Member Info for andypaps

It appears to me that the 360 acres was acquired from Baseline minerals Inc in two tranches on between 25th Feb & 3rd March , 200 and 160 acres at a cost of $1.50 per acre, so $540 in total! The key thing here is that the land is still so cheap to add additional leases. It's the Hill County items, second block down.

https://dnrc.mt.gov/TrustLand/subsurface-resources/Documents/Mar2026-SaleResults.pdf

Given what is going on elsewhere in the world and a sea of red , staying unchanged makes it a good day. I'm expecting the latest XRF from Kalayi this week, if not then surely by Friday 13th March!

Been watching the company for quite a while just never pulled the trigger. After today's debacle The Chief executive Dr K Johnson should be handing back his £57,500 bonus which was on top of his £284,500 salary. How does anyone let a company be reliant on any one customer that is 84% of revenue and not take any remedial action. Absolutely mind blowing.

Rereading the Dec 24 accounts (last ones filed) if I were a shareholder I would be thinking about a group lawsuit based on the limited disclosure of an 84% customer. The opaque wording of the strategic report highlighted customer concentration but utterly failed to distinguish the reliance on one customer. The auditors and directors were negligent in the extreme. I'm feel bad for the shareholders and employees but what a great case-study this company would make for learning about pitfalls within reporting and that their last financial statements were not fit for purpose.

The only saving grace is the 4 year contract with GE must have a better termination lead time than one month?? How is that possible? Maybe the amount owed to GE (in the form of advance payments) nullified the usual break clause.

Lord,

The word “prudent” isn’t about managing down offtake expectations — it reflects reservoir management discipline.

When Helix says it is flowing ~1,500 Mcf/d from three wells at Rudyard at a prudent initial rate, it means the company is deliberately producing below maximum potential while it gathers pressure data, flow stability data, and reservoir performance characteristics.

In early-stage production operators need to:

• Avoid aggressive early drawdown that could damage reservoir performance

• Monitor pressure behaviour to understand long-term deliverability

• Optimise choke settings for stable flow

• Preserve optionality for higher sustained rates later

For sure, at this point in time for Helix “Prudent” signals operational conservatism, not commercial limitation.

The objective is long-term recovery and stable plateau rates — not short-lived peak flow.

I'm waiting for Bo's interview this afternoon. Not that I think that it will add too much but I think such a milestone should be celebrated. I still sure we get the Chairman's statement & CEO commentary as part of the Financial statements this week. The slight Ineos issue obviously has been known about for a while - insider selling, if any, was very limited; I assume quite rightly that insiders felt production from 3 wells outweighs any negatives of a slipped timescale on Inez.

In my opinion the RNS was never nailed on this week however it is nailed on next week. I don't feel any different about HEX this week but I will if we don't get anything next week.

In my view the delay is not operational in terms of the mechanics of production but administrative in terms of the financial statements being finalised. It becomes clear to me that the operational update is likely to be via the Chairman's report and CEO update that comes with the financial statements. I suggest one looks at the 17th Feb 2025 RNS (scroll right to the bottom) and comfort yourself that these reports are more than adequate to meet the brief of an operational update.

The financial statements are > 60 pages and will have some added complexities e.g David Minchin leaving and subsequent notes, the treatment of capital expenditure / intangibles etc due to the extra drilling & in particular the Inez well. Strictly speaking the accounts do not need to be filed until 31st March but based on last year they will come before next Friday.

An intra-day RNS re. financial statements is highly unlikely, the overall driver for RNS timing is in "keeping an orderly market". The 1 hour pre-trade with 7am release is the most defendable.

Any bad news (leaks) would have seen selling in the week. The large sells today are retail reducing positions, in my belief because of no RNS. I expect a recovery today and I guess we finish down no worse that 2 or 3%.

Goldbuguk

That is a good write up. I do think a ten bagger is possible and your time horizons sound realistic, however I'm hoping we get a double or treble after the next MRE (June?) as it rerates towards the end game.

...and to correct an error in my last post : current drilling is expected to be finished by end of March not April.

Figes, I'm agreeing with your take.

Paul stated that there will be at least another 4 holds to be drilled at Kalayi. Hopefully grades & intercepts will be as good as the last batch.

Paul talked about some NDAs already being signed previously. I doubt serious any serious talks called have taken place as we had no proof of concept. Now we do , or at least we will have by the end of April when current drilling finishes. He talked about Mont Agoma already having had discussions with the Chinese - surprising given we've hardly touched it compared to what the potential could be.

Klaus made a good point: Alphamin is a producer and not explorer so we shouldn't be surprised that they haven't really thrown a lot at trying to expand their resource, nor will they he implied. He also noted that they were getting into the realms where their share price would start to be affected as reserves dwindle. I feel Alphamin aren't too fussed about reserves themselves knowing the expertise is 8km up the road and the latest results look very promising.

I agree downside is limited here given the low market cap but what a waste of an opportunity with Bixsby screwing up the Bittensor subnets. Luckily with Interactive investor you can still get good exposure with Tao Synergies inc , trading on the Nasdaq with ticker TAOX

The value creation will happen when the MRE is updated. Paul talks about end of May. End of June is safer as the MRE model framework has been built from the earlier MRE but these things always over-run. The Pre-feasibility study PFS has less importance than usual as the end scenario is Alphamin buying us out .

The PFS usually is a document that assumes all the build/ CAPEX is still needed - when we actually hope we run through Alphamin. IMO the metallurgical work that has been ongoing combined with an MRE will be enough to add significant value assuming it is favourable as it will be clear to want extent it is commercial. People have Alphamin as a bench mark for costs & gross profit % so any buyer will have a very good idea of the profitability and economic model of RMR way before the PFS is finalised and that would be reflected in the share price.

Edzi

My understanding is that it is contained tin we need to look at i.e 100k , we have 10k now. The 200t is a resource. The higher the tin grade (i.e above the 1.5%) the easier it is to the 100t Sn contained!

Extract from broker note

"Post PFS valuation maintained at US$100m assuming net resources of 100,000 t Sn and

grade of ~1.5% Sn"

People expectations seem to be a bit off compared to what I'm expecting. These are my timelines. We are likely to get an update this week. They said they would but I'm still not sure it is nailed on. Irrespective when it comes it will talk about / or be close to 3 wells producing. Inez flow results are likely to be about 6 weeks away, then an updated reserves report a month after that.

Inez is basically a hydrogen scientific well (at this stage) it will determine what sort of well it becomes and how new wells are drilled out next. There is no point having the take off partners coming to visit Rudyard without these results as some of the take off partners will be there doing an informal evaluation for JV / buy out purposes. The more "buzz" on the day that Bo can create within the Rudyard environment the quicker we will see the actions that leads to the end game.

Even if it is another two months to know exactly where we are at that just represents 1.3% of it's 12 year life cycle if it only becomes a boring helium producing field.

I still have £1, £2 and £3 targets depending on Inez results, Ingomar and the unknown.

Edzi you can see from my analysis why it is very unclear what is left. This is my best guess with caveats.

The company published an updated NI 43-101-compliant reserves estimate (effective 30 June 2022) for the Mpama North deposit: Contained Tin: ~121 kt Sn (kilotonnes contained tin).

This reserve number is the basis technically used to define economic life of existing mining operations.

For Mpama South alone, an updated Mineral Resource estimate showed ~3.26 Mt @ ~2.46% Sn (Indicated) with ~80 kt contained tin, plus secondary Inferred ~68.7 kt contained tin.

However only the Mpama North reserve number 121kt SN can be used as the basis to define economic life of existing mining operations.

Mpama South has resources 68.7 kt that represent mineralisation that could be converted to reserves with further studies (economic, technical) and/or higher tin prices. However it is likley that RMR will have a higher %Sn average that that at Mpama South so would be a better resource.

121 kt / 20 ktpa ≈ ~6.0 years of production From June 2022 when considering Mpama North alone as the South as stated above needs more work to convert to reserves and actually RMR may prove be have a better 2.46% average grade.

Interestingly Alphamin has an off-take agreement with US-based Gerald Metals for the next four years of production. Maybe this is where they feel they can guarantee to.

However as Mining companies typically consider reserve replacement well before existing reserves are depleted — often when ~50–70% of reserves are used — one would expect Alphamin giving considerable thought to where they go now. This was likely why they head-hunted Jamie from RMR. Time is running out.

A while back I stated that RMR’s investment case boiled down to us finding a better tin grade/intercepts than Alphamin so that they would be faced with two choices: either close their mine when resources run dry or buy RMR.

I thought it would be useful to understand, particularly after yesterday, why RMR look well ahead in this race.

Alphamin,for many years (Mpama North drilling dates back to 2012–18 and initial Mpama South drilling in 2020-21) has found any concrete success beyond its existing mine footprint elusive.

Recent activity on Alphamin’s website details drilling at Mpama North and South which recommenced in Q4 2024 with further ramp-ups in 2025 (more rigs at both areas).

They planned to drill 4,500 m and actually drilled: 2,811 m — well below target due to contractor and geology issues. Alphamin’s geological issues seem concerning for them but positive for us.

Only three holes were completed post-Q3 2025 (2 at Mpama North, 1 at Mpama South). And none showed visible tin mineralisation. Alphamin has been actively drilling exploration targets for years (Mpama North back to at least 2012; ongoing Mpama South work since 2020), yet still no significant new tin resources outside the main mine have been delineated. This long period without breakthrough discovery as stated highlights severe ongoing geological challenges.

Despite increasing rigs and deploying new technology, Alphamin failed to hit its drilling metre targets in 2025 and yielded no new confirmed tin mineralisation in recent holes. This points to either ineffective targeting, or complex/poorly mineralised geology beyond the current known resources.

Either scenario suggests continuing uncertainty and potential cost inefficiency in exploration.

Rome’s drilling results from yesterday, especially with metal prices near all-time highs provide tangible catalysts for large resource upgrades, rerating potential, and future resource expansion, unlike Alphamin’s current exploration status.

The investor call will be timely. It will hopefully emphasize why these results are so good. Alphamin found it best results at 300 metres +. We are around 160m. This means high grades & intercepts relatively shallow. For me that is the big take-away as mining costs become more far more economical at lower depths with plenty of promise still to come as we drill deeper.

This is a re-rating moment and I think the investor call (19th Feb) will hammer this home. Alphamin's initial economic model was based on $24,000 per tonne in 2012. We are now at $48,000. Simplistically you can double our intercepts and grades to get a comparable economic model with Alphamin.

CuriousCat9

This would be a nice problem to have as it would mean our assets would be in production and being mined. Rome only has exploration permits, not fully permitted and producing mines. Also the article talks about a 5% local ownership only. Compliance on designated strategic minerals is always stronger, tin is not considered strategic by the DRC.

Companies usually structure around it like holding the DRC asset in a local Congolese subsidiary so as to isolate political & regulatory risk.

For example, Alphamin’s Bisie tin mine operates through a DRC-registered local company called Alphamin Bisie Mining SA (ABM). The ownership breakdown of ABM is: 84.1% owned by Alphamin (via international holding companies), 5% owned by the Government of the DRC (& 10.8% owned by the Industrial Development Corporation (IDC) of South Africa

There are far more important issues than a 5% local holding if it ever came to pass.

This is what I said on the 15th July 2025 about TIR:

"I expected more of Bixby given his profound enthusiasm. I'm a member of telegrams and discords groups within the Bittensor subnet space and the thing that has come really clear recently it that the community as a whole will drive subnet and dTAO valuations.

Bixby needs to be engaged within the community. It is embarrassing that the main podcasters/key influencers within the space have no information on Tiger beyond the joke that is the website. There is a volume of commentary of the 128 subnets. There are of course many in TIR's position - i.e lacking an understanding of the need to engage in the community but it is inexcusable for an AIM listed companies with the resources and stakeholders it has to be oblivious or incompetent to that need.

Luckily anyone with a subnet will ultimately be successful in this space (eventually) ; a rising tide lifts all boats, however the degree of success could be so much greater if they understood the fundamentals of the game. The community is able to see through the charlatans and TIR is sailing too close to the wind for my comfort. It's not rocket science and I assume the lack of support that Bixby has (within his team) is beginning to show."

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It is clear that Bixby is incompetent and not fit to lead an AIM listed company. He may be a great tech-head but failing to address what was needed to be successful in the Bittensor arena is inexcusable given a lay person like me with minimal research understood what was needed. Ultimately Bittensor will prove the place to be; but his lack of understanding means he will have passed up on the best investment opportunities in his space. I usually slag off Interactive Investor for being rubbish but their policy of suddenly not allowing buying on their platform of TIR means I saved a bucketload. I had a few but was hoping to go and buy 3 or 4 times the amount to average down - it just never transpired thank god. The few I have will stay in a draw as a reminder it's not so much about the company but more about the overall man in charge.

I don't think we need to find such big intervals. Alphamin's discovery was likely a one-off and they've found the highest intervals & grades in the region. All that is needed is for RMR to find better grades than what Alphamin can now find given their resource life is minimal in mining terms. They will eventually be faced with a choice to either close the mine or take the next best offered resource in the region. I know this is a rather simplistic view but actually when you cut through the ifs and buts it is exactly what it boils down to.

My prior post in November talked about being confident as to what would be found at Kalayi given Pathfinder had found the following in August 2023:

KBDD003 was 0.40m at 12.85%, KBDD003 was 0.50m at 11.70%, KBDD002 was 0.50metres at 7.15%, KBDD003 was 2.50m at 3.39% and KBDD003 was 1.00m 2.78%. I’ve left the depths out as the formatting on posting makes it harder to actually read the results (but my post from 19th Nov has the full information).

Today’s results had better some better intervals 2m @ 8.3% is outstanding, though we need the official assays to rubber-stamp these type of results so it’s not a given.