Share Name Share Symbol Market Type Share ISIN Share Description
Weatherly LSE:WTI London Ordinary Share GB00B15PVN63 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.30p 0.25p 0.35p 0.30p 0.30p 0.30p 225,000 07:54:49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 47.9 -8.0 -0.7 - 3.18

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Date Time Title Posts
28/10/201600:24Weatherly - Pure Copper Play14,378
13/9/201207:06Weatherly International WTI in production3
14/4/201112:29The Return of the Weatherly320

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Weatherly International Daily Update: Weatherly is listed in the Mining sector of the London Stock Exchange with ticker WTI. The last closing price for Weatherly International was 0.30p.
Weatherly has a 4 week average price of 0.28p and a 12 week average price of 0.31p.
The 1 year high share price is 0.89p while the 1 year low share price is currently 0.23p.
There are currently 1,060,803,192 shares in issue and the average daily traded volume is 267,029 shares. The market capitalisation of Weatherly is £3,182,409.58.
pedro57: At what point to people think one should be buying WTI? Recent share price underperformance seems harsh now where recapitalization has taken place and we have a number of institutional investors buying shares almost 80% higher than one can pick them up in the market? Will WTI provide an update on operations once capital increase is done on 9 June?
leedskier: I have shares in a former Aim dual listed South African miner, ELS. It is now listed only on the Toronto Stock Exchange(edit) and the South African Stock Exchange. It too suspended mining operations a while back. Its share price fell very hard too especially ahead of the events below. In early November, the Toronto Stock Exchange suspended share trading 'pending an announcement', which when it came was that the Chinese were making an offer which was all cash not for the company but its entire mining operations and at multiples of its then share price. The take-over is subject to due diligence and has not yet been finalised. Even now the share price is trading at a significant discount to the cash being offered. The company intends to buy other mining operations with it. VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2014) - Eastern Platinum Limited ("Eastplats" or the "Company") (TSX:ELR)(JSE:EPS) today announced that it has reached an agreement with Hebei Zhongbo Platinum Co. Limited ("Hebei Zhongbo") whereby Hebei Zhongbo will acquire the Company's entire South African platinum group metal ("PGM") business and all loan agreements that Eastplats has with its subsidiary companies, for a total consideration of US$225 million payable in cash on closing (the "Acquisition"). The consideration received by Eastplats will be net of the amounts payable to certain minority interests, which amounts remain to be settled. Under the Agreement, Hebei Zhongbo will acquire a portfolio of PGM assets including the Crocodile River Mine, Spitzkop, Kennedy's Vale and Mareesburg projects and their associated mining and prospecting rights (the "Assets") in a manner compliant with South Africa's mining laws, environmental and socio-economic requirements. --- An Australian listed Chinese owned gold miner bought BGC last year -- very, very cheaply. BGC was a dual listed Aim/ASX gold miner with gold nominally valued at £bn in an open cast mine, which it did not have the cash to produce. --- I wonder if the Chinese are now shopping for an open cast copper miner in Namibia? They seem to be more interested in the metal than the prevailing market price for it. I guess they take a long term view.
pedro57: Over 49m shares traded and the largest share price riser in the UK markets on Friday that is quite an achievement for WTI. I guess there are many new shareholders so I am giving a recap on why I own a large amount of WTI shares. This company is essentially a hugely geared play on copper prices. I see copper prices higher by the end of the year leading to significant uplift in WTI’s operating profitability and share price (in uplift I mean multiples). The historic mines Central Operations have been a mess, which is what has bombed out sentiment in WTI and the share price up until yesterday. Going forward however it is all about the Tschudi mine. Yesterday’s announcement that Tschudi will produce its first copper in February was a major positive development (previous guidance was for 2Q15). Tschudi is an open-pit mine with an annual production of 17,000 tons of copper. The company has guided to life of mine cash cost (C1) of US$4,226/t, but this was based on an exchange rate of NAD/USD of 10.5 (currently the rate is 11.65 so more than 10% lower) so cash costs will be lower. It is important to highlight Tschudi is profitable even at today’s bombed out copper prices. Tschudi is a big asset (investment almost $100m) yet WTI’s market cap is <$20m. There has been overdone negativity given the underperformance of existing mines, but as stated before Tschudi is what is important. What is key for me is that there is a lot of institutional shareholder support, which is not the case for most AIM listed miners. We have Orion providing the financing (you would not provide this level of financing without seeing merits of the project); Legal & General owning 12.9% of WTI, Logiman (engineering group helping to get Tschudi off the ground) own 12%, Polo Resources 7.1%, Blackrock 6.6% and Christopher Chambers (well regarded investor) 4.3%. L&G, Logiman, Polo and Chambers have all bought shares at 2.925p in the recent placing. If these investors were willing to buy shares at that level it makes the current share price at roughly half this level a steal. In February there will be two important catalysts Polo have the option to buy ~52m shares (additional 6.7% stake in company) at 2.925p before 7 Feb 2015. If Polo exercise this option it will help sentiment as people will argue if Polo are willing to pay 2.925p for shares they should trade be trading at this level. The second catalyst is the actual announcement from WTI that copper has been produced, which will happen later in the month. This will continue to go higher we were pushing toward 4p only back in November. WTI’s market cap is tiny, this stock is now on the map and free-float is small it will not take a lot for the shares to be trading at its true value. Hold tight the next weeks will be exciting…
zendik: Weatherly shares shoot up 70% as co says copper operation will go live well ahead of plan By Ian Lyall January 30 2015, 11:09am While the shares rose 71% to 1.5p, this still only valued the business at £11mln.While the shares rose 71% to 1.5p, this still only valued the business at £11mln. Shares in Weatherly International (LON:WTI) shot up more than 70% after it said the construction and commissioning of its Tschudi operation in Namibia is well ahead of schedule. First copper is expected next month, the miner revealed. In a short update, the AIM-listed group said both the solvent extraction and the electro-winning plant will be completed within the coming week, ready to begin plating copper. Broker Investec said: “It is good to see a mining company deliver ahead of expectations and we hope that this continues, and certainly in the current weaker copper priced environment there is less room for error.” Crushing and agglomeration is now in full operation, the solvent extraction facility is in the process of being filled with diluent and the anodes are currently being loaded into the electro-winning cells. The cathodes will follow. Over 80,000 tonnes of ore has been stacked and the first seven cells are being irrigated with sulphuric acid. Chief executive Rod Webster told investors: "The project is well ahead of its original schedule, with first copper expected next month. “The crushing and processing plant is now in full operation and functioning effectively. “We are using a proven technology to extract high grade copper in a low cost operation.” While the shares rose 71% to 1.5p, this still only valued the business at £11mln. Broker Ambrian, in a note to clients, reckoned the stock could be worth as much as 5.5p. The catalyst for rerating, analyst Jim Taylor said, would be the delivery on Tschudi on time and on budget. That revaluation appears to be taking place, although the stock has not had the easiest of rides over the last year as it has fallen 62%. That said, the declines of this magnitude have been commonplace across a sector that is out of favour and lacked support. On Weatherly, Taylor said in a research note this week: “Our analysis shows that there is considerable upside to the share price if Tschudi is delivered as planned. “We note that the high level of debt relative to the current market cap makes our target price highly sensitive to model assumptions. "In our view, specific risks to our target price relate mainly to the potential for a prolonged ramp-up period and lower-than-anticipated copper revenues during ramp-up.” [...]
pedro57: I listened into the WTI conference call today on April's quarterly production update. There were around twenty participants on the call. The key highlights were: 1) WTI will publish an update on the Tschudi Feasibility study prepared independently. This update should be published sometime in May. This could actually be an interesting catalyst given the almost 25% decline in the USD/ZAR exchange rate since the original study was released in 2012, which should help project economics considerably. 2) On CAF the CEO stated that they are very close to finalising the pre-feasiblity study with talks on the last of the four minerals close to completion. After the approval of the CAF board the pre-feasiblity study will be published and CEO saw the study likely to be relatively positive. The delay in the published CAF pre-feasibility study has been annoying (timing has slipped three times), but if all four minerals (zinc, lead, silver, vanadium oxide) mined in Berg Aukas could be reflected at market prices in study it would increase economics of project considerably. With recent bullish commentary around zinc production dropping strongly in the future and lack of quoted zinc companies CAF remains very interesting (Berg Aukas zinc ore grade at 17%) given low market cap and a lot of infrastructure already in place. 3) I have put Central Operations further down the key highlights given that it is so hard to trust management with its related outlook having disappointed so often. The CEO stated that following recent initiatives bringing operations in-house, buying new equipment (60% complete) and move away from pillar mining at Otjihase it will eventually hit stated production targets and that by the end of the year (3-6 months) production levels will be close to 1,750 tons of copper per quarter (7,000 tons annually) with C1 costs below $5,000/ton (all-in costs $5,000-5,500). In my view nobody trusts management on Central Operations and market will want at least 1 – 2 quarterly updates where this outlook is at least somewhat supported. 4) Minor points of interest are that Tschudi is seen as producing copper in 11 months (so less than one year away) and that the project has been progressing faster than expected and below budget. CEO stated that new equipment has and will be predominantly leased with option to buy after one year (this made me more relaxed as it implies cash balance will suffer less as little capex outlay needed for sorting out Central Operations until Tschudi produces copper). All in all we are back to the same quandary, which is at what point will WTI share price reflect Tschudi prospects, where recent news-flows has been rather positive (update on Tschudi Feasibility study next month could be very interesting), and look through Central Operations issues, where once again this was a disappointing quarter. Near-term CAF pre-feasibility update could also be interesting. I continue to believe WTI shares are significantly undervalued and will continue to build out my position.
pedro57: The current WTI share price does not make any allowance for the Tschudi project for which the company has been able to raise over $90m of debt financing, which is a multiple of the current share price. Nobody loans this amount of money without the project economics stacking up (a weakening of USD/ZAR has also improved these economics further). What has happened to the share price is that continued underperformance of Central Operations has led to the market not attributing any value whatsoever to the commissioning of Tschudi next year with last December's share placing not helping either creating an overhang, which only has cleared recently. WTI needs to completely change its and step-up its communication strategy (where are we with Tschudi?, where is an updated presentation on the website?, what has happened to CAF?, what is the plan at Central Operations?, what is the impact of exchange rate movements on Tschudi?, etc.). A very easy approach to improving sentiment would be some directors buying the shares, something that should be forefront on the company's mind. The next quarterly production update for WTI in mid-April could be one of the last opportunities to address the numerous issues and I do hope that WTI spends lot of time on the message put out to the market and management's prime focus should be on how to improve the bombed-out sentiment in WTI. A simple statement as we have had before that Tschudi is progressing well and that Central Operations is still underperforming, but will do better next quarter simply will not do. I do hope we get a conference call as well as we have had for the last two quarterly updates where WTI can be pushed a bit harder than before by its shareholders.
rich pickings: Re-emphasizing Mattjos in post 12990 above... ECE raised $50m capital last year, surely more than enough to get Berg Aukas cash-flow positive. A few years ago they wanted to buy-out WTI. CAF was set up with the strategy to build a profitable and widely based resource business that may include the acquisition of additional assets from Weatherly, ECE or third parties. WTI owns 25% of CAF. Now what about the following scenario...(any comments appreciated) Maybe ECE via CAF should spend $20million buying 51% share of WTI at double today's share price. So that values WTI at $40m, CAF pays $20m but has a value in WTI of $20m. Both win/win & their share prices rocket. WTi with $20m can then buy out nearbye Copper producers to improve it's utilization of their Concentrator (therebye reducing costs/improving profits). At the same time, CAF can use the WTI Smelter for processing it's mixed output from Berg Arkas. As this is now 51% owned, they also keep their costs down/improve their profits. Then next year when Tschudi is producing, both CAF's & WTI's share price double again. This secures their future against any predators, or allows the regional consolidation to be driven by themselves.
pedro57: What is the board's view on the recent trading pattern of WTI? We have had almost 30m of shares traded in the last three weeks with almost all of them buy orders with hardly any positive impact on the share price. In the last three weeks the shares on offer over has always been large at 500K – 1,000K. Following the 1m buy order that was filled today the shares on offer has stepped down markedly at 150K for the first time in a long time. Is my view sensible that the 35.7m placing of shares in December has put a lid on the WTI share price, most likely because these shares were placed with institutions with a short investment horizon that have now mostly been sold following the 25% increase in the share price in one month? Once this overhang clears do people agree that there could be a rapid step-up in the share price because clearly somebody is buying heavily?
pedro57: I listened into the WTI conference call today on the quarterly production update from 20 Jan. This was the second conference call in what has been promised to be a regular event tied to the quarterly production updates. It was apparent that there was significantly more interest than last time with around twenty participants (~2x the number from Oct). The key highlights of the call were: 1) There will be significant benefits from increased mining of the Hoffnung Fault West area in the Otjihase mine, which will fully come through in the next 3 – 6 months. Regarding the Matchless mine increased long-hole stoping rather than cut and fill (going to 75% from 50% currently) will also mean lower costs and better production this year. Rod was alluding to 500 tons of monthly copper production (achieved in Dec) being reasonable arriving at 6,000 tons annual production, but that 7,000 tons annual production in-line with original expectations is still a realistic target. According to the CEO at 6,000 tons annually the production cost would amount to $5,200 – 5,400 per ton and at 7,000 tons annually cost would be below $5,000 level given fixed-cost nature of operations. The way I interpreted Rod's comments is that it is sensible to extrapolate from December's performance (542 tons of copper mined at $5,354/ton cost) as a baseline for 2014 implying at least 6,500 tons of copper mined at a production cost below $5,400 with further improvements likely if performance improvement of Otjihase and Matchless continues. Ultimately however given very poor track record of management in hitting targets market will want at least 1 – 2 quarterly updates where this outlook is supported. I however read the CEO's comments as mildly positive. 2) CAF feasibility study will not be completed until later in the year. The reason for delay is that marketing study for two of the four minerals (I think this related to vanadium oxide and lead) that can be mined at Berg Aukas is not done yet. There were talks with parties that were interested in buying these two minerals, where there is not such a ready world-wide market that needed to be finalised to arrive at full feasibility study, where all four minerals mined at Berg Aukas (zinc, lead, silver, vanadium oxide) could be reflected in feasibility study at market prices. There is a CAF board meeting in China in third week of February to which Rod is going and there will definitely be a published pre-feasibility study around this time. The delay in the published CAF feasibility study is annoying, but if all four minerals mined in Berg Aukas could be reflected at market prices in study it would increase economics of project considerably and with recent bullish commentary around Zinc production dropping strongly in the future and lack of quoted Zinc companies CAF remains very interesting (Berg Aukas zinc ore grade at 17%) given low market cap and a lot of infrastructure already in place. 3) 40% of this year's copper production is hedged at around $8,000 but at exchange rate of NAD 8.7 / $, actually unhedged output of 60% will be more profitable for WTI than hedged output given the current exchange rate of NAD 10.8 / $, which is mildly positive. 4) The reason WTI did not publish level of cash resources with the quarterly production update as it has in the past is that with Tschudi loan being paid out cash resources are much higher, which could be confusing to investors, actually at end of Dec cash resources were $15m given partial release of Tschudi loan, excl. Tschudi loan cash resources were at $6.7m roughly where they were last quarter. Although I think WTI should have continued to communicate cash levels this explanation makes sense and the lack of communication was not the negative I thought it was initially. 5) The reason for £1.1m capital increase was to "bullet-proof" WTI, particularly as there could have been a potential cash crunch relating to working capital loan of $2.5m to Dreyfuss, which needs to be repaid pre-Tschudi production. When asked whether WTI was fully funded until Tschudi copper production the CEO stated that this was the case. Although I am still disappointed by capital increase at too low of a share price the explanation of Rod makes sense and probably better to be safe than sorry (Tschudi loan requirements should not be broken). 6) There was a real lack of questions on Tschudi on the conference call, which surprised me somewhat and shows once again how short-sighted the market is with near-term focus at WTI continuing to be on performance of Central Operations. In summary I thought it was an alright conference call it does seem Central Operations is more on track to reach the elusive 7,000 ton annual production target with lower production cost than performance indicated before and the big gorilla in the room Tschudi remains on track as well. I still think WTI shares are way too low, but it will take time for overhang to clear and market to buy into the story, there clearly has been substantial buying interest however in recent weeks. The next catalysts are CAF pre-feasibility update promised for end of Feb and next quarterly production update in mid-April. The evolution of copper prices and update on the Tschudi construction process will also have an impact on the shares. Given double the number of people on the conference call (one Chinese person as well), Christopher Chambers going above 3% and market increasingly shifting away from bearish view on near- to medium-term copper prospects it would not take for bearish sentiment on WTI to shift quickly. I hope this helps!
longsight: From iii: Author JJHBev Hi all, Haven't posted in a long while but thought I would add a few comments on the share price and underlying worth of WTI. The first comment I have on the share price is that I am amazed it's so low – and so yesterday I bought another 40k @9p (whether that was recorded as a buy or sell I don't know & care even less!). Having just said that I am amazed, I can actually understand why the share price is weak – with many AIM companies doing a damn sight worse! The share price today reflects the supply of and demand for shares today. Currently there is a huge level of fear and risk aversion in the market. This affects almost all shares in almost all markets. It is particularly extreme in AIM where PIs are either selling or sitting on their hands. This is understandable given all we have had over the past quarter i.e. • Japan disaster and consequential impact on output in Japan creating recessionary figures for the quarter with knock on effects elsewhere in the industial world. • Commodities price reversal (incorporating Goldman Sachs sell recommendation) • Eurozone problems with Greece front & centre and still not yet finalised • Financial uncertainties and fears arising from the events of the Arab Spring • Massive risk aversion at the Institutional Investor level • Specifically for WTI – Political risk scare re Namibia With all of the above it is in no way surprising that the share price of all sorts of companies have suffered with those on AIM particularly impacted by the PIs' running for cover. Indeed as a PI I have pulled out of my smaller more speculative plays (still holding RRL!) and my two major AIM holdings are now PAF and, by a country mile, WTI. I have retained my investment in WTI – and in a small way added – because IMVHO it is worth multiples of its now £48m market cap. Are there circumstances under which I will sell – of course! But this would require a massive change in fundamentals and essentially would require either :- • A major collapse in commodities/copper prices both now and projected to continue for as far as the eye can see • A major failure by WTI affecting both the current Central Ops production and the Tschudi/Tsumeb developments. Without these WTI is – to use a somewhat well worn phrase – one of the most undervalued companies around. Can its share price fall further even without either of the above risks becoming problems. Answer = of course! For example if/when Greece defaults the knock-on effects with regard to "contagion risks" and increased risk aversion could/will drive more people to sell and further deter buyers. However my view is that – although this is a very realistic risk – it will not affect the ongoing fundamentals of the world economy, commodity prices or WTI's current profitability or future earnings growth prospects. My rationale is based on:- • The world economy continues to grow even with the impact of Japan and sluggish performance in Europe & USA • Industrial production in Japan is now recovering and the reconstruction process is starting • China & india in particular continue to grow • The fundamentals of the shortfall in Copper production versus demand remain in place. Warehouse levels of stock are falling. • Goldman Sachs is now bullish !! (and Deutsche Bank is quoted on Bloomberg as forecasting $12,000 per ton in 2012 – talk about yo-yoing predictions!!!!) • The copper price as I write is back close to $9,200 per ton So my view remains that WTI is currently profitable (Say 500+tons of Cu per mth @ a profit of $5000+ per ton = $2.5m++ per month less overheads etc). Central Ops production is projected to increase to over 600 tons of Cu per mth and cash flow will build up over the next 6 -12 months to help fund future development. All this implies a P/E ratio for production over the next year of less than 3x and probably something like 2.5x. Tschudi looks on track to become a 13,000 tons pa addition to production by the end of next year and the indications are that Tsumeb will be a source of CU/Ag production. So, the current market price is a nonsense based on the WTI fundamentals – but it is sort of understandable in the very short term because of the attitude of investors/markets. If you have to sell at current levels then you have my sympathies – if you choose to sell then that's your choice. However markets do not and will not remain so risk averse and imbalanced forever. When the market is more in balance this share price will, IMVHO, rise very significantly. Other than for a major "failure" by WTI I am in this for the long haul and I believe the share price could be well North of 50 within 2 years from now and at the very least double its current level well before the end of this year. Time will see if I'm right!!! Best wishes
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