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'clarity with funding.' 100% and I think that is the number one reason for the continued decline as talking for myself as soon as the MDA looked like it was going to become a real drag due to the incompetence of the Malwian Gov and that the recycling won't make revenues till at least H2 I de-risked as I'm sure most have ... potential remains massive but until the BOD communicate the path forwards with money attached its risk full on... flipside the reward on positives could be very rapid...I do think HyproMag US will get US GOV or DOD funding for instance and that will be proper funding not like we get here in UK it will cover the cost of all three proposed plants so 50 million or more...However will COTEC by then own the lion's share?... dunno its a watch this space... even that mythical MDA could just appear l from the rabbit hole
Another 12 month low set today, daily red candles, mm's happy to drop on little volume, BoD not communicating. All very avoidable. I will top up once there is clarity with funding.
Market cap 14 mill. Peers e.g. pre and rainbow circa 70 mill.
Funding no different with either of those. Only diff pre is mda in place and further along.
Strange goings on
I always find that this tends to be the best time to buy if you are an investor.
Sell on news can be balanced with buy on lack of news.
Currently the sp reflects assumption and fear.
Don't quite understand 'no point buying at the moment', surely we all expect the sp to be a lot higher than this or why are we here
Good read Leister. How about an NDA with Rio Tinto, then a quality RNS with the BoD laughing at the burning shorts...
One way or another there'll be news soon
Well they're obviously just matching buys with sells now so no point in buying anymore - just wait it out.
Thanks for posting but that article is useless, mindless garbage.
Https://investingstrategy.co.uk/stock-tips/why-do-some-ceos-remain-silent-as-the-share-price-tanks/
A decent read, very relevant to Mkango and its vision.
Yeah, the Rutile is a mystery,SVM/Rio Tinto could well be interested in taking that on to add to their ever-increasing resource but who knows anything here the BOD might be good at corporate/industry presentations and communication but doesn't seem to care about their pi's, that's ok if they are getting loads of serious interest with money attached but if so where is it!??
The rutile results continue to puzzle me. I emailed the company early last year specifically about them but received no reply and I submitted a question about them for the July Q&A session last year. I thought the short one line reply by Alexander Lemon that they're not being focused on was really looking to shut down any discussion of it. Particularly odd in light of Sovereign's deposit literally nextdoor and rumours that circulated online last year from in-country that the Mkango find was very large, possibly on par with Sovereign's. I'm trying to find my notes on it but I seem to recall the claim was made by someone in Malawi with a link to metallurgy.
I'm left with the impression that things have happened in the background that are yet to be announced
Not invested here at the moment but I cannot see any communication from the Board regarding the results of the rutile samples that were sent for analysis in Dec 2020.
The RNS said " All samples have now been transported overland from Malawi to a specialist assay laboratory, Scientific Services in Cape Town, South Africa. Preparation of samples for heavy mineral separation is in progress, following which detailed mineralogical analysis will take place. The Company looks forward to updating the market further once it has received and evaluated the assay and mineralogical results."
This delay of over 3 years is incredible and shows how selective the Board are with the news they pass on to the market.
I don't know the reason for the delay in the MDA but no doubt Cotec are getting ready to increase their stake in the project.
At the moment it seems that Malawi under the current government is a no go for international investment. They are too slow moving and it appears too greedy in their demands.
All things considered, now might be a very good time for Rio Tinto or another major to buy a stake in MKA (or at least Songwe and the mining projects). RT regard Malawi as investable (buying a stake in Sovereign last year).
I've emailed the Board over the last 18 months without a single courtesy of an acknowledgement, let alone a reply.
With regard to funding, the information is in the public domain from the last financial statements for the period ending 30-Sep-2023. Cash was US$2.280m with working capital of US$1.096m. Expenses in the preceding 3 months was US$1.411m of which general admin expenses were US$1.253m and recurring mining expenses of US$0.159m.
Costs for Q4 onwards may be higher due to the increased holding in HyProMag. In effect, using the Q3 run rate, they must be borderline out of cash as of today.
A year ago, in conjunction with the fundraising at that time they entered into a US$2.6m convertible loan with HyProMag Germany, which had not been drawn down as at 30-Sep-2023. It appears this money has been spent over the last 12 months. More importantly, where does this leave the progress of the HyProMag plant in Germany - we have zero visibility and no timeline other than commissioning or production is targeted within this calendar year.
The Board have plenty they could and should be keeping investors updated with but they choose not to.
Actually worth watching the video on homepage of MKA site.
Stipulates 12 months working capital from June 23 and looking for strategic partner and grant funding as opposed to equity raise.
I suspect a few busses will arrive together in the next month.
Watch the video. Shows the prospects and re mda also states that this is biggest capital project in malawi for over a decade and needs time. That said can't be much longer.
Sounds reasonable to me.
Imho funding has been done around the 7-8p mark. September they had around 2.8mill cash. Burn was around 500k a month but they can run a tight ship and have done before.
I estimate funding until March/April but arrangement would be done well in advance.
My view, cotec loan note and issue to directors are likely.
The salient point right now is how are they keeping the lights on - not MDA stuff.
Well he may want to provide a public update on what he is so focussed on. what could possibly be the downside of that at this point
The CEO needs to remain focussed, updating a few 10% traders on the future of a mine with decades of revenue is not in the slightest important.
Most complaining on here won't be around after the MDA lands, fact.
This company has a ceo for goodness sakes. never mind the board of directors. where the heck is the ceo? nothing at all to say? shocking if you ask me
Has anyone emailed/contacted the board? If so what was the response?
Tis about time the CEO told us where all these shares are coming from - shall I nip over to Tyseley and ask him, it's only 3 miles away?
They need to update the market and shareholders. If there is a raise - get it done. This silence is absolutely killing sentiment - they usually pull a decent deal out, but we need communication. The MDA is becoming a fiasco but is certainly priced in. Put it on the back burner and move on. Its become too much of a distraction at present. Funding is what needs clarity.
I've just tweeted myself re money spent planned to be spent (by others ...) here to get the 3x US plants going plus the DFS for Songwe will have cost £10m - bonkers value @ £17m but so be it - have added of course.
I don't think it hardly matters if they raise at 6p now lol but of course anything could drop at any moment to send the SP screaming the other way ...