Member Info for TarryBreeks

Just checking in to see if the tsunami of cash has arrived yet? I felt sure it would be hot on the heels of the tsunami of bonuses :)

I'll just cling to the hope the BOD don't spit in the desert .... again :D

Just a clarification there partick7 they raised twice for the second 50% of Redmoor because they spent all the money they'd raised first time round on LCCM instead of buying the remaining 50% of Redmoor as they had stated. So when it turned out they'd been conned by Brenda they had to raise again because they'd spent the money from Brenda before it had been received.

All of which underlines and justifies the anger at bonuses this year, irrespective of what format they took its in black and white in the accounts.

If Alan Broome had a shred of integrity he would resign; his conflict of interest in relation to Redmoor was and continues to be outrageous and furthermore his lack of due diligence at LCCM (for a self proclaimed mining expert) and blind faith in Brenda after traveling to actually meet her is again outrageous.

I've jumped in here with a very modest position compared to some of you; I've been watching since 3p and on reflection should have jumped in sooner but alas I didn't. Hopefully I've not missed the boat!

I have been lurking but I'm definitely not THE lurker ;)

You can trade ASX on ii - might take a peek at Calidus Prop.

The problem was the fines Trojan, they were not being separated correctly due to their size, various screen sizes were tested in our pilot and the issue is that it was uneconomical to get the concentrate due to the fines hence the move of plant and PEPR. Details were in a report from LCCM and should be either on the SML website or in the RNS feed here.

The issue I had with LCCM was similar to lupi in that the due diligence and even the current appraisal is being done by the company who previously ran the mine. You could argue they were best placed to know the detail but our recent experience has shown that not to be the case. I'm still waiting for the tsunami of cash.

Is it a real tick up or have they just increased the spread: now at 25% - hopefully the former.

No Trojan I was making subtle reference to our own issues with recovery and fines at LCCM.

PS it's "Tarry" - TarryBreeks = Dirty Trousers in Scots and a nod to Glasgow's shipbuilding heritage.

Fortunately we've never had any recovery problems with any of our operations ....

Good to hear the group is in profit in this period at $261k for the six months to June; particularly during covid because it could very easily be different. A profitable junior minor is relatively rare on AIM and we should be thankful we're not raising to keep the lights on.

That said it really does put JP's $191k 'bonus' into perspective. Director remuneration stood at $841k last year, they have stated they'll reduce this by 25% so we'll have to wait and see.

He talked about trying to source a partner and expressions of interest for Redmoor so it's a case of when not if that happens. And then talked about securing the PEPR and then looking for a partner for Cobre. We're also expecting interim results this month which we knew about. It will be interesting to see if there have been any covid effects this quarter.

He did say he thought the share price was undervalued and that the market doesn't understand. He also suggested that now is a good time to buy in so folk don't miss out although I wasn't entirely clear on any concrete timescales for anything.

I'd rather have an update than not although I didn't really feel like we got insight into anything we didn't already know.

John thinks it may double or triple from where we are just now which is still currently below my b/e. So I think that means that *IF* the board actually start meeting some of their own deadlines and targets and all goes well that with a fair headwind I'll still be down on my original investment. Great.

Also side note but Justin seemed a bit bored during that interview at one point - did anyone else notice that?

I wouldn't disagree either bitcoinbuyer and I hope one day we might see the sp rise to my B/E point.

However the BOD have to rebuild trust particularly after the dual Redmoor rise, Brendgate & Bonusgate and to do that it's going to take some positive and sustained good news flow with honest achievable timescales and fewer 'tsunami' soundbites. I have a vested interest in them doing so but remain, rightly, cautious about any further investment here because there are other opportunities out there such as GGP where the risks are (now) considerably lower.

Why would anyone create a plan not to target the high grade ore first?

We spent an awful lot of cash on LCCM first time around (resulting in having to raise for Redmoor twice!) proving what should already have been pretty damn clear with even a modicum of DD - it was discussed on here in great detail at the time of purchase.

What is it they say about doing the same thing over and over again, but expecting different results? It might be something like:

Fool me once, shame on you; fool me twice, shame on me.

"any amount of it would be deemed a bonus"

Don't mention bonuses Prop!

We should have an update on Cobre sales Fira and there could be developments at Redmoor a la GGP if we get the right partner on board (stranger things). We might get some cash from Brendagate - of course I'm not holding my breath and it would be better if we'd not thrown good money after bad in legal fees chasing it but you never know.

Finally it would be ideal if our BOD recognised that their bonus in light of all that has transpired is not warranted and returned it - or that we hadn't wasted all that money on LCCM that due diligence should have and would have flagged up had it been performed.

Unfortunately we are where we are - so the focus now is Cobre sales, which let's not forget, are up yoy and the PEPR which will unlock partnership opportunities at LCCM and the various reports at Redmoor which is a world class tin tungsten resource and as that is further defined I hope it will be proven as THE world class resource.

We need a PEPR (license) first patrick7 - so that's what we're waiting for. We should also get an update on Cobre sales this month although they may be down due to client shutdowns which do happen this quarter I believe overall sales should be up as per the most recent upate.

Increasing copper prices are helpful there's no doubt about that. It makes LCCM more attractive for external investors as the ROI increases and time to profit decreases. John Peters has demonstrated he can string together a good deal for shareholders when he puts his mind to it (Cobre incl Brenda) but they've really let everyone down with due diligence (Cobre inc Brenda, LCCM, Hans Camp).

Much of our future fortune is dependent upon the negotiating and deal making abilities of John 'tsunami' Peters and the mining expertise of our barely invested chairman Alan 'part-time ' Broome.

I really genuinely wholeheartedly hope they pull it off. As has been said here before: income from Cobre helped give a feeling of comfort that SML was different to other AIM miners but unfortunately for ordinary shareholders it certainly hasn't felt like that for a long time. Now is the opportunity for the BOD to prove all the naysayers wrong and demonstrate they are worth their bonus payments and exuberant salaries.

What will they do with that opportunity?