Member Info for Slurm

as frustrating as this is, we are not at crunch time yet.

Patience and queuing are things I hate but patience is required, litigation will take so long to complete that couple more weeks/months are fine with me.

Each step taken to allow the client opportunity to live up to his half of the contract will strengthen SML's position should this go litigation, im not sure how the nuances of litigation work in the US but SML showing patience and leniency can do no harm and garner goodwill from whoever presides over this.

GL all

I kind of agree Blacksheep. I have always been positive but this is testing, its actually boring.

I do think this will all come together, but out of it all the bit I feel most frustrated over is the redmoor update, or the lack of it after first week in July or however it was phrased.

I will keep my patience, but I do accept why others are not happy.

GL all.

I would be surprised if fever tree are doing well considering the sheer competition around nowadays.

Yes, its a little too quiet, but news should be soon

It's a bit early for a 1 trade to mean RNS on Monday by my experience of them. Could be later today maybe.....

Also aimed at freaky....

I don't get being so unhappy with your investment and sticking around....spending a mil or so to get a mine operational is fine by me, there will always be one off capital expenditures when starting out.

why would you think I would know???

I am happy to let JP and team do what they need to.....

Wasn't an attack just an observation...

Well I don't think the 2nd and 3rd biggest share holders want to do further placings.

I guess they will more likely rely on LC by changing the timescales of the 1st and 2nd payments so LC can contribute but later.

Freaky no one forces you to be an investor why not sell and buy a FTSE100?

You are pretty much mostly negative, cant be good for your health ....

....that getting the second revenue stream going was going to cost, not only do SML have 2 set of overhead but also extra one off capital costs and then to compound it not only does the large client go AWOL but some of the smaller clients have downtime due to maintenance.

Costs are being nicely controlled in the manner we are used to and it seems Cobre is still profitable, I'm quite happy with today's RNS.

GL all.

Litigation costs time and money, the main winners are the legal teams, so approaching this in a balanced and measured approach is smart.

Also being able to demonstrate leniency and patience with the customer will be in SML's favour should this finally go to proceedings. I hope this wont happen.

Reliance on this customer has been the cause of all the problems and this is why they want 2 revenue streams, I would hardly say this is bumping from one problem to another.

GL all

How do you come to those conclusions?

All seems as expected, theres no real risk here just waiting until things change or more news comes.

News from payment could come any day.

News of redmoor completion overdue.

News of sales at LCC could come.

Maybe a new client at Cobre or new operation.

I will say sales at cobre were better than I feared. No risk I am concerned about.

GL all

I wonder if that late buying on Friday means we will have an RNS on Monday?

We will know soon.

GL all

Targets can have an effect on performance both negatively and positively, however I think LC if it works out was a great buy and Redmoor a necessity with NAE's funding, so not sure what SML have bought that was less focussed.

One could argue about timing of the purchase of the remainder of Redmoor being less than ideal and for LC doing a predated price placing and invite shorters to have a go almost.

I still think the onboarding and subsequent reliance on the "big " customer is the cause of SML's disruption.

If SML do go to court with the big customer I hope they can file for damages relating to the original LC placing and the effect that there default of contract had on the placing price, aswell as all the other damages/losses.

I would normally say lets move on, but its hard until we have news/answers/facts/updates.

GL all

I mentioned about the $4mil not being in the picture when the acquisition of the remainder of Redmoor was announced over a week ago and others did so also. I think a placing was might of always been on the cards to some degree, and then there was some hope of a possible alternative.

I do/did expect an RNS today but after the last few months I would prefer fact rather than hearsay and on that basis am happy to wait longer if needed.

For me this is the 2nd time I have been frustrated by the BoD, the intial placing for LC where JP took a gamble and the client disappearing caused the share price to tumble at the time of a predetermined date for a placing price.

They don't answer to me and I still choose to be heavily invested here and have been in SML since may 16, I think the BoD has been let down by this customer and it has negatively impacted the good decisions.

This large customer has really has caused a lot of turbulence on SML's serene share price.

I am fully aware of the uncertainty on Redmoor & Cobre, not so sure about much uncertainty on LC as this just takes time and from the RNS's I read, we are kind of on track, online Q1...ramping up production for 2020.

Like it or not Redmoor/Cobre are linked so one will impact the other, I believe I was one of the first to state the reliance on the payment should have had no impact on the Redmoor acquisition and that it was perhaps too honest.

But lets not forget, the placing has ensured that SML have enough cash to pay the first instalment and some for LC, the 2 extra client refurbs has meant SML's cashflow has reduced even further and just may have had a confidence impact on the wider cashflow projection. Remember costs continue at cobre too.

When it comes to mining equipment costs can quickly increase if something doesn't work/needs replacing so the team must always ensure a buffer of cash is available. It could be as simple as that.

The board screams out for information all the time and JP does his best and provides a very honest update on where he is with the big client and then when it doesn't come through he gets slated(rightly or wrongly, I cant judge). So on the back of that he may just be waiting until he knows its a little more concrete (or calcrete out there).

Anyway my Xmil shares are comfy, im actually a very little bit down at close, staying strong.

GL all.

Rarely not really

I am not impressed with the way this has been handled and I really complain or be negative but I do think we just need to be patient.

This is where I feel the generousness of JP and SML has been to the detriment of the share price and compounded by their openness/honesty.

The worm will turn...stay strong....

Indeed it would have been better not to mention any expected payments, just that "SML continue dialogue with the Cobre client, hope to have an update shortly"

SML must now provide a deadline to the client or papers will be served and that doing so will remove their anonymity. More than enough goodwill has been given now,

This has so far cost SML AUS$10,000 and how much more with the latest round of renegotiations???

Forgetting the deposit issue, the company should have paid 3 x US$375,000 (dec, mar, jun). If I was JP I would be fighting for this and agree an extension of the collection terms if they pay quick.

I do think US$4mil is a huge chunk when we cant even guarantee mine access for the required time to complete the deal. How could SML spend any of the money on that knowledge?

GL all and yes you are right its like a work experience student has taken the helm for the moment.

Indeed it would have been better not to mention any expected payments, just that "SML continue dialogue with the Cobre client, hope to have an update shortly"

SML must now provide a deadline to the client or papers will be served and that doing so will remove their anonymity. More than enough goodwill has been given now,

This has so far cost SML AUS$10,000 and how much more with the latest round of renegotiations???

Forgetting the deposit issue, the company should have paid 3 x US$375,000 (dec, mar, jun). If I was JP I would be fighting for this and agree an extension of the collection terms if they pay quick.

I do think US$4mil is a huge chunk when we cant even guarantee mine access for the required time to complete the deal. How could SML spend any of the money on that knowledge?

GL all and yes you are right its like a work experience student has taken the helm for the moment.

Its pretty clear to me the JP is renegotiating the terms to avoid any further placing. If he plowed ahead as is then there is a likelihood that a further placing would be required.

I am little perturbed that the terms should never have been agreed as they were unless they had a plan to fund, SML knew they had issues with the Cobre client so why base terms on the reliance of the client.

To be fair I just now want to see an RNS that says Redmoor completed, whats done is done, albeit a bit messy.

The path is rarely smooth, but SML could have cushioned some of this bump imo.

GL all and stay strong.