Member Info for Shedulike

Haha that would be handy Chipmunk - I think we just use the same drilling contractor - Sondeos y Perforaciones Industriales de Bierzo SA. I see the 160-D isn't their biggest but can still drill much deeper than we are in this campaign. I wouldn't have thought this is an indication that we're planning deeper drills as they've pretty much ruled it out at this stage.

Assuming they put the right canopy on it the last Tweet at least settles which rig we're using.
https://www.spibierzo.com/medios.php?id=15

Philis particularly as some of the current work with the ore sorting is to bring in zones previously thought uneconomic to mine. Does anyone know what the reserves were at SASA when it was sold in 2017? I can only find the production figures, which is a reminder that the mine was 100% proven as economic when it was sold, so we need to deduct for the remaining risks, and of course CAPEX as mentioned, though it isn't $120m for setup, that's nearer the LOM CAPEX ($130m) the upfront to production CAPEX is $80m.

Interesting Bricks - might explain why they're going for broke on this last campaign.

Sounds like a last push to maximise the JORC before PFS. If they aren't drilling for further met samples I assume they're satisfied that they're on course to prove successful processes to extract the goodies from this zone.

I still think Mm's should get out there with that rig off Ebay and do some wildcat drilling :) Top tip - don't test the drill while you're still on the ferry.

I suppose as we're not going beyond 800m in this campaign it might not need to be the heftiest rig. Who wants to volunteer to ask LR what the drill rig and crew is costing a day? I've got a funny feeling though it's one of those questions that we won't quite get a definitive answer to.

Bricks I think Myles was talking about the cost of deep drilling to explore where we're closed off at depth. These shallow holes must be a lot cheaper but the fact that they've been out there since Jan it really must be adding up. Say a deep drill took 4-6 weeks at $US0.5m and they've been drilling for 21 weeks, would it be too simplistic to estimate that we could have burned in the region of $2m since Jan 18th? Probably.

I think you're right Bricks - 035 definitely makes more sense, but it did look like a 9 :)

Crikey look at the core box (TOD-39). That's 8 holes (assuming they're numbering sequentially) since phase 1.

Thanks heavens Spain didn't leave the EU like the UK, ages since we've had a good Brexit dust up on here :) Right quickly change the subject back to students - I really think its likely that one day we'll look back at the strong community engagement as a critical bit of foresight by the EUZ team. Grants will not be allocated for the benefit of UK and SA shareholders but for the country in which we operate, getting those interests aligned was probably partly initially motivated in terms of the practicalities of licensing but we've added education plus R&D to that and proved we can provide employment to young people even prior to development. I know the student Tweets are getting a bit tiresome as we await funding news but with the monster EU recovery fund up for grabs it makes sense to really push our image as a contributor to the region. However if they dilute us again, LR can shove his community engagement where... etc etc...... :)

Seems a bit tragic that we've waited all these years for IRC to benefit from the Amur Bridge (wasn't POG part of it's inception way back?) only to flog it off when the blasted thing is finally open to commercial rail traffic in August.

Anyone else expecting phase 2 drilling complete this week? If BokaT's info on drilling rig costs is anywhere near correct we must have spent a lot of money since January, we also have more staff than ever before. My guessology is that funding plans must be in place on the basis that our reserve must be getting tight but I really couldn't guess what the structure of funding will be - so many permutations which for me hinge on what could be secured from the EU. Massive pivotal moment approaching I think - same old EUZ begging bowl or non-dilutive funding and glorious sunlit uplands?

Lundin historic conditions:
i) make a one-off payment of US$2.5 million to Lundin at such time as a decision is made to proceed with the construction of a mine on the Toral licence area;
ii) make a further one-off payment of US$5 million to Lundin following commencement of commercial production (as defined in the agreement) on the Toral licence area; and
iii) pay Lundin's subsidiary a 1.5 per cent. net smelter return royalty upon commencement of commercial production on the Toral licence area.
- These conditions are accounted for in the Bara economic report.

Let's hope he was making representations for us Brikz. Spain wouldn't have been at the G7 so perhaps something from the central pot? Here's hoping and until we hear it remains hope. Of course I'm biased but I can't imagine a more deserving project, so much essential groundwork privately financed, diligent local engagement and in the greater scheme of things not much EU money required to make an economically viable project (albeit with a couple of boxes yet to tick) reality. A boost to commodity security for the EU and an injection of prosperity into a region in need. What's not to like? Wonder if LR popped into WA in Truro to check up on the metallurgy progress?

I do think there is more funding coming but I don't think EUZ would refer to a public grant as a 'value' event for shareholders. IMO it might be the wrong message to the jurisdiction when they're emphasising what funding could do for the region even though the reality is our interests are aligned. I also have a hunch that possible EU grants could be delaying whatever deal is being negotiated in private. Just a theory but I'm thinking why would they want to give up a chunk of the asset in a JV or take on a heap of debt for example if pending EU funds could allow us take this further independently? We might actually be in the extraordinary position of now fending off suitors who we once wanted to court due to this Europe wide appetite for direct state investment that hasn't been seen since WWII. As I said just a theory, time will tell.

Sorry Brickz hadn't seen that when I posted, so yes separate cores to WA, ALS and Tomca. Do you remember in the last campaign LR saying we have core in three different countries?

No as I understand it Brikz you physically need separate material as assaying and met involve crushing the material I believe (not seen or done it so happy to be corrected by a genuine expert). I think they also cut he cores in half as we saw on one of the videos but again I'm not sure if it's half for met half for assays or more likely the retained half is kept in the core shed as a record and completely separate material is sent for the different purposes. I'm sure LR would clarify - its the sort of question he likes as opposed to where's the fri**ing value event!!

Not sure Bricks - some of 029 was assayed and the wedges have gone for met and ore sorting. Maybe he's just saying that particular piece didn't go which is self evident unless the picture was taken before 029 was sent for assay :)

ant harry I understand and share your frustration. I also have enjoyed a joke about the procession of students through our plant, however this engagement stuff is really important in making our case for regional or EU grants / loans. The more we look like a company with Spanish interests at heart, rather than just a Aus registered, UK / SA listed outfit there to exploit their resources the more chance we all have of prospering from this. Agree with most of the thoughts on the 'value event', shouldn't have been said unless sewn up and imminent.