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Agree. Also, after the last drilling results, SQM International Lithium posted the following on LinkedIn :-

"Encouraging results from Lithium Ridge. The consistent high-grade lithium mineralisation, alongside tin and tantalum potential, reinforces the quality of the system and the potential opportunity ahead. We look forward to continued progress with Andrada Mining".

It's not like they post about everything either - they post once a month at most, so it's very encouraging to see them putting out strong comments like this.

@Copper1 - As The Eagles famously said - "You can check out any time you like, but you can never leave"

@jam2morrow - obviously neither of us know exactly what Greg Coffey is doing regarding buying and selling, but I think you're misinterpreting the SML situation.

The placing was of 134m shares and it was "led by" Greg Coffey. There's nothing stating he took the whole amount, and the phrase "led by" would lead you to assume that he just took the largest amount but that others took the rest.

He reported his holding of 94m on the very day that the new shares were listed. So it's not that he had 134m and sold down to 94m. 94m was his first reported holding, on the very first day he could report it. He received his shares on 26th March when the share price was 4.4p. It went to nearly 7p over the following month, so unlikely there was a big seller during that time. It's drifted back since 20th April.

As I said, I don't really know if he's selling or not, but the facts don't support an assumption that he is.

I find it hard to believe that Greg Coffey has sold down 1.5m of his 100m+ holding.

He bought in at 3.6p, so selling less than 1% of his holding for a few tenths of penny profit, would be an extremely strange move.

I would think a more likely explanation is that someone has messed up the shareholding figures - it wouldn't be the first time.

Well, he did cover Goantagab in the Investor Meet last month. He said the legal case is very protracted and they are following it with great interest (as obviously they are not directly involved in the case). He also said the delay in getting the ore had allowed them to "very successfully" re-purpose the jig plant - which again would lead you to believe that it's adding to output, otherwise, what is it being successful at ?

It was a little disappointing to hear him say they're producing 1,100 tonnes a year, I think we'd have all liked to have heard him say they've recently increased due to the 2nd jig. I don't think you can take comments at these interviews at 100%, but if they had seen an increase you would expect him to mention it there. We'll know for sure in the next week or so when the Ops update is out.

If the jig isn't contributing much, I hope they include an explanation of why that is, as stating in the last update that it's in use as a "pre-concentrator" certainly gave the impression that it would be adding to output.

@TDT - Simple answer is that I’ve no way of knowing.

They might have sold the last batch at near $55,000 and that’s why he used that figure.

It was a relaxed chat, not an external audit grilling. He’s not going to whip out a spreadsheet in the middle of a chat like that and start discussing numbers of shipments, timing of shipments, and selling prices of each individual batch.

I accept his comment on AISC is open to interpretation but his words were “AISC is sitting around 30-odd thousand dollars a tonne and we’re selling at 55,000 dollars a tonne”.

I might be too optimistic but I hear that as it’s near to $30,000, not near to $40,000.

By saying “30-odd” he could well have meant that it’s $30,XXX, I.e. below $31,000.

Excellent interview there, and seems very honest.

Best I've seen him, and as you say HarChris, some valuable snippets, especially "our mine is now VERY profitable" and of course, "my shares are available for sale" :-)

If the operational update is just a very bland statement of how much tin they've produced, and if it isn't substantially higher, then I think you're right, it probably won't have much effect.

However, this is the perfect quarter for Andrada to get a bit more exciting with their updates. They could include some commentary on the very approx. level of AISC against the tin price they're getting, which would look very favourable. They could give a better outline of the expansion timelines and when they're going to land. They could expand on what the new jig is actually doing in terms of it being a "pre-concentrator".

They have the opportunity to be a more positive influence on the share price and perception of the company. Whether they take that opportunity or not is the question !!!

@TD2 - Would you feel better knowing that AV graduated having studied Economics and Finance, did a Post-Grad in Finance Banking and Investment Management, and a Masters in African Development Finance ? Or that he worked for both Deutsche Bank and Barclays Capital in London ?

I also believe it was AVs father, Richard Viljoen, who did the work mapping the Goantagab deposit back when he was the lead geologist for Goldfields.

Partly the reason AV was interested in getting the option on it - he had insider knowledge of what is there.

@V1per - I can't be bothered to look back at his buying record, I'm sure you're capable of doing that, but he at least bought 4m of them in the Sep 22 placing at 5p per share. He has bought several times in the 9 years (not 12) since ATM listed. Also, he doesn't just own 20m - he also has options over another approx. 20m, so he has a huge interest in making ATM work (however given his buying record, he's clearly as bad as the rest of us at judging where the share price is going).

Your statement about no real consequences for the BOD, and them being paid even if they don't deliver, applies to every listed company on every market in history - it doesn't mean anything.

I agree with HarChris. If ATM screws up, I can't imagine him getting backing to set up another junior mining company - this has to work for him and I'm sure he'll put everything into it. He might not be perfect, but I think he's miles away from being a freeloading, lifestyle-company, type of AIM CEO.

@BurtonD - Thanks. I think the company themselves are woefully bad at communicating and explaining themselves, so personally, I'm pretty happy they've engaged you to help get the message out there across various media.

It's not actually the amount of hay that we're making right now that I'm unhappy with.

It's that the farmer has taken a lot of money with promises to make more hay, but sometimes he says it'll take 12 months to produce more hay, and sometimes he says it'll take 24 months. Also, he isn't very clear on how much more hay he can produce - sometimes it's 60% more, sometimes it's more than a doubling of hay output.

Also, he took money before to produce more hay, but still produces the same amount as before. Just at the time when he was meant to be producing more hay, he asked for even more money to fix some things in his hay making machine that he said were causing problems, but that he hadn't even mentioned before.

That's why some of us are unhappy with the farmer.

@TDT - You may well be right. Definition of madness of course, to expect a different outcome by doing the same thing.

Perhaps better to think of it in this way :-

"Come on AV, you can do better (with Greg Coffey, John Lloyd Evans, Talent10, SQM, ACAM, and the European Investment Bank looking over your shoulder)"

That's more what I'm hopeful for.

@rgbuk - Agree 100% with all you said, but you're being too hard on them on the Uis lithium saying nothing happened after March 2024.

In September 2024 they very happily announced - "A one-off spot sale to a ceramic producer of five tonnes petalite at a grade of over 4% Li₂O was completed during the Quarter".

I remember thinking at the time - this must be the start of the lithium off take and commercialisation of the Uis lithium that they've long talked about - I mean, what else could it mean.........

Of course, they did fail to mention they'd never produce, let alone sell, any more in the following 2 years !!!!

Aside from the specifics of the numbers, it's just extremely frustrating that the company won't give output for financial forecasts, so the market is firstly left guessing, and then secondly, assuming significant growth won't happen, because it hasn't recently.

They've not given any indication on what the 2nd jig plant might be contributing to output. Announced 16 months ago with an RNS saying it'll give an "immediate, significant increase", and we still don't know if it's contributing 2 tonnes or 200 tonnes per quarter.

AV has said the ore-sorter construction would be finished by end-June, but since he said that they've raised more funds for it, so that looks unlikely now, but he's not updated any forecast completion time for them.

They're putting in new crushing circuits - and again, has anyone seen any forecast of what throughput increase that'll give ?

And coupled with the lack of forecasts, we have things like in the last quarterly report, with tin at $55k, they said "Tin prices reached approximately USD 55,000 per tonne.......which together with increased production and continued cost optimisation is expected to support positive cash flow generation". They should be absolutely printing money, but what they announce is "expected to support".

It's being said over and over here - they need to clearly say what they are going to deliver, when they are going to deliver it, and then actually deliver it. No more 3% increase in plant availability, or 2% increase in tin recovery. Sure, they're nice, but they don't cost the sums that have been raised here for the significant expansion everyone is waiting for, and they don't move the share price one jot.

Assets great.

Background commodity markets exceptional.

Financial backing and partners exceptional.

Communications terrible.

Delivery terrible.

Come on AV - you can do better.

@Gibdog101 - Unfortunately, I think it’s you who is under-reading it :-)

“The Loan Facilities and the Recent Fundraise will collectively support key operational upgrades and expansion initiatives at the Uis Mine including ore sorters integration, additional crushing capacity, acceleration of stripping activities, and updated resource and reserve estimates”

“Collectively, this capital structure provides a fully funded platform to complete the ore-sorting circuit and to drive meaningful production growth at Uis Mine without further dilution”

Peel Hunt have had a big seller all morning - chat in the TG group is that they're nearly out though so hopefully not too much more to go.