Member Info for Andii

If we are in accumulate and not celebrate mode, then maybe I could interest you in my other share picks?

Marula mining, debt free african battery metals miner. Has to be a near term bagger with revenue about to go from zero to millions of £ a month any day now

https://shorturl.at/bdwyF

URAH - emerald miner away to install world first optical sorter which will take old stockpiles and massively successful historic mine into the 21st century. £3.5m market cap and optical sorter being comissioned on site now. Production anticipated maybe next quarter with emerald containing ore sold at auction several times per year

https://m.soundcloud.com/zak-mir-32494497/bernard-olivier-ceo-ura-holdings

10:4 top cat 😎🙏

There seems to be a continued real concern being voiced across various platforms about delays to the offtake agreement.

Here is one such post from twitter today

"With such a delay on the signing of the offtake with no worthwhile substance of a reason. All things point to issues with the deal!! What a way to put fear into shareholders 👏 #maru @MarulaPlc #Lithium #blesberg #delays"

*********** And below my reply************

"Such a delay" - we are so far only technically 5 weeks after the original *anticipated* deadline date of end of 2023 for the offtake being in place

"no worthwhile substance" - the terms and knowledge of European offtake was only announced 22nd december and lithium testing by potential offrske partners was still ongoing through the whole of quarter 4

"Issue with the deal" - Feb is still *shortly thereafter* January so technically we are still on (the revised) schedule 😎🙏

Here is the post with a link to a video showing Jason discussing all things offtake (from 4 months ago)

https://twitter.com/AndrewMathieso3/status/1754636183416517123?t=tzXfpCfP5jgMaQq2QGREJA&s=19

And the RNS which is the latest official update, states a target date of "shortly after january"

https://www.aquis.eu/stock-exchange/announcements/4403528

Even with Australian government support? A 30% partner who will help fund production. If results keep flowing in and are positive, EEE could self fund through dilution, the stronger the share price the less the dilution.

If they don't need a smelter, if the pilot plant costs under £20m, if gross margins are more competitive than any other Titanium miner, if the pilot plant can generate an IRR exceeding 100% (make over £20m profit in the first year), EEE could go this alone with help and support from Saudi engineering and 30% partner.

Look at syrah resources for example. They built a huge expensive processing plant and crashed the graphite price. But they were trying to earn $300m revenue a year from a total addressable market at the time of around $1b.

Titanium market worth $30b a year

Sorry to keep on about the in-situ value.

https://moneyterms.co.uk/in-situ-value/

In-situe value is the value of the indicated, measured and inferred resource. It does not include mining costs or processing costs.

https://www.scrapmonster.com/metal-prices/minor-metals/ilmenite/700

Hi iron content ilmenite selling for around $350/t. The low ferous content has been discussed by the CEO previosusly so perhaps a premium could be achieved here.

Now to the size. I disagree with your 300m depth. If it's 6km deep at the centre and 200m deep at the outsides (as per the diamond drill results and drill position along the outside of the magnetic anomoly), I make the total depth on average perhaps 1km? Theoretically using trigonometry it could have an average depth of 3km, but to be conservative, let's slash that by 3 and use 1km.

So using a smaller area than you (which also should keep the average depth up)

30,000m x 8,000 x 1000 x 2.7 (mass to m3) gives us a tonnage of 648 billion tonnes

X by 0.05 to get 32b tonnes of pure Ti02 devide by 4 to get 50% TiO2 plus 50% losses during the sorting/upgrading.

Final answer is 8 billion tonnes of 50% TiO2 which @ $350/t would be worth $2.8trillion

So by dividing the theoretical depth by three, using an area less than 75% of the one you used, and using a very low ball 50% recovery figure and a low grade ore selling price, I get $2.8t.

What if it can be upgraded to 98%TiO2 easily enough which sells for $2000/t? Figures of $10-$20t then become accessible

Hi Oldslow, what value did you attribute to each tone of 5% TiO2 to get to $1T?

Thanks

Share price went from 0.05p to 0.15p in the weeks following last years February African mining conference.

Correct, a large discovery would affect the price, but only once in production. It would be physically impossible to mine it fast enough to make a meaningful impact on a $20b yearly growing titanium market. Also worth considering that worldwide titanium supply is falling at a faster rate than demand is growing.

If they can reduce the price of titanium, this also makes it more attractive as a building material so there could be a future where large metal structures are made from titanium, by which point the Ti market could grow to $50b/year and EEE would take over a huge portion of that market share.

IF the sorter is 40t? A lifting frame would be a cheaper option.

Park the lorry close to where the sorter is due to go, build the lifting frame over the lorry and the final resting place and you only have to lift, the load 30cm up, then slide it along the frame max of 10m into position then lower.

That whole process could be done in 36 hours if the manpower and lifting frame are already available on-site which would be part of basic planning

Direct quotes from november presentation

Https://www.proactiveinvestors.co.uk/companies/news/1035072/empire-metals-ltd-presents-at-the-proactive-one2one-investor-forum-november-23-1035072.html

Mineralisation from surface

@12minutes

"One of the key things i wanted to also add at this point is we are now advancing our understanding of the orebody to try and work out, if it is not a beach sand deposit and not a hard rock igneous deposit, then what is it. To come back to the word i used earlier, it is a thermo event. So all these minerals have dropped out because of a large solution influx. And what that encourages us to think is that if we have to go and reverse the process, if we want to get the titanium back out of this particular material, it may not be as difficult as our competitors face when they are dealing with a volcanic lava event which has brought up titanium in inigneous rock and dropped it out in very refractory minerals."

+"Super giant mineral system." "extremely concentrated."

+"How do I compare that to anything else that's out there in the world. We can't."

+"So much bigger than anything else that has been reported out there."

+"Hope to demonstrate minerals will respond cheaply to production. Fairly standard processing."

+"Mining costs & milling costs wont be very expensive."

+"Will come back with even better grades as drilling progresses."

I did some calculations last night.

Every hole has ended in high grade mineralisation

40km x 8km by 1km deep (the average is probably deeper than 2km as there is a 6km deep keel)

320,000,000,000m3 x 2.7 (density of each square meter

=864billion tons

x0.05 (to account for the 5% average grade of Ti)

=43b x $1000 (pure titanium actually worth $10,000/T but to be conservative)

Answer = $43trillion

The total mineral resource of all minerals in the whole of Russia is $75t

EEE titanium in the ground full value is worth more than all of the resources contained in the whole of Russia.

Https://www.youtube.com/live/Vdech53EJ3w?si=htO4oAQMB3RHZlfy

In this interview from 4 months ago, Jason talks from the 1hr mark.

The original offtake is discussed just after 1hr04m. The initial offtake was always only a 2x 1000tons temporary offtake to the Cineese.

At that stage (4 months ago) they were still in discussion with multiple offtake parties, the ore was being tested by these third parties meanwhile the Lithium price was falling.

At 1:16:30, the new offtake arrangements/agreement is discussed. The offtake was always only going to be signed off and ready once the ore sorters were comissioned and running.

There then follows briefly after a Q&A submitted by investors with further discussions around the offtake.

Worth noting also that they still didnt have audited mining plan in place and this was not expected until the end of the year. I suspect that is what has held up the dual listings the most (no mine plans or revenues = quite a lengthy paperwork exercise to qualify for new stock exchanges)

Https://twitter.com/MarulaPlc/status/1653343763878621186

Ore colour characteristic

Purple = 7.86%

White = 7.02%

Green = 3.64%

Pink/Blue = 2.15%

https://twitter.com/MarulaPlc/status/1745755903041716265/photo/3

"The ongoing optimization work will allow production of final saleable material with grades of up to 6.1% Li2O from ROM feed grades as minimal as 0.2% Li2O. Ahead of the installation of additional processing equipment."

^^This was a tweet on the 12th january back when the recovery rate was estimated at 84%

What happens once "additional processing equipment" is installed, and they have a recovery rate above 89%...

Maybe we could see some of that "technical grade SC7" product that PREM shareholders are hoping to produce.

The medium/large/jumbo graphite prices look do be doing fine/increasing over the past 6 months. Bodes well for the jumbo flake graphite projects in the portfolio.

(see page 5 below for graphs)

https://blackrockmining.com.au/wp-content/uploads/QuarterlyActivitiesAppendix5BCashFlowReport25Jan24.pdf

Syrah further suffering. Only 20kt production in Q3 vs almost 100kt production capacity. Cost per ton also higher than sales price. Something funny going on with the Chineese and the fines graphite price

https://www.datocms-assets.com/65260/1706666658-december-2023-quarterly-activities-and-cashflow-report.pdf

The medium/large/jumbo graphite prices however look do be doing just fine/recovering over the past 6 months (see page 5 below for graphs)

https://blackrockmining.com.au/wp-content/uploads/QuarterlyActivitiesAppendix5BCashFlowReport25Jan24.pdf

Here is the soundcloud interview link again

https://shorturl.at/bdwyF

https://soundcloud.com/zak-mir-32494497/*****on-van-der-burgh-founder-ceo-q-global-commodities

20th october, 570 listens so far

zak mir interview with q u i n t o n van der burgh, who is the founder and ceo of a south african mining company q global who have developed and sold over 47 mines over the last 20 years. his net worth is (i think i heard correctly) $60billion???

he is marulas "sugar daddy"

from 6 minutes, q's story - experts in open cast mining and owner/operator of a vast logistics network "pit to port"

from 14 minutes, talks about marula and how it is easily worth 20x to 30x current value (share price was around 9p on the date of the interview)

$$$$ looking forward to the £2 share price party

The grade has dropped from what 4.5% as per mine design to 3% real hence the reduced production capacity vs name plate capacity. (20ktpa max vs 30ktpa nameplate)

This we are told is due to "overburden". A mine has a strip ratio, vegetation requires removing from the top then the high grade sections need selectively mined/removed.

Tirupati haven't done hundreds and hundreds of close spaced drills, they don't have AI software and robotic mining equipment to efficiently mine only the highest grade portions, and they have only recently trained and increased their workforce (4ktpa to 15ktpa is a big jump).

Don't you think that maybe the issue is temporary whilst the workforce learn how to operate the diggers correctly and clear away unwanted overburden? For me a drop in grade from 4.5% design to 3% in the first year of 400% growth in production is perfectly "believable". (to use terminology you understand)

here is an interesting statement from september 25th 2023

"with an approximate 1500 tonnes per month and minimum 6% li2o grade terms, revenue is projected to be approximately $90 million based on current prices."

https://twitter.com/marulaplc/status/1706239087991005348/photo/1

bullish statement from *****on the billionaire investor

https://twitter.com/marulaplc/status/1717887670091735434

(jason)"was sitting on some of the best assets i've ever seen"

^^this from a self made billionare who has been in the mining industry for more than 20 years^^

Did we ever get published results for the airborne geophysics survey from october?

https://twitter.com/MarulaPlc/status/1713893444131725538/photo/1