Member Info for Shedulike

LR's salary is 75K, I see a recent report found the average CEO salary on AIM 325K. Yeah I know he's not going to go hungry on 75K but they took pay cuts in return for more options so that's something. I think MC is on 100K which personally I find more vexing as it is less clear what Myles actually does in a practical sense. It's also inaccurate to say they aren't invested, I think they both threw in 10K at the last placing and LR also invested soon after he joined when we were more expensive. For the record I don't think they have put a significant amount of their own cash behind the project but I'm confident they're in it for their options which aligns them with us to an extent. Not pretending to be happy with the situation, just clearing up some inaccuracies.

Nice reference :) on a serious note though is there a case for them having to explain themselves after three months of non-deliverance or does the word 'potentially' get them off the hook? "Corporately we are actively involved in a number of initiatives that we believe could potentially lead to a major value event for all Europa Metals shareholders". The 'number of initiatives' also interests me as at first I read that as pursuing a number of possibilities from which perhaps one will be chosen but I wonder now if we're looking at a multi layered process - perhaps pre-production conc agreements via Conrad, investment banking with AH and of course EU grants. Or maybe they just threw it in because it sounded good and we're all going to hell in a handcart.

I had always assumed it would be related to AH's corporate work but it could also be Conrad - "Further to Conrad's review of the Toral lead, zinc and silver project's data room, the group has begun actively marketing the project". I certainly think if a funding solution does constitute this 'value event' it is likely to be multi facetted hence complex. Still until we hear what it is or isn't, it will I guess continue to look like a mirage.

Don't know about being thrown off the scent but I'm not getting so much as a whiff of a value event at the moment :)

Problem is milnrow they've brought us to a juncture where everything seems to rest on funding. I think shareholders and management alike are disappointed that all the good work and fantastic prospects aren't being recognised by the wider market but with a drilling crew out there for approaching six months and the payroll apparently bigger than ever everyone is now asking where the next funds are coming from. Personally I believe they have options but I'm not surprised watchers are being more cynical and keeping their powder dry - surely LR & MC can see that and I can't believe they're oblivious to the fact they just have to deliver something more innovative this time around.

Okay Lor I agree that it will inevitably get around in certain quarters as of course the placing is arranged with multiple parties before we get to hear about it. That's a lot of people to be relying on for complete discretion, I just don't see it being done cynically by our own broker (as you also point out in your clarification). However IMO there isn't really anything in the market to suggest that a discounted placing is currently being arranged and a leak spreading about the place. On the miserable volume I agree it is certainly not encouraging but I don't find it suspicious. I just think we've been in this position for so long where good progressive op's fails to build the mcap because of funding fears that I feel that in terms of the market we're virtually stagnated. As mentioned by others many holders have no appetite to top up and as I've thought for a long time we're so low that any new money has little incentive to take the plunge - just wait for funding to be negated as a risk and then dive in, less bags but more certainty of a profit. Certainly a tough period as we wait for the Exec's to show their hand and I think they're asked a lot of shareholders patience having dangled 'that' carrot which lifted spirits all of three months ago.

lor I do have a nagging concern about a placing as we've been here before. However it appears you are suggesting that our broker would leak information about a forthcoming placing - I don't find that credible as for one thing it would likely be to the detriment of DB's current holding. After three months I believe that the 'value event comment' shouldn't have been made but if you now expect a placing are you saying that you believe it to have been an outright lie or do you think there could still be some kind of value event but supplemented by a placing?

Bit patronising to suggest SwearinNige is 'relying' on information from other shareholders.

I know, but the bad news is, as the picture suggests they're having to redrill the whole lot as WAI now only take square cores :)

With England about to play Germany I'd suggest the less said about football the better. Not sure what to make of the second Tweet, WAI having reviewed key workflows, does that mean the hydrology is complete or are they just reviewing the work to date? Three months to the day since the 'major value event' comment.................

Well we're certainly doing our bit to keep the labs busy Bricks. Who'd have dreamt this campaign would run for getting on 6 months - was that always the plan? They didn't guide on timelines at the outset, citing Covid, but while I know there are some serious considerations related to that I always wondered if it was perhaps a convenient way of leaving the plan fluid.

Also:
"The Asturianas smelter was designed to recover the mercury (0.16% Hg in concentrate) contained in the Rubiales zinc concentrate as a saleable product. Sulphide mineralization at Toral closely resembles the coarse-grained sphalerite and galena mineralization at Rubiales but Toral contains significantly more silver".
I don't really know what these by-products might mean for the economics, are they a nuisance that you can at least sell on or could they positively impact the figures? I guess until we have smelter compatibility we won't know. Anyone have any bumph on whether smelter design is a required component of a the PFS?

Evening Mm's I've been looking into the use of Cadmium in solar panels. If one thing about Toral is bugging me more than anything else it is the unknown amounts of Mercury and Cadmium we have as by-products. These were present at Rubiales (analogous to Toral) and while low levels would be normally regarded as preferential I was interested to find info via Lundin that Mercury was isolated as a saleable product at Rubiales. Cadmium also had to be dealt with but could be used in batteries back then, interestingly it is now a component of solar panels.
"Cadmium, which is one of two main ingredients in cadmium telluride photovoltaics, is another solar metal that is a byproduct of zinc mining. Most of the world's primary cadmium metal was produced in Asia. Like most critical metals, China is the top producer of cadmium, accounting for roughly 8,200 metric tons, or 33 percent, of global production. Korea, the world's second largest supplier of cadmium, produced 5,000 metric tons during 2019".
Again the positive is do we have another product to reduce dependence on China and increase EU commodity security?
Here is a 2020 article which includes information about Cd as a by-product of Zinc mining and its use in solar technology.
https://www.metaltechnews.com/story/2020/04/01/tech-metals/mining-refinery-waste-for-solar-energy/193.html

Crikey that's a book Bricks, by the time I've read it we may have had two value events. Wonder if we'll hear how the ore sorting test work has gone on TO-29d's next week?

Morning Mm's - going on the Mayors who attended our meetings - "El alcalde de Carucedo, Alfonso Fernández, y el de Toral de los Vados, Pedro Fernández", I think the three might be Toral, Carucedo and Carracedelo.

Hopefully all part of the integrated electrification, regeneration, commodity security strategy that we should be part of. Ought to say it's the town / municipality of Toral de los Vados that gets a mention rather than our project (unless I've missed something).

Certainly we should be able to ride this wave of EU raw material security needs but it might be that the Junta want to see some evidence that we can raise a significant portion of the finance privately before committing stimulus funds. Just my best guess but I don't think it would look politically canny from a Spanish point of view for public funds to be seen as a company maker. My hope is that EUZ can make the case that a huge amount of shareholder support has got us to this point and a public / private partnership should be in everyone's interests. I think we'll see how financing is to be structured pretty soon but I expect it to be multi facetted. Just a theory, not claiming to be in the know, to be honest nothing would surprise me - unique times.

So Jester is still here, Jedster still absent without leave.

DBA sitting tight is a positive. What Spreadex are up to is anyone's guess. No way of knowing for certain but looking at the % holding of the Directors' nominee account I'm not convinced CB has sold since resigning but I could be wrong.

Has Banker disappeared without a trace? Jedster and Gregpeck also notable absences recently - let us know if you have heard something :)