New kid on the block, tungsten on the rise and all this in devon....what devon ?.....yes : devon...by jove....!.

Wolf Receives Additional £10 Million Funding

Specialty metals producer, Wolf Minerals (ASX: WLF, AIM: WLFE) (Wolf or the Company) is pleased to provide an update on the Company's financing arrangements to support short term working capital as it progresses towards long term self-sustaining operations at the Drakelands open pit mine (Drakelands).
Highlights
· Existing Bridge Facility increased from £45 million to £55 million.
· Operating turnaround plan is delivering improved plant performance.
· Tungsten price increases to US$280 per mtu.
The Company is pleased to announce that it has reached agreement with Resource Capital Fund VI L.P. (RCF VI) to amend the existing bridge facility in place with RCF VI (as announced on 24 October 2016 and 28 June 2017) (the Bridge Facility) pursuant to which RCF VI has agreed to provide the Company with an additional £10 million.

The funds advanced under the Bridge Facility to date have been used to progress the operating turnaround plan, including improved performance in:

· the Primary DMS circuit, with all phases now complete.

· the refinery, with first phase delivering an increase in throughput and availability. The final phase is scheduled for November.

· the gravity fines circuit to improve recoveries and the grade of pre-concentrate presented to the refinery, scheduled for November.

· maintenance activities, including implementation of a new system with associated process and work flow improvements.

The operating turnaround plan remains on schedule as the Company builds towards commercial production and design performance.

In addition to the ongoing improvements in operating performance, the price of tungsten has continued to increase from US$269 in August 2017 to US$280 per mtu in October 2017. The tungsten market remains in tight supply of raw material whilst demand for finished goods is improving, indicating continued price support at these levels.

The Company will continue to review its long term capital requirements as the operating turnaround plan progresses and further value adding opportunities and cost reduction initiatives are investigated.

Wolf Interim Managing Director, Richard Lucas, commented:

"The operating turnaround plan is delivering improved processing plant performance and is also building knowledge and experience across the business. When combined with improving tungsten market conditions, this provides an exciting outlook for 2018. The Company acknowledges RCF VI's continued support, which is testament to their confidence in Drakelands and the future success of Wolf."

more.....

One2One Mining Investor Forum

IMHO.... DYOR- This is an Australian-backed company mining Tungsten at "Drakelands" ( just North by Hemerdon, Plymouth, Devon.... Nearest=A38). Whilst it employs many locals it is hugely loss-making, despite the mine being on an earlier mine ( so much easier regulations, geophysics, etc. )... it lost £43.5million according to the local Plymouth newspaper, The Herald. It has support from Aus. investors and a current sp about 3p5
Not sure if "Drakelands" is a whiff of Elizabethan puff as Sailor Drake was from the area However, Tungsten ( and Tin) are known to be present and the World Market price is unlikely to fall ( much?), . . . all that really matters is the cost of Extraction. According to their website the restoration costs are factored-in so hopefully in a few years there won't be a cash-call to fund closure.
This is a "Wait and see" for me.

A mention here.

Hmmmm :-

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) wishes to advise investors that the ASX has granted the Company a trading halt in its shares pending an announcement on its financing arrangements.

The trading halt will remain in place until the opening of trade the ASX on Monday 30 July 2018, or earlier if an announcement is made to the market. The Company's shares will continue to trade on AIM during this period.

Funding Update

Funding Update - Satisfaction of Conditions Precedent

Specialty metals producer, Wolf Minerals (ASX: WLF, AIM: WLFE) (Wolf or the Company) is pleased to advise that, further to the Company's announcements dated 30 July and 1 August 2018, all of the conditions precedent to the standstill arrangements and amended and restated agreements with the Company's existing senior lenders and Resource Capital Fund VI L.P. (RCF VI) have been satisfied.

As part of the process for satisfying the conditions precedent, the Company has been granted a waiver of ASX Listing Rule 10.1.

The waiver allows Wolf, subject to certain conditions, to grant RCF VI security for the amended bridge facility without shareholder approval. Details of the waiver and the conditions are provided below.

more.....

Funding Update

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) refers to its recent announcements in relation to its financing arrangements and the standstill arrangements with the Company's existing senior lenders.

As announced on 30 July 2018, the Company has been working with its key financial stakeholders to develop longer term funding solutions required to provide the Company with capital prior to the expiry of the standstill period on 28 October 2018, to progress further production improvements.

The Company's discussions with those stakeholders are ongoing and the Company expects to conclude those discussions this week, following which a further announcement will be made. However, should the Company not be able to satisfactorily conclude its discussions with those stakeholders within the next two days, it will not be in a position to meet its short term working capital requirements after that point in time.

The Company's shares remain suspended from trading on ASX in accordance with ASX Listing Rule 17.2 pending the release of an announcement regarding finalisation of its audited annual financial statements and Annual Report for the year ended 30 June 2018.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

ENDS

What to say? Not sure. What an odd situation. We expect to conclude this week but we run out of money on Thursday.

yet another one for the glue factory

I hope not. Can't see that happening. Too much investment has been put into it.

I've spent an hour looking at this company this morning so take what I say with a pinch of salt, but it looks to me like the company needs to scale back investment and ramp up production. Easier said than done.

Suspended pending clarification of financial position.

Which could mean anything

Another gem of an investment! :-(

Sorry to hear Skinny.

I read the accounts yesterday. Ramp up in production looked too slow to me but I'll be surprised if they go under.

Probably more convertible loans/warrants?

My two forays into home grown mines are these and SXX - I hold quite a lot of the latter.

Time will tell and yes, probably more paper!

Funding position update

Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf or the Company) refers to its announcement on 9 October 2018.

The Company has been unable to satisfactorily conclude its discussions with its key financial stakeholders and therefore is not in a position to meet its short term working capital requirements in order to continue operations at its Drakelands open pit mine. Consequently, the Company's wholly owned subsidiary, Wolf Minerals (UK) Limited, has ceased trading effective immediately.

The Board of the Company has resolved that Martin Jones and Ryan Eagle of Ferrier Hodgson be appointed as voluntary administrators of the Company.

At the request of the Company, Wolf's depository interests have been suspended from trading on AIM.

The Company's shares remain suspended from trading on ASX.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

RNS Administration , gutting .

sorry, but why would you be surprised?

Only gutting for the shareholders really .

God almighty : another one....got out months ago....not good....