Member Info for bohercom

OK, fair enough - hopefully that's the case.

I'm not sure the portal is out of date though - a couple of months ago the CRTM licence was showing as "active en renouvellement" and now it's changed, so the portal is being updated.

Just go here : https://drclicences.cami.cd/EN/ and type 14784 into the search in the top right.

It's definitely changed from being in active renewal - what that means in reality, and whether it's recoverable, I don't know, but it's pretty poor either way to let the companies one asset get like this. Obviously, without the mining licence they are nothing.

Just realised I got that wrong - doesn't really make any difference, but it's the black rhino that is the issue in that area.

I agree nesty - feels like sentiment could be changing here, and if Andrada have stuck to what they said about starting to process the higher grade ore "immediately" through the existing plant while the 2nd jig is built, then we should see a great quarterly update in September which will hopefully give the SP a much needed boost.

Not going to break the bank, but might break the local support. It's clear from the recent legal disputes around ore-extraction in the area that this is going to be a sensitive operation.

Andrada have a history of excellent ESG standards and of building support with local and government communities, so I hope they continue to do this and are able to reach, and stick to, sensible agreements with all the stakeholders. I have every confidence in them approaching this correctly, and play it as a long game that'll keep everyone happy for many years to come, rather than some sort of quick smash and grab operation.

@TDT - I'd hope the long term future could look something like you're proposing, but for the foreseeable, what they have outlined with their current plans will still lead to a spectacular transformation of the finances of the company.

Instead of 932 tonnes of tin in this financial year, they are now saying they will produce 1900 (if they process the additional 20,000 tpm). In FY 2027 they'll produce 2,400 and in FY2028 they'll produce 2,800.

Your figures are great in theory, but remember, transporting ore from the Uis mine to the processing plant is a journey of around a kilometre - they are right next to each other for a reason. From Goantagab to Uis is over 50 kilometres - that's a big difference even at transporting 20,000 tonnes per month, let alone the 60,000+ tonnes your figures indicate.

Given the sensitive nature of the environment around Goantagab, with the white rhino etc., I suspect they're going to have to play this very carefully, and if they start thundering too many 50-tonne ore transport trucks around that area they might quickly hit problems.

Your figures sound great - but I don't think any investors should be disappointed with the companies plans as they are - they are still a major transformation, and I'm sure if they can access more high grade ore they will, they wouldn't be deliberately restricting themselves.

@TDT - I’m loving the optimism, but they won’t have anything like 965,058 tonnes of ore per year at 1.5%

They’ve already told us very clearly how many tonnes of tin they expect to produce this year, next year and the year after.

It’s a huge increase, but nowhere near 10,422 tonnes.

You mention the area to the south of the CRTM mining licence............did you look at the CRTM licence itself ?

Interestingly, and perhaps worrying for shareholders, is that the status of it on the DRC mining cadastre portal has recently changed from "active en renouvellement" (active in renewal) to "a dechoir pour non pavement" (to be deprived of his liberty for non-payment) - translations from google translate.

So after the expiry at the end of last year it went into renewal status, but it's now changed again to this new status - which appears to be something to do with not paying for it.

Doesn't look good.

Good to see Russell is being looked after though isn't it, after his amazing stewardship of CRTM.

He'll be getting his $800,000 Baobab Loan paid out in new shares (and remember, this was a debt that was inherited through Russell getting CRTM to buy a company he partly owned - Madini), and he's also be getting his £200,000 for the rest of his share of Madini - although that's now been increased to £210,000 because CRTM is late paying it (because CRTm couldn't pay it because Russell took all the money out of CRTM in salary and expenses). Remember, he's already been paid £450,000 for the first part of his share in Madini.

Retail shareholders getting wiped out, Russell doing nicely.

This deal isn't about saving CRTM, it's about saving RF.

I’ve had my criticisms of Andradas communications in the past, but really - “The ambiguity in the latest RNS tells us nothing”. How can you be serious ?

They’ve given you ore throughput figures, grades, rough timelines and profit splits. They’ve told you the new ore will be processed “immediately” through the existing Uis plant prior to the 2nd jig plant coming online in H2.

If you can’t see the route to a profit making company from that (it’s easy to work out the figures) then you might need to look again.

20,000 tonnes per month of ore at 10x the grade of the existing throughput will transform the finances of Andrada - even before the ore-sorters and lithium offtake for Uis (not forgetting whatever comes from LR with SQM and the future of BW).

Hi TD2,

EPL 5670 isn’t on the cadestre website - you’re right. It’s been re-applied for under a different number - very easy to find if you look, it’s clearly listed under Andrada.

Also, what you might also notice is that EPL5670 (which carries no mining rights as you know, it’s only for exploration), has a hole in it in the middle - as does the replacement application. So the EPL gives exploration rights across an area, but not within the hole in the middle. It covers all around the hole, but not the hole itself.

Within this hole are located the 18 mining claims that are the subject of this deal. These claims come with actual mining rights, not just exploration rights. So they carry the right to extract the ore. The land covered by the EPL previously owned by Andrada carries no such rights.

So, no, Andrada are not buying mining licences that they already own in some sort of scam.

You clearly want to believe there is something dodgy going on here, which is fine - you can carry on believing that, my post probably won’t change your mind.

@TD2 - Why do you think Andrada have relinquished EPL5670 ? A 2 minute search of the last annual report shows they still have it.

You seem to be implying Andrada management are trying to pull of some sort of scam here, by buying a mining licence that they already have and I don’t understand why you think that. There is more than one mining claim/licence in Goantagab. It’s the name of a region, not a mine.

Also, your comment about the newspaper article of the minister getting involved in the environmental dispute - your comment of “would we have had the RNS if this article didn’t appear” - do you really think Andrada were forced to rush out an RNS on a deal like this just because of a newspaper article ?

Did you consider it could be the other way around, and that the article was timed after the RNS ? Andrada have clearly been working with the minister to get the issue resolved - they wouldn’t announce a deal like this without doing that. They’ve been working on this deal for over 6 months with the owners of the claims in Goantagab, and they very likely had a big hand in getting the minister to announce that meeting just after they announced the deal.

@rgbuk - I think the answers to your questions are mostly known already, or can be guessed at with a Hugh degree of certainty.

1. Ore-sorting. It seems clear to me, the initial pre-concentration circuit and ore-sorters were designed to handle a feed grade of around 0.13%. Thie opportunity arose to then get their hands on ore with more than 10x the tin in it - 1.5%. This likely led to the redesign.

2. 2nd jig circuit timeline. Yes, they could give a more accurate timeline, but today’s announcement said they’ll start processing the 1.5% ore immediately, so the timing of the 2nd jig plant becomes less important.

3. Brandberg West. They’ve drilled. They’ve released results. They’re planning the next phase of exploration.

4. They’ve given ore throughput figures and grade figures. Fairly easy to work out output from that.

“Jig” plant. Damn autocorrect…..

The fact they’ve managed to reduce the AISC, even with the Orion royalty increasing, might hopefully show they are finally getting a good handle on costs. Mention of further corporate restructuring during the rest of the year to further bring costs down as well.

$7m in from SQM for Lithium Ridge.

Production metrics improved and 2nd job plant online within a few months.

A good solid update and much better communication.

I emailed them a few days ago expressing concerns around the lack of updates, general poor communication, and the worry over taking on more debt at a time of already increasing AISC (due to the Orion royalty), without shareholders knowing the timelines for the projects that are meant to repay the debt.

I received this reply yesterday :-

Many thanks for your email.

I appreciate you taking the time to write to us.

It is disappointing and highly regrettable to hear of such sentiment from a long-term and valued shareholder.

Management have received your feedback and are in the process of addressing the concerns you have raised.

Thank you once again for your feedback, and for your continued support for Andrada.

I know others have had similar replies. I would like to think that with the number of shareholders contacting them on the same topics, they will eventually realise that they could improve the way they communicate.

@1Pincher - what do mean by “a new owner enters” ?

Who do you think is “the owner” at the moment ?

Next operation report due around 3rd week of June.

Unlikely to be good news operationally - AISC will be higher due to Orion royalty. Tin did have a brief spike up to 38k in the quarter, so they might have managed to sell some at high prices to bring the average achieved tin price up - hope so otherwise AISC will be worryingly close to selling price.

The update really needs to include good news on expansion (both ore-sorters and 2nd jig plant), and also SQM (9 months now since that deal was announced) - news on all these is woefully lacking. If these aren't included and containing good news, then I can't see the reaction to the update being well received.

It's not about current operations at this stage - it's about all the things they're not telling us about.

I particulaly like the way they posted that on X with a hashtag of "#RetailInvestors".

Rather ironic given that they then disabled replies from all but verified X accounts, and they won't talk to actual retail investors.

The Andrada communications and Investor Relations departments seem to operate in a different world to the rest of us......

Thanks pekingduck. We get better news flow from you than we do from the company these days.

Thanks pekingduck. Interesting info.