FCR – Toral Spain Site Visit

Today we had an RNS stating Myles Campion had signed a permanent contract with FCR – this is good news IMO. Myles has landed, seen the quality of the asset (“hidden gem“) and realised that the previous NI-43101 and associated studies were all high quality, but there was an opportunity to focus on the asset in a different way with the result that I expect the imminent  JORC 2012 to be a key turning point for the company.

Laurence also posted on Vox Markets that he was now in Australia assessing operations and  also a note regarding a shareholder query – ‘A shareholder query Id like to clear up; a company can announce a JORC (2012) resource pre- FS. Mine-able reserves are a different, distinct category however. Please see ASX JORC tables for more info.’ It’s good that the board are now starting to engage once again with shareholders – and presumably have been reading the LSE bulletin board.

Laurence also stated that all the board had decided to defer remuneration. I think this is a move to be commended. I also look forward to the guys getting paid fully in the future and shares being awarded at a significant value above market price (should a set Market Capitalisation be achieved for a continuous period of X months – where X is TBA).  I expect the excitement around the JORC 2012 will aid this.

There was also a Vox post re the JORC (2012) resource work programme that said

‘Ongoing assimilation/processing of historic data from drilling data/exploration work and block model at Toral [has]progressed, working with an independent resource auditor to sign off on a first JORC (2012) resource. Addison Mining Services now conducting review of Toral site and key data locations/core w/c 20th Nov 2017’

And here are the happy campers at Toral in Spain with the competent person James Hogg (right) conducting a mandatory visit from Independent resources consultancy Addison Mining Services.

There were some LSE posts regarding whether a Toral site visit was required. However the post is clear – it’s mandatory. Hopefully this is now cleared up.

Well it’s all go and I am really pleased that Laurence and Myles are now driving things. I like to think of FCR as a start-up with a great opportunity in the shape of a fantastic asset that will drive value back into the company for shareholders. We’ve had three significant shareholding RNS’s in the last month – I guess someone else agrees.

Well, they get my vote    🙂



  1. Based purely on the quality of the asset….surely one does not have to be a rocket scientist to come to the conclusion that the share price is grossly undervalued….This being the case why are investors adopting a wait and see attitude for the outcome of the JORC report….surely the horse would have bolted by then and they would then be paying a premium price ??

    • Helioschariot says:

      Marhaba!I agree with you. I guess many have been disappointed in the past by the outcomes they have seen under the old management. Things appear to be changing now, with some advance notices e.g. Jorc2012 will now be early 2018 which I have taken to mean January having had a quick chat with those in charge. However different folks interpret it in different ways e.g. it’s a missed date therefore the sky is falling in! Others as an opportunity to ensure the JORC 2012 is top notch with, if at all possible, a silver credit. Personally I believe management have made the right call. The market will eventually catch up IMO. DYOR.

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