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Interesting question. I thought it was all covered under the small scale mining licence they have (SMEP No. 14784).

Also interesting, that I've not heard RF address, is what is the plan for when the current mining licence expires on 29th December this year ? I believe it is extendable, but from memory in order to extend you have to be able to prove an economically viable mine.

If I'm remembering that correctly, it makes that JORC report and the sales even more important.

The only thing exploding around here is my head every morning when I check and see there's still no new RNS :-)

Perhaps it will change this time, but it does sound like the same interview again and again for the past 18 months.

You really have to question why RF keeps saying things like "we could ramp up our production from 10'000 to 15'000 (tons) a month just by adding more equipment".

16th March 2023 he said - "By end April, no by end May probably, we’ll be at 10,000 tonnes per month”.

14th June 2023 he said - "Produce minimum of 6,000 tonnes per month, ramp up to 10,000 tonnes per month over the next few months, then potentially up to 15,000 tonnes per month”.

He talks about "ramping up", but production has been what, 6,000 tonnes in total over 18 months ? If that is what is actually ready to go - all we really know is that 2 x 40 tonne trucks have gone to OM Metals before the road couldn't handle any more.

They have never got even any order of magnitude near to 10,000 tonnes per month, or 6,000 tonnes. They doesn't seem to be any mine plan, any equipment ready, or any real infrastructure at Molulu to cope with that sort of ore volume.

It's just silly even to mention volumes like that at the moment.

Why do you think an RNS is due tomorrow ? Have I missed something ?

Thanks, of course..... that's exactly what it looks like.

I bet they wish they did all their buying at 445p now though !!

Very strange repeated trades for 221 shares today - anyone any idea what this might be ?

I just happened to be looking at the trades and kept seeing the "221" figure over and over.

Date/Time Price. Shares

04/29/2024 15:41:26 BST 453.00 221

04/29/2024 15:07:57 BST 450.00 221

04/29/2024 15:02:55 BST 450.50 221

04/29/2024 14:55:06 BST 451.00 221

04/29/2024 14:44:30 BST 451.00 221

04/29/2024 14:41:00 BST 451.00 221

04/29/2024 14:35:30 BST 450.84 221

04/29/2024 14:33:05 BST 454.50 221

04/29/2024 14:29:22 BST 450.00 221

04/29/2024 14:22:12 BST 450.00 221

04/29/2024 14:12:08 BST 449.50 221

04/29/2024 13:27:12 BST 447.50 221

04/29/2024 13:15:04 BST 447.50 221

04/29/2024 13:03:06 BST 447.50 221

04/29/2024 12:49:43 BST 447.50 221

04/29/2024 12:15:32 BST 447.50 221

04/29/2024 12:07:05 BST 447.50 221

04/29/2024 11:57:28 BST 447.50 221

04/29/2024 11:41:24 BST 447.50 221

04/29/2024 11:29:46 BST 447.00 221

04/29/2024 11:19:37 BST 447.00 221

04/29/2024 11:07:58 BST 447.00 221

04/29/2024 10:51:15 BST 447.50 221

04/29/2024 10:17:07 BST 448.00 221

04/29/2024 10:07:11 BST 448.00 221

04/29/2024 9:56:56 BST 446.00 221

04/29/2024 9:11:10 BST 445.00 221

@InvestPest - I for one would be very interested to hear anything you find out about the road. Unfortunately I don't believe that the official CRTM communications are reliable, so any independent information is valuable.

The issue of the suitability of the road was known about since CRTM started, so it is surprising that it's recently become the blocker to any progress. The initial prospectus said -

"Access to the project area is from Lubumbashi City to Malambwe village travelling northwest on the N5 (Kasenga road) on good tarred road, from Malambwe one travels in a NE direction to the Molulu project area which is accessible through “Mama Sifa’s” farm on poor dirt road."

"Although the route to Lubumbashi City is mainly on the N1 tarred road, the last 20km are on a dirt road. Although the Company plans to fund the upgrading of about 12km of this road, until this takes place, there is a risk of difficulties getting to the Project and/or trucking minerals produced from the Project for processing as in the rainy season the dirt roads can become treacherous." .

"Road rehabilitation to commence immediately to provide trucks transporting copper and cobalt ore with a stable access road during the rainy season, which typically runs from October to April;"

"One of the first activities that the Enlarged Group intends to undertake after Re-Admission is rehabilitation of the dirt road leading to the Project. Historically, the road has not been well maintained, which coupled with several rainy seasons, has made the road treacherous. Using a road grader and creating a simple drainage gradient would allow the road to be used in all seasons. The upgraded and improved road would in turn allow for the ore hauling trucks to deliver ore to third-party processing plants in the Lubumbashi or Likasi areas, following expectedly successful oxide mining."

This was all written in 2022.

Funding has also been raised on several occasions - the initial raising in 2022 said $320,000 was to be spent on "capital expenditure including road rehabilitation". There was a raise on 9th Jan 2024 of £215,000, which was to be used for "used for advancing the diamond drilling campaign at Molulu and for the upgrade of the public road to Molulu". Then the latest issue of CLNs on 10th April 2024 to be used for "Improve the public road to Molulu".

It's all very perplexing.

Let’s hope it is “Tomorrow” :-)

Main market from Mon 29th April - great news

Observer101 - agree with everything you say. I still think there are deals on the table. AV has been consistently upbeat about the process, even very recently. I trust in AV and the team to get the best deal for ATM.

I do have a problem with the open-ended nature of the updates though - “we’ll update you when we next update you” type of thing.

I see no reason why there couldn’t be a high level timeline laid out. I.e. we’ll narrow the offers to the best 3 by this date, we’ll go to next level of detail and non-binding offers on these 3 by this date, and we’re expecting to make a decision by this date.

They can always update the timelines if they need to.

This total vacuum is the very worst in terms of communications.

Barclays were appointed on 11th May 2023 to find the strategic partner.

Oh, what happy days summer 2023 were.

AV was saying “…. it is imperative that (Andrada) collaborates with an appropriate strategic partner to realise value from this opportunity within the shortest timeframe”

The share price went from 5.8p to 8.6p over the following 6 weeks.

The process was going to be finished by end September.

Then……well…..nothing on the strategic partner at all.

Operationally the company is doing very well, but they really need to close this strategic direction stuff out one way or the other, or provide a much more detailed update of what is happening.

Just for the avoidance of doubt - every single piece of information in my post is in the public domain. I have no special or inside information. All the information is out there if you look for it.

The talk of US funding, grant aid or loans, just seems bizarre to me.

Russell is being taken through the courts in the US for one of the companies he owns (Baobab Physical Commodities) failing to repay a previous bank loan( to M&T Bank). It's not just the company - Russell himself is named as a defendant in the proceedings.

Baobab Physical Commodities is a subsidiary company of Baobab Asset Management (also owned by Russell). CRTM owes around $1m to Baobab Asset Management, following the buyout of Madini Occidental (part owned by Russell) by CRTM late last year.

So there is a close and unfortunate link between CRTM and the company being taken to court for non-payment of a bank loan.

I've no idea on the details of the case - it might be totally invalid, might be thrown out of court, or Russell might win. Of course, anything is possible.

However, if someone in the US government spends even 15 minutes doing basic background checks - it seems very unlikely that they would have the risk appetite to approve any financing given these connections, especially while the case is still running.

That last post is meant to end with -

then SOLD shares at 9.88p on 9th January.

As someone on Twitter spotted - he sold shares on 28th November at 14.03p, 14th December at 11.08p, and then bought shares in the placing 8th January at 9.5p, and then shares at 9.88p on 9th January.

So now, in a Friday evening after market RNS, Russell discloses that he’s been selling shares since November 2023.

On 10 different occasions.

And didn’t feel the need to disclose it, despite being CEO.

During the whole period where there was hardly any real news on road and processing plant, and whilst the share price was in free fall, he was selling.

Sold them to pay a “tax bill”.

You actually couldn’t make this up.

I can’t wait to see what the next announcement is.

Anyone have any insight as to why the amount raised was £1,603,600 ?

It seems a very specific, and odd, amount to raise. There must be a reason why it's that specific number.

What does everyone think of the RNS then ?

Shares in issue now going from around 65m up to 100m - hefty dilution.

Existing/new investors getting CLNs at the lower of 4.8p or a 10% discount - i.e. can't lose. I wonder what the balance is between "Existing" (i.e. Russell and friends) and "New" ? That's a big volume of shares ready to be sold at anything above 4.8p.

Road still at least 3 months away.

JORC pushed further out.

Kastro plant now not going ahead at all - WTF was that all about ? No news in 6 months and then all called off.

$100,000 loan taken in September 2023 is being repaid, along with $79,500 in interest !!! 6 month term and 79.5% interest - nice for the beneficiary of that.

Russell is "delighted" to announce it all though, so it's all good.

So - this InvestorTalk interview, which was originally scheduled for Wed 27th March, was rescheduled to happen today.

Invites were sent, a number of investors logged into the call...............only to be told by the host that Russell had cancelled at the last minute because something had come up.

Of course, things do come up, but on a session that had already been rescheduled, to not be able to give even an hours notice of cancellation. Not a good look.

Buyback total now 1,879,000 shares and they've used approx. $1,327,379 of the $3m total.

They've been spending an average of $73,742 per day.

There are 21 trading days left of the buyback, so if they are to use the full $3m then the daily average spend needs to rise to $92,528 - quite a rise. Obviously that rise will be either through buying more shares, or buying at a higher price - probably a combination of both :-)

They started buying at 51p.