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Last week's RNS on the economic study gave us a useful but high-level breakdown of the various work streams that EUZ now intend to carry forward during (we assume) the next 12 months or so. That's a good start, but now we need some 'meat on the bones'.
I really want to see a timeline now for these sub-projects/streams that can give us (the owners of the company) a more detailed view of how and when they intend to deliver the PFS. I don't think that is too much to ask - far from it actually. Hopefully we'll get this at the AGM next Monday ?
I'm still fairly positive about the project and my investment, but I share the concerns of many here regarding the sometimes poor standard of communication and PR from the BoD. Could do better ... lots.
S
As a medium-term holder who is somewhat underwater, I get the concerns of many posters here regarding the share price behaviour, especially as the mineral resource underground appears to be significant.
However, I do feel that the regular and robust criticism of one member of the company is starting to become a bit painfully repetitive to read. Thats a shame as there are many other very interesting, informative and positive views shared here.
Surely the BoD as a whole have a shared legal and fiduciary responsibility for the governance, marketing and development of the company, on behalf of its owners. Would it not be better to put these significant concerns in writing to the new Executive Chairman? Perhaps some of you have already done this. And if that fails to elicit a suitable response, to request a meeting?
Just my 2p worth (thats all I have left :-)
Any one want to take bets on the near-term news sequence ? Here are my thoughts anyway:
1) Investigation Permit - the renewal was applied for at the beginning of June and the current permit expires in about six weeks time. Without it I assume all on-site work stops, so surely this is urgent now.
2) As Shed says, Bara's preliminary economic parameters will likely be announced before the new drilling program. I don't know how much work is involved in this, but it shouldn't require additional data ?
3) So news of the next drilling program could follow shortly after. They likely already have a good idea anyway.
4) EU Funding - having been involved in a bid myself, I know that that the process is complex and lengthy. I would be surprised if it was announced very soon. And as we have £2M in the bank, its not exactly urgent anyway.
5) I'm guessing that the hydro survey will take 12 months so as to allow for seasonal weather/rainfall.
Does anyone know what is needed to obtain the full mining licence ? I think there was mention a while ago regarding the hydro survey (check for pollution ?), but I'm sure there must be other important conditions.
In case anyone is interested, Barclays do support proxy voting for retail investors. I called them today and apparently all I have to do is log into my account, and submit my voting intentions via their webchat function. They will then record and forward all such resolution votes in advance of the meeting.
So with the existing options and warrants, plus the proposed additions, how many shares will there be ?
This is a "worst case" scenario, and surely will be less that this.
(Of course there are members of this board who have far greater understanding of corporate finance than myself, so the rough figures below could be wrong - happy to be corrected.)
Current fully paid shares: 16,722 M
Current outstanding warrants: 5,279 M (from website)
Current options: 413 M (RNS says 413, website says 639)
Proposed incentive options: 1,000 M
Allot securities for non-cash consideration (equal 25% of current): 4,180 M
Allot securities for cash consideration (equal 50% of current): 8,361 M
Total "potential" additional shares: 19,233 M (115 %)
But a significant sum of money will be raised as a result, without which EUZ would struggle to survive.
I can't imagine any of the the resolutions being voted down at the GM, especially as about 64% (according to EUZ website) of the shares are held in nominee accounts. Mine are in a Barclays ISA and I doubt I will have the chance to vote.
One last point: I think the date of the meeting maybe significant as it allows the BoD to provide one or two much needed progress updates in advance, to sweeten the pill.
S