Member Info for Andii

My last comment was being sarcastic wishihadnt due to the tone here recently.

All I know for sure is, revenue in 2023 = nill

Revenue in april 2024 with two producing assets should be over £1m with a gross margin over 50%.

Those crunching the numbers will see incredible growth from 2H 2023 into 1H2024 then into 2H 2024. Hopefully we get updates on revenue quarterly starting from April for anything earned in march. $$$$$$$$$ =o))

Spot price for super jumbo 95% purity is around $1750

Spot price for small flake 95% is around $600.

https://blackrockmining.com.au/quarterly-activities-appendix-5b-cash-flow-report-6/?doing_wp_cron=1710142912.7765378952026367187500

There was talk on here that TSG may have been the customer that have tirupati $1m prepayment in August, in exchange for a 10% or more discount I believe?

I'm not sure where you get all those figures from as quantities sold to individual customers is condmfidential.

Was it TSG that helped with some of the technology to build 30ktpa plant for $17m? Or was it another company? Some graphite miners are having 17ktpa plants built for $50m don't forget so whatever you think you've found, there is also incredibly cheap capex to consider. Outsourcing is not a new phenomena and the figures you are suggesting aren't huge. The TGR total admin costs is around £2m a year which again for a company on track to make over £10m revenue is pretty competitive when considering competitors.

Anyway here is that video again. One of the better use of this message baord is for sharing informative videos and articles on the titanium industry. This one featuring another titanium explorer at early stages run by an Australian company.

https://audioboom.com/posts/8466190-midweek-takeaway-with-sapan-ghai-cco-of-sovereign-metals-and-charles-archer-long-term-ftse-aim

Can't believe I'm being harrased on etiquette by a grammar nazi. Bit hypocritical!

No idea wishihadnt, I guess it heavily relies on the ramp up speed of blesburg, lithium price, average grade and how much they can get for the byproducts. And once free cash flow is achieved, how rapidly they choose to expand.

For once I'm not going to do any calculations as they don't appear to be too popular 🤣

Bulletin board opinion is now discouraged. Only facts from official independent reports are now considered acceptable.

Revenue will most likely arrive before these reports are issued, but we can't trust revenue alone until we see the official independent reports confirming the resource sizes and the economics. Kind of a catch-22 really

GGP journey from 0.5p to 38p took around 2 years. At their peak valuation of £1b they only owned 30% of their discovery and were still 4 or 5 years away from production.

EEE is only 10 months into the journey.

Here is a podcast on sovereign metals discovery. Really interesting what they are saying about the upcoming shortage of titanium.

https://audioboom.com/posts/8466190-midweek-takeaway-with-sapan-ghai-cco-of-sovereign-metals-and-charles-archer-long-term-ftse-aim

Also,.if your a geek like me and enjoy reading other companies feasability studies, you will notice that sovereign require 3Giga litres of water per year, enough to fill 1200 Olympic swimming pools. Much of this will come from rain water but they will take from the local river also to top up their dam.

As Sean B said in his latest interview, the soft mineral sand miners need to mine 10x more material than we do as their discoveries are usually around 1%TiO2.

Back to mining companies, some catalysts are usually JORC, feasability studies and TR-1's from institutions.

* Any new lithium mines brought on stream in that S.Africa/Blesberg area would be fed into the Blesberg machinery;

* Graphite - could look to do a quick DSO product to get revenue or they may try and get a higher value product to take advantage of the jumbo flake prices. Balance of quick to production Vs not giving away too much value too quickly

* Zimbabwe & S.Africa really good for copper and lithium projects. Tanzania & Kenya great for critical minerals.

* Nickel - very few nickel sulphide projects around. Tanzania is a possibility.

* Manganese - looking at a project in Kenya

* Aspiration to have cash generating assets in both S.Africa and E.Africa so they can operate each area independently * Important to consolidate Marula’s position and they want to increase their positions in S.Africa & Zimbabwe as they have a very good S.African team.

Posted at 22/2/2024 11:54 by gasman10

* Offtake not yet signed. European company based in Switzerland. Got a meeting on Monday and if no positive outcome will look to take an OT forward with another party. Lots of interest. 2 in particular and 1 is keen to invest to produce a carbonate product. OT’s generally specify a 5% minimum product and the price can be higher for better grades;

* A different project is under review for potential production in Q1;

* Kinusi scheduled to start producing in Q2. They are looking into options for copper cathode in the future to maximise revenues and not let too much value go early on;

* There was 36k tonnes of stockpile at Blesberg last year and that’s increased by around 40%. The Tomra should arrive early March and should not take too much commissioning - operational second half of March hopefully;

* Korridor is really good but they have 3 other lithium projects under review - 1 of which is adjoining Blesberg!!

* Copper OT’s are already in discussion;

* Listings will go in the previously suggested order:-

- NSE approx w/c 11/3 - Fader Investment Bank to confirm when submitted the listing document and NSE to confirm it is acceptable - then good to go;

- JSE quickly after that as the NSE is the gateway into the JSE;

- LSE hopefully in Q1 as well but following the other two and we need to meet the £30m requirement.

* The Tomra takes 5 x the material of Rados and they are looking to use in series together. Tomra first to remove the other minerals and then leave a cleaner spodumene for the Rados to process;

* Newsflow: no need for any concern - Jason has been in 3 days of negotiations but RNS’s are being worked on and May have announcements end of this week and through next week;

* Q is very happy with progress. He is busy finalising his billion dollar fund in the Middle East and US but is keen to accelerate development into alternative metals and minerals;

* Blesberg - assay 1 is due 1st or 2nd week in March ish. Assay 2 poss end of March;

* Dividends are important to Jason as a major shareholder and it is not just a box-ticking exercise for the NSE. They have full intention to pay divis when cash flows allow;

* Deals - in South Africa and Southern Africa - relating to copper and lithium. RNS’s soon!!

* Once production and revenues start, they will be looking to move away from share based acquisition payments to cash based payments;

* Blesberg - down the line we could look to move into battery manufacturing to maximise revenues and Eastern Africa is positioned well to be a battery hub!!

* CPR’s are complete for:-

- Blesberg

- Nkombwa Hill

- Kinusi

Graphite CPR’s are being completed asap. All of the CPR’s are needed for the LSE listing

* $406 AISC - so we are very comfortable at these current lithium prices

* Value of bi-products from Blesberg will exceed the operating costs of the mine ?

* Any new lithium mines brought on stream in that

◦Updated presentation will be released and will include numbers on both Blesberg and Kinusi - operating/mining processing/admin and revenue streams and margins (This is potentially delayed due to new input from Jana changing the Kinusi economics)

◦Lithium oftake agreement Lithium (Monday/Tuesday)

◦Blesberg phase 1 results / JORC statement ◦Blesberg Airborne survey results ◦ Blesberg Satellite survey results ◦Kinusi Phase 2 drill plan/commencement (Hopefully an announcement soon, might be included in a more general operational update)

◦Tomra COM XRT 1200 ore sorter arrival at Blesberg

(Expecting this in the last two weeks of march)

◦Blesberg non Lithium arrangements (Likely not until the non lithium sample results come back)

◦Korridor update ◦New Auditors and expanded finance team ◦Nyorinyori and NyoriGreen phase 1 staged share payment ◦Nyorinyori and NyoriGreen phase 1 results ◦Nyorinyori and NyoriGreen phase 2 exploration activities updates ◦Zimbabwe Lithium ◦Kenya Copper ◦Kenya Lithium ◦Bagamoyo update ◦Bagamoyo phase 1 staged share payment

◦Bagamoyo expansion? ◦Community engagement updates ◦More Exercise of warrants

◦Environmental, Social and Corporate Governance update? ◦ Research / Brokers note (Could land at any time)

DISCLAIMER - All of the above is my personal view and not company endorsed

Lovehandles

You asked me this:

"Wake up! You say: "Mining costs I estimate $5/t due to very favourable soft rock and from surface deposit ".

Can you back this up with a reference?"

Here is a feasability study for a sandstone gold resource in Ghana

https://s24.q4cdn.com/325379252/files/doc_downloads/2023/03/ni-43-101-technical-report-and-feasibility-study-for-agm-ghana-effective-2022-12-31-final.pdf

page 15 of the report (actually page 51 of the document) quotes mining cost of $3.66/t of ore.

This mining process requires blasting.

Mining costs also include stripping cost of $428.4M which is a large % of the Operating costs.

Stripping costs at Pitfield would be a small fraction of the operating cost as there is only a few meters of topsoil over the high grade deposit.

Maybe $3/t mining cost would be a better estimate.

Ah the below should be $190m not billion.

https://find-and-update.company-information.service.gov.uk/company/12710538/filing-history/MzM5NDkwOTkwNWFkaXF6a2N4/document?format=pdf&download=0

Small profit margin however so hopefully they have struck a great deal with us

Thanks to Craig on telegram.

Offtake RNS on Monday is with Fujax with £190b revenue in 2022.

"Just took a look at Fujax full accounts on companies House. UK incorporated so easy to find. Turnover £190bn in 2022, boils down to £1.422bn profit . Actually similar or higher revenues to Mercuria"

Confirmation it is the Lithium OT that was being finalised!! 💥⛏️💥

https://x.com/marulaplc/status/1766071379248710019?s=52&t=8TEeQFBMfWx-rw3r7z88FA

I'm looking forward to finding out the volume and value of byproducts from Blesburg lithium plant as we have been told they will more than cover the operating costs.

https://twitter.com/MarulaPlc/status/1766045901800272044?t=b97BOy2vpXVLXXhmEBl9lw&s=19

⚒ Samples of Coltan/Tantalum, a high-value by-product of our lithium mining at Blesberg Mine, are en route for testing and assay.

#MARU #BlesbergMine #Lithium

Forgot to add ilmenite and rutile credits which have already been mined and milled for free*

Just tantalite is 20% of each tone

As stated below, it contains about 40% TiO2

Therefor each tone of ore contains 8%TiO2 (I believe they have still to find this sweet spot but current drill campaign is now on the sweet spot)

To get from 8% to 40% (ore to pure titanite worth maybe $250/t) you need 6 tonnes (80% recovery)

To get from 40% to 95% (synthetic rutile worth $2000/t) you need around 17 tonnes (again 80% recovery)

Mining costs I estimate $5/t due to very favourable soft rock and from surface deposit

Processing costs $5/t gravity separation stage

Another $5/t for acid leach stage

To get 1ton of titinite, 6x$5 + 6x$5 = $60 + $65? admin costs = maybe $125. Titinite worth $250/t hence 2:1 revenue to costs

To get 1ton of 95% rutile 17x5 (mining) +17x5 (processing) + 3x5 (acid) + $130 admin costs = 85+85+130 = $300. Rutile worth $2000/t hence 6.5:1 revenue to costs. Potential exist to increase recoveries through correct grind size and to produce a 99% pigment product selling for $4000-5000/t. Acid leaching may have a higher recovery rate than 80% also (some copper projects are above 96% recovery)

Sovereign project revenue to cost profile is 3.5:1 for comparison

Oldslow, here is my post previously:

7 Feb 2024 09:29

From the scoping study you supplied;

https://minedocs.com/22/Titan-PEA-6292022.pdf

This other USA company, Iperion X - what I noticed from the document;

They were able to define a JORC mineral resource of just under a billion tonnes of mineralised ore after only 107 drills.

EEE currently at 64(ish) but the next 40 will be mostly closer spaced in target areas (including 4x diamond drills)

From Iperionx-

"The Mineral Resource is based on 107 drill holes totaling 4,101 m, and occupies an area roughly 6.2 km (north) by 3.6km (east);"

"Production target of 243 million tons of mineralized material over a life of mine of 25 years"

(EEE have so many billions of tons of mineralised material, EEE are in a different league volume wise)

Clay was mentioned, which is more difficult and costly to process

" In the FPP, the feed is de-slimed to separate clay and the sand. The slimes are directed to the thickener where they are thickened and then filtered."

The actual titanium content is low, contained in sand. This is more of a rare earth deposit with more expensive mining and processing costs, although it is a great piece of work and looking forward to the EEE version from the same author.

Hi bankruptcy & GTA5.

Nope, I haven't overlooked that, my reasoning is

20% of the orebody is titanite. Titanite contains around 30-37% TiO2 so therefor around 6-7% TiO2 contained in titanite.

Inferring from the above suggests the actual content of TiO2 will be closer to 10%, and we know rock chip samples are 10-20% TiO2 and they are targeting higher grade zones

Rutile group minerals account for 3-4%

Looks like the zone they found will contain 10%TiO2

Rutile will acount for 0.3-0.4% TiO2 per ton of ore

Rutile sells for $2000/t. That would be worth $6-8/t of ore as a byproduct hence me claiming that they could cover the cost of mining.

https://www.mining.com/web/making-the-grade-understanding-exploration-results/

*as a rule of thumb, $10/t mining cost*

Pitfield is soft rock at surface so I'm assuming mining costs will be considerably less than $10/t hence my claim

Https://minedocs.com/22/Titan-PEA-6292022.pdf

Here is an example of a PEA Carrie out by one of the baord members

Thanks to ML on telegram:

Done some intensive research on our latest recruits & have to say I’m very encouraged for a number of reasons.

Ms Marriott - good track record & highly experienced (Video to show you who she is)

Mr.Dardengo - fabulous appointment & I’ll tell you why this is important. He’s the number man & he has extensive experience putting together Scoping Studies & valuations. SB is in full flow to generate the 💰 calculations. He recently completed this for Iperion (IPX NASDAQ) who are fully focused on Titanium in Tennessee 🇺🇸

Mr.Nicolson - again, a scholar from the mining & mechanical engineering with over peer reviewed and published reports, thesis & cited across multiple industries being heavily involved with ilmenite & CSIRO test equipment.

The board are playing a blinder here & I can tell you now, I won’t be putting any bulletin board randomers opinion or thoughts ahead of anything SB & his team communicate via RNS.

This is a phenomenal opportunity for all involved now.

Lookes like the rutile credits alone could cover all mining costs :)

"Titanite, a calcium titanium silicate mineral, accounts for ~67% of the total contained TiO 2 and makes up around 20% of the ore by mass.

Ti bearing Fe oxides (14-22%), ilmenite (7- 16%) and rutile group minerals (Ti-Oxides) (3-4%) account for the rest."

(Rutle group minerals are 95% TiO2 and sell for $2000/t)

Did some rough calcs based on other titanium hard rock and sand resources. Checked the economics of copper leaching resources too.

The margins for mining/crushing/separating titanite ore (without acid stage) would range from 5:1 to 2:1 revenue to opex (based on selling unrefined titanite for under $200/t).

Favourable aspects: super low opex due to soft rock, zero stopping costs as at surface and high grade continuous, low infostructure capex as rail, road, power, gas, water all on site so IRR would be high due to low initial project cost. Infostructure costs at remote locations can be up to 2/3 of a projects capex.

Including the acid stage increases the margins to more like 20:1 or 10:1 which are just incredible.

Sean has already spoken to investors at events in the past about an acid process being the highest margin and expected processing route. This will have been known by recent high flyer additions to the management team before they joined yet they still.set the options at 14p and 18p

The demonstrator plant will also allow them to test the economics of a simple titanite ore vs first stage acid product vs final stage pigment process. And in every case they can model for a 50 year mine life and choose to go as big as they want as they have enough titanium to supply then world for 100 years.

Rains,

I've not asked again. Feel free to message him yourself.

I found info on feed rates in this RNS

https://polaris.brighterir.com/public/marula_mining/news/rns/story/w6mp5gx

"The Processing Plant has been designed with up-front crushing capacity of 20 tonnes per hour (“TPH”) with initial milling capacity set at 5TPH and with the capacity to be increased to 20TPH"

The initial target contains visible high grade material but not sure on its average grade.

Let's assume 2:1 ore to product.

5tph at 10h/day x 30 days = 300hours x5tph = 1500t at 2:1 = 750t of copper. $1000/t for 20% copper = $750k/month revenue

At 20tph that becomes $3m/month revenue

No idea on opex but if it's anything like blesburg it should be under 30% so quite a nice profit margin.

$15-20m profit a year? 300%IRR or more?