Member Info for Shedulike

Seemingly being the only person who hasn't seen Line of Duty can anyone tell me if there has been a positive educational spin off and the nation has at last learnt that 'H" is correctly pronounced 'aitch' not 'hhhaytch'? Funny how you never see baby pigeons either.

Ha ha anything is possible on these boards, I still don't understand what Trade was upset about, perhaps MM could ask :)

Just thought I'd mention a little landmark if it's okay with BB. Lead has just become the third of our metals to surpasse pre-pandemic levels. Fittingly it's taken a bit more heave ho than with our shinier assets but we got there.

Just our luck they'll put us down for the 0.58 euros :)

Not sure why trade should be upset, from the horses mouth delayed by a week. That doesn't diminish his exclusive find it's just that the boss told Bricks it's been put back by a week.

Hi Bricks I was looking forward to the presser even if it has nothing to do with funding. We should be able to learn a lot from the panel that's put up. I'm sure they'll be emphasising our Spanishness, not LR in a flamenco outfit but getting Jesús, José Luis and Elena upfront, hopefully reps from the local authorities shoulder to shoulder with us would be a good message also.

What I don't quite get with the metallurgy though is that until we have smelter compatability and all the deleterious elements accounted for then the economics are incomplete. Luckily for us DB were prepared to carry that risk with cash for equity at what was then a discount but when AH talks to these big banks won't they want to know everything down to the last detail. It came up at the analysts webinar but seems to be a line we can't seem to fall over. I know the Mayors mentioned a new green smelter, could it be something to with that?

Haha CJ you missed it - we spiked up to £5 intraday but dropped back on placing fears :) Bricks what do you make of the meeting going back a week? Some i's to be dotted and t's still to be crossed on something, decided to wait for assays or just a weeks delay with absolutely no opportunity to wildly speculate about the meaning :)

Don't understand what you mean by cornering themselves before the last dilution BB. They never ruled out another placing, pretty much my only gripe would by MC's comments in Dec 19 that the metallurgy would give us non-dilutive options which it obviously didn't, at least we didn't reach an advanced enough stage before funds ran too low, whether he knew that at the time we'll never know. LR always flatly refused to rule out another placing to me so while I was disappointed we didn't find another way I didn't feel cheated. On the meeting tomorrow I believe Bricks has something on that but I'll leave it to him if he wants to share.

I think that was Myles to be fair but it amounts to the same thing from our point of view coming from a company Exec. Looks like the Zak Mir effect has taken hold again :)

I have never thought that £100m mcap is in the least bit unrealistic but there are still some operational hurdles to overcome. We need more indicated for the PFS and ideally some resource in the measured category as Bricks says, we need to know the impact of our impurities on the economics and we need the hydrology completed successfully. I'm confident our op's will continue to deliver but the overarching issue is for the company to finally demonstrate that non-equity funding options are deliverable. Convince the wider market of that and these will be very difficult to buy and we'll be motoring.

What I was getting around to saying and then didn't is that I was reading something on European countries including Spain tightening regulations around FDI. What was once seen as an obviously good thing (foreign money flowing into an economy) is now, particularly since Covid viewed differently with security of everything - whether PPI, vaccines, information and commodities like our metals to the fore. That's why I seriously wonder if it's logical that Spain would much rather work with EUZ rather than leave the ownership to market forces. This isn't intended to demonise China but would Spain rather form some kind of a public / private partnership or see Conrad Partners of Hong Kong introduce a Chinese consortium to Toral? Not sure exactly what I'm expecting or even wish for, but a talking point.

Steven I heard something very similar recently. Certainly I have felt for a long time that the local engagement which the team have always put so much effort into would bear dividends eventually and just as certain is that historically we have seen zero recognition of that in the mcap. It would always have been of the upmost importance but world events have proven it to be even more judicious with so much stimulus cash being made available. On top of that you have the issue of commodity security and it's obvious that the Junta aren't missing the strategic significance of Toral. The only thing that makes me slightly nervous is that they won't necessarily have the interests of foreign shareholders at heart, I'm hoping what will be good for them will be good for us and that it won't be lost on them that long suffering EUZ shareholders have got the project to this point, I trust that they are diplomatically reminded of that :) I don't see things getting problematic, they can't take it off us, at least not without endless legals which would be in the nobody's interests. Granting the exploration permit last November is a good indication that everything is harmonious and we're all pulling the same way.

I knew his brother Si, worked in robotics.

It's interesting that the article says that the initial investment is not yet public, at face value that rules out funds spent to date which I initially thought they were referring to and does indeed suggest new money. All I know is that there is definitely a meeting taking place but whether that will include a big announcement I couldn't say. Should it be funding I would lean towards more public sector support which would fit more with local engagement. If or when we get a :) big investor / partner I would expect any media to be done here where we're listed. I think however that we should be prepared for this being a bit of top spin by the journo but funding is a possibility, it will definitely have to be RNS'd beforehand so I'm not racing to the EUZ office in Camponaraya just yet! If it is just public engagement after all, then EUZ may have to issue a 'Response to Press Speculation' RNS particularly if there is a big price movement tomorrow.

Morning Bricks yep even TP point out that our highest mineralisation areas abut the boundary of our resource model, it would be an incredible freak of geology if this 'mineralised corridor' with elevated zinc grades at depth and to the east stop there. The block model is just a working demonstration that the economics check out, of course we can only declare what is independently considered proven but Toral is potentially multiples of the resource rubber stamped to date, it's very encouraging that year 12 ends on the highest zinc grades of the entire LOM, if that was dropping off I'd be less certain that production expansion was a given.

Yes I think the critical thing is moving inferred to indicated to measured, however as LR once said we're standing on the shoulders of bigger players who have ploughed untold cash into Toral. Very early in my time with FCR/EUZ Laurence said they believed something had been missed and I genuinely believe that EUZ's ambition goes well beyond proving the block model and selling for a relative pittance, in the region EUZ are growing and causing quite a stir, the diligent local engagement has never excited the market but I think we'll all be applauding it eventually as EUZ are already lokoing at other opportunities in the region.

Just a thought, could it be that no inferred resource is considered to add value in a BFS?

CHRI5P - my understanding is that they're cracking straight into the second phase. They need to get us much from inferred to indicated for the PFS as I don't think you can include inferred in the PFS. Someone mentioned the possibility of a measured component at one of the events and it wasn't flatly ruled out. Double check what I said about no inferred in the PFS as I'm not entirely certain where I heard or read that - could be b*llocks in other words :)

Haha Bricks a place in the diplomatic core for you :) As far as I know they don't know themselves for certain what the definitive endgame is so why go public with a preferred option and create the possible negatives I detailed below. There are so many possibilities that to lay out an imagined road map would be counter productive. I think so much depends on the level of public sector backing we receive and it's possible that they're trying to ascertain that before the next step. It changes everything from the strength of EUZ's position in a JV to the terms we could negotiate if going alone with the bank ever became possible. The bottom line is that I believe that there simply isn't a definitive course to a definitive endgame set in stone yet so however reassuring a step by step graphic on a webpage to the promised land might be it won't mean much in reality anyway.