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(WRES) W Resources Share Chat

Discussion in 'General Share Chat (WRES)' started by mart101, Jul 15, 2015.

  1. Groucho

    Groucho Member

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    17 May 2021


    W Resources Plc

    ("W" or the "Company")

    Placing to Raise £2.5m

    Institutional Investors Join Shareholder Register

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining Company with assets in Spain and Portugal, has completed a placement of 28,278,610 ordinary shares of 0.1p per share ("Ordinary Shares") at 8p per Ordinary Share to raise £2.26 million (the "Placing") before expenses to new and existing investors. Michael Masterman, W's Chairman, intends to participate and invest £250,000 on the same terms as the Placing, once the Company has published its accounts for the year ended 31 December 2020 and the Company is no longer in a closed period; this will increase the fundraising to c£2.5 million. The Company will publish its accounts in the coming weeks.

    Subscribers under the Placing have been offered warrants to subscribe for new ordinary shares ("Warrants") in conjunction with the Placing Shares on the basis of 1 Warrant for every 2 Ordinary Shares subscribed for. The Warrants are exercisable at any time in the two years following admission of the Placing Shares to trading on AIM at an exercise price of 12p per share.

    The placement brings new institutional investors on to the register, strengthening institutional participation in the register.

    As announced in March 2021, the management and operations team at La Parrilla in Spain are taking steps to lower the water level and regain access to the higher-grade ore and it is envisioned that these steps will create a permanent solution covering the life of the mine.

    The majority of the funds raised from the Placing will be used to achieve the permanent solution to high water levels thereby giving access to higher-grade ore and significantly increasing tungsten and tin production at the La Parrilla mine as well as providing additional working capital to cover the ramp-up in production.

    Until the works are completed, the W team continues to process mid and lower level grade ore. Access to high-grade ore is expected to re-commence in Q3 2021.

    Tungsten recovery rates continue to improve and were circa 50% during the month of April 2021.

    Related Party Transaction

    Oscar Marin Garcia, a former non-executive Director, has invested c£86,000 (€100,000) in the Placing, through a family owned company.

    As Mr. Garcia ceased to be a director within the last 12 months, his participation in the Placing falls to be treated as a related party transaction under Rule 13 of the AIM Rules for Companies. The W directors consider, having consulted with the Company's nominated adviser Grant Thornton UK LLP, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

    Settlement and Dealings

    Application has been made for the 28,278,610 Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM ("Admission"), with Admission expected to occur on or around 21 May 2021.

    Total Voting Rights

    Following Admission, the Company's enlarged issued share capital will comprise 109,102,437 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 109,102,437 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

    Michael Masterman, Chairman of W Resources, commented: "We are delighted to welcome new institutions to our shareholder register and look forward to increasing production, sales and profitability as we regain access to the higher-grade ore at La Parrilla. The second half of 2021 should see positive operational cashflow and a turnaround in creating shareholder value."
     
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  2. ezglide

    ezglide Demi God of BlueShare

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    Here’s hoping eh ? How many of us still invested here ? I think I’ve held for about 6 years now and since the early days of a bit of blue it’s been red for ever now and I’m about 85% down. One day Rodney One day !
     
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  3. BigP

    BigP Keeping the Faith

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    RNS- CRUX Asset Management have taken a 5.13% position they must have taken part in the placing (The placement brings new institutional investors on to the register, strengthening institutional participation in the register) as the day they crossed the threshold is the same day that the placing shares were admitted to trading
     
    Last edited: Jun 2, 2021
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  4. BigP

    BigP Keeping the Faith

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    4 June 2020

    W Resources Plc

    ("W" or the "Company")


    Final Results for the Year Ended 31 December 2020

    Annual Report and Accounts and Notice of Annual General Meeting

    The Company is today posting a copy of the report and accounts to shareholders along with a notice of Annual General Meeting ("AGM") which will take place at at 11:00am on Wednesday, 30 June 2021 at 27/28 Eastcastle St, London W1W 8DH.

    A copy of the report and accounts, the notice of meeting and proxy form can also be found on the Company's website, www.wresources.com.

    The Board continues to closely monitor the coronavirus pandemic and the Company's priority at this time remains the health, safety and wellbeing of all of its stakeholders. As part of its monitoring, the Board has noted, in particular, the gradual easing of public health restrictions across England in line with the government's "COVID-19 Response - Spring 2021" roadmap. Based on that roadmap and associated guidance, it is currently anticipated as at the date of this Notice that attendance in person at the meeting will not be unlawful. It is therefore intended that sufficient of the Directors to form a quorum will be present in person at the AGM, observing relevant social distancing guidelines in place on the date of the meeting. However, given ongoing safety and public health considerations, you are strongly encouraged not to attend the meeting in person.

    Instead of attending the meeting in person, Shareholders are strongly encouraged to appoint the Chair of the meeting as their proxy and to give instructions on how they wish the Chair to vote on the proposed resolutions. Any shareholder who nonetheless wishes to attend the AGM in person must register in advance by email to info@wresources.com and will be expected to adhere to any special arrangements and safety measures which the Company may put in place on the day and, according to safety and public health considerations and meeting venue restrictions it may not be possible for any shareholders to attend the meeting. All proposed resolutions at the AGM will be put to a vote on a poll.

    The current situation is evolving and the Company will make any further announcements that may be required by way of a Regulatory News Service and on the Company's website.

    The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


    Final Results for the Year Ended 31 December 2020

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces its audited financial results for the year ended 31 December 2020.

    HIGHLIGHTS

    La Parrilla, Tungsten and Tin, Spain

    · The Plant Improvement Plan continues to improve the dynamics at the mine.

    · Production in H2 was significantly greater than H1 on an actual and a pro-rata basis.

    · Plant availability increased to over 90% as the year progressed.

    · Recovery rates improved significantly throughout the year.

    · Tungsten feed grade continued to rise quarter on quarter.

    · Demand for tungsten and tin concentrate continues to grow with customers committed to acquiring all current production.

    · Despite the COVID-19 pandemic, the management team and staff at the mine were able to work safely and with minimum disruption.

    · The Company was delighted to receive the continued support from BlackRock with an additional US$7m loan to support the continued development of La Parrilla and increase working capital.


    Chairman of W, Michael Masterman commented: "Whilst 2020 was a very challenging year for W, progress was made and there was a clear improvement in H2 with greater plant availability and an increase in recoveries which lead to an increase in production. Benefits of the Plant Improvement Programme are being demonstrated throughout the mine at La Parrilla and are set to continue to improve.

    As we look ahead, the management team's clear priority is to increase production at La Parrilla as we move to a 24/7 operation in order to increase production towards the stated target of our T2 production target, whilst safeguarding our staff and contractors.

    Commodity prices remain robust with European ammonium paratungstate ("APT") pricing remaining strong at US$270-US$280 / mtu and the tin price continuing to strengthen, reaching US$31,000 per tonne.

    "We appreciate the continued support of shareholders and are fully committed to reaching our production targets at La Parrilla, which will then transform the business to a profitable mining company with positive cashflow and deliver a turnaround in shareholder value."
     
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  5. Groucho

    Groucho Member

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    16 June 2021


    W Resources Plc

    ("W" or the "Company")

    La Parrilla: Completion of the 500,000m3 dam

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining Company with assets in Spain and Portugal, is pleased to announce it has successfully completed the construction of a new water dam at the La Parrilla mine in Spain in order to resolve the issue of the high water levels. Dewatering of themine pit is now underway and once water levels are reduced the team will be in a position to safely regain access to high-grade ore areas.

    The 500,000m3 dam is receiving water from the mine pit at a rate of 2,500m3 per hour, which will enable access to the next level of fresh ore in the next few days. Construction of this dam has been hugely successful with staff and contractors working tirelessly to complete this stage of the project.

    The final phase of the project to provide a permanent solution to the water issues at La Parrilla, comprising of a second dam, is currently at the design stage and is expected to be completed in Q4 2021.

    Michael Masterman, Chairman of W Resources, commented: "After an arduous process we are delighted to have completed construction of the 500,000m3 dam at La Parrilla enabling us to proceed with the full scale dewatering of the mine pit. This is a major milestone and importantly will lift the constraint to our mining operations enabling us to accelerate the process of regaining access to and recovery of the higher-grade ore."

    "I would like to personally thank our Engineering Manager, Elías Perez who along with the whole team at La Parrilla, executed this important project on behalf of the Company in such an enthusiastic and professional manner."
     
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  6. BigP

    BigP Keeping the Faith

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    18 June 2021


    W Resources Plc

    ("W" or the "Company")

    Subscription by Michael Masterman

    and additional issues of Shares


    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining Company with assets in Spain and Portugal, announces that Symmall Pty Limited, as trustee of the Masterman Superannuation Fund of which Mr Michael Masterman (a director of the Company) is both a beneficiary and trustee, has subscribed for 3,125,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 8p per Ordinary Share to raise £250,000 (the "Subscription") on the same terms as the placing announced on 17 May 2021, including 1 warrant for every 2 Ordinary Shares subscribed for. The warrants are exercisable at any time in the two years following admission of the Subscription shares to trading on AIM at an exercise price of 12p per share.

    The notifications below, made in accordance with the requirements of the UK Market Abuse Regulation, provide further detail.

    As announced on 17 May 2021, Mr Masterman was obliged to wait until the publication of annual results for the year ended 31 December 2020 as well as the subsequent announcement of progress in dewatering La Parrilla of 16 June 2021 before being able to subscribe for shares.

    Related Party Transaction

    The participation in the Placing by Symmall Pty Limited falls to be treated as a related party transaction under Rule 13 of the AIM Rules for Companies. The independent W directors, being the W directors other than Mr Masterman consider, having consulted with the Company's nominated adviser Grant Thornton UK LLP, that the terms of the share subscription are fair and reasonable insofar as the Company's shareholders are concerned.

    In addition, the Company has issued 3,709,711 Ordinary Shares of 0.1p per share at 7.43993p per Ordinary Share, amounting to £276,000. Of these, 163,700 shares have been issued to Atlas Special Opportunities, LLC in full settlement of outstanding interest and a further 3,546,011 shares have been issued to a creditor.

    Settlement and Dealings

    Application has been made for the 6,834,711Ordinary Shares being issued in connection with the Placing and the creditor settlement to be admitted to trading on AIM ("Admission"), with Admission expected to occur on or around25 June 2021.
     
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  7. Groucho

    Groucho Member

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  8. BigP

    BigP Keeping the Faith

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    24 June 2021


    W Resources Plc

    ("W" or the "Company")

    AGM Arrangements

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that following the latest UK Government advice in respect of Covid-19 restrictions, the Company's Annual General Meeting ('AGM') to be held at 11:00am on Wednesday, 30 June 2021 will now be a closed meeting and shareholders will not be able to attend the meeting in person.

    The Company will convene the AGM with the minimum necessary quorum of two shareholders (which the Company will facilitate). All proposed resolutions at the AGM will be put to a vote on a poll and the Company will include all valid proxy votes (whether submitted electronically or in hard copy form) in the poll procedure at the AGM. The Company accordingly requests that shareholders submit their proxy votes in respect of the resolutions to be put to the AGM electronically or by post in advance, in accordance with the instructions set out in the Notice of AGM.

    Shareholders should submit their votes via proxy as early as possible, and shareholders are requested to appoint the Chair of the meeting as their proxy. If a shareholder appoints someone else as their proxy, that proxy will not be able to attend the AGM in person or cast the shareholder's vote.

    Shareholders are invited to submit questions to the Company in writing, no later than 11.00am on Monday 28 June 2021 to info@wresources.com with details of their name and shareholding and where appropriate the Company will respond to queries accordingly.

    The Notice and Proxy Form for the AGM are available to download from the Company's website www.wresources.com. The Annual Report is also available on the Company's website www.wresources.com
     
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  9. BigP

    BigP Keeping the Faith

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  10. BigP

    BigP Keeping the Faith

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    30 June 2021


    W Resources Plc

    ("W" or the "Company")

    Result of AGM

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, today held its Annual General Meeting (AGM), where all resolutions put to shareholders were duly passed by way of a poll.

    The votes were cast as follows:

    Resolution

    For

    Against

    Withheld

    Total

    1. To receive and adopt the Report and Accounts

    11,539,132

    3,884

    2,725,669

    14,268,685

    2. To re-appoint Mr Pablo Neira as a Director

    11,511,683

    31,433

    2,725,569

    14,268,685

    3. To re-appoint PKF Littlejohn LLP as auditors

    11,539,132

    3,984

    2,725,569

    14,268,685

    4. To authorise the Directors to allot shares

    11,333,356

    209,821

    2,725,508

    14,268,685

    5. To partially disapply statutory pre-emption rights

    11,285,907

    229,821

    2,753,018

    14,268,746

    On 24 June 2021, W shareholders were invited to submit questions to the Company via email to info@wresources.com to which Company executives will respond in a video interview about which the Company will provide further information once it is available.
     
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  11. Keith Mullins

    Keith Mullins Mullins58

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    TIME TO TOP UP

    ATB
     
  12. Groucho

    Groucho Member

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    Almonty hold a portfolio of three other tungsten projects across Spain and Portugal, highlighting their depth of industry expertise and ensuring an income outside of their 15 year offtake support by global materials giant Plansee GTP.

    The company recently held a series of investor Q&A and webinar sessions, with President and CEO Lewis Black answering any burning questions from Australian investors. Watch below.
    http://reportcard-5250941.hs-sites....123&utm_content=138210123&utm_source=hs_email
     
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  13. Keith Mullins

    Keith Mullins Mullins58

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  14. Groucho

    Groucho Member

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    Screenshot_20210715_074723.jpg
    Screenshot_20210715_074822.jpg
     

    Attached Files:

    Last edited: Jul 15, 2021
  15. BigP

    BigP Keeping the Faith

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    W Resources posts record quarterly tungsten concentrate production
    Heavy rain hampered production in the first quarter, leading the company to introduce a permanent solution to resolve the water issue

    [​IMG]
    W Resources PLC (LON:WRES) reported its highest quarterly tungsten concentrate production to date at 106.4t from the La Parrilla mine in Spain in the second quarter.

    During the quarter, the company completed the construction of the first water dam, enabling it to access higher-grade ore once again, after heavy rain had hampered production in the preceding quarter.


    "Whilst we faced further challenges due to the impact of having to build a 500,000m3 dam, we were pleased to complete the dewatering of the open pit on 24 June 2021 enabling us to safely regain access to the higher-grade ore,” said chairman Michael Masterman.

    “The impact of lack of access to the higher-grade ore was somewhat mitigated with our tungsten recovery rates increasing from 32% to 47% enabling us to produce a record amount of tungsten concentrate in the quarter.”

    Total contained metal from the mine jumped 47% from the first quarter to 81.8 dry metric tonnes in the second quarter. First-quarter output had been lower than expected due to heavy rain and high water levels.

    The AIM-listed company also announced increased revenues (without providing details), bolstered by higher prices for tungsten and tin.

    In June, W Resources achieved the highest monthly concentrate production to date (55.6t), even though the plant only restarted on 8 June, and the highest monthly recovery for both tungsten and tin at 56% and 50% respectively.

    "We are now highly encouraged that we are making tangible progress having achieved our highest monthly production of concentrate in June 2021, notwithstanding this was in a three-week period,” said Masterman. “Looking ahead we now have access to a better quality and a better grade of ore which should see our production numbers increase towards our T2 target."

    It expects a “significant improvement” in production during the second half of the year based on its progress towards the end of the second quarter and the start of the third quarter.

    The company reiterated its production guidance of between 880t and 1,000t of concentrate for 2021.

    It is looking to move towards an around the clock operation no later than the fourth quarter, subject to staff recruitment and training.
     
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  16. BigP

    BigP Keeping the Faith

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    With increasing production and improving recoveries and plant utilisation, W looks forward to updating the market in August 2021 on the excellent progress being made at the mine at La Parrilla.
     
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  17. Groucho

    Groucho Member

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    On today's Morning Miner with @DoubleOD2 and @PaulRenken

    PYX Resources H1 update
    @Serabi_Gold
    @WResourcesPlc (3:30 onwards)

    https://t.co/Z36wwaG4NO

    #mining #investing
     
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  18. Groucho

    Groucho Member

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  19. Keith Mullins

    Keith Mullins Mullins58

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    Bigp , hope all is well.

    I have been adding below 8p, hopefully on the up now. ATB
     
  20. BigP

    BigP Keeping the Faith

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    Hi Keith
    Yep everything is looking up with WRES and I’ve been averaging down all the way. It’s been a long haul but we are creating a perfect storm with increasing production being sold into increasing tungsten and tin prices. Just wish I could have bought all my shares at today’s price:D
    Keep safe;)
    Phil
     
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