Member Info for Shedulike

There is no certainty exactly what form the endgame will take. I'm sure they have a preference but I think it would be unwise to lay it out publicly when so much can still change and there is frankly zero commercial advantage in doing so. Personally I believe that if public money gives them the opportunity to reach a PFS and BFS independently they'll take it then options really open out with EUZ in the strongest position possible. There are so many possibilities that laying out a roadmap to an endgame is just not feasible IMO. The fact is they're in talks with many groups with many different interests and expectations of what they might get from cuddling up to us. To lay out our preferred endgame could alienate certain parties who, if events go against us such as a big change in the metal markets we might later need. I just think it's unrealistic to expect them to explicitly show their hand when events can still change so quickly. There are aspects of comms that I'm not always happy about but I guess we have to accept that when we invested there was no single stated endgame and I don't think that will change until the day of certainty is virtually upon us.

Maybe something will be announced on Weds then Bricks just not the principle deal / partnership. Possibly the local hack has caught wind of something. The fact we're cracking into a new phase of drilling, plus the team is growing leads me to believe that something has shored the finances up. IMO the further we can take this before a final funding decision the stronger we become in those negotiations. I notice that they have been referring to EU/Regional funding separately now, for me the golden scenario would be more public sector support to deliver the PFS + BFS then go to the bank or JV. All hopeful speculation I admit but Michael hopefully that explains why our destiny won't specifically be know until we know the structure of a final investment decision. I know it's frustrating but I think there will be uncertainty until we get to that point, nature of the beast. In the meantime I think we should be prepared that it's incredibly unlikely that the type of investment that reveals our destiny will be announced on Weds, I think some public money is a possibility but we should be prepared for it just to be some local media engagement. Just my thoughts, other theories are available :)

Grappa I'm confident that funding options have opened up and we genuinely have alternatives to placings. However I'm sceptical that news is coming on Weds and from the little I've been able to find out there is something scheduled but it's more on public engagement / media briefing lines than a big announcement on funding. It's possible though that something has leaked so I genuinely don't know 100% either way, sorry not very helpful I know. The intriguing thing is that it appears from 'first phase', 'first batch' talk on the drilling programme that there is to be a second phase so wouldn't we need more funding for that?

Haha yes and certainly nothing negative about this just doesn't feel right for it to be the big one on funding, unless the journo has snouted something out that isn't meant to be in the public domain.

Hi all - just been on a bit of a drive and have been pondering this and I'm not certain a media invitation to a press conference would contain information that we are to receive an investment in the project unless it was already RNS'd. It's so massively price sensitive for us that I'm wondering if what I jokingly said about us PI's providing the 'initial investment' might be nearer the mark. Not belittling trade's excellent find but are they referring the substantial amount of cash already spent at Toral? This isn't to say I'm not confident we do have funding in the pipeline but it doesn't quite add up as way to announce it for me.

BB you really let yourself down posting personal remarks which are not only untrue but you have absolutely no way of substantiating. I'm afraid I will continue to calmly call you out when you post inaccurate information about the company like your exaggerated CAPEX figure and I have no doubt that that you will continue to get het up and come back with personal put downs. The difference is there is a rational purpose to what I do, I don't want you misleading the board, your motivation is less clear as you seem to want to exaggerate the negativity (remember the "eight 50% placings"?), I guess you are in despair and find it cathartic to try and spread your personal misery, pitiful.

Yep very promising Bricks, would like to see some evidence in the market that these meetings have produced some results though.

Haha another of your favourites, accusing me of being on the bottle when posting late at night, when you're on the site at the same time. Plus you're the one making the mistakes - Franco-Prussian war by the way, the German states weren't unified into the country Germany at the time - keep trying!

"Germany has been trying to run Europe for the last 100 years", is it a 100 thing with you BB? Toral will cost £100m because a bloke called Andrea said so on ADVFN. Germany has been trying to run Europe for 100 years, so German ambition started in 1921, perhaps you overlooked a skirmish 1914-1918?

Perhaps he was only Andrea at weekends? Anyway I think I'll stick with the Bara figure of US$79m rather than something bandied around on ADVFN. There will be cash burn in addition to CAPEX of course from simply running the company day to day and I guess in the event of securing finance exploration would also continue.

Upfront Capex to production £57m at current exchange rates, where do you see us burning another £43m Bobby assuming we secure funding?

Sorry trade a little bit of duplication there, think we were typing at the same time.

Jed that's revenue based on proven reserves so far isn't it? You also have to consider a considerable discount for the fact we're not funded to get to production. Something will have to go, either a share of the asset or maybe some dilution with equity and debt funding. There is good news too though as the asset is going to get bigger and the economics will continue to improve I believe, also as TP point out the LOM can only extend, "recognising that the original drilling programme had terminated at a point when it was still producing highest measured zinc grades with the prospect remaining open at depth and to the east", ie. it's an impossibility that these high grades just happen to stop on the limit of our exploration to date.

Interesting article Bricks. The TP research note is by far the most bullish yet, good to see the impact of rising metal prices flagged as we were talking about the other day. A little disappointing that they couldn't raise the 34.5p but maybe they will if the results are good from this phase of drilling.

Okay CHRI5P got it. Jed from past experience I make it generally about one month from the final cores being sent off.

CHRI5P I'm not sure if you meant it that way exactly but personally I wouldn't frame the situation as depending entirely on the assays from this batch of drilling, but apologies if that isn't what you meant. We already have excellent assay results from high grade areas with proven metallurgy and the enhanced economics from the ore sorting technology. This set has been in a low grade area, as LR puts it 'sweating' the economics to improve the early ROM and drag the break even forward. The results when they come will likely be all about picking over the financial detail rather than trumpeting headline grade figures. Should we have found higher grades in what was previously a low grade zone then absolutely flippin fantastic :)

This is an operational update assays will follow. The difference is they haven't reported progress drill by drill, could be to do with the R&D which might also explain the phantom 026 and 027, I'll see if I can find out. In terms of market reaction the important thing is that the drills have been completed successfully, assay grades, ore sorting analysis and metallurgy will have more impact good or bad. There is nothing in this RNS to validate the silly remarks which are just designed to vex and agitate. Interesting to note the four wedges off 029 produced similar returns to the parent hole which prompted them, so that is promising particularly as it follows the patter of previous successful campaigns. Just noticed the line that they're "awaiting full assays from this first batch of drilling", so I'm sure some will be in already after nearly two months from first dispatch but they'll deliver them as a package which makes sense. Intrigued if this is the first phase what will be next.

Definitely trade, they liked what 029 produced and that prompted the wedges which have produced similar returns to the parent hole so it's reasonable to be encouraged by that.

On first inspection it's a mixed bag for me. Couple of obvious questions, unless I'm getting forgetful wasn't the last drill TD-025 - so were 026 and 027 not primary drill holes, perhaps related to R&D work so not intended to retrieve core? Might explain the length of time of the whole campaign as suggested by Bricks, but shouldn't they have made that clear at the outset? Also wondering why if 030 is complete the core hasn't been sent to the lab, maybe just the wording and it hasn't been sent yet, I recall even the deviated drill (021) was assayed in 2019. Appears that 029 is the star and looking at the slides we're just east but the same depth as 018. 019. 020 where we found the copper in 2018. Also wondering what happened to the core sent on 2nd Mar, assays usually take about one month but perhaps they want the complete phase results collated together.

Apparently madmick bought lot's of houses since the onset of Covid-19 "In the last few years", no prizes for spotting the flaw in this statement :)