Member Info for troutisout

I didn't think it was a difficult question, if you are so secretive about it, why did you post about your 'orders' in the first place??

Samroy,
Have you had to put buy orders in because you cannot get a quote in the market for what you want to buy or because you are expecting it to go lower and have put some orders in to buy at lower levels?

'typerope'?

As for your thoughts on the last placing, that it was used to pay off Redmoor purchase, yes you are correct.
JP had also told us they wouldn't raise through a placing before that placing, but he said that a year before as well when he then did this placing....Which was supposed to be used to pay off Redmoor purchase....

"25 June 2019

Strategic Minerals plc

("Strategic Minerals", "SML" or the "Company")
GBP890,000 Equity Fundraising
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, announces that the Company has raised GBP890,000 before expenses by way of a placing and subscription of 63,571,425 new ordinary shares of 0.1p each in the Company ("New Ordinary Shares") at a price of 1.4p per share (the "Placing").
The proceeds of the Placing will be used primarily to facilitate the closing of the purchase of the balance of shares in Cornwall Resources Limited ("CRL") as well as to provide working capital for the Leigh Creek Copper Mine project. The Placing is conditional on admission of the New Ordinary Shares to trading on AIM ("Admission")."

So can you see the trust issue here and that to take JP at his word can hurt investors in the pocket...

Patrick,
If you have 'loose' trousers they will fall down, if you 'lose' your trousers that is a different matter.

Rampers want them now to spike and get out, LTHs may want them now, as they know on balance, the good news may not be that good, so get out now, other LTHs may not want the herd now as news likely to be sold into and back to square one.
Personal thoughts are the Company is trying very hard to talk itself up, but the caveats show that there is a lot of risk involved, I can't help thinking the timeframes will slip back as Covid and Economic woes take centre stage. So the talking up by everyone may give them a little headroom to raise if they have to, finance to get anything moving will take time and potential partners stand to get a better deal if they play hardball, as SML hasn't got any other options at this time.

Wavertree is completed and handed over....West Derby due shortly....Now looking forward to the new deal announcements???

Lastly the loan against the future R&D refund, seems to have been paid off but with an interest payment of $43k that seems like a lot (for 8 months)? Did we only drawdown $68k of it??
"Loan R&D tax incentive
In September 2019 SML entered into a loan agreement against the anticipated receipt of a Research and Development Tax Incentive (RDTI) from the Australian Tax Office. A drawdown on the loan of $68,000 occurred in February 2020 while the principal of $447,000 and interest of $43,000 was paid in May 2020 which fully extinguished the debt."

Thought I would wait and see what the thoughts were from the BB here before posting, as suspected there is a difference between opinions.
My thoughts,
1. In profit but only just at $77k and did the exchange rate affect the final figure and turn it into a loss of $282k???
2. Comparable figures against last year H1 skewed due to the large impairment charge last year.
3. AB says this "allowed the Company to continue its strategic investment focus on investments in metals (such as Nickel, Copper and Tin/Tungsten) and advanced materials (such as Cobalt, Rare Earths, Lithium and Graphite)" yet further down points out CARE was written off and this subsidiary is being wound up.
4. Cobre income up and in particular one client seems to have upped their orders.
5. Director's fees are $146k compared with 401k last H1, wonder how they will make that up or are they deferring some of the payments???

Blacksheep, where did it say $59m of profit?
I saw $30m pre tax cash surplus.
The figures are out of date though as start up costs are now much higher and we apparently need better figures for LD/L.
Add in a JV partner and x amount of years of Director's pay (15 years?) and what is left for shareholders to share?

Bitcoin I have enjoyed your posts, this from 13 months ago should have perhaps been taken more seriously by all of us....
"RE: Sp 05 Aug 2019 18:48
Regardless of feeling let down , where are we now ?
Cobre - keeping the lights on
L Creek, spending more than we are earning
Redmoor- Committed to purchase but on an installment basis.
We have no income. Now if you went to the bank to borrow money for projects but no income you would be asked to come back when you had.
What set this apart from the norm AIM miners was the income moving us forward with other projects . This has been drilled into by the BOD on every Proactive investors presentation / update.
We get an RNS confirming first income from LC, but in hindsight probably cost 5 times as much as the income to get it.
We are in a right mess because the BOD has relied solely on a big client at Cobre.
At the moment we are worth Asset Value only , if we are giving 1.5m Aus for half of Redmoor, its probably worth 3-4m in a fire sale. LC probably worth aus 2 - 3m. Cobre 2m . Worst way we could be worth half what we a trading at ........
In my opinion we are over priced and in need of cash funds which means capital raise and dilution from where we are.
Regardless of the BOD having their own money invested we are not in a good place.
Cobre - Our product is waste material that the mine owners want out the way, if we are not getting out the way what will they do next Feb when the yearly contract is due to be confirmed.
We need to consolidate, if the major client is not buying , get em out the frame and find others that will. We have no leverage to do this as the big customer will be aware SML is struggling . So no point holding out for a big pay day that may never come.
LC we need to know how much we are spending in relation to the current income , its very quiet on that front.
Redmoor , the capex is huge it wants moth balling until we are in a better place.
Still holding .................. But not buying anymore until the capital raise that is now a forgone conclusion.
All the best to the long term holders, even if like me some stand at 2.8 p"

Lupidog,
Patrick seems to confirm, he doesn't really know much about the Company (certainly not what Cobre is about or what SML do there and how they profit).

"The lodgement of the full PEPR and the strong recovery in copper prices increases the likelihood that 2021 will see the full-scale re-commencement of operations at Leigh Creek."

Only increases the likelihood???

This RNS smacks of trying to appease rather than inform, nothing new apart from the fact they are using the previous operator to report on current costs to start the Lorna Doone/Lydia project. Hardly Independent though as reported in the last RNS. Other than that they have submitted something they said they were going to do, they have employed the operator who has failed for two different owners of the mine lease to actually make the project work profitably to work out the costs to open up the LD/L site and added a couple of well placed caveats in there about financing and LCCM actually producing next year.
Not exactly leading from the front here are they...

The fact they were described as 'independent' in the last RNS is obviously stretching the truth to the limit, they obviously have a vested interest.
"The Company is currently organising an independent third party, familiar with this operation, to provide the update on the likely capital cost of developing Lynda/Lorna Doone"

From the PFS RNS last November, I assume those costs will have increased and that is why any JV partner would want a newly run through set of figures...

"Lynda and Lorna Doone

LCCM has internally reviewed the previously completed feasibility study published in November 2016 for the Lynda and Lorna Doone deposits, which formed the basis of the due diligence undertaken by SML when acquiring LCCM. The deposit shows excellent upside potential with approximately 17,000 tonnes of Indicated Resource. Both deposits are within an existing Mining Lease and are located approximately 70km to the north of the Mountain of Light project. Accordingly, mining of these deposits would require a new plant or relocation of some components of the Mountain of Light facility (for an approximate capital estimate of circa US$3.5m). While this does increase risks due to the relative distance from the Mountain of Light infrastructure, this is offset by a much lower waste strip ratio with an estimated waste to ore ratio of 1.1:1 and the simpler metallurgical nature of the deposit compared to Paltridge North. Permitting is still required."

Sorry prop, in your first post you seemed to suggest you were actually in those shares during the bottom hugging phase and then reaped the benefits of the rise, so I asked if you had been in any that collapsed after the bottom hugging phase. It would seem you sold out of them before their rise. I have been in many that have dropped over the years and then went into administration, got sold for peanuts, delisted...It's part of holding on to shares when they are at rock bottom, it is the risk you take. Most of them throw up the same things though, poor management, mislead shareholders and poor financial decision making. The last one was wound up by voluntary liquidation, not brought about by the Company but as a quirk in Australia, that means any creditor can petition to wind up a company in Australian Law. Cost me big time. The sad thing was they were profitable and had lots of business, but the lenders for their plant pulled the plug on them as payments were late and excuses made and they had enough.
So it's no good just believing because something seems rock bottom it can't go lower and someone that buys at 0.4p can still lose 100% of that investment.

swsquires, Tend to agree. Redmoor is the jewel but far too big for us to cope with and too early to get any decent profit from a sale to a bigger concern.
As for LC, I cannot see a JV until the PEPR is near and today suggests it has been kicked down the road again, but then we hear the JV partners are asking for more detail on costs and that they are going to look again at their previous guidance to see if it can be made to look more attractive (an ode to the latest Redmoor RNS, redo the process to concentrate on the big money targets first, to make it look more attractive short term). This suggests to me that JVs are not that eager on LCCM until they see more to attract them and detail on the costs. So in essence we are looking at a delay of 3 months roughly for PEPR, which probably ties in with the JV negotiations and getting the new info written up.
So say they get PEPR end of this year (remember JP saying no-one did anything in SA over their holiday period and up beyond Australia day, so let's hope they get it before Christmas), they then would need to finalise deal with JV partner. Then they have to decide on where they mine first (and after today I see them going back to LD first), they need to get the plant moved or a new one purchased and delivered, they will need to build up all infrastructure and it takes 3 months once all working before they see results and copper cement from the leach pads. Believing they will start slowly and build up as they go, it could be well into the second half of 2021 before we see meaningful production at Leigh Creek.

Haha how can anyone miss it you keep repeating it everywhere.

How much cash have they got now?
How much will be needed for the restart of Leigh Creek?
How much will be needed to start Redmoor?
RE the arbitration figure, isn't it the case the debtor is now locked up in the US for a fraudulent ponzi scheme, where she defrauded lots of parties and what remains of her assets have been seized and will be liquidated to try and pay back all of her creditors? If so where do SML stand in the queue and how much do you expect them to receive?

Feel sorry for the buyer who bought 685k shares a minute before that RNS dropped and then sold out again at a near £400 loss.
There will be a lot of trading on this share as the p&d gang carry on and LTHs try and trade to reduce their overall average...

DVH,
It does seem that JP learnt something from the 'Brenda' saga, his excuses are now as poor and transparent as hers were. Does he really think he can post an RNS in May, update in July and then publish an RNS stating a completely different process to the PEPR. It is the same process just delayed and although some of that can be down to the SA mining authorities, it suggests there is also something LCCM are struggling to do in a timely way.
THe PFS didn't seem to add any upfront costs for the Lorna Doone/Lynda plant move, etc because it was going to be funded out of production cashflow, obviously any JV partner will look at that and say, come on let's have some detail on this cost as it will come from the income from PN and RE, which if you look at the PFS suggested pre tax cash of US$6m over 5 years. The PFS mentions US$3.5m to move the processing plant to LD from MoL. Do we get another RNS in a couple of months time saying they want to start with LD and L as it is the bigger and more profitable project (in other words another U turn) ? After all the keeping the plant at PN and RE was to keep initial costs for LCCM low, it wasn't the most profitable choice and required a new PEPR, but now they obviously don't have the cash t go it alone, the JV partner might want to start with the bigger target. Seems there are a lot of things happening which will show up the waste of time and money certain previous decisions have been for SML shareholders....