Member Info for Valii

Tbow112

The price I used for my calculation was $ 1125/ mtu......

....presentation page 16, which gives the NPV of the business and provides an indication of the sensivity to the price of APT, at the current APT price the NPV can be estimated at $1,292 million (£943m at 1.37 $ to £) . This compares with the market value of the ordinary shares, the B shares and the bonus B shares of £253m (at a share price of 20p) approx 27%. Plenty of upside left.

Gingy - More shares are likely in the FID inancing round. But as the share price rises less of them need to be issued. All those institutions that said to the company we will be interested in investing in the final round are now going to be competing to get in at the same time as those final share round numbers i.e. supply of shares will be reducing. At the same time, the project economics are seeing a rocketing valuation. It may be that they (the wait for the last round institutions) have left it too late. The tin price continues upwards - increasing the value of the South Crofty project and all the other mineral rights the company owns - United Downs, Gwinear etc.

At that tin price, financing risk is rapidly diminishing and the project NPV - all other things unchanged -would around £540m, nearly four times the market cap.

Agreed, lets vote it down.

The remaining finance for Hemerdon should come from HMG / NWF. Who ever controls the sale of the output has a huge bargaining chip on the geopolitical stage.

And well done S P Angel - the company brokers- who have handled the raise extremely well, raising more than was sought with no discount to the market price.

Begining to follow the tungsten price.

Dream on. 60p or 6p before consolidation was back in the days when the tin price was around half what it is now. Long gone.

US buying?

Https://www.youtube.com/watch?v=n9SD1Z1f0ac

Perhaps EXIM bank funding is not as attractive as EU funding or even NWF funding despite the latter's record with Cornish Lithium.

...is doing a wonderful job in promoting critical metals especially those in Greenland. Making us realise that even minerals under 2 km of ice are attractive.

Redmoor minerals are nearer surface and in a much more pleasant environment.

...is doing a wonderful job in promoting critical metals especially those in Greenland. Making us realise that even minerals under 2 km of ice are attractive.

Hemerdon minerals arefrom an open pit and in a much more pleasant environment.

...is doing a wonderful job in promoting critical metals especially those in Greenland. Making us realise that even minerals under 2 km of ice are attractive.

Cornish minerals are nearer surface and in a much more pleasant environment.

Also, voting against, may encourage some serious institutions to think they are not dealing with a load of bandits - which would be in everybodies' interest.

At present they must think this company is uninvestible.

Agreed, we should vote against. The scheme needs to be re-drawn without the bonus B shares. Funding this business should be a piece of cake with the tungsten price where it is.

Making life complex and rewarding one or two shareholders with board representation excessively is unnecessary. The BoD should think again.

If the tin price moves 1%, the project NPV moves about 3%. The share price is therefore lagging way behind...................

Tbow112

Total number of shares on full dilution and conversion of the B shares appears to be down about 20million. The outrage that the proposal for bonus B shares has caused has possibly forced a cut back, but I am sorry to say, not a cancellation. This affair is a sad reflection on how big shareholders can use their board positions at the expense of their loyal small shareholders. In this case significant expense (see below). BoD resolutions such as this one brings one to conclude that investing in the UK - in smaller companies is unwise. It remains to be seen if the regulator will step in.

No figures or calculations have been given to justify the issue of over 60m shares worth today £7.4m. Shocking. The BoD should at least tell us how they calculate the justification this transfer of value. Perhaps that disclosure would be even more shocking.

I think it will have to be an EGM with a 75% majority in favour for the resolution to go through. Given the beneficiaries of the proposal ( with board representation) hold 2 x 29.9 % i.e. just under 60%, small shareholders will have an uphill task voting this down.

I think such shenanigans have resulted in institutions giving this company a wide berth, to the detriment of smaller shareholders. To be confronted with a request for a bonus scheme after this, is incredible. The share price should be considerably higher and probably would have been had it not been for such dubious manouevres.

Tin price influences

Impact on the project NPV - At current tin prices now around £500m

Impact on financing risk. - Reducing as tin price rises

Impact on cost of finance - Higher tin price will require less security and enable lower finance costs