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I don't mind the incentive plans too much, but the re-pricing of the old options is a bad one.

To state that the old option prices now seem too high due to "sustained challenging market conditions", rather than the real reason, which is that they took on debt for expansion projects and then didn't deliver them on time - it leaves a bad taste.

Also, setting them at 5p now, when they do finally seem to be on the verge of expansion and the share price was 4.6p a month ago, hardly makes it a challenging target that they need to work extra hard for either.

Not impressed.

@Gibdog101 - As TD2 has shown, the production numbers for this quarter always come out towards the end of March, so not long to wait now.

It's also just 5 weeks (27th Jan) since AV went on the record in the Charles Archer interview and referenced the 2nd jig and the problems with the fines build up and the shaking tables and said "....we're making a few tweaks that we're confident will be resolved within the quarter, but generally I'm very happy with the commissioning process, the plant is already operating as required, and we're implementing a phased commissioning for progressive throughput during the ramp-up".

It's entirely possible that the next Ops update contains news that the 2nd jig is up and running and contributing to increased production numbers.

Canaccord have also been a big drip by drip seller for the last couple of years. Start of 2023 they held 160m but by mid 2025 they were down to 83m and still selling.

Orion.

Their holding was under reportable limits but still sizable - around 30m from memory.

Makes some sense that they would sell out if equity holding in advance of selling their royalty rights.

I agree, but I think it's in Canadian dollars, so about $23.6m USD or £17.5m GBP.

No longer known as the Orion royalty after today - they’ve just sold their interest in it

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2733-cse/evr/197949-evolve-royalties-enters-into-definitive-agreement-to-acquire-a-cash-flowing-tin-royalty-on-the-uis-mine-in-namibia.html

This is more great news - the RNS flow so far this year has been extremely encouraging. The results are starting to show from all the work the company has been putting in.

We might also all be thinking back to today when the full year results are released in August. Todays news ($3m payment coming in before the end of the financial year), along with the ACAM payment and the high tin price, could very well mean that this is the first year of profit for Andrada.

If it is, and that news lands in August, when we'll hopefully have had the 2nd jig running for some time, ore-sorters very close, and potentially Goantagab sorted out - could make for a very nice summer for Andrada holders.

What a mess.

Every tentacle attached to CRTM, and pretty much every person, seems to have something shady about it.

That's right HarChris, and remember in the Charles Archer interview just a few weeks ago, AV said he was confident the issues with the jig would be "resolved within the quarter", and also that it's already "operating as required".

So whilst it's clearly not fully "operating as required" - they must be running it and potentially producing some output already.

There is the possibility that the jig might contribute additional output this quarter - if not the Andrada financial quarter that ends in Feb, then hopefully in the calendar quarter ending March.

@TDT - you can read the RNS like the rest of us. You can see those funds were used for tin expansion, tantalum, and building a lithium pilot plant.

You will also see they said some of the funds were for general working capital expenses.

You can see they’ve produced, and sold, a small amount of lithium.

And you can see they’ve produced pilot plant is very small scale, nothing like 50,000 tpa.

Would you rather they didn’t get the grant ?

That RNS is a likely game changer. Now formally linked into the EU critical minerals strategy. A €2m grant, with no repayment obligations to progress lithium extraction a Uis.

Fantastic news.

Firing on all cylinders now.

CRTM should just be put out of its misery and left to die now.

When you report interims and have 5 highlights which are all either financial engineering or shuffling executives, and you report zero revenue with half a million of expenses. When you don't even try to mention any plans for exploration or actual mining, and when you announce that despite all the funding, you have just £21,138 left in the bank, then you really should be considering shutting up shop.

A market cap of £12.5m - for what ? The smallest of hope that Molulu has some copper ? Madness.

Probably the reason that they don't use any imagery of Molulu is that none of those involved have ever been there. It's a mining company, but not as we know it...........

@lowlander - “Tungsten West” !!!!

I like that name, maybe they should rename BW and it’ll get more attention !!! Goes nicely with Lithium Ridge.

He was only repeating what was published in the interims - AISC decreased by 4% YoY.

He took a bit of a liberty by saying that it had fallen to "around" $24,000, as it was $24,808, and that doesn't include the Orion royalty, so a little bit of spin, but he wasn't revealing any secret information there.

@HarChris - Yes, the lithium plant CLNs, the total was £7.7m (approx. $10m).

They issued 77 CLNs of £100,000 each. Orange Trust took 40 of those, for £4m of the total. Wouldn't be at all surprised to see Orange Trust do a deal to convert that to equity given they seem happy to keep building their stake.

@rgbuk - Isn't that Orion debt due in 2027, not 2026 ?

It had a 4 year term from 2023.

"Tin getting smacked today" ?

Yeah, it's fallen all the way to $55,400.

Boohoo, how dreadful. Only profit margin of around $28,000 per tonne for poor old Andrada........

Easily the best interview with AV that I've heard in several years of following Andrada.

I'd urge you all to listen to it.

Some key points :-

- 2nd jig plant is up and running, just not 100%. Fines issue will be fixed within the quarter, had to order new parts

- Ore-sorters will be up and running this year, and will deliver more than previously expected due to the re-engineering

- Charles on ACAM - "These guys don't lose. If they've invested, then there's something special going on"

Very positive interview

What makes you think it'll be so soon Richy ?

This first phase with SQM, with them spending $7m and earning 30% of LR, is scheduled to take 18 months. They announced it had started on 3rd Sep 2025, so there's surely quite a way to go yet, even if they are going faster and have 3 drill rigs etc.

Don't get me wrong - I'd love it to be next week - but that seems very early to me.

Well, if they were paying $1.7bn for Lithium Ridge, then I'd certainly through in Uis for free :-)