Member Info for Arbroathsmokey

Https://www.youtube.com/watch?v=6Z66wVo7uNw

Https://www.neoterra.partners/post/rare-earth-minerals-economic-extraction-analysis-and-ranking

An educational article ( for me) about xenotime extraction.

The new name isn’t unique in the rare earth mining industry.

https://www.neoterra.partners/team

Not too concerned about a 15% carried government interest. Mozambique is adopting the protocol set by other African mining jurisdictions. Although dilutive, a government stake may be politically expedient.

Country-Specific Minimum Government Stakes:

Botswana: Requires a 24% minimum local participation/ownership in new mining concessions, which can be acquired by the government, domestic investors, or national pension funds.

Mali: The 2023 Mining Code allows the state to hold up to 10% free equity stake, with an option to purchase an additional 20%. Factoring in mandatory local private interests, Malian equity can reach 35%.

Namibia: Enforces a minimum 15% local ownership threshold for all new mining license applications, aiming to increase citizen empowerment in the extractive sector.

Kenya: Mandates a 10% free stake for the state in large-scale mining projects, and requires 20% of equity to be offered on a local stock exchange.

Tanzania: Requires the State to be granted a free equity stake in all existing and future mining projects (with a minimum of 16% in certain agreements) and demands a minimum 5% local shareholding.

South Africa: Under the Mining Charter, companies must meet a 30% black ownership target, which spans entrepreneurs, communities, and employees, rather than a direct state.

Maybe. I copied that sentence from the annual report because its assertiveness amused me (I am easily amused). At the end of the day I trust MAFL management to maximise overall value to share holders.

For the mine, the interims advised... 'The current plan expects production to exit the year at a rate of c. 25,000 oz per year, although this cannot be guaranteed.' I am hoping that means end of June.

If the thickener and additional filter press plates expected mid year (i.e. now) work effectively AND the higher grade underground ore is feedstock then gold production (and cash flow) should significantly increase. I guess we will find out soon. Good luck.

The made a similar agreement with East Star (EST) late last year. For comparison.

The last annual report used the following prose to describe the direction of monetisation for GS .

‘….A sense of the path that may be taken should be defined by the end of the year.’

The end of their year is 30th June hence we should very soon have a sense, of the path, that may be taken.

An update every 3 months is sufficient in my opinion (unless there is significant news). They were proactive in releasing Lagoa Salgado news but I expect that they are now unable to do that without getting into trouble from other shareholders. I think MAFL management are excellent.

Apologies, I maybe didn’t explain my point very clearly.

An analog infers that 1.5% TREO grade is uneconomic if the NdPr content is less than 13% ( bearing in mind that all projects differ). Kendrick management must be very confident that the average NdPr content is much higher. Historical samples infer 27% however I didn’t read that this has been confirmed in the recent RNS. Maybe I overlooked it.

Economic recovery is expected for a head grade of 1.6%TREO hence management must now be confident that the TREO is consistently comprised of 27% NdPr components (as indicated by historical samples).

For info, a recent open pit design based on a resource containing 13% NdPr used a cut off TREO grade of 1.5%.

A fund raising would have been the path of least resistance and it could be argued that paying a PR company to pump up the share price immediately prior to a raise (and an accompanying warrant issue) would be normal protocol.

However, I personally think that Altona management have engineered a funding option that may offer best overall long term value to ordinary shareholders because it ‘should’ minimise dilution. They didn’t take the easy option and I think that demonstrates good leadership.

The market cap was about £4 million and the share price over 4p when the LREO MRE was reported. We all know that dilution kills shareholder value in mining exploration companies. Some mining company CEOs get mesmerised by their pet project and forget that they work for their shareholders. I don’t think our CEO is like that. I like to think he has insider knowledge of good things to come hence he didn’t want to raise cash by issuing equity at a low price.

Hi Prospector,

Altona is currently selecting consultants to further optimise the costs associated with the 2023 scoping study and prepare a PFS. Altona shareholders effectively get the LREO PFS for free. The USA tax payer is bearing the cost on our behalf. We are hoping that they now fund the fluorspar/HREO part as well. Then we will only need to fund the copper exploration in Botswana.

For info only. There is plenty of room for both Altona and Kendrick in this market. I hope both companies succeed.

Dysprosium oxide is worth over $200/kg.

The Fluorspar JORC advises 3.48 million tonnes of rock and a 14.6 million tonne of rock exploration target at Kudu.

Todays RNS advises that the ‘significant’ intercepts weighted average is 172 ppm dysprosium oxide. Wide significant intercepts have been observed and that HREE enrichment is widespread across the Fluorite zone.

Just for fun (and if Kendrick can do this then so can we).

Assume 10 million tonnes of ore.

10,000,000 x 1000 x 0.000172 x 200 x 0.000001 = $344 million.

This is just for fun. Is this reasonable or is it complete bobbins? I failed my maths O level in 1979.

If the Americans fund the next project phase based on these results then, in hindsight, it justifies the recent funding strategy I.e. shareholder dilution is minimised.

Https://www.fraserinstitute.org/sites/default/files/2026-02/annual-survey-of-mining-companies-2025.pdf

Fair enough. Namibia is ranked 59th out of 84 mining jurisdictions by Fraser. Mozambique is ranked 78th. Risks can be managed provided they are known.

I don’t think it’s pump and dump. Your management did an excellent job job to progress your project with minimum dilution. Agree about Altona being undervalued though (however I am biased). This may be of interest.

https://www.miningreview.com/magazine-article/rare-earths-altona-advances-monte-muambe-to-pfs-stage-2/

Whilst on topic…

I think Altona is listed and traded on the Frankfurt (German)exchange ( or they used to be).

I keep forgetting we are not on AIM. Same rules apply though.

Shareholders in UK-incorporated AIM companies must notify the issuer when their voting rights reach, exceed, or fall below 3%, and every 1% thereafter within 3 days.

1% is about 4.6 million shares.

I haven’t seen any notification of a change in major holdings crossing a 1% threshold. An RNS explaining the warrant churn conversion in May would help explain what is going on.