Member Info for TarryBreeks

Hopefully there are a minimum of 4 missing zeros or 6's from that figure Hawkmoon!? :)

I'm hopeful we'll get $7,777,777.77 recommendation with a $5m out of court settlement and that really puts into perspective our current £8m market cap. Even if it's just $2.4m that's enough to put this sorry period to bed and move on with Redmoor and Leigh Creek albeit at a slower pace than planned.

Interesting perspective FZ as we are in the process of obtaining 100% of Redmoor from a joint venture partner. Albeit different circumstances for projects at different stages and of course I expect in the fullness of time to farm part of Redmoor out to a major.

For Leigh Creek I hope we can get enough money from arbitration to settle the final payment for Redmoor and get to production, even if it's small initially, at Leigh Creek. We know the copper is there, we have demand for as much as we can produce and we can ramp up production. Of course we already expected this to be taking place however the BOD have amended their strategy and it seems sensible. I think all will hinge on how much the arbitration settlement amounts to.

I think this client went to arbitration to avoid court. Arbitration will, we expect, be clear cut and the 'ruling' from that will give strong indication of subsequent litigation should it come to it. So it seems to me that arbitration is a way of kicking the can down the road for this client. I would expect an out of court settlement if they wish to protect their anonymity and limit punitive damages and loss of profit claims.

$2.3m will seem small beer in comparison to what could be awarded if our case is as strong as we believe and it goes to court. So in summary: don't be so pessimistic Prop - you're starting to sound like Fira ;)

Wait ... what's that on the horizon?! is it a .... tsunami of cash? :D

"Hope I don't regret the amount of money I've ploughed in here!"

I think you may be speaking for everyone DVH ;) roll on that tsunami!

Fortunately Nickel is quite useful in lots of other applications. Global production of nickel is presently used as follows: 68% in stainless steel; 10% in nonferrous alloys; 9% in electroplating; 7% in alloy steel; 3% in foundries; and 4% other uses (including batteries). So probably not too big an issue ;)

Look this is serious now - someone needs to get on the phone to Newcrest ASAP and tell them that TigerByTheTail has identified the resource as mediocre because the average grades at Telfer are 1.9g/t. They've clearly made a massive massive mistake.

Interesting research gorsuch, if this is the case, and Galvin seems to have form, I wonder why the secrecy. I would also hope that if it is, indeed Galvin, that previous breach of contract incidents would be considered in the wider context of our contractual agreement. I very much hope that it is not only a moral victory that we walk away with. If arbitration fails to secure funds then it will need to go to court which isn't the outcome anyone would relish (apart from solicitors), but it has to be an option.

Agreed and I'll be right there with you ... although we'll need to find out who it is first ;)

Arbitration seems to be geared towards maintaining their anonymity. We've been extremely accommodating, there are always two sides of course, but our inability to close the Redmoor purchase and push Leigh Creek on is a direct result of cashflow restrictions. Cashflow we had reasonably planned for on the basis of contractual agreements; agreements this client reneged on. If that's not a cut and dry case worth of compensation and punitive damages I don't know what is.

Even base case would be okay but all for naught if the cash isn't forthcoming or unobtainable. I hope there is a punitive and loss of profits element.

Presumably arbitration keeps everything confidential as a court case would be public and the client named. So it might just boil down to how much the client is willing to pay for anonymity.

SML fundamentals are still sound:

- We're still making money at Cobre
- We have a world class resource at Redmoor
- We are underway at Leigh Creek
- We have CARE; on ice yet still up our sleeves.

Personally I would read the daily fail under any circumstances: even to check a reference to SML. Indeed I wouldn't even use it for emergency toilet paper in case I was somehow infected with it's poisonous xenophobic rhetoric, but maybe that's just me :)

That was almost an upbeat post Fira - perhaps the tide is turning. Tsunami in the distance? ;)

Doctor Gole is still out there with his metal detector.

I'd suggest we are all cautious because there is a TSUNAMI OF CASH coming our way ... allegedly. Any minute.

:D

Cobre license runs until 31 March 2020 - we may get another early update as we did last year confirming it will roll over although again - not strictly necessary as it should automagically roll over for another year.

Would be nice to have an update on arbitration too.

What's your gut feeling on LC funding Prop? I think we'll hear some news soon and I hope we can negotiate an advance payment with our offtake partner.

There must be reasonable financing behind the client to have been able to put down money in advance without collecting any magnetite. I think it will be higher than £1k but we'll need to wait and see. :)

In the meantime bod must focus on boosting sales at cobre and source funding to bring LCCM into production. Roll on that license!

Aye but you don't have to wait until then to enjoy a glass of Scallywag uisge bètha; Douglas Laing have been selling it for years ;)

Even if we walk away with nothing from the arbitration process (which I am not convinced will happen) we had to take action or what message would that send to anyone else looking to do business with us. We were reasonable, patient but firm when defending our interests. Just think what position we would have been in if the former client had kept to the terms of the contract.

We are where we are. Hopefully news on Monday regarding our next installment for Redmoor and perhaps an update of LCCM. This time next year Rodney ;)

Market deficit of ~200,000 tonnes copper predicted for 2020. Price is expected to stay flat due to fears of economic slowdown/recession. Be interesting to see how this plays out. I didn't plug the figures into the feasibility study though DV also be interesting to see how the AUD/US exchange rate affects calculations as it's now 0.68. I wonder how the horrific fires might affect the Australian economy and associated exchange rate. Quite a few variables to consider.

Full ask being paid again - hopefully another wee tick up today!

:)