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The MDA drag was always going to hit the SP ... And it is indeed a poor show that Mkango seems unable to communicate about ... Lotus however can give us an update
https://www.youtube.com/watch?v=uMktsSvgoSM
Watch the Question around MDA being issued by year's end being answered at 21.58
Sounds like the MDAs are indeed incoming :)
Hard to see why the drop unless there's something we don't know. Wouldn't be the first time on AIM.
Often it's money but that doesn't seem too bad and even if it comes to raising more in a few months for working capital it should be readily available on reasonable terms atm imo.
When Mkango Resources last reported its balance sheet in September 2023, it had zero debt and cash worth US$2.3m. In the last year, its cash burn was US$3.3m. That means it had a cash runway of around 8 months as of September 2023. Cash burn rate reducing though.
https://simplywall.st/stocks/ca/materials/tsxv-mka/mkango-resources-shares/news/were-keeping-an-eye-on-mkango-resources-cvemka-cash-burn-rat
Maybe it's just some investors losing faith in the light of the lack of progress/comms from Malawi.
3 x 75000 Quick Fire Sells @8.00 ?
I mean, what comms can they put out other than "we're at the mercy of an incompetent and inept malawi government"??
Americans Buy Nearly 1.2 Million Electric Vehicles to Hit Record in 2023, According to Latest Kelley Blue Book Data
This is getting ridiculous now.
Well done. The opportunity cost is easily dismissed, especially on AIM stocks, so you clearly made the right call.
Even more so as you bailed at 10p, rather than now, where it could go either way.
LWHL
Cheers, I’m very hopeful you will get the MDA over the line and knowing my luck I will miss it. I have a few bob ready to jump back in, as I see it as a great Med to Long term investment. I needed the cash for a ‘hot stock’ and it’s paid off, so no worries.
Very best of luck to all MKA holders I will be watching and waiting every day
Good luck to you, Toplocks. Hopefully the management will restore your faith here at some point.
While the local politicians are primarily at fault here, I can understand your frustrations.
If Songwe does get over the line soon, hopefully you will have a chance to return at a fairly reasonable price, although naturally I hope you do not get the chance to get in too cheaply :)
Hello All
Have to be honest chaps, I sold my holding of 100k at just over 10p , 1k loss for me. Absolutely pi@@ed off that we had not heard one squeak from the Mka management, not good enough. I really like the company and will one go back in and I wish all the best for the PIs who are far more patient than me
GLA
Starting to? You are more generous than me in your appraisal of these politicians.
Still, my buy order is getting closer now, so that is one positive I guess. GLA.
Someone else pushed to their limit and dumping 200k - no doubt at a big loss. This needs to be the week for some comms at least.
They (MoM) have been looking like amateurs for well over a year
It is pretty embarrassing for Monica to be saying the MDA will be agreed by end of Dec and here we are beginning the third week of Jan and still nothing. Why would you make that statement of terms weren’t agreed. They’re starting to look like amateurs.
Thinking of MKA while reading Irwin Stelzer today talking about China shaping climate policy: "Xi has it in his power to slow the growth of the American economy by denying our companies access to chips or the rare earths the output of which they dominate."
I'll take a nice big Saudia placing at 20p tvm - please drop this another half a penny too!
Although there is supposedly a suspension on Malawian Ministers going on foreign jaunts Monica seems to have slipped the net :) She is in Saudi for the Future Minerals Forum.
Of more interest to us though is that Cotec are there among the great and not so great with Julain being one the speakers https://www.futuremineralsforum.com/conference-speakers/julian-treger/
We were delighted to host @peterkyle MP, Shadow Secretary of State for Science, Innovation, and Technology, at Tyseley Energy Park today! His genuine interest in our innovative projects and appreciation for the historical legacy of Webster and Horsfall made his visit exceptional.
https://x.com/TyseleyEnergy/status/1745456377936654611?s=20
Apols I shouldn't have included fx as a temp issue there. It does need to be pre agreed.
I'd still like to think getting the MDA over the line asap is best for all parties. I think MoM should update given its own deadline's expired. Hopefully the delay isn't driven by temporary fluctuating issues like fuel supply, inflation and location of FX accounts. They're relevant of course to how quickly/slowly to build and produce over the life of the mine. But right now let's see the MDA so at least we know we can actually develop Songwe when the time's right.
Good post TT
Unfortunately, we cannot walk away from Songwe, the economics and future value are too great.
We can in the meantime, focus our efforts elsewhere (thankfully, we have established a superb technology that now likely eclipses our current market cap regardless)
The predicted EBITDA for Songwe was £200m PA and it feeds directly into the Pulawy plant, giving both projects enhanced economics. If we walk away from Songwe we lose a hugely valuable asset for Pulawy and strategic importance for the EU
I can understand both parties interests, Malawi needs FX on home soil but large lends don't want to put their balances there (Looks at the IMF loans for example) especially since inflation is not yet under control in the country. The year on year inflation rate for November 2023 stands at 33.1 percent, an increase from the 26.9 percent recorded in October 2023 - Malawi is also undergoing severe fuel shortages, not ideal for building a project. In fact, I believe if we did get funding 12 moths ago, we would be looking at tremendous difficult today vs our original economics (similar to HZM) which could have crippled the company.
The best thing for us to do regarding Songwe, is establish our other projects and certainly don't show our cards. We are in a great position with HyProMag / Cotec, the market has crushed our SP down to a level where Songwe doesnt factor into any of our valuation. Remember Malawi needs this much more than Mkango do, OEMS and GOVTS need the product much more than Mkango do, it would be foolish for us to lose any ground just because it has been dragged on for so long.
Procurement of REEs including recycling is part of the US 2024 fiscal defence spending bill that has been passed
'FY2024 House NDAA Bill Provisions
Multi-year Procurement Authority for Domestically Processed Rare Earth Elements (Sec. 181)
Allows the National Defense Stockpile to enter into long-term procurement contracts with domestic rare earth element (REE) processing and recycling projects.
Gives the stockpile advance procurement authority, allowing it to pay projects prior to delivery.'
It is irritating but we just have to wait. Doing business in Africa takes a skilled, diplomatic and patient hand. They’ll tickle it over the line. Have faith. I’m more worried that the markets will continue to be depressed regardless of news for the forseable. If Biden decides to give the Houthis a hiding then we call all be sitting underwater for some time. This year is pivotal in so many ways. So many bad actors crippling the global economy. If you can accumulate at these prices and hold for as long as it takes then you should be laughing at some point. But that’s if Trump doesn’t get back in, Ukraine falls and Africa pivots to china/Russia. We could be left holding our d£cks and a load of recycled magnets.
Might be... but I'm sure I'm not alone when I say I'm sick to death of waiting... all that fantastic Hypromag news we've had and almost back in the 8s, it's just a drain now. Annoyingly MoM keeps casually saying "just a few things to sort" like they need to find a stamp or do a bit of photo copying.
Might be just around the corner though?