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Yes, but might as well say Kryptonite is looking good, as CRTM aren’t selling either.

Good interview here - https://x.com/Andrada_Mining/status/1841405710787121655

A good interviewer who pushed for answers.

AV quote - "The market cap has stayed flat, but the growth of the company has been immense". Some good talk about Brandberg West.

Does seem a lot, but that's in there every year.

I'm more surprised that over 9% (72m) voted against re-appointing Terence Goodlace and Laurence Robb as directors. Probably one or two big holders. Interesting.

It's a pretty dire situation.

2024 has just been one mess after the other for CRTM. Anthony Eastman resigning from the BOD, Gordon Thompson being appointed and then resigning a month later, the road shenanigans, the processing plant purchase that never was, RF share sales, warrant re-pricing for insiders.

It's almost like they were trying to run through a checklist of how to turn a listed company into a wreck. All the signs were there.

A slow motion car crash, leading now to the involvement of NIU Invest at CRTM.

Look at what has happened today to Pheonix Copper (PXC) - down 40% - primarily due to having NIU Invest involved.

And who is Executive Chairman at PXC ? None other than Marcus Edwards-Jones, a Non-Executive Director at CRTM. It would seem very "co-incidental" that NIU Invest are now involved in both of the companies that he's involved in, and they are both in bad shape. It doesn't bode well for CRTM.

It's a messy merry-go-round, with retail shareholders being fleeced.

Great update from Andrada. First ever lithium petalite sale this quarter !! That’s a landmark achievement.

AISC down (not as much as I’d hoped, but still down).

Tin and tantalum production up, along with better tin price.

Further tin expansion on track. All looking very good.

Thanks pekingduck - interesting backgound info there.

Compiled from various Andrada publications, RNS, marketscreener.com

I’ve been keeping a track of their holding since I noticed they started reducing around a year ago

I asked AV about it recently and he said that as far as he knows they are just selling to meet redemptions within their funds, and that they are selling a range of holdings. i.e. it’s not Andrada specific

I hope they don't sell their entire holding. They used to hold 157m, and have sold 60m, but there's still 97m to go !!

Frustrated as I am, I'm positive about the next 6 months.

If the tin price can hold around 32-33k, which it should given the ongoing issues in Indonesia, this will set us up nicely for the tin expansion which should be commissioned around March/April. AISC will fall, production will rise.

Then we need to see an offtake for the Uis petalite for the glass/ceramics industry, and rapid plans to integrate the lithium circuit with the expanded tin/tantalum circuit and see a path to the 40-50,000 tpa of petalite production.

Progress on Lithium Ridge with SQM, and further drill results from Brandberg.

All of this should come over the next 6 months, and with the improving finances, we'll surely start to see some reflection of the value of the company in the SP.

There really needs to be "big things ahead" doesn't there ?

It's hard to believe that a year ago today the SP closed at 7.3p and here we are, with plenty of good news since then, and we're stuck in the mid 3's.

I still believe it'll get back up there, and more, and when it happens it'll probably happen fast (whenever Canaccord stop selling probably), but it's been a frustrating 12 months for ATM holders.

Perhaps RF just wants out ? Maybe he's realised, or been persuaded, that he's not the man to make anything of Molulu ?

Maybe there's a deal going on with NIU whereby he get's all of his Madini payments, gets his loan paid back (hence all the recent "investment"), gets 2p per share for his holding at some point - he's still walking away from CRTM with over £1.5m (from memory, might even be more).

Just guessing - there's something odd going on. £2m going into this company since April and just a crappy road to show for it ? Those investments were obviously needed, and I wonder if they were needed when the accounts were tallied up, and the only major expenses I can think of that would have gone out of CRTM are payments to RF.

We know he's had personal financial issues, so perhaps he's had to settle them, and exiting CRTM is the price of that ?

All speculation of course.

And don't forget, NIU already got 4.2m warrants at 0.5p for their £105,000 investment on 27th Aug.

So they'll have 18.2m warrants at 0.5p.

They put in £455,000 in CLNs at 2p - giving them 22.75m shares.

And they're looking at around another £2m, which at 2p would give them another 100m shares.

That's not even counting the £1m put in on the April CLNs, for which no conversion price has been announced yet, but if that's at VWAP-10%, that could end up around 2p as well, so another 50m shares there.

Say hello to the new boss.

Massive dilution going on here given that in April there were only 67m shares in issue. We're looking at around 300m now - so every share held in April is only worth a quarter of what it was then..........

I think it’s Canaccord still trimming their holding, which they’ve been doing for 12 months now. Selling patterns look similar.

Once they finally finish this should fly if the good news keeps coming out like it has recently.

What is all this cash being used for?

£2m gone into CRTM since April, and just a dirt road to show for it ?

I agree - seems like a good deal and well structured. Gives a well funded pathway to getting Lithium Ridge operational, and should really increase visibility for Andrada, and hopefully increase interest in the shares globally.

As this deal is only focused on the spodumene in Lithium Ridge, it leaves open a second deal for the petalite in Uis - likely to go to the glass/ceramics market. Given the SMU restructure, and the recent hints from the company about moving the licences into separate companies - it makes further deals a real possibility now.

While I’m having fun, let’s do another comparison.

Andrada Mining (ATM). A tin miner based in Namibia, not that far from DRC.

These guys are actually running a fully operational mine - producing tin, tantalum and lithium. Mined nearly 1m tonnes of ore last year. Revenue of £18m, likely to be around £25m this year.

They employ over 300 people.

The CEO has a salary of £162,456. Yes, he gets bonuses for hitting targets etc, but he’s managing an organisation of 300 people actually running a real mine, and he’s on 20% less than Fryer who isn’t managing much at all.

So, is the money Fryer is taking from CRTM disproportionat ? I’d say yes, it is.

As a comparison I’d offer you Rome Resources (RMR).

Another mining company, based in DRC, hold licences on which they are drilling, for tin. No revenue yet, still drilling and proving the resource.

Only 4 employees - all directors. Same as CRTM.

Market cap £13.5m.

The RMR guys are very experienced - they discovered the deposits for Alphamin and built it up, sold out, and it’s now a $1.5billion company. If anyone is going to find the next big tin deposit, it’s likely to be these guys.

Highest salary one of them is taking from RMR is £125,000. One is on £56k, one on £28k and one on £10k. Total they are taking is £219,000 each year. Sure, they will be well rewarded by stock options if they discover a tin deposit and commercialise it - but they’re not living their lifestyle off director salaries.

CRTM directors are taking £323,000 in cash salaries, over £200,000 in share based payments, along with all the other payments that have gone out of CRTM and to the directors (buying their companies, loan payments, consultancy, expenses etc). On a £1.5m market cap.

All depends on what you deliver doesn’t it ?

Shareholder returns, enterprise value, business expansion, ethical behaviours, leadership of large workforces - they are all worth paying for.

£200,000 a year in a company with no employees, no operations, no revenue and a £1.5m market cap - I’m not sure that’s so worth it.

Is he still getting paid £16,666 salary every month ?

That's one question we can answer.......

I was just looking back at the previous raises that CRTM has done, and in the last 2 years from Sep 2022, they've raised £3.4m so far, with the news last week potentially adding another £2.5m, taking it to £5.9m raised in total.

Todays market cap is £1.58m.

In those 2 years - no proper drilling, no JORC, no mine plan, and for some unknown reason, no ore sales, but there is now a road.

Even if some positive news comes now, it's hard to see how the share price can sustain any rise. The April CLNs are still out there, waiting to be priced at a 10% discount to VWAP, so potentially at around 2p - which would lead to 80m very cheap shares in issue. Last week 4.2m warrants were issued at 0.5p. There are also millions of warrants out there at 5p.

It's hard to see any positives here as surely any small rise will be sold into.