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@MunnieTorx - Could you explain what you mean by "no income of note" please. What sort of income would you "note" ?

And when the CEO has said no placing in the foreseeable future and that they'll be relying on their very secure financing partners, and that they are in advanced discussions with development agencies and debt providers - why do you still think a placing is very likely ?

Please elaborate rather than throwing out simple one-liners. I'm particularly interested in what you mean by "no income of note" as it makes no sense to me at all.

Another loan announced today, just to keep paying the salaries.

MEJ getting out, to be replaced by two new board members, probably adding costs, the last thing CRTM needs.

Only seems to be NIU who want to loan any funds now, so if they decide to stop further load, they can pull the plug and get to own everything.

Hard to see how this comes back from here. NIU must have doe plan for an exit - I wouldn’t think they want to run a mine, they never have before.

That loan taken on in Sep 2023 - or as it was billed at the time - the "Non-dilutive Finance Facility" - is proving to be a terrible deal. For a guy who claims a long history in finance, you would have thought he'd do better.

$650,000 drawn down from it.

$100,000 repaid from CLNs (which are dilutive, and still have no conversion price released for them).

$79,500 already paid in interest and still $645,651 outstanding.

Due for repayment by 20th Dec, or by paying $75,000 that date can be extended to 31st Jan 2025.

Fryer will need to take new funding on any terms he can get in order to get out of this.

Well, nothing changes except the shares in issue !!! Monumental dilution coming here now.

And with NIU having been given so many shares at 0.5p, that's sort of set the benchmark for any other raises in the short term.

I'm amazed the share price is holding up as it is. I was expecting it to land on 0.5p fairly quickly, but it's probably because existing holders are so far underwater there's no point selling. More problematic is that there doesn't seem to be anyone buying either.

There is now the 20th December loan repayment deadline to look forward to....

Agree - would be great to see them move off Aim. Their ambitions and potential future scale are beyond most of the usual Aim rubbish, and they're tarnished by being lumped in with them.

I hope MunnieTorx is having a good morning with his/her ATM short :-)

Thanks CCC.

Explains some of the commentary coming from that direction recently. Simply explained now as - see a falling share price and jump on the bandwagon.

there's actually some great nuggets in the announcement if you look properly.

"concurrent to the work on the pre-concentration project, we have extended our tin expansion strategy to include toll treatment production of higher-grade tin ore from emerging regional producers. the goal is to establish a tin and lithium production hub at uis to enhance our pipeline and entrench andrada as a leading critical metals producer in namibia."

(very interesting, they are looking to become a processing hub for ore from other areas, this is new)

"our lithium pilot plant continues to provide critical information for potential off-take agreements and for the integration of the lithium production circuit into the current plant. "

(confirmation that petalite off-take agreement is still very much alive)

"the expansion entails improvements to the dry processing section through the installation of a co**** crushing and xrt ore-sorting pre-concentration circuit. we have received all the long-lead machinery for the circuit and have completed the detailed engineering plant design."

(confirmation that tin expansion is on track)

"furthermore, the company is engaging with potential strategic partners, potential off-takers, development agencies and debt providers for funding required to roll out further capital projects that have been identified."

"the directors are already at an advanced stage of securing additional funding for the next 12 months."

(interesting wording here - "advanced stage" - watch this space)

Agreed Richy.

Anyone who takes the time to give this a proper read can see where this company is going over the next 12 months. It's the first time we've had visibility of the revenue from the Tantalum and Lithium sales, so extrapolating those out for even the lower estimates of the expanded production numbers, and including the new tin numbers, gives some very pleasing figures.

All going in the right direction, and statements like this in the announcement are very encouraging - ".....the Company is engaging with multiple strategic partners, off-takers, development agencies and debt providers for funding required to roll-out further capital projects that have been identified".

I strongly believe another partnership announcement, probably based around the Uis petalite, is not far away.

And they still have £6.1 in cash, and £2.m in undrawn facilities, despite all the capital outlay they've had on the expanded plant.

And the $33,000 tin hedge is now showing to have been a great move.

@Happytobemike - How to find out large holders ? Simple - look at the Andrada website, look under Investors and then Shareholders. Anyone holding above 3% is listed.

As for the motives behind the selling, well we obviously don't know exactly, but we do know there are two funds selling their holdings.

The Miton UK MicroCap fund is simply closing down, so they are selling all of their holdings. Nothing specific to Andrada - they haven't just decided they don't like Andrada and so are selling it. They are selling everything. They held around 13m shares that either have already been sold, or are still in the process of being sold.

Secondly, Canaccord hold Andrada in two funds - a MicroCap fund and a NanoCap fund. Canaccord have the same two individuals managing both of these funds. They are selling their holding down from the NanoCap fund, but interestingly, they are retaining a 60m holding in the MicroCap fund. So, given it's the same individuals managing both funds, to me it looks like perhaps Andrada don't qualify to be held in the NanoCap fund anymore (that's just a guess). They haven't sold a single share from their holding in the MicroCap fund, which tells you they still want to hold. They have long been a large holder of Andrada stock - at one time they were the largest single holder.

Share prices sometimes get out of line with underlying company prospects, and to me, this just looks like one of those times. There are simply more sellers than buyers over recent times due to the volume of selling from these funds.

2025 Q1 results will be out very soon - probably later this week. Tin and tantalum expansion scheduled for April 2025, and a partner for the Uis lithium petalite could be announced anytime (which could transform revenue and profitability).

Three good triggers for positive news for Andrada. With tin price holding up well, and lithium prices starting to show small signs of life, the balance of the future news flow is very much positive and eventually that will reflect in the share price.

When you stop looking at CRTM as a company trying to build a mine, and start looking at it as a company being run for RF to extract money out of, then more things make sense.

@COYS1961 - The showing of a trade as a buy or sell is only ever an estimate based on the bid/offer at the time. i.e. if the spread is 2.00/2.10 any trade below 2.05 will show as a sell, even if you're able to buy at that price.

It happens quite often that you're able to trade within the spread.

Yesterday there were many Andrada trades marked as sells which were actually buys. Despite what is said in some of the posts below on here, this was the case with all but one of the 500k trades yesterday. All but one were buys, but are being shown as sells, just because they were within the spread.

RNS said that OM Metals sampling/assaying would be completed last week.

He didn't mention it all on Mondays call.

Who knows ? I suspect if it's good news, everyone will hear soon enough. If it's bad news, he'll go into hiding again until the AGM.

We already know the grades on the pad weren't good enough overall for OM Metals, and that they had to spend time moving the ore around to find the good stuff to send this lorry load.

So even if this is reported as good we don't really know what that means. No-one has any idea how much "good stuff" is available. It certainly isn't the 6,000 tonnes that was previously talked about as being "ore available to sell".

Https://www.criticalmetals.co.uk/wp-admin/admin-ajax.php?juwpfisadmin=false&action=wpfd&task=file.download&wpfd_category_id=45&wpfd_file_id=3822&token=&preview=1

The investment may come, but the dilution for existing holders is going to be terrible.

The volume of shares he’s looking for authority to issue is beyond belief. I think he’s deliberately worded the AGM questions in monetary terms to avoid having to clearly show how many shares are involved.

The sampling and assaying of the first truckload was meant to be completed last week according to the RNS - and he didn’t even mention it.

Also, if Russell’s plan says 8 months to get the mine in production, experience tells everybody that it really means 28 months.

It’s all the same rubbish he’s been spouting since the start, except he’s getting cheekier. Begs investors for more money while taking a £200,000 salary and paying himself a £50,000 bonus for failing to achieve every single target.

It’s tough for investors, but the company should be allowed to collapse now before more people lose their money in it.

A plan that will take another 8 months to deliver the stuff we said we'd deliver in 2022........by which time we'll have run out of money again

And let's just record here that Fortune Majapelo's guaranteed base salary at BMN in his last 3 years was :

- £335,000

- £296,000

- £275,000

@cindercone - actually I also think his total package is too high, but I don't think it's totally out of order.

His salary is actually £162,000, as you probably know. Last year he also got a bonus of £125,000, and £53,000 of share options making the £340,000 total.

The criteria for the bonus is clearly spelt out in the company reports - he got 65% of the total bonus possible.

The average price of his share options is 6.9p - well underwater.

What do you think the salary should be for a CEO in company employing 400 people and able to do deals with the likes of Orion and SQM ? Go on, put a figure on it.

It's hilarious, all these new posters turning up today to talk down ATM.

@cindercone - would you care to elaborate on your statement of "delivering nothing but empty promises". I'm interested to see how that stacks up against building a mine from scratch, employing nearly 400 people, selling tin, tantalum and lithium, and continually expanding and signing important deals. Just because the share price isn't soaring, doesn't mean the company hasn't done anything and you seem to be confusing the two.

Your comment on "shareholders take on all the risk" is telling. You do understand that is literally the point of shareholders don't you ?