Member Info for 99icecream

This has been posted before on 4th April, but for there are two other references also :-

On 4th April:- The wording for phase 1 has changed

From: (Feb 2025): Production 5,000t concentrate

To: (April 2025): Production 10,000t concentrate, moving up to 25,000tpa

Also:-

Phase 1 Plant size has gone up from 80kpta (Feb 25) to 170kpta (Apr 2025)

Also on 8th April following the RNS:-

This is obvious, but its good to see it mentioned here.

"As further offtake agreements are signed Blencowe will consider raising production to even higher levels beyond the initial 10,000tpa as considered."

A reminder in today's Times of why China is involved here, and why the Tariff War, will make the Chinese more determined to make this work:-

Beijing has the tools to outlast and outfight the US.

"...the US share of China's exports was already declining fast, from just under 20 per cent in 2018 to around 14 per cent last year. China has made a concerted drive to diversify its markets using its belt and road initiative to bring growing markets in south Asia, Africa and Latin America into it economic orbit...."

You get 2 sources. For the LSE rules you get the list of all shareholders with 3% or more the latest is the RNS 2nd April 2025 - Results of Shareholder Analysis. For the ASX rules you get the Top 20 Shareholders as at 28 Feb 2025 on page 129 of the Annual Report (year to 31/12/2024) which you can find on the company website.

Extrader - Kore are planning their own export facility situated near their mine about 50Km further up the coast from Pointe Indienne.

BTW - Off-take should sell like '99s in a heatwave !

ATG - IMHO - There will be great interest from Institutional Investors (Pension Funds Etc.) in KP2 as soon as it is funded and listed on a proper market. My view has been that KP2 will move to the main market of the LSE as soon as it is funded (by a combination of project linked borrowing and selling the off-take).

The requirements for listing on the main market are more onerous than AIM. We have seen greater efforts to keep track of the holdings of investors (RNS 20 Jan 2025, and 2 April 2025), the confirmation of the JORC mineral resource RNS 27 Feb 2025 and the update of the "Optimised DFS" RNS 27 Feb 2025. The key change in the DFS is to reduce the Total Potash production in the DFS (50.6Mt) to be consistent with the Reserves (49.5Mt) stated in the Mineral resource statement.

KP2 has been updating its information consistent with a prospectus / offering circular that would be needed for a move to the main market.

On the subject of Tariffs and their impact on Potash prices:

China will switch their purchases of agricultural products away from the US and to others, particularly Brazil.

https://apnews.com/article/president-donald-trump-tariffs-agriculture-china-d5674c21e240acdc72cde76e474f172a

US farmers have to decide the acreage they will plant for "China destined" cereals (Soy beans etc.) now, and obviously these will be much lower than forecast as a result. Brazilian framers (with their season 6 months behind) will be gearing up for higher production. Higher production in Brazil will raise the demand for fertilizers substantially as a result.

More generally tariffs on (Chinese) shipping have raised transport costs for Asian buyers of US agricultural products

https://www.reuters.com/markets/asia/asian-buyers-shun-us-farm-goods-hit-by-ship-crunch-trade-war-2025-04-09/

In addition the impacts of the tariff disputes will raise inflation, reduce growth and reduce employment. The reaction of China and Russia to these pressures is the make fertilizers cheap and readily available, in order to keep domestic food prices low.

https://www.fertilizerdaily.com/20250228-russia-plans-to-introduce-potash-export-quotas-in-q2-2025/

This is obvious, but its good to see it mentioned here.

"As further offtake agreements are signed Blencowe will consider raising production to even higher levels beyond the initial 10,000tpa as considered."

Phase 1 Plant size has gone up from 80kpta (Feb 25) to 170kpta (Apr 2025)

The wording for phase 1 has changed

From (Feb 2025): Production 5,000t concentrate

To: (April 2025): Production 10,000t concentrate, moving up to 25,000tpa

At 31 March the Potassium Chloride Price CFR Brazil (the Reference Price) was US$ 336.25.

I guess it can't hurt if you are trying to organise "royalty financing in conjunction with product off-take".

FWIW the World Bank Commodity Price Data (The Pink Sheet) for end March 2025 was published yesterday. The Potassium Chloride Price CFR Brazil (the Reference Price) was US$ 336.25.

Month End....Price

03/24...... ......300.50

10/24...... ......278.13

12/24...... ......292.50

02/25...... ......318.75

03/25...... ......336.25

The end Mar 25 price is up 11.90% vs. end Mar 24

The end Mar 25 price is up 20.90% vs. end Oct 24 (2024 low)

The end Mar 25 price is up 14.96% vs. end Dec 24

The end Mar 25 price is up 5.49% vs. end Feb 25

Emmerson applied for a patent on 29 September 2023 (GB2634094). The first part of the process is the patent office does "a search" to see if the invention is "new and inventive". At 18 months the application is published on the IPO website. Today Emmerson's application is published (see below).

Note that this is just a step in the process. Next the Intellectual Property Office will, within 6 months, conduct a "substantive examination" of the application (a more detailed search/ examination of the application), before coming to a decision of if the patent can be granted.

https://www.search-for-intellectual-property.service.gov.uk/GB2634094

Bumpingalong: The options were exercised @ 1p - The shares have a notional value of 0.1p.

You need to look in the Annual Accounts 2024, Note 23. At 30 June 2024 There were:

3.4 Million Options @ £0.0175 expiring 20/12/2024

25.0 Million Options @ £0.01 expiring 3/6/2025

3.0 Million Options @ £0.01 expiring 8/7/2027

4.0 Million Options @ £0.01 expiring 18/7/2027

16.5 Million Options @ £0.01 expiring 6/5/2027

4.0 Million Options @ £0.01 expiring 11/5/2028

Graphite shortage sparks global supply fight

https://mining.com.au/graphite-shortage-sparks-global-supply-fight/

Allan Gray Proprietary Limited is a South African Investment Manager and their Shareholding is on behalf on clients.

Must be Spreadex. The RNS of 16 March 2025 shows they held exactly 35 million shares. The markets lack of a reaction suggests the changes is derivatives related, rather than just an outright sale.

My understanding is that if the interims are not released on time then this results in a suspension of the shares. However, Tuesday at 7:00 am would be OK as a suspension cannot happen before 8:00am on Tuesday. It would be very unusual to deliver the Interim results late as they are not Audited. Firms sometimes have problems with releasing the Annual figures when the Auditors are not happy for some reason.

The Interim Results (6 months to 31 Dec 2024) are due by month end. They should also comment on anything relevant to the cash flow post 31 Dec 2024 (i.e. relevant to the Going Concern status). The first shipment of heavy mineral sands (HMS) falls into this category as 80% of the expected sale price should be receive within 5 days.