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Russell also paid himself a £50,000 bonus during the year, on top of his £200,000 salary and £119,000 travel expenses.

The bonus was for “successful completion of a convertible loan note facility”.

Well done Russell……

Well, there we have it, the results are out.

Vast sums spent on "consultancy", "professional fees", wages, admin costs etc. and very, very little to show for it all.

Huge loss for the year, yet they still managed to pay out £186,000 to the owners of Madini for the buyout (a group of owners that includes.....oh....Russell Fryer).

And there it is in black and white from the man himself - "The Group expects its first sales to occur in mid-2025". So despite the big rush to get the road finished, he's going to wait nearly 12 months before using it. Keep the gravy train running for another year.........

Nothing amazing or new but interesting enough :

https://iono.fm/e/1496949

I got the details from the RMR TG group. I don't think it was recorded.

Lot of talk around the different drill holes and the geology, but main takeaway for me is that they pretty much knew what they would find - and they've proceeded to find it exactly. Every hole they've drilled has been a hit - which is rare. They are extremely confident that this is a major resource - "possibly bigger than Alphamin" was said by Klaus.

Samples are in the lab - ALS Global - and are expected back within the next couple of weeks. Expecting to declare an initial resource estimate within a couple of months. -they pretty much know the size of the resource but obviously need confirmation on the grades.

Discussions next week that could lead to a strategic partner - but just very initial talk at this stage. They seem confident that it won't just be Alphamin who could be interested here, which obviously strengthens their hand.

Very positive investor update call this morning by Mark and Klaus with great attendance. Everything going exactly as they had hoped.

Looks like it might have added some interest judging by the action today.

I attended one of these sessions set up by Amvest in late August - it wasn't just North American then, although there were US investors on it. It was a short presentation followed by lengthy Q&A. It was quite a small group, so gave a good chance to ask as many questions as you wanted.

I'd recommend attending one if you can and you have questions you want to ask. Pretend you're in North America if you have to !!

The one I attended was very much an "Ask me anything" session with AV and I found him to be very straightforward and open - as far as he could be of course.

It was a few weeks before the SQM deal was announced and in this session he said "exciting news to come very soon on Lithium Ridge" - which I took to mean new drilling results or something - not quite expecting what it was !

From my very rough figures, if NIU were to convert all their CLNs (from Apr, Aug and Sep) and exercise the warrants they hold, then between them and RF they'd already have more than 50% - and that's even without the extra £2.5m that's been mentioned but not invested yet. I can't see what their incentive is to invest that further £2.5m given the current company valuation.

It's also interesting that NIU only seem to have 2 investments in the resources sector - CRTM and PXC - both of which have MEJ on the board, and both investments made within a couple of months of each other this year.

NIU is fully owned by one individual - Cevdet Caner. He's a real estate entrepreneur . He has an "interesting" past judging by his wikipedia page. He's been involved in the second largest real estate bankruptcy in Germanys history, largest ever repossession of British property follwoing bankruptcy, been tried for aggravated commercial fraud, fraudulent bankruptcy and money laundering, and last year the offices of one of his companies was searched on suspicion of false accounting, market manipulation and embezzlement.

I don't know what the future holds for CRTM, but it certainly doesn't look promising for retail shareholders.

100% Richy. The value will show through here eventually, it's just taking longer than any of us thought.

It's crazy to see that the market has given no value to the SQM deal or the BW drilling results - share price is back where it was before either of those announcements.

Just have to hope that the ore-sorting implementation for the tin expansion stays on track now so that the run of good news continues.

Whoever manages the website for them isn't great at the updates.

They have an investor presentation on there from July 2024, and whilst the links work fine, the actual filename of the presentation is "Andadada-Mining-Investor-Presentation-July-2024.pdf" (anyone else remember that 80s song by Trio - Da da da !!!!)

It's only a small thing, but I emailed their investor relations about it a couple of months ago as it just looks silly - they just ignored me and it's still up there.

Looks about right from what I know.

For example, on the tin, Alphamin have one of the highest grade deposits in the world, and they work on grades of around 3%. However, they have gone down to around 550m on their resource and they have to operate largely underground (although they still have a very low AISC).

ATMs Uis plant is running on about 0.14% for comparison, but it's near the surface and easy to process. That's the nice thing about these BW results, they are near the surface.

On the copper, Atalaya Mining, a profitable copper miner I'm familiar with, work on grades of around 0.35%. So again, these BW results look very good.

Agreed, great results.

We now have 3 fantastic licence areas.

Uis - In production. Operationally profitable. Only a tiny portion of the licence area being mined.

Lithium Ridge - Lithium partnership with one of the biggest lithium companies in the world - SQM.

Brandberg West - possibly the most promising of all for the future. Real poly metallic potential with high grades and easy access to those grades.

What’s not to like ?

Just found the managers reports for those funds. So there's a Micro Cap and a Nano Cap fund.

It's the Nano Cap fund - "IFSL Marlborough Nano Cap Growth Fund" - that is selling down Andrada. On 30th Jan this year it held 48m, now it's down to 39m.

The Micro Cap fund hasn't changed - it's holding has stayed at 59m.

Nano Cap has sold 1m a month on average, throughout this year.

Thanks OhDearAlan.

Pekingduck on here had pointed out those two Marlborough fund previously, but that Fidelity fact sheet is a good find. Those current holding numbers would seem to tie up with what I'd worked out from other places for the total Canaccord holding.

I wonder if that fact sheet is kept up to date each month - I'll keep an eye on it to see what's happening with the Canaccord holding as I suspect they are still selling.

It's annoyingly difficult to get accurate numbers on the large holdings - I've been trying with Canaccord.

The last two confirmed holdings were in RNS announcements in Oct 2022 - holding of 157,505,743 and Jan 2023 - holding of 148,657,078.

Now depending on which numbers you look at, they are somewhere between 100,000,000 and 110,000,000.

Whatever way you look at it they've disposed of around 50m shares over the past 19 months or so.

>>>"Didn't they change mid year to an 'in house' tester to avoid exactly that (independent lab results)."

I don't recall that, but can't see how that could work. CRTM have no in house lab where they can properly analyse drill cores - no small mining company does.

They've previously done sampling with handheld XRF scanners - which is what RF has previously claimed the results from, but these are notoriously easy to rig results from - you just keeping pointing it at a different spot until you get a good result !!

Usually these are used for a quick, on-site guide of what's been found, but they're not usually used for final results or for preparing a resource estimate.

All a bit irrelevant anyway. They're not drilling, they're not analysing, they have no confirmed resources and now it's all gone quiet.

This more and more makes me think of the film "Gold" with Matthew McConaughey.

It's an "educated" guess :-)

There would be at least 2 issues with publishing the historic data that they have. Firstly, it is unlikely to meet modern JORC reporting standards. The BW mine has been closed for 44 years now. I don't know exactly when Gold Fields did their drilling, but obviously prior to that closure, so the drill data is pretty old by now. At Uis, ATM didn't report a JORC resource until they drilled themselves to confirm what they were seeing in the old data they had. That's not saying the old data is wrong - just that it needs to be confirmed.

Secondly, the old drill data was only analysed for certain resources. As far as I recall, the old Uis data was only analysed for tin. So, for example, there was no reference to lithium in it. So publishing the old data would give a misleading impression of what is there. Even if it was published with all sorts of "health-warnings" it would still be read as a resource estimate being put out by the company.

I think having the old drill data is a bonus, not to be fully relied upon, and what they are doing with it is right. They use it as a guide for their own drilling and their own analysis.

The next batch of BW results will be out soon, so the proof you're looking for is on the way.

@TD2 - Regarding the historical data.

I don’t think they’re permitted to publish it, certainly not without their own drilling data completed to support it.

It was the same at Uis. They had all the old ISCOR drill data, but still had to do their own confirmatory drilling in order to release a mineral resource estimate.

So far, all the historical data has been proved right, so I think they have a pretty good idea what’s there. In the places covered by the old drilling anyway. They are now saying it runs much larger than the old mining area - so even more positives.

You’d have wonder wouldn’t you ?

Why, so far into the life of CRTM, has there been no independent lab results from any drilling ?

It’s usually the very first thing that small mining companies do.

Instead, we’ve had 2 years of bleating on about selling ore, with no idea of the amount of it, or the real grades (I’m not talking about spot checks with handheld XRF scanners), and yet still none actually sold.

Why not drill, analyse, and prove the worth of what you have, like every other company ?

Thanks Copper1 - that's a good listen. BW is sounding like it'll be very exciting over the coming years.

Good to hear some plans on the SQM lithium deal as well.

With lithium stocks on the rise again, and tin back up over $34,000 this morning, we have to hope some of this positivity will start to rub off on Andrada.

I'm sure you're right - the money must be rolling in from all the ore they are selling.

I must have dreamt about those two urgent raises in the last 6 weeks.