Member Info for troutisout

I would strongly recommend you all read the RNSs about LC from the last 2 years, in fact read all the RNSs from the last couple of years and you will see the pattern SML has followed. It is one of timeframe slippage, false hope and constant changes in tack.
So what are the chances of,
1. the PEPR being delayed into next year and with the Australia Day excuse coming out again?
2. Not having a single JV partner prepared to fund it alone, hence the idea of a listing for LCCM?
3. That mining at Paltridge North is used towards developing an idea for LD/L which will change as time goes on and with many changes, all frittering the revenues away. How much free cash from PN (over how many years?) How much will be left surplus after spending to get Lorna Doone/Lynda close to production in how many years time?
4. The same posters are saying the same things in 2 years time?

So yet again the PEPR process hasn't been communicated accurately to the shareholders and the Company seems to be struggling with it. This from RNS in May,
"The lodgement of the draft PEPR is an important step to full re-opening of operations and producing copper at Leigh Creek. The general regulatory process for a licence to operate is for companies to lodge a draft proposal which is circulated to relevant departments within the South Australian state government. This process normally takes around two months and feedback is then addressed/incorporated into a final PEPR lodgement. Generally, the process takes around three to four months from lodgement of the draft PEPR to the granting of the approval."
So they submitted the draft in May and were asked for feedback. They then said rather than answer the feedback there would be a delay as they would submit a full PEPR application with the feedback. Now he says they are going to be asked for feedback again and have to respond and the SA Authorities will then look at the submission with a view of approval. Not quite what they said in May and why more feedback needs answering, what haven't they given to the authorities, it beggars belief?

Sammy, I am sure there are already lots of Australian holders here, they aren't banned from owning and trading shares on AIM.
You say that JV partners would want shares, but they would have a share in the project if they did a JV.
An IPO of LCCM (at project level), does that suggest there is a JV partner interested? Take a step back and think about it....

Well this missed all of the Pfizer vaccine effects this afternoon, not sure whether that is good or bad?

Prop,
If you take that statement to mean it is a definite (because of the word 'will' which followed that they are 'confident'), then you need to take off the rose tinted specs, this is SML and the language and figures used in RNSs have been sadly wanting in the past.

That might be to do with the new avenues that he always seems to jump on when he is struggling for direction, on financing they now come up with new things, on mining methods they have changed their minds again, on plant at LD/L they have changed their mind again and they have added different production methods into the mix. So I can't help thinking they don't know what to do and serious finance must think the same.
Note also the language from previous RNSs with the shortening of 'early in 2021' to just 'in 2021', we know what that means.....Slippage.
So all in all what do you expect this RNS to have done apart from sow confusion and doubt on the path the BoD have decided on...

Prop,
"The RNS states that funding will be received after the PEPR - if not before;"
and that means what? You have read what other RNSs have stated and they have been proven to be far from reality, so why do you believe what that says?
You are a wordsmith, so what did the RNS actually state?
"the Board and Management are confident that funding will be sourced after the Paltridge North PEPR has been confirmed, if not before".
You know what the inclusion of terms like 'confident' and 'if' give them all the leeway they need or don't need if you look back at the last Cobre RNSs.

and surely adds to costs....As Sammy said above it's only $2.2m start up so why are they having problems convincing people to stump up that???
More to it than shareholders are being told...

Sammy, it will still cost $6.2m to get both set up, just they are starting with just PN (which they were going to do anyway) and have changed from buying the plant to mine the deposit, to subcontracting the plant/labour for mining.
Surely it is just robbing Peter to pay Paul? Lower start up costs v higher operating costs (no mining equipment assets).
The idea of an IPO/ASX listing suggests the willing JV partners aren't definitely there, wonder if there are other ASX listed co's they might want to reverse into?

Why is it, I look at that and then the LCCM FS from this time last year and on comparing them both, end up wondering whether I can trust the new figures.
We knew it was to make it sweeter for any financiers, but too much left to trust in PPM and then our own BoD's methods of accounting for things, both of which have been found wanting previously....

My recent email exchange with JP has left me very disappointed and the only conclusion I have come up with is they are happy to treat investors like mugs. The last two RNSs contained misleading statements and figures, they tried to fudge it with the replacement RNS but it still wasn't correct.

Blacksheep, I haven't because of experience last year with another Company, where the Management weren't going to be budged from their lifestyle Managing. Ended up with EGMs, many investors in the group couldn't sell during the voting and after the second one the Company got an email from an Australian liquidator (Companies can appoint a liquidator to a company that owes them money in Aus), AIM suspension and then all Aussie assets were liquidated, Company couldn't do anything about it and shareholders were royally shafted. Not saying this would happen here but my experience of shareholder groups has been if shareholders feel they have to go down that path, then it is possibly already too late to change the direction of Management.

djryan, How did you sell 1m shares in under 2 hours yesterday?

They've booked them....From the RNS,
" In addition, the Government has secured the first three slots to test vaccines using hVIVO's COVID-19 challenge study, which we expect start in 2021, each slot reservation has been secured at a cost of GBP2.5m each bringing the total value of these slot reservations to GBP7.5m."

Magoo, Apart from there are 3 x £2.5m non refundable deposits

Demon,
MMs are manipulating the trading screens at the moment, just a minute ago you could buy under the quoted bid, many buys at 26p (the quoted bid), they are manipulating the quoted spread to try and give the impression of a lot of selling.
So while they make markets, they also have ways of making the market work for them. Ultimately if people then trade that is their decision....

He tried with inflating figures in the latest RNSs, he hasn't got much else at the moment and me mentioning my losses/paper losses and saying that was due to the Brenda Smith debacle in my email has led to him not replying.
Verdict: Having to use misleading language and accounting chicanery in RNSs doesn't bode well...

I actually can't wait for news of other deals types, then some may realise that there are other things out there as well as the Uni deals. The Uni deals haven't gone away, but don't expect any real movement on those until COVID and the cost of COVID are finally over and digested by University Management. In the meantime, Matt has experience in other deal areas and I am sure he is pursuing those as well.

Looking forward to the next couple of weeks here, we should hear about West Derby completion and see results, I hope we can see more deal flow coming through, they are working on several at the moment. Can't see the potential new Liverpool one being Uni based, the Unis are just too busy covering COVID to be looking at anything else, far more likely to be another Wavertree/West Derby type deal. I believe there are other deals being worked on so the newsflow over the next few months will increase....

Still in correspondence with JP....I have followed up his latest response...