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It is painful to see this devastating collapse, you are right Qd22 - cut your losses and move on. I was hurt when my 5 staggered stop losses were triggered on Friday 20th April - LSExchange doesn't show the depth of the glitch as it bottomed at 2.3p hitting all my holding of 2.1 mill. Loss was around 84k and I was in a stunned flummox for a month. I really believed in this mine and have been hovering around wondering whether to plough back in as the price kept sliding down.
I think I can understand the rampers who occupied and spoilt this board as they like me were sold on the PR dream of Hemerdon since 2014 and the videos of plant construction. There was so many things done right in terms of the ecological impact and the effort in landscaping and tailings disposal.
It beggars belief that the problems of the kaolin type ore and the separation of clay type particulate were not addressed right at the very beginning, surely there was enough historical data to give forewarning. Also the adequacy of the plant machinery from the crusher and the separation circuit - were these some knock off Chinese gear going cheap??
I will resist the temptation of taking a dig at the diggers with all that purported mining experience.
My condolences to all those who have lost investment and/or employment with WLFE - sad, sad days.
Guess now it looks as if Resource Capital Fund has the dilemma of to keep funding this project - take over - or abandon. Whichever it's the PIs that lose out big time.
WD43
Thanks as ever DevonWolf, breaks my heart to read this - though I now consider my bounce out on stop losses as possibly bacon saved - about 85k on the downside - c'est la vie.
To me it seems like a slow motion train wreck watching the SP slide and I threw the prayer mat out over a year ago.
Thanks also to all you guys supplying pertinent info, if it all ends tits up then maybe you should all get together and do the company autopsy - a salutary lesson in running a mining company.
Good luck to those still holding, I do wish you the best of luck - still.
WD43
Snap on the memory HartlepoolBob - In the early 60s as a new Lance-Jack on my first exercise playing soldiers on Salisbury plain (Imber Star LOL!) nearly fainted with fright as a Vulcan I didn't hear flew in so low behind me I could almost touch the underside as it passed overhead. Change of underwear - almost. It is/was the most magnificent aircraft and later in life in civvy street met up with a guy who had been responsible for their maintenance, he could natter on for ages about them as a dedicated enthusiast. Fond memories!
GLA
WD43
Great analysis Richam - that missing A$4M might have an explanation but it is incumbent for WLFE to provide an answer - the decline in tin production also requires explanation. With the begging bowl knocking again for more funds is another dilution strike against the PIs who supported this venture - really disappointing for those of us who saw this as a UK first and have supported the company throughout the teething stages. Sad, sad days, sorry to say.
Think you need hiring Richam as an Auditor - the detail you have uncovered is astounding. Thanks again.
GLA to the Wolfers on here.
WD43
Thanks as ever Devonwolf for your detailed reporting and analysis, this month's end could be the nexus for WLFE and hopefully confirm if the target nameplate production has been achieved.
Good luck to all holders here - I'm still on the fence after bouncing out with the staggered stop losses on the sudden down spike a few months ago.
Cheers,
WD43
Had to giggle OMR with your observation - not much chance of their being "Nice", sadly the TweedleDumber and TweedleDee of t'other place only take pleasure in other's misery - aka a pair of sad bas***ds! They take sycophantic back slapping to a whole new level - as an Ex-Army Sgt we had a more pertinent phrase LOL! I still have suspicion they are one and the same. After my baptism of fire with crashing out of WLFE on cascaded stop losses on a typical AIM spike means I do a little more diligence here and stick out for the long haul. It doesn't mean I've written off WLFE, just a bit of fence sitting to see which way it floats - or sinks! It is a shame that the two mentioned incumbents have frightened away most of the participants of the WLFE board with their ramping and blatantly rude rhetoric. GLA. WD43
Sympathy Bob - I take the precaution of the little blue pill(s), aka slug pellets in abundance! Carnations are just the horse xxxxx hors d'oeuvres. Do not tempt them with lettuce - that's the main course. Just tiny - ever so tiny little molluscs can wipe out a garden overnight - to my cost. And, they have a subtle disappearing trick, but snails thankfully, do make a satisfying crunch. GLA WD43
@oldskool, Thanks, that caused me to remember my first company car in the 80s - an Austin Montego 2HLS because I was titled as a consultant to the Rover Group - trying to replace drawing board systems with CAD/CAM - definitely a case of "Not Invented Here" in both Canley and Longbridge. Another fine example of British Engineering which nearly creamed me down what was then the Winchester Bypass with a frozen stuck accelerator - change of knickers needed LOL! No power steering with a 2 litre horizontally mounted block over the front wheels, it was a pain to park as I had to develop muscles I didn't have - still fond memories of the self winding down power windows just to make sure you were awake!! Considering next door the Sinclair C5 was being developed, now that was fun and I should have bought one considering the price they go for now. GLA WD43
Thanks DevonWolf and Richam, as ever, you provide the good news (and the bad). I'm no longer holding after my stop loss debacle but sitting on the fence for WLFE after splashing out on both WRES and SML with the remnants. Really worrying about the shipments or lack of them as the case may be, so it could be crunch time come end of June - if not at financial break even then this will become a very expensive money pit of the black hole variety - fingers and toes crossed that this is not the case - the repercussions are not in my opinion quantifiable unless there is a purchaser for the whole shebang in the wings. I would have thought that a bit of info from the B-o-D could settle the disquiet that is being caused on the shipments. As always - good luck Wlfers. WD43
thanks Mogwhy - still wiping the dribble off the chin LOL! Really impressive machinery and Metso pay proper attention to the servicing aspect of their products - nothing like a hold up from a breakdown to screw your off-take agreements! GLA WD43
The Youtube presentation showed the Nordberg as an impressive piece of kit - and the maintenance of the crusher teeth/working surface looked to be an engineer's dream of simplicity for maintenance and/or replacement. Very professional and warms the cockles of my heart. The rest of the project being supplied by Metso (different crushers to the Nordberg) including the vibrating screen and other items looks like a great proposal by Metso, (I have great respect for the Finnish companies from the early 80s) - I can't think there are many competitive suppliers that could offer the one shop range and professionalism - WLFE I believe got stung on that issue but then I'm still smarting from my shafting there LOL! GLA WD43
I am sorry folks for the confusion, it was nothing to do with the RNS. It is the proxy ballot for the Annual General Meeting 13/06/2018, I was assuming every one here had the same - accept my humble grovel for causing the confusion! GLA W43
Just dropped in this morning from II - normally it it is just tick all the boxes but item 6 has caused splinters in the fingers - looks like a cash get out clause which I am not understanding. Any of our more erudite members have a view on this - appreciated. GLA WD43
All the mythical stuff is/are as rare as the Unobtanium on Pandora haha!! GLA WD43
Wonderful memory blast OMR, my brother 7 years older nicked the jelly bit at the bottom of the dripping - he copped it last year at 80 sadly! Oh, the separate crunchy bacon rind bits - I had teeth in those days LOL! At least I had one up on my broth, he hated Virol and I adored it so had his share yum yum!! Oh - tripe and onions, no one touches what is classified as offal - see an American turn green when you mention you have a liking for fried liver, come the day we might be eating fried grasshoppers! :-) WD43
Sorry, Brain Bleach may be required! Following on from the little tirade I had over Bulent74 - my over active imagination in full graphic detail was a depiction of Gollum clutching an ever diminishing hoard of WLFE shares crying out "My Precious, My Precious". Damn - brain bleach is drained LOL! WD43
I can not fathom out why you have to pour your vile vitriol on here Bulent74 - no one ever on here asked for your perverted opinion. You have dissuaded so many off the WLFE board with you ramping rhetoric - please go away and annoy your own BB - in other words -get a life which I dare-say is not possible - you really are a despicable creature. GLA Wreslers WD43
@ Ponfeigh and OMR. jasper was a star comedian Brummy - absolutely brilliant and I remember well the sketch about the moles. Upshot was using a shotgun to blast them and then hearing the sound of the Flashing Blue Lights, never did an hours entertainment go so fast. GLA WD43
Urgh!, thanks for that Bob - pass the Brain Bleach quick, the image wont go away! GLA WD43
@ OldSkool, Only slippery when wet! WD43