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    🙂