Your daily rant I'm tired and jaded just like everyone else here, but every once and a while I get a good nights sleep and I look at EV with neutral perspective. Right now things look as good as they've ever looked for us, share price aside.
We'vr recently completed a PEA and the equivalent work to earn us the first part of an incredibly valuable mining licence. The PEA was completed and reflects all the stingers standards set up today, I believe CIM is the main one. We've been reviewing the work with people that will be giving the stamp of approval, and the CIM level documents should meet or exceed the Serbian Ministry's standards. In other words, if the Ministry isn't being swayed by politics and following their guidelines, we should be approved of Step 1 in coming months. If we are not given the Certificate of Reserves for reasons of a political nature, I would assume we could sue their pants off, again. Rio Tinto would be already if they weren't planning to mine their project. Plus our operation should be squeeky clean, Rio, probably some fudging going on there. See we, or Tim and company do as advised. If they approve step 2, shouldn't step 2 be close to a slam dunk. No field work to be done. The Mining Ministry would then be deemed friendly. Our step 2 is in the works, and surely our management will not allow any undue delay considering the timing and other circumstances.
So we need half a million bucks to keep it going and that shouldn't be a huge problem. For all management's shortcomings, they do a great jobs of raising money via PP. I despise the tool, but it keeps us going. The warrant and PP dilutes and encourages selling but what they hey. If we get through Step 2 in September, demand will push all Supply side pressure aside and away we go. So we have 200 million shares then? Guess what, we don't have 50% Temas either. $100M US/year, divided by 200 millions shares. Yikes. Well, something like that. I can't believe Tim doesn't get 10 calls a week for some kind of cheap deal to sell. If you were a big cash hemorrhaging mining company and needed a million bucks to get through to pre-mine building stage. And the mine gets paid off in the first 6 months of production. And you are next to train tracks, a water supply, trained labour, the mine only need to go down 500 m, the margins are insane, there's a 5 or 10 year tax holiday. Governments are setting up programs to secure rare elements. The Canadian embassedor just met with their Mining and Energy Minister to talk Turkey. Have you ever heard of a more slam dunk scenario. We'd be done and through if it wasn't for Covid and Rio Tinto! Dang Rio messing everything up for little Erin once again.
Anyway, all that to say, we just need a show of support from the Serbian ministry. Just a little public statement, just the approval of Step 1. Hey, show off that Erin Ventures is the first mining project to go through the new set of laws and whatnot. Show off how clean and green it is. Show off all the workers that will be hired, and revenue generated for the state. Show how much Erin Ventures has spent already in the country. We are a Canadian company but really we operate there with Serbian workers. It's just us idiot Canadian investors blowing our mad money here. We all benefit. Hey, I would go there for a holiday if you get this thing going.
Woah, that was a serious rant, but getting back to my first point, we actually are as advanced as ever and somehow still going forward. Alls we need is Ministry approval and life gets real good. Don't sell your shares folks, and support the PP if you can. Hopefully Tim has rounded up some bigger fish to help. Oh ya, and I say this every year, we have to be either $0 or $1/share at the end of the year, no?! Barring an extension how else can it be?? We either have a mining licence or we have nothing. Exciting. Ok let's get to work people! Hehe