Member Info for TheMadStork

MrYFronts:

And to add to my last post, what are the resources worth given that EUA do not own the any of whatever may be in the JV and therefore obviously cannot sell it to any buyer.

EIE01:

I completely agree that the Board as past masters at ramping and will be desperate to defend the share price. The question is, how long can they avoid admitting that there is no sale? I'm not going to make any firm predictions given that they've managed an astonishing 25 months and three placings so far

MrYFronts:

I'll cede the point since you do seem to know what you're talking about more than most. What would you say such resources are worth on market given comparative valuations and transactions? I'm not aware of anyone ever paying anything over nominal value for P2 PGMs.

Calamari,

UBS, DLA, WI are simply companies being paid to provide a service. They are expressing no opinion on the valuation.

Beast:

I am saying that an option that EUA paid $500k for is worth... $500k. I am not saying anything controversial. They own nothing else.

It's the bulls who are implying something underhand is going on by suggesting that in fact EUA were simply gifted huge amounts of value by the state.

Re Rule 15: I believe that nothing will be sold and it will therefore never be triggered.

OSF:

Re the JV value, I can maybe accept the option is now worth more than $500k, ($750k? $1m?) although you're going to have to provide evidence as to how, since the only real development since EUA were granted the option is that PGM prices have fallen. What I cannot accept, and what is patently ludicrous, is the idea that this option alone is now worth tens or even hundreds of millions to EUA despite the fact they actually own none of any of the licenses.

OSF:

Not only is the Sinosteel deal for MT only and not the flanks, not only can it not be activated without a DFS, not *only* is it only for 125koz/year and not 1m, but the latest ACF report came out in September. I will not put what I think of ACF here as it will get my post removed, but surely you can see the problem here.

Can you actually respond to my points re

a)EUA's almost complete lack of proven resources
b)The fact that the JV is only worth $500k to a buyer unless you believe the Russian state would just gift huge value to British PIs over NN.

EUA have around 50koz pd equiv C1 reserves proven. That's it. The other 98% of MT is Inferred, and everything else is complete speculation worth nothing. This includes the JV licenses, which they do not own and are currently worth zero to any buyer.

Once again, the only value in the JV to any buyer of EUA is the $500k option. To assign any more value means you are taking the position that Rosgeo have charged EUA far below market value for the option, and will again charge them far below market value for their 75% of the licenses, such that EUA could immediately sell them to a buyer for more than they paid for them. This puts you in the position of believing that the Russian state would simply gift enormous amounts of value to British PIs, when the licenses are right next to the territory of a Putin-backed, Russian-owned megacorp. This, to put it kindly, is just silly.

That should be "very clearly own *0%* of the JV"

Er, EUA very clearly own )% of the JV. They have the *option* to buy in to 75% of each license, for which they paid $500k. The totality of the value of the JV to any buyer of EUA is therefore $500k. EUA do not own anything else.

Can't understand why this trades at such a low p/e and high yield given the visibility on earnings and div cover, not to mention the potential for growth, as today's update demonstrates. More than happy to chuck cash in here for the divi alone but I would expect it to trade materially higher at some point in the next 12 months.

Been gradually buying here for some time and it's now my joint largest holding. WIX was already massively undervalued vs peers even before yesterday's trading update. With said update taken into account, the valuation is bordering on the absurd. My target is around £3.50-£4 over the next 12 months, which would *still* leave it undervalued.

It is not a fraud. Nothing illegal has occurred and I'm not saying they have directly lied in an RNS. However, there has been no guidance given at any stage on what is for sale, who is buying or how much they are paying. PI delusion has filled in the blanks to mean it's a £1bn+ sale but nothing has ever been said about price. For 25 months. With three placings. Come on.

An 'M&A' process that has gone on for 25 months with no bids, no bidders, 0p paid out and £35m cash raised over three placings. It is quite without precedent for a listed stock and it remains incomprehensible to me how so many people can believe that this has been legitimate or 'normal' way that a sale for a listed company should be conducted. Completely absurd.

trading4good:

I have been absolutely clear about my position and reasoning ever since I opened my short a year ago. I have never once changed tack, and when I have temporarily reduced (as I did on the Churakov dump) I have posted accordingly. If that''s being 'dishonest' then I would love to see what you'd define as being honest!

CAW1: Actually I *increased* my short several months ago, as I posted. I have always been entirely open and transparent with my positioning and reasoning.

Can you say the same about the chief rampers here? Those who have taken huge profit while encouraging other PIs to gamble their savings on what, in common with all AIM junior resource cos is still an incredibly risky punt even if you do not believe the 'sale' to be a spoof.

So despite being one of the most 'researched' rampers, you have 'derisked', meaning you must believe there is a significant degree of risk here. You have made your profit at the expense of greater fools and are now sitting pretty no matter what happens. Yet you are telling the masses of PIs sitting on higher averages to keep holding, in the full knowledge that they are essentially gambling, while you have banked your winnings. Of course.

Leaving aside the fact that EUA do not own any of the JV, making it worth zero to any buyer, the 'buyer' has 'completed' its 'due diligence'. Clearly they don't care about the licenses or the JORCs or the 'buyer's' 'due diligence' would be ongoing. Time to **** (put in an offer for a perma loss making gravel washing op/worthless 98% inferred resource) or get off the pot (admit that there is no sale).

More importantly, how long can they possibly put off an update on the 'sale'? It's been over 5 weeks since the 'credible party' 'completed' its 'due diligence' after 25 months of 'sale' process with nothing sold. Surely time to end this nonsense.