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I use interactive investor too.
If not relisted within 6 months WRES will be cancelled from AIM.
"On March 8th, Spain saw a record wholesale market average of €544.98/MWh, breaking the previous day’s all-time high by a rise of €100 in just 24 hours. Electricity was most expensive between 7pm and 9pm, costing a shocking €700/MWh."
Does the writer have a sense of humour? shocking indeed.
Found it:
For the past two weeks, Spain has been gripped by unrest which began on March 14 when lorry drivers began an open-ended strike over mounting fuel prices, staging roadblocks and picket lines and leaving supermarkets with empty shelves and several sectors struggling to cope.
...how long the truckers' dispute has been an issue in Spain?
Stop it. :-)
Every Spaniard has fascist within trying to get out.
Agreed.
A mid March update to confirm (hopefully) significant operational improvements would underpin the sp.
I must admit I was getting worried about the delay.
Quantified debt principal and interest outstanding to total of $78m.
Agree with Tro on the point of access to mining grades.
Having mined around 500k tonnes ROM and around 2m tonnes waste in Q3/Q4 combined, it's likely that access to various grade does change.
Which looks similar to my update reply to GUG:
Quarterly, but I'll refine my guess as it is unclear and inaccurate. Still using Q3 prices etc .
So quarterly breakeven (QBE) is $3m roughly 180 +40 tonnes WO3/Sn resp on an operational basis.
Qtrly interest payments $1.7m? so an additional 100+20 tonnes would be needed to pay interest.
So 280+60 would be needed to QBE and pay interest. Any production above that could be used to repay the debt.
Quarterly, but I'll refine my guess as it is unclear and inaccurate. Still using Q3 prices etc .
So quarterly breakeven (QBE) is $3m roughly 180 +40 tonnes WO3/Sn resp on an operational basis.
Qtrly interest payments $1.7m? so an additional 100+20 tonnes would be needed to pay interest.
So 280+60 would be needed to QBE and pay interest. Any production above that could be used to repay the debt.
Interest repayment when production/shipping hits say 240tonnes combined, debt repayment 300tonnes combined per quarter but clearly these are finger in the air guess.
At the operational level, I was using conservative prices for good measure I omitted to state that.
I agree with your figures using current W/Sn prices.
We need 180tonnes WO3 conc and 20tonnes Sn conc (for good measure) per quarter to breakeven each quarter.
Trying to find monthly breakeven (MBE) based on integrating info on the July & August monthly updates and Q3 update.
Based on $30000/tonne for both WO3 65% and Sn 50%concentrates.
I think the MBE is around $1m/month or $3m/qtr which equates to 60 tonnes month or 180 tonnes WO3 and 20tonnes Sn concentrates per quarter as above.
In Q4 we had 80tonnes WO3 conc +20tonnes Sn conc. shipped which would generate around $1.5m giving a shortfall of $1.5m in Q4.
Unless March production is good (80-100t WO3 conc) clearly there is going to be a shortfall in Q1 given Jan shipping and 2 weeks plant closure in Feb.
hence the need for approx $1m being raised in Nov 21 and Jan22 and a similar amount being raised currently.
The crusher and jig&mill theoretically can handle 750k t/qtr. The jig&mill is designed to remove circa 50% of the mass.
Concentrator circa 300k t/qtr, electrostatic separator to produce circa 1000t/qtr concentrate.
So no problem producing the tonnage when all's well with the plant.
IMV ROM is being slowed because of the plant problems, once sorted full production can be achieved...we hope.
T
Irony.
Southwesterner
Thanks for pointing out the delicate financial position WRES finds itself in.
I wasn't aware of that.
I'm sure MM would like to but until the plant is running to spec it's unlikely.