were paid a little more for their shares and two buyers were charged a little more than yesterday :) Only a small percentage but slightly interesting that it happened on the usual no volume. Lead hitting a three year high today by the way.

Sure Bricks, I just wondered what was the specific purpose of that very shallow one (top left). Looking at the mine development plan they aren't planning to mine that shallow - maybe some geotechnical work to find the best place to put the entry ramp? Haven't a clue to be honest, just avoiding doing any proper work :)

Tricky to identify the latest drills but can just about do it by comparing to:
https://www.rns-pdf.londonstockexchange.com/rns/9872W_2-2021-4-28.pdf
..... if you're interested.
That extremely shallow one top left looks new, wonder what was the purpose?

Bit cryptic Bricks but the comment "Toral value situated in leading renewable grid energy reg. of Esp". I know Mayoral comment isn't for everyone but there was that local press article about a new in-region green smelter which would fit with the focus on an "integrated metals supply emissions footprint". Don't see how humping our ore up to the old Glencore smelter would tie in with that though of course they can still plug into the renewable grid.

It's already been confirmed that we have multiple NDA's signed for the data room access, they don't have to RNS every time one is signed, but I'm leaning toward what Teaye said about it being a Spanish language presentation suggesting this is more likely an in-country government request. JV or investment group comms more likely conducted in English. Just a theory.

Highside the €11m is an estimate at todays prices of the historic drilling we inherited from previous operators - Penarroya in the 70's and 80's until they wound up Antonina across the road, then Geominera and finally Lundin in the early 2000's. We acquired all of 45 Km's of drilling for under £0.5m with some conditions to Lundin so hopefully it will prove good business.

Funnily enough lor that is one of the first things I said after AH's appointment. We don't know how he is to be remunerated and I'd rather we knew he is incentivised to get a good deal rather than any deal, just got to trust the Exec's judgement I suppose. You're right about the de-risking, when I first invested we had no metallurgy so no actual proof that our products were commercial but as you can buy the shares now for less than I originally paid I've just got to accept that I'm not going to be rewarded for shouldering that risk. Anyway don't want to drag the tone down on what has generally been a brighter day on here.