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Its good that ilika is being noticed by the press. Whilst I am happy with their hold recommendation for now, it seems to me that we are only month's away from getting feedback on the 10Ah Goliath prototypes, which could push the share price dramatically higher.

Management seems to be confident that there might be demand for a product based upon the 10Ah itself (which would be suitable for the largest battery powered garden tools [where the battery is typically carried in a backpack and has sufficient power for a days work] or ride on mower's etc. ) .

https://www.stihl.co.uk/en/ap/backpack-battery-ar-3000-l-95347

There are no new entrants to the Formal Sale Process (FSP), just the original two, so no extra delay whilst a new entrant catches up on Due Diligence.

The potential buyers are looking at all the assets, not just the Kola project, "The DX project and Dougou deposit have however been closely reviewed as part of the FSP."

Is the mention of a "Canadian potash expert" present at the benefaction tests a hint that the bidders are Canadian (Nutrien) vs. Chinese ?

Arcadia: Further suspension until Monday 2nd, February.

Its part of the $12.2 million raised in November 2025. Australian investors subscribed for 7,000 shares, and this is just part of the ASX process.

There is a summary of the Arcadia / Hebei issues at Swanson. The capital raise and earn-in will be designed to sort out this mess.

Kazera owns the adjacent mine and also has issues with the default of Heibei on its sale.

https://theextractormagazine.com/2025/01/31/arcadia-minerals-cancels-swanson-deal-after-hebei-xinjian-construction-fails-to-fund-construction-build-plant/

Tanzania and United States to Expand Cooperation on Strategic and Graphite Minerals Exploration

US Talking to the neighbours.

Tanzania and the United States are expanding mining cooperation, focusing on graphite and strategic minerals.

https://www.tanzaniainvest.com/mining/us-mining-cooperation-graphite-strategic-minerals

Indeed, extrader, the Royalty (or Off-Take) is the best in terms of seniority (i.e. that is paid prior to any shareholder claims).

IMHO it is obvious that any equity will be at the operating company level which will be preferred by both parties.

The "Equity" purchased by a strategic partner could take many different forms. Its not necessarily shares. It could be a royalty on production (which is in effect equity in the operating company), or if its China 80% of the Off-Take at a fixed discount to the market price.

The Kami deal was done at 30% of its NPV. Which implies £2/share (on $7.3 Billion NPV) or £3/share (on $11.0 Billion NPV) for Zanaga.

Please tell me if I'm wrong, but isn't the situation, that DFC has the right to provide the funding for the project going forward, so deals with any other funders can't be done without their approval ?

From the RNS 31 January 2024:-

"...........DFC mandated as lead partner to help provide a full project funding solution ahead. Having the US Government as our strategic partner has obvious benefits and we are very proud to be the first and only graphite company that DFC have partnered with to date in this regard."

The Target Price is where it should be now. It could easily be very much higher in a couple of years.

I agree the Oak's method is poor. Perhaps its better to compare Blencowe, to Renascor (13.2% of NPV) and Talaga (12.5% of NPV). Both are of the same scale (approx 1Bn US$ NPV) and both are at the DFS stage.

Do you mean 0.09037p ? ..... Or was it 0.00937p

Its a complex story and hard to value the three components (Arbitration, Greenland and German Copper). To me the current price is cheap for the Arbitration alone and the Copper looks like an excellent (and valuable) prospect. Greenland, no idea !

Based upon his track record at Align, I would not buy anything based upon Mr Jennings predictions (after all he sold his position in Kazera a while back, and is only still invested because the buyer didn't pay).

However, it is very reassuring that both Jennings and Wardle have continued to invest substantial funds in Kazera.

The 9.44p valuation came from Dr. Michael Green in his 4th Research paper (of 6 January 2025). Of the 9.44p TP, 4.2p came from a 10% chance of the 2a (Perdevlei) mining licence being awarded.

The DRC rail link will be between Banalia in the North and Banana on the west coast.

"The first phase of the project would require the construction of heavy rail and transport on the Congo River to the deep-water port of Banana on the Atlantic Ocean and cost $28.9 billion, Watum said"

https://www.mining.com/web/congo-pitches-new-29-billion-iron-ore-and-logistics-project/

Arbitrator - IMHO - In these disputes the details are important is determining the likely outcome.

In the case of Morocco and EML, the position of OCP is crucial. OCP is effectively the Government in the Fertilizer area. Until 2008, OCP was the "Office of Phosphates" of the Government concerned with all aspects of Phosphates (whilst another part of Government, ONHYM [Office of Hydrocarbons and Mines], deals with Oil and other Minerals). OCP became a 95% Government owned corporation when it needed capital from the issue of equity (as Banks would not provide funds during the financial crisis).

So its very much the case that if Morocco/OCP wants to settle the case with EML, then OCP (which is hugely profitable) will foot the bill.

Put another way, the result of the Arbitration can only be to award EML monetary compensation for loss. The Arbitration cannot compel Morocco to grant Environmental Permits etc. So, its very much in OCP's interest to do a deal now which includes all rights to Khemisset.