Member Info for TalkingSense

James, I think we've covered this a number of times now. There will be a raise needed if BM is not in full production by the end of the year and we get no Avoca payment.....however that is likely to be in Q4.

There is no need for a raise earlier than that (certainly not the start of July as one poster intimated earlier this week. In fact they specifically state that Baillieston was under budget so they have more cash at this point than anticipated.

And if either BM production (even if only ramped up to 50% of potential at that point will cover ongoing ECR costs) or Avoca payments are realised there will be no need for a raise.

they are also evaluating a bigger washplant so the original resource estimate (at $2700/oz) may prove to be very conservative.

And they are doing the right thing by doing the extra testing as some posters keep posting unsubstantiated claims that BM is definitely not commercial (with no proof) and more importantly I would assume they need to provide a resource estimate for the full mining license.

More excitingly they are getting a proper drilling programme underway at Lolworth....shallow depth drilling so any positive finds will be easier to access/ be commercial.

With the Charters presentation they are certainly putting themselves out in the shop window for possible future JV's at Creswick, Baillieston and maybe BM (as suggested previously by Apathnottaken on Telegram).

.......So to summarise, Operationally I think we have made good progress and are well placed moving forward, financially we are in a good place with funding for the rest of the year.

The SP performance is very poor, the BOD must take the majority of blame although I think traders have played a part and bulleting boards and social medias saturated constant bashing does put off new investors so does not help......but at the end of the day the BOD need to pull off an event to shift the SP markedly up ....and they have not done that .....yet!

Media/Communication wise they have made a few balls ups, but seem to be learning.

Andrew S ...still need to be convinced, but Mike Parker is an excellent hire !!!

Mid/Long term I still believe ECR will be in a much stronger position than now and the SP will reflect that in future.

So James, What element of the company are you pleased with and what is your outlook on the projects moving forward?

James, Here are my views, positive & negative

Operationally I am very happy that BM has progressed from an afterthought to a commercial proposition that can potentially fund ECR moving forward.

I'm also happy we pulled out of the Hurricane deal (was effectively an RTO and would have killed the company instantly IMHO)

I'm also happy that Lolworth is progressing well with superb results from all testing.....as I said before this is the long term company maker

I am also that the MGA tax credits have progressed from BODs talking about them (about the last 4 or 5 CEOs without movement) to a substantially saleable asset.

I am also happy that finances are stabilised and we are funded for all activities for the rest of the year.

I am also happy for the potential $1m royalty payments on the Avoca license (although current BOD cannot claim credit for that).

I am also happy that we did the re-testing for Antimony at Baillieston and have parties keeping an eye on those results - the latest results were non-commercial as standalone results , but I am no geologist so don't know it the interested parties will be happy with the results as a view of the wider antimony geology.

I am also happy that Tang was finally removed from the board ...about time !!!!

Not happy about the extra pay increases given this year ....would have liked to see that go through after a sustained SP rise.

The management have scored a couple of own goals by setting expectations too high and a few errant posts on X (especially in the early days everything was a game changer)

Obviously the SP performance is very disappointing!!!

Adam Scott .....still don't get it?

Creswick drilling results were very vanilla - the problem there is 10 km of resource length in unviable for ECR to go alone (just hopes the early interest actually goes somewhere...although I'm not relying on it).

Tambo results were also underwhelming.

On the whole I think operationally we have made good progress in the last 2 years, the company is on a much firmer financial footing and when BM gets up and running fully we will take the next step up.

Lolworth is the long term play and I have always been excited about the gold prospect there (not been a bad set of sampling results there yet) and that's without taking into account REEs....the fact that the State Government department is partnering should be a good sign (do you know of any other companies with this?)

The company communications at the start was setting expectations too high without the ability to surprise the market, which restricted any potential upsides...I think they are learning on that front.

There have also been the occasional social media balls up as well (the "could be a tax deal tomorrow" comment was woeful)

The SP was obviously hit badly from the Tax loss deal collapse, but we could not wait indefinitely for Argonaut to complete their ''other deals' so I think we did it for the correct reason.

TBC,........

Mentalmax, I aldo feel that there are agendas or just apersonal vendetta against Mike W that are held by a few posters here and on X.

Unfortunately shareholders have to be caught in the middle of some of the ridiculous and constant vitriol that is posted on both...(and nearly all by less than 10 posters across both media combined)

P1D, Bold statement that ...."I agree BM is a dud"

Based on what?

Please provide your rational .....or is it yet another baseless statement?

Morning Coco/Sausage, Wow you are getting really angry...the posts are getting longer and more frantic.

So you don't know 100% that the mining application is not in progress.

Also as for ripping up the environment, it's a standard term of any alluvial mining license that the area is returned to it's original state so not the massive hurdle that you make it out to be. They are only taking off a couple of meters so not complicated and I expect they will mostly backfill as they move along.

I know you are on the Telegram group so I'm surprised you haven't asked Doc for clarification (you have been raving for months that the BOD have questions to answer, but you seem to have posted none?).

I've just put a mining license question in Telegram for Mike W so you will get some clarification of where they stand.

Those ECR shares won't pay for much ...he hasn't sold any ...lol

Sausage, We've both said we expect an RNS tomorrow...we will see if we were correct.

Thanks for proving my point

Of course you've filtered me Sausage (although you can still read this on your Cocopops account.

The company has stated that it is looking to be in full production BEFORE the end of 2025 which would indicate that the mining license application is already underway or submitted.

As you know the gravity method that ECR are employing is a chemical free process on site so the main environmental consideration will be water management which is pretty standard stuff that I'm sure Mike P has in hand.

The other consideration is the consent of the landowner, and we know that ECR have an excellent relationship with the landowner.

Therefore I would expect ECR to have a license and be fully producing on schedule.

If you have any actual evidence to the contrary then I'm sure we would appreciate it if you can share it (funny when you ask the negative posters for actual evidence they seem to disappear or resort to 'not a chance in hell' rhetoric, whereas many posters quote RNS statements or research)

Yes, I will James.

Will you concede that if BM hits the figures the company has (conservatively) estimated then no raise will be required?

And also we have the prospect of the up to $2m Avoca gratuities being realised with the takeover.....of course we are not privy to the contract and if the full amount will be triggered. Disregarding the takeover we would be entitle to up to $1m when a resource estimate if produced at Avoca.

So this year ECR will spend c$1.3m (I'll keep it all in US dollars to make it simple for you ).

When BM is up and running they will generate $4.25m per year ....let err on this high side and suggest $1m a year for BM running costs

That give $3.25m profit per year

If expenses are $1.3m/year that leaves ......go on you can figure it out (you can use a calculator)...........

Yes, a SURPLUS of just under $2m a year .......of course ECR could ramp up their activity in Lolworth and if expenditure hit $2m/yr it would still be around $1m below revenue and still no further raise will be required.

If the income is covering ECR expenses on a monthly basis then no raises will be required (come on that basic maths/common sense).

As you obviously have no clue about the figures below is the estimation released by the company earlier this year:

"We are projecting monthly revenues of approximately A$470,000 (US$295,000) from the Blue Mountain Project, based on a 0.6 g/BCM grade, a 25 tonnes per hour wash plant, and a gold price of US$2,790 per ounce. Dual wash plants could further boost output "

Now gold prices are 20% higher than the figures quoted so the above at todays prices would be US $4.25m per year......more than enough to fund ECR moving forward.

It only needs to be producing enough to cover ECR expenses from November.

Perhaps you can tell me how much a month it will produce (as you are claiming it was an informed factual statement).

James,

It will only be required IF BM does not deliver and you know this.

Again you make the mistake of offering opinion as 'fact'.

An what is that reason Sausage ?

P1D,For that financing statement have you any evidence that BM will not go in to production ?

We are financed until year end so have a good 4 months to get an income from BM which would delay/negate further funding.

Obviously if you have anything concrete to the contrary we would all like to see it.

Sausage/Coco, Most of us can't spend all out day on chat rooms, so an after hours Q&A is more convenient.

I also expect a BM update tomorrow.

Last time Mike W answered all questions posed on the Telegram group so I would expect him to answer all questions relating to ECR on the call .

Oh Sausage, deciding to use your Cocopops account again today I see.

Remember not to use the wrong one to reply like you did last week!

Have a happy deramping day !

Zebbo, Good post...would be good to read the rest of it.

James, I had thought you were booted from Telegram because of your constant name calling, borderline group bullying and constant disruption of any actual informed conversation by anyone trying to make a neutral or positive point.......But I'll go with your 'questions were too awkward' narrative if you say so.