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GTK is the Geological Survey of Finland. They’ve been very active in the lithium space.

Look up the Keliber lithium project.

And not just the extraction. This is a step on the way to a full lithium benefication plant - taking the concentrate to the end product for battery use.

It could end up partially funded by the EU (they’ve already given €150m to a lithium plant in Finland owned by a South African company).

The Namibian government would be all over this, as it moves them up the value chain of raw critical metals.

It’s years away of course, but it’s great news to see the support Andrada are able to get.

I'm not suggesting that they can just pick a number from the air and value an asset at anything - there are accounting rules they have to follow, but it is based on their opinion and sign off from their auditors. In previous accounts they've mentioned some of how they've valued assets. For example, when they were valuing Spodumene Hill (now transferred to SMU) they said - "As a result, management estimated the fair value to be equivalent to the exploration costs, which will serve as the base amount for the transaction.".

So if SQM are spending $40m dollars on exploration of LR, for a 50% stake, then it's entirely reasonable for Andrada to value that asset at $40m. Probably not all in one go - the valuation would likely rise as the exploration spend happens.

If there are any old school investors out there still looking at things like price-to-book ratios - these asset revaluations could make Andrada look very attractive.

@CCC - Agree 100%. The next set of published accounts will be interesting. You would expect they'll revalue LR and BW closer to the amounts the partners have committed, which will massively increase the overall value of the intangible assets

@nesty - AV doesn't have a large holding - he holds 1%, so that wouldn't stop any attempt to replace him.

Realistically though, over recent times, he has brought onboard ACAM, JLE Group, Talent 10 and Greg Coffey - that we know about - and that's not to be sniffed at. There may be others yet to be disclosed. Orange Trust has backed him time and time again, and they own 16%.

Fact is, the larger investors support him - he isn't going anywhere yet.

Next 12-18 months must be critical though. If the group doesn't become very profitable by that time, after all the investment and all the talk, and with that a significant rise in the SP, then I would think those same large investors will be looking much more closely at him.

They bought them in the placing - same date given as Greg Coffeys notification - 23rd April.

So they took 33m, GC took 102m, so that's 135m, yet placing was 266m, so still a big holder to disclose yet.

Despite other criticisms of AV, you have to give him credit for getting these big investors involved recently, it is a big positive for me anyway to see these funds and individuals giving their vote of confidence.

He has been poor at explaining why things haven’t moved faster, no doubt about that.

It was mentioned in the investor meet, they’ve had throughput and bottleneck problems in the plant that they didn’t anticipate.

It’s clearly been much harder getting the ore-sorters integrated than they had planned, and sounds like having those in would have changed the flow in such a way that other parts of the plant couldn’t handle.

The new requirement for extra crushing capacity seems to have come from this issue.

They seem afraid to be clearer about these problems for some reason. They seem to it’s better leaving a vacuum of information rather than put out reasons for delays. That’s an area that I disagree with them.

Well said Richy. 100% agree with all of that.

I honestly don’t care what he’s like at presenting. It’s what he does running the company that’s important.

The investor meet wasn’t that bad. It didn’t contain more detail in the growth plans, which is what I was looking for, but there were plenty of questions asked, and there were some nuggets of information if you listened closely.

He can stay bad at presenting as far as I’m concerned, as long as he gets better at including more detail on their future plans in the slides.

Interims in November 2026 will show all financials for the period of March 2026 - Aug 2026

Stage 1 at LR was originally planned to take 18 months from Sep 2025 - so up to March 2027. It seems like they'll come in before that, probably due to adding the 3rd drill rig, and even with expanding drilling by 18% - so that's pretty good.

Also good to hear AV say that all indications are positive for SQM staying involved after this. He said everything is looking like the milestones related to resource tonnes and volumes were being met.

We should give them credit here - it's Andrada who are managing and operating the LR project, so it's good to see this going well.

Yes. There's only about 20-25 holes left to drill. All others are pending results back, which seems to take about 5 months from drilling to reporting.

All the holes reported the other day had actually already been reported as drilled back in February, so there must be delays at the labs.

A number of the tin barons/tin watchers on X have said that they still regard ATM as something of a basket case. They have consistently said they want to see a couple of quarters of profitability to take it seriously.

Without some crazy takeover offer by SQM, in order to see a decent rise, the company needs to show it has its finances in order - which it has taken big steps towards recently. It also needs to show those consistent quarters of profitability and give potential investors a clear outline of the expansion plans - they are all a bit vague at the moment. Sure, they're built a 2nd jig plant, and they're putting in ore-sorters - but there are no forecasts, and no financial guidance, to give anyone any clue as to what they'll actually do for the company.

Several years ago they had a reasonable plan with timelines for expansion - Phase 1, Phase 1b, Phase 2 - and they gave estimates of output at each stage. They even had a 5 year plan. Stage 2 is long forgotten and has been replaced over recent years by the CI2 programme, and the mess with the ore-sorters and Goantagab. They don't give the impression they know what is 5 months down the line now, let alone 5 years.

They need to be a whole lot clearer on what their plans are and what those plans will mean in terms of output and finances.

Potential still huge here, but they need to seriously get a grip on themselves now.

@cafe9 - That illustrates the problem perfectly.

A 17% increase over the past 3 years. Look how much funding has been sucked in via loans or equity over the past 3 years. A 17% increase is a shockingly bad return.

The Orion funding alone, which was received in Nov 2023, was taken on the expectation of them reaching 1600 tonnes production within 15 months - so that would have been Feb 2025.

Here we are in April 2026 and the run rate is still around 1,084 based on the last update (and we've had no other guidance).

@jam2tomorrow - great question, I've already submitted similar. I've also asked when they will be informing shareholders of their growth plans and clearly presenting the strategy for Uis ("AV, your starter for 10, no conferring, is, what is the current strategy for commercialising lithium integration at Uis ?")

This news on 20th April of a need for additional crushing capacity in order to increase throughput has just come from nowhere - it's never been mentioned before, and they've been talking about increasing throughput for years. I sincerely hoping they're not, but it feels like they are jumping from one idea to another without any medium to long term plan. Why aren't they laying out an 18-24 month plan, communicating it, and then executing it, like most normal businesses ?

I guess it's asking too much to know what they'll be doing in 24 months time, when even at the end of April, we don't know anything about the status of the ore-sorters, which are meant to be fully installed by end-June, and fully implemented by year end (I know, they were meant to implemented in previous years as well), and we don't know what the 2nd jig will be contributing to tin output this year, as they've given no forecasts.

This lack of clarity on the basics is really problematic.

I have previously asked the company about the ore from Goantagab (much better asking them than ChatGPT) and if they would issue an RNS when they start processing it, given it's a material event, and their exact response was "Andrada has not yet received the ore from Goantagab, and will absolutely disclose to the market once received".

Given there's been no such announcement, it's probably safe to assume they haven't received any. I'm also sure they wouldn't want to be involved in breaching the current court order that prevents any mining activity. As unfortunate as it is, it's much better to wait until it's settled.

What makes you think they took part in the placing ? Why would they take just £200k out of £8.1m ?

You might be right, but it seems like you’re trying to a find a complex narrative - selling, only to buy again in a placing a few weeks later to make a few tenths of penny on each share.

Seems to me a more simple solution is likely. They haven’t sold any, didn’t take part in the placing, and have bought a few more in the market. You say that someone’s been selling, but someone’s been buying as well.

Might not rocket the share price, but it's good news to see JLE Group still adding. They held 143.9m in Feb and now they're up to 149.7m.

Percentage drop due to dilution but increase in absolute terms which is great to see.

"I can't see him going into that meeting with nothing to get excited about."

AV : "I'm happy to announce that after 18 months of searching we've finally found the shed where we put the ore-sorters..........."

Excellent results from the ore sorting tests for tungsten and copper, and looks like there’s another source of high grade tin as well.

It’s a great start to the exploration, couldn’t ask for more at this early stage.