Member Info for Andii

Kenya/Kalifi/NSE

New Nairobi stock exchange listing -

Currently No mining companies listed on NSE. The exchange is more familiar with companies earning revenue, profits. Bigger presence in Kenya required - at least Kilifi and Larisoro sales and cashflow/profitability.

Should be there relatively quickly. Some other activities in Kenya to progress that initiative.

News to follow on two corporate matters relating to Kenyan projects, high value additions.

NSE – want to be recognised for that they are doing, not just sneak in .

New CEO at NSE – initiatives to get more retail investors involved.

Advisory board structure similar to USA planned

New Kenya based CFO planned.

Announcement next week on value of 5 year deal at Kilifi with figures including NPV

Blesberg – byproducts far higher than the spodumene, feldspar, mica

Lot of additional samples going through. Looking at coming up with a basket price JORC which is taking time due to all the additional high value minerals.

Licence being extended to cover all minerals. Henk working on this, extending from basic spod, quarts, feldspar, mica, tantalum into the additional byproducts.

NCLT and Blesberg mining licences being extended, targeting full suite of minerals, not just lithium. Barrylium, etc etc (ran out of time to list the additional high valuve byproducts)

Tungsten sampling at NCape onging, section 11 and section 102 can extend mining rights, potentially ready in second half

Reason CPR not out yet because other minerals dwarf the lithium. Need regulatory approval to mine these. Primary value no longer in the lithium/spodumene. Came to realise this in 2024 – whilst spod price crashed. Everything needs to be put out there, not just a partial snapshot of the economic value.

Updated CPR same time as update about mining rights licence, 25 year? Very very shortly

Richard dealing with JV. Korrean investor coming along and might trump the Chineese

Tomra to be installed next 4 weeks in coordination with other news about Blesberg

New manager advises less is more in regards to quarterly announcements, big companies only announce 6monthly.

Larisoro – exploration team identified very high material to the north of two main pits. Scale is far larger than they anticipated so work ongoing to incorporate that. Logistics the dynamic as it is more remote so large volume is key.

Kinusi - Trial shipment at Kinsui is sold mine gate sales (their trucks), each offtake partner has their own advantages. Very limited access to cell phone data

Phase 1 plant as advised will be up this quarter.

Annual licenses will be renewed.

New environmental licences being approved now to cover phase 1 and 2.

Peer review of metallurgy results before being released.

Kinusi drilling to start in may. 2x drill rigs to be purchased hopefully over the next month.

Earnings report on Kinusi expected

Https://x.com/marulaplc/status/1900108785705738467?s=52&t=c_LwLwbac-ccWu_Nu0pTfw

Titanium companies being bought out for 100% premiums right now;

From Charles Archer:

This time last year there were 3 titanium companies with proven extractability, listed in London (and several others working on flowsheets):

Sovereign Metals

Kenmare Resources

Base Resources

Base been acquired

Kenmare is under offer

Rio Tinto is 20% shareholder of the third and has just stocked up the war chest to buy Arcadium

Base, premium paid to close: 227%

Kenmare, premium offered to close: 93%

Meanwhile the only primary rutile producer, Sierra Rutile, was also acquired last year, premium paid before bids: 131%

Some corrections to my previous post as was using mobile.

Sovereign metals - market cap £260m

"Kasiya's global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite

· Kasiya remains the world's largest natural rutile deposit and second largest flake graphite deposit"

So 1.8BT @ 1% rutile = 18MT of pure rutile.

Assuming $2000/T = $36Billion in-situ value.

Add in the copper and that could be more like $50B

https://www.londonstockexchange.com/news-article/SVML/kasiya-indicated-resource-increased-by-over-80/15905662

Sovereign metals 2022 scoping study came up with an NPV of $1.5B for a 25year mine life and $12B life of mine revenue

https://api.investi.com.au/api/announcements/svm/94a7164c-a7d.pdf

---------------------

EEE Empire metals - market cap £77m

The total Exploration Target, covering the Thomas and Cosgrove mineral prospects, is estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2*.

· Included within the total Exploration Target above is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m, and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2*.

https://www.londonstockexchange.com/news-article/EEE/exploration-target-for-pitfield-titanium-project/16514675

So lets use 4billion Ton at 4.8% TiO2 (8% and higher zones have been found in subsequent drills of the weathered cap)

4BT x 4% = 192MT of TiO2 x $1500 (75% of rutile price in case there is a mark down for not being natural rutile = $288billion.

So we have a 5x larger in-situ resource with further exploration target of 5x more which again is only a fraction of the total orebody. A measured assumption would be that the NPV could be 10% of the in-situ value, in this case $28Billion. Maybe there is too much ore to process, so lets cut this in half to $14B. And this is based on TiO2 at $1.5k/T. Maybe we can refine this to Ti worth $10k/Ton

This brings us to current valuation. Once online, A market cap of 50% of NPV would be about right. $7billion or £5billion. At exploration stage, you would expect north of 1% in-situ value, but as $2.8billion is maybe a little to high, I still feel £500m feels about right for a short term valuation until we enter the production phase.

Of course, considering the orebody is several km deep and the weathered cap NPV calculations only use the top 30 to 40m, the in-situ value could easily exceed the largest known ore body in the world-

"Notably, based on combined reserves, resources, and historical production, it has been estimated that the total value of ores in the Norilsk-Talnakh district surpassed US$1.4 trillion at 2020 metal prices"

Sovereign calculated a NPV of $1,500m for 25 year mine with an inferred resource of 80m tonnes of rutile metal (TiO2). Market cap £260m

EEE could go for 100 years and could have over a billion tonnes of rutile metal at surface. Does that give them and NPV of over $15billion? (10x Sovereign)

Sukhoi Log, a gold project in Russia is considered one of the largest in the world and has an NPV of $9billion

Spamming the board with non EEE related posts is going to put off perspective investors. When I do DD on a company I like to read back the past 300 pages on a company before investing. That would be nearly impossible to do on this board without going mad.

Share price will be 2x, 3x, 4x maybe 5x in the next few months - CEO today

New video following todays copper RNS

https://www.youtube.com/watch?v=4Woo11qRn9Q

RNS out, sales started.

The chairman and geologist sitting with the bags of stockpiled copper.

https://x.com/JB_MiningAfrica/status/1898995366931947822?t=hEjOCxdcc-gA-d9Pp5bRpQ&s=19

Also these tests were done on the original high grade ore. The weathered cap is higher grade, rutile like and expected to be even easier to process. And it is being bulk tested now.

This 97% TiO2 is worth around $2000/t

Even at a conservative 50% recovery rate, that puts the 32billion 5% inferred JORC resource of TiO2 worth $1.6trillion.

ECR featured on stockbox research talks today

https://www.youtube.com/watch?v=Gdb1q2H6LaM

Ondo insure tech a good safe (and ethical) home for any top slices. 70% revenue growth per year and only just started on their journey. Cash in the bank and profitable this year

Stockbox research talks today featuring Marula and 2 others

https://www.youtube.com/watch?v=Gdb1q2H6LaM

I made an extension of the units sold graph, and added in sales of 300,000 by March 2026. This came up with 1m units by March 2028. Theoretically they could start shipping 500,000 by March 2025, and they could expand production again. It really is down to how long it takes for insurers to start placing large orders.

Ondo aren't the bottleneck to accelerated growth so to speak.

Here is the graph

https://ibb.co/FbZZW7gK

Small nibble at 4.15 first thing. Maybe get another 30k shares next Friday then I better reign it in for a bit until I can sell a runner elsewhere

Would it be possible for someone post the article here?

I played about with the graphs and numbers too. The fact we haven't dipped into the extra 4x manufacturing capacity yet officially means there is scope for this acceleration to continue. There will come a point where there are not enough customers left bit right now we are still below 1% of the addressable market with more insurers to be signed. Ondo seem good at removing bottle necks with production increase and new plumbers being added all the time

Some big buys under 4p going through too. Must be a big sell to come

Looking at a graph of units deployed, it's a shame the share price isn't reacting the same way

https://ibb.co/pmxgD2S

We usually see a nice RNS at the same time as the big conference events. As Craig is at one now, wondering if we will get something on Monday morning?