Member Info for Valuation-it-is

There are also likely to be some of the big miners, looking to maintain their output of Copper /Tin
and CUSN, with a tiny market cap but big resources, might just be a target for them......
I was reading that miners are reckoned to spend 40billion on dividends in the next 12 months, so it is not as if they are short of a few million. Their concern will be to have enough resource to tap in secure jurisdictions to keep their show on the road.

Alldazed 16.44

And what better time to do it but at the G7 in St Ives, next month?
Jobs, leveling up, a much needed set of minerals for the car/electrical industries, resilience, countering climate change, reducing reliance on China etc.

CK good point re Osisko. They did not take part in the last raise and now have a 20.15% stake.

Grizzle1 re NSR's
The Listing document states:-
"On 11 February 2021 Osisko entered into the IA and the Royalty Agreements to convert its senior secured convertible loan note into the Osisko Royalties comprising a perpetual 1.5 per cent. NSR royalty pertaining to all mineral rights associated with the South Crofty Underground Planning Permission Area and a perpetual 0.5 per cent. NSR royalty on all mineral rights in England (other than those associated with the South Crofty Underground Planning Permission Area) held by CML or its affiliates. Further details of the Osisko Royalties are set out in paragraph 16 of Part VI of this document"

Cornishknocker16.14
I looked up de-watering of SC and the company presentation page 16 headed" South Crofty snapshot -a strategic asset" states :-
"A 25,000m3/day water treatment will be installed in order that the mine can be dewatered over an 18 –24 month period. During production, a steady-state dewatering programme of up to 6,500 m3/day will be maintained subject to annual precipitation variation"
So hopefully not as long as three years.
Do you think the company can start production at the higher levels while dewatering of lower levels is taking place?

Mattybuoy 15.55
I don't think any existing holder will want a placing. Rights Issue more like. Existing shareholders will want to capture the huge upside, not give it away to new holders in a placing. That is why it is good to see directors have shares options and perhaps warrants, as those things put the directors in the same position as the shareholders, i.e. wishing to avoid dilution.
If asked to vote away pre-emption rights - my view is always to say NO.

Bubble 2021 Where did you find info relating to R Williams shareholding?
I can see David Grenville Thomas has a lot, and there are some options outstanding
The Listing doc states:-
As at 10 February 2021 (being the last practicable date prior to the publication of this document), there were Options outstanding over, in aggregate, 9,130,000 Common Shares with the number of Options remaining for grant being in respect of a maximum of 5,861,859 Common Shares pursuant to the Stock Option Plan.
and re warrants
"Warrants As at 10 February 2021 (being the last practicable date prior to the publication of this document), the Company has granted Warrants over, in aggregate, 12,647,222 Common Shares which are outstanding and as follows:"

It looks as if the holders will be well motivated to see a big rise in the share price.

As long as pre-emption rights are observed ( and not voted away in an AGM ) shareholders in before the raise will get the upside that comes after the raise. And that upside will potentially release hundreds of millions of value.

Well done Bubble, when will we see 28p do you think?

https://www.telegraph.co.uk/business/2021/05/14/electric-cars-onwards-green-transition-will-unleash-monster/

More people are doing the maths......

This site starts coverage of the company's news/announcements in early 2021 when CUSN listed on AIM. The announcements made before then are not shown here. The same appears to be true for Hargreave Landsdown's site and I guess most other UK based sites. However the Canadian sites show announcements going back much further.
e.g. Please see https://money.tmx.com/en/quote/CUSN/news
Amongst these earlier announcements (on GlobeNewswire OCT 7, 2020 8:30 AM EDT) is one about test drilling at South Crofty (SC) which is most encouraging, which I expect will be used to update the Preliminary Economic Estimate (PEA) .
Cut and paste:-
*Earlier reported assays from SDD20-001 for the Tincroft South, Tincroft and Intermediate lodes can be found in Cornish Metals’ news releases of September 9 and September 15 , 2020.

Richard Williams, CEO, stated “The 2020 drill programme at South Crofty has successfully achieved its two primary objectives. Results returned from each of the No. 1, No. 4, No. 8 and Intermediate Lodes have confirmed the high-grade nature and persistence of the known mineralised structures within South Crofty. In fact, all of the drill intercepts reported for the 2020 programme lie outside the current published NI 43-101 mineral resource (please see Cornish Metals’ news release dated April 19, 2016 for details on the South Crofty NI 43-101 mineral resource)...this.. has confirmed the suitability of directional and wedge drilling to safely intersect multiple lodes from a single surface or underground drill hole as a means to undertake resource definition drilling and a path to completion of a feasibility study.”
“A third, pleasant surprise of the programme has been the discovery of five new mineralised lodes between, and adjacent to, historically mined lodes. When combined with our recently reported discovery of high-grade copper-tin mineralisation at the nearby United Downs project (please see Cornish Metals’ news releases dated April 6, 2020 and April 15, 2020 ) , the presence of many new, previously un-recorded mineralised structures, in areas with little or no past drilling, once again demonstrates the exploration potential at both South Crofty and Cornish Metals’ extensive tenure holdings across Cornwall.”

Given
"......the discovery of five new mineralised lodes between, and adjacent to, historically mined lodes....."
it appears the PEA not only has to be revalued upwards for the huge rise in tin and copper prices, but also for the 5 new lodes etc.

Another step away from the licensing model?
It also appears Peel have not yet signed the license agreement and the long lead times items have still not been ordered despite the plcing several months ago.
The price of a DMG has rocketed......................
There is a lot hanging in the balance here. What a mess.

Back in January, I understand the company's broker, SPAngel, were valuing the two projects SC and UD at £58m, on the basis of 1/3 of the NPV of SC, and 1/4 for UD. Since then, the price of both tin and copper has risen very considerably, which will have a geared effect on the NPV's. Furthermore, the risk of the projects not being funded has receded so the fractions used 1/3 and 1/4 may be considered a little on the low side now. Anyway an updated valuation is likely to be way ahead of the current market cap of £35m. I wonder when we will hear from SPAngel on the subject next?

Not only is United Downs heading towards extraction of lithium from brine,* Geothermal heat will be bringing other benefits...

* Cornish Metals has an interest in Cornish Lithium..
https://cornishstuff.com/2021/05/11/permission-for-rum-research-centre-a-remarkable-geological-turnaround/

Interesting to read in one of the articles mentioned below that not only is industrial demand for copper rising sharply and likely to continue to do so, but also that investors are finding ways to invest in copper that they havn't done before and are accounting for about 10% of demand.

https://www.kitco.com/news/2021-05-11/Copper-to-surge-at-least-seven-fold-before-this-bull-market-is-over-Goehring-Rozencwajg.html

Coming round to my way of thinking at last Blue Toff? i.e. a bit of caution required...................

From "2 points" in Feb.......

"2.Much hope rests on an order for Konin in Poland.
The Polish outfit appears to comprise 3 people. Two Polish? owners and one who advises the other two. They have a website which (is in English! why English do you think? ) states if funding from EU funds is forthcoming, they may order 10 units from PHE. That one advisor and his family own 26% of PHE's shares. He undoubtedly would hope that PHE can announce orders. Who was it who drew our attention to this potential on this BB ?
And has there been an RNS?
Now I will put my flack jacket on and press post message."
--------------------------------------------------------------
So do you still think I was de-ramping ? or just pointing out some glaring red flags?

There is the not so small matter that the cost of a DMG has risen very substantially. A few months back on this board we were talking about £8m a unit.
The last time I looked that had risen to £26m.
It is no wonder that Peel have delayed.

Otherwise, I wonder if PHE are making a mistake giving exclusivity again. Wasn't it Waste to Tricity that had an exclusive and ended up being bought by PHE shareholders? Now we see the drawback of an exclusive with Peel. We are entirely in their hands for the speed of the roll out.
I would like to see PHE set up one, just one DMG, anywhere, and show it works. If it is as good as it sounds, show one to the world.

Avoiding spiraling shipping costs.

https://www.telegraph.co.uk/business/2021/05/11/surging-commodity-prices-buoy-bulk-shipping/