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PJ70: Re Silver in La India.

My limited AI research has provided the following… can someone else confirm the silver byproduct value at La India as this could be a high as US$100 per oz of gold, at current prices. See below…

Gold mineralisation at La India occurs associated both with quartz vein systems and within well-confined hydrothermal breccias. The veins and stockwork zones are hosted within massive andesites, andesitic and felsic tuffs or felsic lava flow deposits. Veins are typically less than 3 m in width, but stockwork zones and stacked stockwork-vein zones can be up to 25 m wide.

Quartz veins, often including a brecciated component, vary in thickness and are most typically between 0.7 m and 2 m in thickness. In many areas, the wallrock hosts a breccia or stockwork zone with vuggy quartz veinlets up to 5 cm thick and accounting for up to 70% of the rock mass. The breccia/stockwork zone is typically up to 10 m thick and is associated with silica-haematite alteration. The quartz in the breccia zone may be gold mineralised, although the country rock component means that gold grades are diluted compared to the veins.

The grade of gold and silver can vary from a few grams per tonne to significant intersections with grades in excess of 30 g/t Au (>1 oz/t). Gold mineralisation occurs as fine gold-silver amalgam with a gold to silver ratio of 1 to 1.5.

Lee: No comment. However timing is important when investing especially when news is about to drop. Transfer of wealth to distant relatives is currently very restrictive in the UK, you can’t just give money away without attracting taxes both now and possibly in the future. However selling large numbers of share reduces the price it also provides the opportunity for others to buy smaller amounts at lower prices in tax efficient ways such as pensions and ISA’s, especially Junior ISA’s.

MTL 4th Quarter 2025 results in next couple of weeks. You can also bed and breakfast shares in 3 months time, when the next tax year starts but before 1st Quarter 2026 results are produced.

Large trees from little acorns grow. If you think MTL is a long term bet then squirreling away full allowances now could pay large dividends later… especially if they are free of taxes.

The drag on the share price has been Jim Mellon sales. He has confirmed he has sold 80% of his gold holdings, in a recent podcast, which is effectively his shares in built up in Condor and transferred to MTL. He therefore only has options and Contingent Value Rights left in MTL. He is on record saying this and has stated publicly he has moved on Precious Metals to Food and Energy. However I can confirm there are at least another nine Mellon related investor’s on the MTL share register who are adding shares, some as recently as last Friday.

Runruno will be producing, using the existing plant, for another year or so therefore the current delay in drilling Dupax may not affect the transition to start processing ore from Dupax. The critical date for a decision on Runruno Plant changes may be some way off so the current delay is disappointing but not overly concerning.

The protesters are probably trying to stop exploration since a major find would make it difficult for the authorities to refuse a licence to mine given the economic benefit both local (current Runruno community) and national. It should be noted that the Philippines economy is growing rapidly and this could be providing succour for fringe groups to try to stop opportunistic developments.

Therefore it is import that Woggle (MTL local subsidiary)maintains its legal exploration licence and produces drilling results that show ALL the economic benefits but only in a timely way to meet future transitional requirements. The Runruno community would be very badly impacted should Dupax not proceed.

StocksandRocks… Think of it this way and use the Lassonde Curve as a guide to MTL share price (or value) at this time.

My view is this … Discounting Dupax mine plan, new La India extension drilling and Abra test drilling.

MTL is being treated by the market (and by me) as a single new mine venture which is under construction at La India in Nicaragua using cash flow from Runruno instead of equity raising or debt to fund it to production. The Lassonde Curve would put MTL at the lower point of the mine building part of the curve with an upward trajectory towards first production before end of 2026.

Therefore at this time, not withstanding risks, the MTL base case is a large improvement in share price should MTL deliver La India on time and within budget. The production costs at La India are estimated to be around $1200 per oz. MTL will become a cash machine in 2027 based on La India alone.

Therefore any positive results from extension drilling at La India, defining a resource at Dupax and/or Abra (results expected imminently)will further boost the long term prospects and underpin a rerating of MTL.

Further positive is the price of gold looks to be maintaining these elevated levels at well over $3000 per oz on which I base my assessment for investing. Should gold keep on rising then…

Don't shoot the messenger... I've mentioned this before. I agree that MTL comms leaves a lot to be desired and should be improved. It begins with the website and extends through presentation materials and local input (only shown on X and LinkedIn). This needs a radical update to meet the needs of professional investors. Many other junior mining companies promote themselves more effectively and provide a clearer overview of their prospects, while also keeping investors, both current and potential, up-to-date. Darren does a good job when being interviewed, but this needs to be translated into other parts of MTL media output.

In a few months, you'll be able to look back and say these trying times were the good old days when you could buy MTL for less than 15p... enjoy the rest of the festive season and see you all in MMXXVI.

Simms, please checkout the facts before making unfounded comments. For someone with over 4 thousand posts and too lazy to give click the “Opinion” box you seem to have very strong opinions about Jim Mellon, who funded and setup the La India opportunity. He has simply moved on and is investing “his” money somewhere else for his own good reasons. Let’s hope we can all profit from his original endeavour to put his money, time and energy into helping to get Condor off the ground. The least you can do is check facts.

This Christmas… It’s not about the PAST nor the PRESENT(s) it’s about the FUTURE.

Thanks Seingred, very interesting. I intend to check these out and may consider using free traders in the future.

I’ve already checked out Circle and have had it on my watchlist for a few weeks after reading about it. However it’s been very erratic over the last year and even over the last month. I see the logic but it still something of a mystery to me. I’ll stick to what I know but am going to a do more research in the new year.

Kat... sad to say it, but that was me reporting about Titus. At the time, I thought, like everyone else on this board, that the early arrival of the cargo was important. It turns out its arrival was not critical to the progress of building the mine. I tracked it by satellite. However, the delivery of the electrical system is on the critical path. Let's hope it doesn't lead to a problem, as the free-float at the final stages of construction will be minimal, and we don't want any late shocks or currency issues!

Hi Seingred, tiny buys of shares are attributed to Traders (Algorithms) testing the market's response to different price levels, which can be done by buying (or selling) small quantities to see how the market reacts. Algorithmic trading may be responsible for this; for example, our mystery seller could be using an algorithm to time larger sales by making the Market Makers think someone is timing a buy. Tiny trades in the share market, and understanding them can provide insights into market behavior and potential investment opportunities. It's a jungle out there, and everyone is trying to get an edge.

We, long-term holders of MTL, can sit back and wait for Darren to deliver.

Following on from my two posts below, I posted this early today, which highlights one of the problems of 1p stocks and a large number of shares in issue.

Repeated:

I can confirm that tiny trades are platform fees. Shares are sold to collect their monthly charges by the likes of Hargreaves Lansdown, not the broker. The number of these trades per day indicates the number of individual owners who aren't aware that this is taken. The "suggested minimum" is to stop this from happening. I suggest all members here check their cash balance and top up accordingly.

So, why consolidate shares at all? For early-stage businesses, fast-growing startups, or established companies, there are a few practical and strategic reasons why a share consolidation might be the right move:

Reducing Administrative Hassle: Over time, especially after various share issues, transfers, or funding rounds, companies might end up with messy share ledgers-hundreds or thousands of shareholders with very small, sometimes fractional holdings (sometimes called “sub shares”). These tiny parcels add cost and administrative effort, especially when it comes to communication (like voting at AGMs) and record keeping. Consolidation can tidy all this up.

Projecting Market Value: If your company is growing fast, and your share nominal value is much lower than perceived market value, you might want each share to represent a more substantial stake. This move is common for companies preparing for a public listing, or those that want to signal stability to investors.

Making Shareholdings More Meaningful: Some companies want to eliminate odd or fractional holdings that arise from previous subdivisions or unusual capital events. Consolidating shares can “clean the register” and set a more manageable, standard number of shares.

Simplifying Future Transactions: If you’re planning on future funding rounds, a merger or acquisition, or bringing in new investors, having a straightforward share structure can save headaches for everyone-including legal advisers, accountants, and potential investors.

Cost Savings: Fewer shareholders (especially those holding minimal shares) means fewer paper statements, notices, and resolutions that must be sent out. Over time, this can translate to real savings for your business.

Let’s demystify the basics. A share consolidation (sometimes called a “reverse split”) is when a company combines multiple existing shares into a fewer number of shares with a higher nominal value per share. In other words: if you used to have 1,000,000 shares worth £0.01 each, you might consolidate to 100,000 shares worth £0.10 each. The company’s total share capital value remains exactly the same-the pie doesn’t get any bigger or smaller-but the slices are bigger and there are fewer of them.

On the flip side, share subdivision (or a “stock split”) is when you divide existing shares into smaller units. For instance, you might take 10,000 shares worth £1 each and split them into 100,000 shares worth £0.10 each. Again, the overall value of the company’s share capital doesn’t change. These two processes-consolidation and subdivision-are essentially about making your share structure fit your needs, whether that means bigger, fewer shares or smaller, more numerous ones.

It’s worth noting that these changes don’t directly affect shareholder percentage ownership. If you owned 5% before, you’ll own 5% after. But the number of shares you own-and sometimes their face value-will change.

I can confirm that tiny trades are platform fees. Shares are sold to collect their monthly charges by the likes of Hargreaves Lansdown, not the broker. The number of these trades per day indicates the number of individual owners who aren't aware that this is taken. The "suggested minimum" is to stop this from happening. I suggest all members here check their cash balance and top up accordingly.

If someone has a bit of free time, they could calculate an approximate number of shareholders involved and provide evidence to the press, who might run a story about this.

I agree with JohnBriggs, MTL's communications are quite poor compared with many North American-listed precious metals companies. The website is rarely updated with timely news (which is left to out-of-date posts on X and LinkedIn) and is not adequately searchable. If these outside sites change, these posts could be lost forever. Every item should be posted on the official company website.

Today's RNS states basic facts without context and is not linked to the website, which is the latest example. Darren's online chats with Crux Investor (not the best name for this type of business) are informative. Still, they are always positive but fail to address the difficult issues, and lack a clear time stamp on the website. Why not have quarterly conference calls, including a presentation with live questions rather than the current 6-monthly ones (note last one in June 2025)? Financial reporting, although it meets AIM requirements, could be produced and reported earlier. The half-year results are 3 months, and the annual 4 1/2 months later.

I just received a message from Ryan King at Equinox that they have sold 100% interest in Aurizona Mine in Brazil for a total of $1.015 billion… $900m cash remainder 1year after closing expected Q1 2026. Purchased by CMOC a Chinese based company listed in Shanghai and Hong Kong.

Question mark over their Nicaraguan assets!

I couldn’t resist making a comment in The Times article. It my cause a bit of a stir… Jim knows where to find me.

When looking at my posts please read between the lines.

I’m 75 years old self made but not a professional investor. Having said that I’m very well connected in the precious metals industry and have been for over 20 years. However, I’m not directly connected to Jim Mellon. I do know that if someone with a great fortune wants to transfer or pass on generational wealth they seek the best advice and find legal ways to do this. I could envision a scheme where at no real cost to themselves one could sell, on the open market, large share holdings which would depress the sale price and anyone including potential aires or anyone else on their behalf could buy shares, again on the open market through tax efficient governmental approved schemes. Other longterm knowledgeable investors might identify an opportunity and also buy such shares. Remember even babies are eligible to have Junior ISA’ with of upto £9000 added per year with no stamp duty or taxes of any kind! In fact it’s would seem to be a very tax efficient way to provide financial opportunities without breaching gift rules.

Do your own research and enjoy the festive season whilst looking forward to a prosperous new year.