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Thought I'd replied to this but can't see it now, apologies if two versions pop up eventually - Bricks when I read "An Australian company finalises the procedures to exploit a lead and zinc mine in Toral de los Vados with an investment of 110 million dollars" the figure jogged my memory. From the 2019 SS:
o US$110 million net present value (NPV) using a discount rate of 8%
o Estimated total CAPEX of US$110 million
Just hope infobierzo.com have got confused with our old (now improved) CAPEX figure or old (now also improved) NPV and assumed this is the 'investment'?

If you want immediate exposure to current prices it of course makes more obvious sense to go for someone currently producing, particularly copper or silver. But the reason current prices are so relevant here is that the rises already booked and the forecasted possibility of a super cycle have completely transformed sentiment in mining investment from 12 months ago. Our chances of getting a good deal (putting grants to one side), in the open market have greatly improved because of metal prices, if we sign a good deal the SP will rise and we will have benefited from strong metal prices.

Blimey things must be looking up if BB is erring on the plus side. I make it 17Mt total resource of which 14Mt is currently inferred, isn't that 82% :) I'd also say that the hydrology is extremely important, how we mitigate the River Sil is one of my biggest worries, but the work to date on it has been encouraging. Yes getting as much inferred to indicated and hopefully some measured is critical but equally water issues could potentially torpedo the project or at least impact the CAPEX and ongoing issues would raise OPEX. I don't know for sure but to get some measured wouldn't we have to get back into the high grade indicated zone which there aren't plans for at the moment. Anyway the point is this is all about a holistic approach and pulling together all the work streams, at the moment drilling is to the fore. I would also add, and honestly this isn't just to pick holes in BB's post but I really don't see what's wrong with talking about the technologies that will drive metal prices, all relevant to our fate.

There have always been rumours that silver is artificially kept low but experts disagree, watch the Kitco interview on LR's LinkedIn. Also mentions how the bad investment environment in recent years has meant there has been under investment in copper projects so as real demand increases and anticipated demand even more so real forces are pushing the price higher, very difficult for supply to catch up with demand when it takes so long to bring a project online. There are quite a few things in there pertinent to us even though they don't talk about Pb/Zn so worth a watch.

Sorry Bobby completely disagree, the price of the metals now is totally relevant, boosts the economics as TP pointed out recently, really really importantly it affects the investment climate, plus it pulls up the three year trailing average when the numbers get crunched in the PFS. All hugely important to getting the money to get the go-ahead for the project to become reality. Agree that getting more inferred to indicated and hopefully measured is important.

https://www.mining.com/web/home-lead-and-zinc-miss-out-on-the-supercycle-party/
Interesting reading though I don't agree with the comment "Neither of which has an obvious tie-in to the electrification and decarbonisation drivers that have set other metals abuzz", as mentioned yesterday there's heaps of zinc required to galvanize a wind turbine plus interesting developments in the battery sector. I do think is does question the wisdom of ignoring our copper though to be fair I think the tight funding meant they had to concentrate on the principle deposits of Zn, Pb-Ag. Hopefully that will be put right and copper will come back into the party soon, would certainly be good to have another string to our bow and have two products at the top of the expected supercycle even if the other two are lagging a little.

Hi mfm with BB going positive are you auditioning to be the new board Jonah? Only joking, fair comments really, it's been a long road. I almost said with more downs than ups but I think there's actually been more ups than downs it's just that the negatives have hurt us more. As you suggest when sentiment gets so badly punished is tough to turn it around.

Ducks etc steven .... we've had so many let downs here it's difficult not to fear another one but the more I think about it the more there has to be funding news prior to the press conference, doesn't there? Would we really face the local press dangling this potential prosperity and jobs for the region without being able to publicly explain how it will be funded? I'm just a bit surprised there isn't more action in the market, even if you saw it as a complete punt (which I don't) I'd have thought it was worth a nibble. Take away funding worries and we'll be valued on the asset for the first time ever and that could be explosive.

As per the mining.com article I posted the other day the only mineral that there is more of than zinc in or on a wind turbine is copper.

TOD-33, blimey we're cracking on! Been wondering if these press articles and the silence from our own corporate development might be pointing towards a hybrid 50-50 public-private funding initiative, each half of the deal requiring the other? Just a hunch.

Luckily I ordered some smelling salts after the 'not expecting a placing' post earlier so I'm just conscious thanks. When you think in terms of mcap £2 isn't loony at all IMO, that's the SP by the way :) If we were to get some more local help and delay having to dilute the asset with a partner or take on the burden of bank debt then really the discounts you have to apply to the NPV due to not being funded start to diminish drastically. Let's see if we've got something before getting the calculator out, certainly an intriguing period approaching though.

Quite, and they've nurtured the local engagement meticulously for years. By taking on the graduates from Salamanca Uni they have demonstrated just the tip of the iceberg of what Toral could do for the region. Reading Bricks' post it's difficult not to get carried away, it could have been written for us! Right it's about now we normally get royally kicked in the n*ts! :)

With that kind of money they could nationalise us! Sounds bonkers but the world has changed. Still highly unlikely of course but just read on Wiki that Spain's regions operate with the second highest level of autonomy from central government in the world (after Germany) so the Junta has clout.

Ha ha yes lucky I didn't say €100m for the paella catering concession :)

I'm not ruling it out but if there is anything I would imagine it will be EU / Local funding rather than the bulge bracket work that AH is supposed to be up to. Just a thought would it be logical that we may not have heard more about that simply because we don't know what is required yet? Suppose the Junta say look if you can infill all these old quarries there's €1m Euro's in it for you for landscape restoration work, as you have proven there are x, y, z number of ancillary jobs surrounding the project we grant you €25m as part of the Leon employment regeneration scheme. Okay I'm making it up but if we are in line for funding on the scale you and others have nosed out then wouldn't we want to establish where we stand on that before AH puts pen to paper on a private transaction.

Morning Bricks - while I think we should be cautious about next week I wouldn't be surprised if it is more than just a presentation about what might be possible for all the tertiary industries around the mine. Can you imagine if they proudly present all these possibilities for the region desperately in need of jobs particularly for young people if a bright spark of a journalist says "How are you going to pay for it then, aren't you $79m dollares short of CAPEX requirements?". I'm guessing that we probably won't get the big funding announcement but perhaps some sort of plan or even partnership / agreement with the Junta. Obviously I don't know it could be some more targeted funding as I mentioned earlier, nothing or everything :) Sorry just working through my thoughts but all we know for definite is they're doing some media to present the opportunities for the region and it really could just be simply that. Think I've hedged my bets there :)

Strange price on that small sell, I can get nearly 12.5 on much bigger quantities.

I do think the local papers turning their attention to us is hugely significant as it reflects the prospects of Toral becoming a reality. As long as they are operating diligently, attending Town Hall meetings etc their sources of information are generally reliably fed from official sources, they won't pay for long expensive investigations that might not ever make the paper. Different in the States where regional papers have more clout. Looking at the dreadful click bait on these Spanish sites it looks like their local rags are suffering as badly as they are here. What I'm trying to say is that we're coming onto the radar for a reason. While I'm on the subject here's a headline for you "Bobby Beale In Not Expecting A Placing Shock" :)

Looking at the projects awarded grants in Leon such as "Nueva Julia coal exploitation restoration", I wonder Bricks whether an award to EUZ might be quite specific for instance targeted at the restoration of the old quarries which we know the Mayors want us to infill. Of course it would be great just to get a lump to build the mine but it may turn out that funds are specifically directed just like the first grant. To get zero costs on waste management would be a big boost to the economics though.

Thought this was interesting......
https://www.mining.com/metals-price-rally-could-hamper-switch-to-green-energy-iea/
If you look at the second graphic, I didn't know you needed so much zinc to build a wind turbine, second only to copper as the most prolific mineral in their construction. Guess there's a pretty huge chunk of metal to be galvanised!